<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                            --------------------------
                                    FORM 10-Q

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 1999.
                                       OR

[_]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

For the transition period from               to               .

                        Commission File Number 000-23387


                                 TELIGENT, INC.
             (Exact Name of Registrant as Specified in its Charter)


         DELAWARE                                     54-1866562
(State or Other Jurisdiction of            (I.R.S. Employer Identification No.)
Incorporation or Organization)

        8065 LEESBURG PIKE
         SUITE 400
        VIENNA, VIRGINIA                                 22182
(Address of Principal Executive Offices)              (Zip Code)

        Registrant's Telephone Number, Including Area Code: 703.762.5100

         Indicate  by check  mark  whether  the  registrant:  (1) has  filed all
reports  required to be filed by Section 13 or 15(d) of the Securities  Exchange
Act of 1934 during the preceding 12 months (or for such shorter  period that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days: Yes [X] No [_].


The number of shares  outstanding of each of the registrant's  classes of common
stock as of August 10, 1999 was as follows:

                          Common Stock, Class A        9,490,889
                          Common Stock, Class B       44,426,299





<PAGE>




                                TABLE OF CONTENTS


PART I.           FINANCIAL INFORMATION

Item 1.   Financial Statements

          Condensed Consolidated Balance Sheets
           As of June 30, 1999 (unaudited) and December 31, 1998              3

          Unaudited Condensed Consolidated Statements of Operations
           for the three months and six months ended June 30, 1999
           and 1998                                                           4

          Unaudited Condensed Consolidated Statements of Cash Flows
           for the six months ended June 30, 1999 and 1998                    5

          Notes to Unaudited Condensed Consolidated Financial Statements      6

Item 2.   Management's Discussion and Analysis of Financial Condition and
           Results of Operations                                              7

Item 3.   Quantitative and Qualitative Disclosure About Market Risk          14

PART II.  OTHER INFORMATION

Item 4.   Submission of Matters to a Vote of Security Holders                15

Item 6.   Exhibits and Reports on Form 8-K                                   16

SIGNATURES

EXHIBIT INDEX

















                                     - 2 -
<PAGE>

<TABLE>
                                 TELIGENT, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (in thousands)
<CAPTION>
                                                         June 30,   December 31,
                                                           1999        1998
                                                       -----------  -----------
                                                       (unaudited)
<S>                                                    <C>          <C>
ASSETS
Cash and cash equivalents ............................ $ 386,088    $ 416,247
Prepaid expenses and other current assets ............    13,993        8,155
Restricted cash and investments ......................    37,499       32,184
                                                       ---------    ---------
   Total current assets ..............................   437,580      456,586

Property and equipment, net ..........................   256,526      180,726

Restricted cash and investments ......................    16,749       33,117
Intangible assets, net ...............................    80,686       83,857
Other assets .........................................     8,171        9,148
                                                       ---------    ---------
   Total assets ...................................... $ 799,712    $ 763,434
                                                       =========    =========


LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable ..................................... $ 164,537    $ 135,158
Accrued interest and other ...........................    23,952       19,020
                                                       ---------    ---------
   Total current liabilities .........................   188,489      154,178

Long-term debt                                           792,006      576,058
Other noncurrent liabilities                               2,643        2,145

Committments and contingencies

Stockholders' equity (deficit)
Common stock .........................................       530          526
Additional paid-in capital ...........................   480,786      463,685
Accumulated (deficit) ................................  (664,742)    (433,158)
                                                       ---------    ---------
   Total stockholders' equity (deficit) ..............  (183,426)      31,053
                                                       ---------    ---------
Total liabilities and stockholders' equity (deficit) . $ 799,712    $ 763,434
                                                       =========    =========

</TABLE>


            See notes to condensed consolidated financial statements.


