Target Hospitality Corp.

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

TH$11.06-2.6%Stored close · as of Nov 9, 2026

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Contents

Consolidated Balance Sheets


· · September 30, · · December 31,
· 2025 · 2024
Assets · · ·
Current assets: · ·
Cash and cash equivalents	$30,387	$190,668
Accounts receivable, less allowance for credit losses of $702 and $534, respectively	42,734	49,342
Prepaid expenses and other assets	6,323	9,326
Total current assets	79,444	249,336

Specialty rental assets, net	331,694	320,852
Other property, plant and equipment, net	36,324	34,935
Operating lease right-of-use assets, net	8,534	24,935
Goodwill	41,038	41,038
Other intangible assets, net	42,704	52,807
Deferred financing costs revolver, net	1,417	1,871
Total assets	$541,155	$725,774

Liabilities
Current liabilities:
Accounts payable	$45,812	$16,187
Accrued liabilities	17,542	25,782
Deferred revenue and customer deposits	9,434	699
Current portion of operating lease obligations	7,411	8,548
Current portion of finance lease and other financing obligations (Note 7)	2,221	1,860
Current portion of long-term debt, net (Note 7)	—	180,328
Total current liabilities	82,420	233,404

Other liabilities:
Long-term finance lease and other financing obligations	2,016	1,451
Long-term operating lease obligations	1,635	17,459
Deferred revenue and customer deposits	5,534	536
Deferred tax liability	44,643	49,271
Asset retirement obligations	2,661	2,563
Total liabilities	138,909	304,684

Commitments and contingencies (Note 11)
Stockholders' equity:
Common Stock, $0.0001 par, 400,000,000 authorized, 113,076,462 issued and 99,779,532 outstanding as of September 30, 2025 and 112,248,984 issued and 98,952,054 outstanding as of December 31, 2024.	10	10
Common Stock in treasury at cost, 13,296,930 shares as of September 30, 2025 and 13,296,930 shares as of December 31, 2024.	(57,304)	(57,304)
Additional paid-in-capital	152,272	148,780
Accumulated other comprehensive loss	(2,794)	(2,785)
Accumulated earnings	310,193	332,380
Total stockholders' equity attributable to Target Hospitality Corp. stockholders	402,377	421,081
Noncontrolling interest in consolidated subsidiaries	(131)	9
Total stockholders' equity	402,246	421,090
Total liabilities and stockholders' equity	$541,155	$725,774

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.