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AirNet Technology Inc. Announces Unaudited Financial Results for the First Half of 2023

BEIJING, Dec. 26, 2023 (GLOBE NEWSWIRE) -- AirNet Technology Inc., formerly known as AirMedia Group Inc. (“AirNet” or the “Company”) (Nasdaq: ANTE), today announced its unaudited financial results for the first half of 2023.

(In U.S. dollars in thousands, except share and per share data)

  As of December 31, As of June 30, 
  2022 2023 
Current assets:       
Cash and cash equivalents $2,700 $132 
Accounts receivable, net  1,421  552 
Other current assets, net  65,072  28,527 
Amount due from related parties  601  199 
Total current assets  69,794  29,410 
Property and equipment, net  10,885  10,447 
Long-term investments, net  34,083  30,654 
Long-term deposits, net  371  62 
Operating lease right-of-use assets  16  8 
TOTAL ASSETS  115,149  70,581 
Current liabilities:       
Short-term loan  12,822  9,912 
Accounts payable  15,774  16,451 
Accrued expenses and other current liabilities  11,277  11,041 
Deferred revenue  7,745  7,366 
Amount due to related parties  1,174  1,207 
Income tax payable  1,865  1,232 
Operating lease liability, current  10  12 
Consideration received from buyer  29,000  27,580 
Payable of earnout commitment  22,120  21,037 
Total current liabilities  101,787  95,838 
Non-current liabilities:       
Operating lease liability, non-current  9  - 
Total liabilities  101,796  95,838 


(In U.S. dollars in thousands, except share and per share data)

  As of December 31, As of June 30, 
  2022  2023 
Ordinary shares ($0.04 par value; 22,500,000 shares authorized; 8,948,505 and 4,525,643 shares issued as of December 31, 2022 and June 30, 2023; 8,923,687 and 4,499,654 shares outstanding as of December 31, 2022 and June 30, 2023)  359   181 
Additional paid-in capital  332,746   298,685 
Treasury stock (245,818 shares as of December 31, 2022 and June 30, 2023)  (1,148)  (1,148)
Accumulated deficit  (318,239)  (322,164)
Accumulated other comprehensive income  32,044   31,368 
Total AirNet Technology Inc.'s shareholders' equity  45,762   6,922 
Non-controlling interests  (32,409)  (32,179)
Total equity (deficits)  13,353   (25,257

(In U.S. dollars in thousands, except share and per share data)

  Six months ended June 30, 
  2022  2023 
  (Unaudited)  (Unaudited) 
Revenues $2,541  $581 
Business tax and surcharges  (53)  (43)
Net revenues  2,488    538  
Cost of revenues  (2,358  (1,394
Gross profit (loss)  130    (856
Operating expenses:        
Selling and marketing  (748  (359
General and administrative  (3,435)  (1,712)
Research and development  (18  (16
Total operating expenses  (4,201  (2,087
Loss from operations  (4,071)  (2,943)
Interest expense, net  (448)  (330)
Loss from long-term investments  (1,275)  (618)
Other income, net  4,798   199 
Loss from operations before income taxes  (996)  (3,692)
Income tax expenses  (12)  (1)
Net loss  (1,008)  (3,693)
Less: Net income from operations attributable to non-controlling interests  756   232 
Net loss from operations attributable to AirNet Technology Inc.'s shareholders $(1,764) $(3,925)
Net loss attributable to AirNet Technology Inc.’s shareholders per ordinary share        
- Basic and diluted $(0.27) $(1.10)
Net loss attributable to AirNet Technology Inc.’s shareholders per ADS        
- Basic and diluted $(0.27) $(1.10)
Weighted average ordinary shares used in calculating net loss per ordinary share        
- Basic and diluted  6,612,793   3,575,714 
Weighted average ADS used in calculating net loss per ADS        
- Basic and diluted  6,612,793   3,575,714 


Going concern

The Group has a history of operating losses and negative operating cash flows and has negative working capital of $66,428 as of June 30, 2023. These conditions raise substantial doubt about the Group’s ability to continue as a going concern.

The Group plans to strengthen the air travel media network business to drive its revenues and bring in cash to keep operation. In addition, the Group tried to reach an agreement to transfer its 33% equity investment in Unicom AirNet (Beijing) Network Co., Ltd to an investor for cash to keep liquidity. However, there is no assurance that the measures above can be achieved as planned. As a result, management prepared the consolidated financial statements assuming the Group will continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements are based upon management’s current expectations and current market and operating conditions, and involve inherent risks and uncertainties, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Company Contact

Linda Wang
Investor Relations
AirNet Technology Inc.
Tel: +86-10-8460-8678

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