                                      - 3 -

<PAGE>

<TABLE>
                                 TELIGENT, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
        (unaudited, in thousands, except share and per share information)

<CAPTION>
                                                    Three Months Ended June 30,    Six Months Ended June 30,
                                                       1999             1998          1999             1998
                                                   ------------     -----------   -----------       ---------
<S>                                               <C>             <C>             <C>             <C>
 Revenues:
     Communications services ..................   $      3,961    $        143    $      5,484    $        241

Costs and expenses:
     Cost of services .........................         43,834          17,903          78,250          25,288
     Sales, general and administrative ........         49,855          25,002          95,234          42,913
     Stock-based and other noncash compensation          7,937           8,189          15,801          16,143
     Depreciation and amortization ............         10,087           2,080          17,483           3,653
                                                  ------------    ------------    ------------    ------------

         Total costs and expenses .............        111,713          53,174         206,768          87,997
                                                  ------------    ------------    ------------    ------------

     Loss from operations .....................       (107,752)        (53,031)       (201,284)        (87,756)

Interest and other income .....................          4,193           9,963           9,373          18,058
Interest expense ..............................        (19,913)        (16,067)        (39,675)        (27,996)
                                                  ------------    ------------    ------------    ------------

Net loss ......................................   $   (123,472)   $    (59,135)   $   (231,586)   $    (97,694)
                                                  ============    ============    ============    ============

Basic and diluted net loss per share ..........   $      (2.34)   $      (1.12)   $      (4.39)   $      (1.86)
                                                  ============    ============    ============    ============

Weighted average common shares outstanding ....     52,828,466      52,591,864      52,751,915      52,588,640
                                                  ============    ============    ============    ============

</TABLE>



            See notes to condensed consolidated financial statements.


                                      - 4 -

<PAGE>

<TABLE>
                                 TELIGENT, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (unaudited, in thousands)
<CAPTION>
                                                          Six Months Ended June 30,
                                                              1999         1998
                                                           ----------   ----------
<S>                                                         <C>          <C>
Cash flows from operating activities:
Net loss ................................................   $(231,586)   $ (97,694)
Adjustments to reconcile net loss to net cash used in operating activities:
       Depreciation and amortization ....................      17,483        3,653
       Amortization of debt discount and issue costs ....      17,921       10,745
       Stock-based and other noncash compensation .......      15,801       16,143
       Other ............................................         978          (75)
       Changes in current assets and current liabilities:
          Prepaid expenses and other current assets .....      (8,020)        (869)
          Accounts payable ..............................        (920)       8,296
          Accrued interest and other ....................       4,931        5,817
                                                            ---------    ---------
             Net cash used in operating activities ......    (183,412)     (53,984)
                                                            ---------    ---------
Cash flows from investing activities:
    Restricted cash and investments .....................      11,052       14,324
    Purchase of property and equipment ..................     (61,257)     (41,467)
                                                            ---------    ---------
       Net cash used in investing activities ............     (50,205)     (27,143)
                                                            ---------    ---------
Cash flows from financing activities:
    Proceeds from long-term debt ........................     200,000      250,703
    Debt financing costs ................................        (529)      (7,558)
    Proceeds from exercise of common stock options ......       3,987           57
                                                            ---------    ---------
       Net cash provided by financing activities ........     203,458      243,202
                                                            ---------    ---------
Net (decrease) increase in cash and equivalents .........     (30,159)     162,075

Cash and cash equivalents, beginning of period ..........     416,247      424,901
                                                            ---------    ---------
Cash and cash equivalents, end of period ................   $ 386,088    $ 586,976
                                                            =========    =========

</TABLE>

            See notes to condensed consolidated financial statements.




                                     - 5 -
<PAGE>

TELIGENT, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (unaudited)

1. The Company

     Teligent,   Inc.   ("Teligent"  or  the   "Company")  is  a   full-service,
facilities-based communications company offering small and medium-sized business
customers local, long-distance,  high-speed data and dedicated Internet services
over its digital SmartWave(tm) local networks.  The SmartWave(tm) local networks
integrate  point-to-point  and  point-to-multipoint  wireless  technologies with
traditional broadband wireline technology.

2. Significant Accounting Policies

Basis of Presentation
---------------------
     The unaudited condensed  consolidated  financial statements included herein
have been prepared by the Company in accordance  with the rules and  regulations
of the  Securities  and  Exchange  Commission  ("SEC").  In the  opinion  of the
Company's  management,  all  adjustments and  reclassifications  of a normal and
recurring nature necessary to present fairly the financial position,  results of
operations  and cash flows for the  periods  presented  have been made.  Certain
information and footnote  disclosures  normally included in financial statements
prepared in accordance with generally accepted  accounting  principles  ("GAAP")
have been  condensed  or omitted  pursuant to SEC rules and  regulations.  These
condensed   consolidated  unaudited  financial  statements  should  be  read  in
conjunction  with the financial  statements  and notes  thereto  included in the
Company's  Annual  Report on Form 10-K for the period  ending  December 31, 1998
filed with the SEC.  The  results  of  operations  for the three  months and six
months ending June 30, 1999 are not  necessarily  indicative of the results that
may be expected for the full year.

