AirNet Technology Inc. Announces Unaudited Financial Results for the First Half of 2023
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In |
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As of |
As of |
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2022 | 2023 | ||||||
(Unaudited) | |||||||
Assets | |||||||
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 | |||||
Liabilities | |||||||
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 |
AIRNET TECHNOLOGY INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED (In |
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As of |
As of |
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2022 | 2023 | |||||||
(Unaudited) | ||||||||
Equity | ||||||||
Ordinary shares ( |
359 | 181 | ||||||
Additional paid-in capital | 332,746 | 298,685 | ||||||
(1,148 | ) | (1,148 | ) | |||||
Accumulated deficit | (318,239 | ) | (322,164 | ) | ||||
Accumulated other comprehensive income | 32,044 | 31,368 | ||||||
45,762 | 6,922 | |||||||
Non-controlling interests | (32,409 | ) | (32,179 | ) | ||||
Total equity (deficits) | 13,353 | (25,257 | ) | |||||
TOTAL LIABILITIES AND DEFICITS | $ | 115,149 | $ | 70,581 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In |
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Six months ended |
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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 |
$ | (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 | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Going concern
The Group has a history of operating losses and negative operating cash flows and has negative working capital of
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
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the
Company Contact
Investor Relations
Tel: +86-10-8460-8678
Email: ir@ihangmei.com
AirNet Technology Inc.