AIRNET TECHNOLOGY INC.

Recent Developments

We conducted the cryptocurrencies mining business operations by its Hong Kong subsidiary Blockchain Dynamics Limited. On March 19, 2024, we have resolved to dispose Blockchain Dynamics Limited together with its subsidiary. On January 1, 2025, we resumed our cryptocurrencies mining business, and the business was later conducted by our newly established Hong Kong subsidiary. The cryptocurrency mining business had already generated about $12.8 million mining revenue from January to June 2025 for us.

We, AirNet, along with our subsidiaries, operate through our variable interest entities (“VIEs”) and our VIEs’ subsidiaries (collectively the “Group”) to run our out-of-home advertising network, primarily air travel advertising network, in the People’s Republic of China (the “PRC”). We provided advertising time slots in the form of digital TV screens on airplanes, and media contents display in air travel. Collaborating with our partners, we served airline travelers with interactive entertainment and a coverage of breaking news and furnished corporate clients with advertisements tailored to the perceptions of the travelers. On June 11, 2025, we entered into certain purchase agreement with a third party, pursuant to which the third party agreed to purchase the legacy air travel media network business operations (the "Legacy Business") in exchange for nominal cash consideration of US$1 (the “Disposition”), which was being conducted through our wholly owned subsidiaries. The Disposition was completed on September 3, 2025.