Consolidation
-------------
     The condensed consolidated financial statements include the accounts of the
Company and its subsidiaries  after elimination of all significant  intercompany
transactions.

Reclassifications
-----------------
     Certain  amounts  in the  prior  periods'  financial  statements  have been
reclassified to conform to the current year's presentation.

3. Supplemental Disclosure of Cash Flow Information

Investing Activities
--------------------
     During the six months  ended June 30, 1999 and 1998,  the Company  incurred
capital   expenditures  of  approximately   $91.6  million  and  $65.5  million,
respectively,  of which  $30.3  million  and $24.0  million,  respectively,  was
accrued,  and  is  not  reflected  in the  accompanying  condensed  consolidated
statements of cash flows.



                                     - 6 -
<PAGE>

Item 2.  Management's  Discussion  and Analysis of Financial  Condition and
         Results of Operations

     Except  for  any  historical  information  contained  herein,  the  matters
discussed in this quarterly report on Form 10-Q contain certain "forward-looking
statements"  within  the  meaning  of  Section  21E  of the  Private  Securities
Litigation  Reform  Act of 1995,  and  should  be read in  conjunction  with the
Company's 1998 Annual Report on Form 10-K for the fiscal year ended December 31,
1998.  Such   forward-looking   statements  involve  known  and  unknown  risks,
uncertainties and other factors including,  without  limitation,  economic,  key
employee,  vendor,  competitive,   governmental,  regulatory  and  technological
factors affecting the Company's growth, operations, markets, products, services,
licenses and other  factors  discussed in the  Company's  other filings with the
Securities and Exchange Commission.  These factors may cause the actual results,
performance  or  achievements  of  the  Company,  or  industry  results,  to  be
materially  different  from any  future  results,  performance  or  achievements
expressed   or  implied  by  such   forward-looking   statements.   Given  these
uncertainties,  prospective  investors are cautioned not to place undue reliance
on such forward-looking statements.\

     The  forward-looking   statements  are  included  in,  without  limitation,
"Overview and Results of Operations" and "Liquidity and Capital  Resources." The
Company,  in the  preparation  of its financial  statements,  also makes various
estimates and assumptions that are forward-looking statements.

     In this  Quarterly  Report on Form  10-Q,  we refer to  Teligent,  Inc.,  a
Delaware corporation, as "Teligent," the "Company," "we," "us," and "our." Where
applicable,  such  references  refer to  Teligent's  limited  liability  company
predecessor.

     The following  discussion  should be read in  connection  with the attached
condensed  consolidated  financial  statements and notes  thereto,  and with the
Company's audited financial  statements and notes thereto as of and for the year
ended December 31, 1998, included in the Company's Annual Report on Form 10-K.
Overview and Results of Operations

     Teligent  offers small and  medium-sized  business  customers  local,  long
distance,  high-speed  data and  dedicated  Internet  services  over our digital
SmartWave(tm)  local  networks.   Our  SmartWave(tm)  local  networks  integrate
point-to-point and  point-to-multipoint  wireless  technologies with traditional
broadband wireline technology. By integrating these technologies,  we believe we
are able to increase local network  efficiency and  significantly  lower network
costs.  We are currently  offering  commercial  service using our  SmartWave(tm)
local networks in 29 of the nation's largest  markets,  comprising more than 467
cities and towns with a combined population of more than 85 million.

     Our  losses,  as  well  as our  negative  operating  cash  flow  have  been
significant  to date, and we expect both to continue until we develop a customer
base that will generate sufficient revenues to fund operating expenses. After we
initiate service in most of our of markets, we expect to have positive operating
margins  over time by  increasing  the  number of  customers  and  selling  them
additional   capacity   without   significantly   increasing   related   capital
expenditures,  costs of building  access rights and other  operating  costs.  We
expect that operating and net losses and negative operating cash flow throughout
the remainder of 1999 will increase over 1998 as we complete our first full year

                                      - 7 -

<PAGE>

of providing  commercial service.  Our ability to generate positive cash flow in
the future will depend in part on the extent of capital  expenditures in current
and new  markets,  competition  in our current  market  areas and any  potential
adverse regulatory developments. Our operations will depend on various financing
sources to fund our growth as well as continued  losses from  operations.  There
can be no assurance  that such funding will be available,  or available on terms
acceptable to us. See "Liquidity and Capital Resources."

Year 2000
---------
     An issue affecting Teligent and other companies is whether computer systems
and  applications  will  recognize  and process  date data for the Year 2000 and
beyond.  The "Year 2000 issue" arises primarily  because many computer  programs
were written  using two,  rather than four,  digits to identify  the  applicable
year. As a result,  date-sensitive  computer  programs may recognize a two-digit
code for a year in the next century as one related to this century. For example,
"00," entered in a date field for the Year 2000 may be  interpreted  as the Year
1900,  resulting  in  system  failures  or  miscalculations  and  disruption  of
operations.

     We use the term "Year 2000  ready" to describe  the status of our  systems,
applications,  and  services.  To be  considered  Year 2000  ready,  the system,
application,   or  service   must   undergo   certain   inventory,   assessment,
testing/remediation,   and/or  implementation   processes  and,  to  the  extent
applicable,  be able to  read,  compute,  store,  process,  display,  and  print
calendar dates falling before, on, and after December 31, 1999, without material
interruption  or  degradation of  performance,  provided that all other products
(for example,  hardware,  software,  and firmware) used in combination  with the
system, application, or service are Year 2000 ready.

     Our first  priority in our Year 2000 effort is to protect  mission-critical
operations from material service  interruptions  that could occur as a result of
the Year 2000 transition.  Teligent defines mission-critical operations as those
systems and  applications  that are vital to the  provision of voice,  video and
data switching, processing and transport services to our customers. To that end,
in  September  1998,  management  presented  a  report  to the  Audit  Committee
outlining  issues  and  areas  that  management  felt  should be  considered  in
connection with our  preparation of a Year 2000 plan.  Around that same time, we
appointed a Year 2000  committee to lead the  Company-wide  effort to assess the
scope of our risks and ensure our applications will function properly.  Our Year
2000 committee  consists of senior  executives  and other key personnel  charged
with the  responsibility  of  directing  Teligent's  Year  2000  activities  and
facilitating  timely resolution of issues,  obstacles and decisions  relating to
the Year 2000 effort.

     Our  approach to  addressing  the Year 2000  challenge is  consistent  with
industry practice and is organized into four key phases:

     * Inventory -- identify  related  data for any element  within the Teligent
enterprise that may be impacted by the Year 2000 date change;

     *  Assessment  --  analyze  our  Year  2000  exposure  based  on  available
information and determine  risks to Teligent's  business  continuity.  Risk is a
factor of the likelihood of Year 2000 problems  occurring and the impact of such
occurrences on the Company;


                                     - 8 -
<PAGE>

* Test &  Remediate  --  validate  the  assessment,  determine  remediation
approach,  and take remediation  action if we deem it necessary and appropriate.
Remediation may entail repair,  replacement,  manual  work-arounds,  or, in some
cases, no action. In this phase we will develop mitigation and contingency plans
for mission critical aspects of our business; and

     * Implement -- place mitigation and contingency  plans into effect in order
of  priority  based on  mission  criticality,  and,  where  necessary,  validate
remediation action.

     Based  on our  efforts  to date,  Teligent  believes  its  mission-critical
operations  are "Year 2000 ready." Our efforts have  included the  deployment of
specific Year 2000 ready systems,  applications or services,  or the development
of  alternative  business  processes  designed to ensure  that  mission-critical
operations satisfy our Year 2000 readiness criteria.  Given the continued growth
and  complexity of  Teligent's  network,  our efforts will continue  through and
beyond the third quarter of 1999, including additional testing,  monitoring, and
planning.  Teligent  continues  to  rely on  representations  by  third  parties
relating  to the Year  2000  readiness  of  their  products.  Teligent  issues a
detailed  status  report  relating to its  progress  which is made  available to
customers and others through its web site -- http://www.teligent.com.

     Generally,  we  contractually  require  our key vendors  and  suppliers  to
guarantee  in  writing  that  they are Year  2000  ready.  The  majority  of our
mission-critical  systems have been acquired from third party  vendors.  We have
identified  certain  key  vendors  and  contacted  those  vendors to discuss the
readiness of their respective  products.  These discussions are ongoing.  In the
event that a vendor or  supplier is not able to provide  satisfactory  Year 2000
assurances,  we will  monitor  the  vendor's  progress  in  this  area  and,  if
appropriate,  may arrange to have available an alternate  vendor or supplier who
can give such assurances.  Similar to other  telecommunications  providers,  our
products   and   services   are  also   dependent   upon   other   service   and
telecommunications  providers.  With respect to those  providers  with which our
systems interface and exchange data, we are initiating or continuing discussions
regarding their Year 2000 readiness.

     We have not  determined  the exact  total  costs and  expenses we expect to
incur  relating to  preparation  of our systems for the Year 2000. The principal
cost  identified  to date is the  Company's  retention  of external  consultants
together  with the cost of  internal  resources,  both  dedicated  to Year  2000
program management, inventory, and assessment efforts, which costs are estimated
to be less than $5 million.  Based on current  assessments and compliance plans,
we do not  expect  that the Year 2000  issue,  including  the cost of making our
mission critical systems and applications  Year 2000 ready, will have a material
adverse effect on our business  operations,  consolidated  financial  condition,
cash flows and results of operations.

     Despite our efforts to address the Year 2000 impact on  operations,  we may
not be able to fully  identify  such impact or resolve it without  disruption to
our  business  and  without  incurring   significant   expense.  If  appropriate
modifications  are  not  made on a  timely  basis  by our  vendors  or by  other
providers on which we depend, or if our actual costs or timing for our Year 2000
readiness differ materially from our present  estimates,  Teligent's  operations
and financial results could be significantly  adversely affected. In particular,
there can be no  assurance  that the  systems  of other  parties  upon which our
business relies will be ready on a timely basis.

                                     - 9 -
<PAGE>

Our  contingency  plans are designed to minimize the  disruptions  or other
adverse  effects  resulting  from Year 2000  incompatibilities  with  respect to
mission-critical systems. Our contingency plans contemplate an assessment of all
our  critical  internal   information   technology   systems  and  our  internal
operational  systems  that use  computer-based  controls.  In  addition,  we are
assessing any critical  disruptions due to Year  2000-related  failures that are
external to  Teligent.  These  processes  will begin  January 1, 2000,  and will
continue as long as circumstances require.

Our  contingency  plans include the creation of teams that will be prepared
to respond  immediately  and as necessary to critical Year 2000 problems as soon
as they become known.  The  composition  of teams that are assigned to deal with
such problems will vary according to the nature,  significance,  and location of
the problem.

Three Months Ended June 30, 1999 Compared to Three Months Ended June 30, 1998
-----------------------------------------------------------------------------
     We generated  revenue from  communications  services of approximately  $4.0
million for the three months ended June 30, 1999,  compared  with  approximately
$143,000 for the three months ended June 30, 1998, as Teligent continued to grow
its customer base and expand into new markets during the second quarter of 1999.

     Cost  of  services,   consisting  primarily  of  personnel-related   costs,
telecommunications expenses, and site rent and site acquisition expenses related
to network  operations,  was  approximately  $43.8  million for the three months
ended  June  30,  1999,  compared  with  approximately  $17.9  million  for  the
corresponding  period in 1998.  Service costs will increase  significantly  over
1998  throughout  the  remainder  of 1999 as we  expand  our  customer  base and
implement our growth strategy.

Sales,   general  and   administrative   expenses,   consisting   primarily   of
headcount-related  costs, were approximately  $49.9 million for the three months
ended  June  30,  1999,   compared  with   approximately  $25  million  for  the
corresponding period in 1998.

     Stock-based and other noncash  compensation  expense was approximately $7.9
million for the three months ended June 30, 1999,  compared  with  approximately
$8.2 million for the corresponding period in 1998. Depreciation and amortization
for the three  months  ended June 30,  1999  increased  to  approximately  $10.1
million,  compared with approximately $2.1 million for the corresponding  period
in 1998, due primarily to higher capital expenditures. Depreciation expense will
increase in future quarters as we continue to add fixed assets.

     Interest and other  income for the three  months  ended June 30, 1999,  was
approximately  $4.2  million,   compared  with   approximately   $10.0  for  the
corresponding period in 1998. This decrease was primarily the result of interest
earned on decreased levels of cash and investments in 1999 compared to 1998.

     Interest expense for the three months ended June 30, 1999 was approximately
$19.9 million compared with  approximately  $16.1 million for the  corresponding
period in 1998.  This increase was due to  amortization  of credit facility fees
and expenses in 1999.

                                     - 10 -
<PAGE>

Six Months Ended June 30, 1999 Compared to Six Months Ended June 30, 1998
-------------------------------------------------------------------------
     We generated  revenue from  communications  services of approximately  $5.5
million for the six months  ended June 30,  1999,  compared  with  approximately
$241,000 for the corresponding period in 1998.

     Cost  of  services,   consisting  primarily  of  personnel-related   costs,
telecommunications expenses, and site rent and site acquisition expenses related
to network operations,  was approximately $78.3 million for the six months ended
June 30, 1999,  compared with approximately  $25.3 million for the corresponding
period in 1998. This increase  reflects the Company's  growth and development of
its network operations.

     Sales,  general  and  administrative  expenses,   consisting  primarily  of
headcount-related  costs,  were  approximately  $95.2 million for the six months
ended  June  30,  1999,  compared  with  approximately  $42.9  million  for  the
corresponding period in 1998.

     Stock-based and other noncash  compensation expense was approximately $15.8
million for the six months  ended June 30,  1999,  compared  with  approximately
$16.1  million  for  the   corresponding   period  in  1998.   Depreciation  and
amortization  for the six months ended June 30, 1999 increased to  approximately
$17.5 million,  compared with  approximately  $3.7 million for the corresponding
period in 1998.

     Interest  and other  income for the six months  ended  June 30,  1999,  was
approximately  $9.4  million,  as  compared  with  approximately  $18.1  for the
corresponding period in 1998, due to interest earned on decreased levels of cash
and investments in 1999 compared to 1998.

     Interest  expense for the six months ended June 30, 1999 was  approximately
$39.7 million compared with  approximately  $28.0 million for the  corresponding
period in 1998.  This increase was due to  amortization  of credit facility fees
and expenses in 1999 and  recognizing  interest  expense on the 11 1/2% Series B
Discount Notes due 2008, issued in February 1998.

     The Company  expects to generate  significant  operating and net losses for
the next several years.

Liquidity and Capital Resources
-------------------------------

Shelf Registration Statement
----------------------------
     In June  1999,  we filed a  Universal  Shelf  Registration  Statement  (the
"Registration  Statement") with the Securities and Exchange  Commission to raise
up to $1 billion by offering securities that may be comprised of any combination
of common stock,  preferred  stock,  debt securities or depositary  shares.  The
Registration  Statement,  which was declared effective on July 22, 1999, permits
us to  periodically  offer such securities in amounts,  prices,  and terms to be
determined when the securities are issued.

     We plan to use the net  proceeds of any  offering of these  securities  for
working  capital,  capital  expenditures,  operating  losses  and other  general
corporate  purposes in connection with the  implementation of our business plan,


                                     - 11 -
<PAGE>

including acquisitions.  Two million shares of common stock registered under the
Registration  Statement  may be  offered by a selling  shareholder.  We will not
receive any  proceeds  from the sale of common  stock that may be offered by the
selling shareholder.

Credit Facility
---------------
     On July 2,  1998,  we entered  into a credit  agreement  (the "Bank  Credit
Agreement")  providing for credit  facilities up to an aggregate of $800 million
(the "Credit  Facility").  The Credit  Facility  will  primarily be used for the
purchase of  telecommunications  equipment,  software  and  services and is also
available for working capital and general  corporate  purposes.  Availability of
funds under the Credit  Facility is subject to certain  conditions as defined in
the  Bank  Credit  Agreement.  As of  June  30,  1999,  we  had a  $200  million
outstanding  loan  balance  under the Credit  Facility.  We may make  additional
draw-downs if required later in the year.

Historical Cash Flows
---------------------
     At June 30, 1999, we had working  capital of  approximately  $249.1 million
and  unrestricted  cash and cash  equivalents of  approximately  $386.1 million,
compared  to  working  capital  of  approximately  $302.4  million  and  cash of
approximately  $416.2  million at December  31,  1998.  The  decrease in working
capital is  primarily  a result of lower cash levels and an increase in accounts
payable  to  vendors  as we  implement  our  growth  strategy.  We  will  need a
significant amount of cash to build our networks,  market our services and cover
operating  expenditures.  Although  we  anticipate  our  existing  cash and cash
equivalents on hand together with the Credit  Facility will provide enough money
to carry out our  current  business  plan  into the year  2000,  our  management
continually evaluates potential financing options. The Company also expects that
current  and future  expansion  and  acquisitions  will be  financed  from funds
generated from operations, borrowings under the Credit Facility, financing under
the Registration Statement and potential additional financings.

     Our total assets increased from approximately $763.4 million as of December
31, 1998 to  approximately  $799.7  million at June 30, 1999,  as lower cash and
cash equivalents  levels were offset by higher property and equipment  balances.
Property and equipment, net of accumulated depreciation, comprised approximately
$256.5  million at June 30, 1999  compared to  approximately  $180.7  million at
December 31, 1998.

     We used cash in  operations  of  approximately  $183.4  million for the six
months ended June 30, 1999,  due primarily to the operating  loss for the period
reduced  by  stock-based  and  other  noncash  compensation,   depreciation  and
amortization,  and other  charges.  For the same period in 1998, we used cash in
operations of approximately $54 million, due primarily to the operating loss for
the period offset primarily by stock-based and other noncash compensation.

     We used cash in investing activities of approximately $50.2 million for the
six months  ended June 30, 1999  relating  primarily to the purchase of property
and equipment.  For the same period in 1998, we used approximately $27.1 million
in  investing  activities  relating  primarily  to the  purchase of property and
equipment.


                                     - 12 -
<PAGE>

Cash flows  provided by financing  activities for the six months ended June
30, 1999 were  approximately  $203.5 million,  consisting  primarily of proceeds
from a $200  million  draw-down of our  existing  credit  facility in the second
quarter of 1999 and the exercise of common stock options. For the same period in
1998,  cash flows from financing  activities were  approximately  $243.2 million
consisting  primarily of net proceeds  from the offering of the 111/2%  Series B
Discount Notes, after costs of approximately $7.6 million.

Recent Developments
-------------------
     On June 1, 1999,  Liberty Media  Corporation and The Associated Group, Inc.
("Associated")  announced  that they had signed a  definitive  merger  agreement
pursuant to which  Liberty Media will acquire  Associated  in a  stock-for-stock
merger (the "Associated  Acquisition").  Liberty Media Corporation,  which holds
most of the assets  included in the Liberty Media Group,  is an indirect  wholly
owned  subsidiary of AT&T Corp.;  however,  the assets and businesses of Liberty
Media Group are operated by its current management, which is different from that
of AT&T.

     Upon completion of the Associated Acquisition,  Liberty Media would acquire
through  its  ownership  of  Associated,   Associated's  interest  in  Teligent,
representing  approximately  41% (as of June 1,  1999) of the total  issued  and
outstanding   shares  of  Teligent  common  stock  as  of  June  1,  1999.  Upon
consummation  of  the  Associated  Acquisition,  Telcom  DTS  Investors,  L.L.C.
("Telcom"),  the owner of all of the Series B-2 common stock,  would,  depending
upon  Telcom's  level of stock  ownership  and  control  of  Telcom  by  certain
individuals  at  that  time,  have  the  right  pursuant  to an  agreement  with
Associated  to require  Associated to convert all of its Series B-1 common stock

into  Class  A  common  stock  and to  cause  one of the  Series  B-1  Directors
designated by Associated  to resign from  Teligent's  board of directors so that
the Series B-1  Directors  will no longer  constitute a majority of the Teligent
directors.  Associated  has further  agreed with  Telcom that if  Associated  is
required  to  convert  its  Series  B-1  common  stock,  then it will  cause its
designees  on  Teligent's  board  of  directors  to  cause  Teligent's  board of
directors to convene a meeting of Teligent's stockholders.

     The Associated  Acquisition  merger  agreement  provides that,  immediately
prior to the  effective  date of the  Associated  Acquisition,  Associated  will
replace three (or such lesser number that Liberty may designate) of the existing
Series B-1 Directors with designees of Liberty Media. However, upon a conversion
of all of the Series B-1 common stock into Class A common  stock,  there will be
no shares of Series B-1 common  stock  outstanding.  As a result,  if all of the
Series B-1 shares are so converted, neither Associated nor Liberty will have the
special right  currently  held by Associated  under  Teligent's  certificate  of
incorporation  to elect  directors  of  Teligent  (except  for the right to vote
generally for Teligent  directors together with other holders of Teligent common
stock).

     Pursuant to the terms of the Associated Acquisition,  Associated has agreed
with certain limited exceptions, not to sell any of its Teligent common stock or
to vote or  execute a written  consent or proxy  with  respect  to its  Teligent
common stock in favor of any  acquisition of a 25% or greater equity interest in
Teligent.  The  Associated  Acquisition  merger  agreement does not prohibit the
Series B-1 Directors from properly  discharging  their fiduciary duties in their
capacity as directors of Teligent.

     The Associated  Acquisition is subject to the approval of the  stockholders
of Associated,  clearance from various governmental  authorities,  including the
Federal Communications  Commission, and satisfaction of the other conditions set
forth in the merger  agreement.  According  to  Associated,  depending  upon the
timing of the  foregoing,  the Associated  Acquisition is currently  expected to
close in early 2000.


                                     - 13 -

<PAGE>

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

     We have certain  exposure to financial market risks,  including  changes in
interest  rates and other  relevant  market  prices.  Specifically,  a sustained
increase or decrease in interest  rates would  generally  affect  interest costs
relating to our Credit  Facility.  At June 30, 1999, we had an outstanding  loan
balance of $200 million under the Credit  Facility,  which incurs  interest at a
floating  rate tied to  prevailing  LIBOR  rates or  aternate  base  rates.  The
oustanding loan balance under the Credit Facility  represents  approximately 25%
of the Company's outstanding long-term debt.

     Changes in interest  rates do not have a direct impact on interest  expense
relating to the Company's remaining fixed rate long-term debt, although the fair
market  value of the our fixed rate debt is  sensitive  to  changes in  interest
rates. If market rates declined,  our interest payments could exceed those based
on the current  market rate.  We currently do not use interest  rate  derivative
instruments  to manage our exposure to interest rate  changes,  but may do so in
the future.














                                     - 14 -

<PAGE>




PART II           OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders

           The Company held its Annual Meeting of Shareholders on June 16, 1999.
Following  are  descriptions  of the  matters  voted on and the  results of such
meeting:

                                Number of Shares
Matters Voted On                       For              Against       Abstain
----------------                       ---              -------       -------
1.   Election of Directors:
     Alex J. Mandl (1)               5,568,377              0          11,304
     Myles P. Berkman (2)           21,436,689              0             N/A
     David J. Berkman (2)           21,436,689              0             N/A
     William H. Berkman (2)         21,436,689              0             N/A
     Donald H. Jones (2)            21,436,689              0             N/A
     Rajendra Singh (3)             17,206,210              0             N/A
     Tetsuro Mikami (4)              5,783,400              0             N/A

2.   Approval of an amendment to the Teligent, Inc. 1997 Stock Incentive Plan to
     increase the number of shares of Class A common stock reserved for issuance
     thereunder by 4,000,000 shares. 2,220,186 750,255 23,949

3.   Adoption of Teligent,  Inc.  1999  Employee  Stock  Purchase  Plan to allow
     employees of The Company to invest in shares of Class A common
     stock                           2,890,583         78,041             N/A

4.   Proposal to ratify the  Appointment  of Ernst & Young LLP as the  Company's
     independent auditors for the
     year ended December 31, 1999    5,564,037         11,121           4,523

------------------------------

(1) To be elected by  holders of Class A common  stock and Class B common  stock
(2) To be elected  solely by the  holder of Series  B-1  common  stock (3) To be
elected solely by the holder of Series B-2 common stock (4) To be elected solely
by the holder of Series B-3 common stock








                                     - 15 -
<PAGE>

Item 6.    Exhibits and Reports on Form 8-K

          (a)     Exhibits

                  Exhibit Index

          (b)     Reports on Form 8-K

                  1. Current  Report on Form 8-K,  filed with the Securities and
                  Exchange Commission on April 19, 1999,  regarding the entering
                  into  of  a  five-year  equipment  purchase  agreement,  dated
                  December 18, 1998, with Hughes Network Systems (Items 5 and
                  7).

















                                     - 16 -

<PAGE>




                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                 TELIGENT, INC.
                                  (Registrant)


Date:  August 13, 1999                    By: /s/Abraham L. Morris
                                                 -----------------
                                                 Abraham L. Morris
                                                 Senior Vice President, Chief
                                                 Financial Officer and
                                                 Treasurer (Principal
                                                 Financial Officer)



Date:  August 13, 1999                     By: /s/Cindy L. Tallent
                                                  ----------------
                                                  Cindy L. Tallent
                                                  Senior Vice President and
                                                  Controller
                                                  (Principal Accounting Officer)






<PAGE>



                                  EXHIBIT INDEX


Exhibit No.                Description of Exhibit


27                        Financial Data Schedule for the six months ended
                          June 30, 1999

99.1                      Press release of Teligent, Inc. dated August 12, 1999