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$10.30-6.9%Stored close · as of Nov 10, 2026

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Contents

Unaudited Consolidated Statements of Cash Flows


· · For the Nine Months Ended
· · September 30,
· 2025 · 2024
Cash flows from operating activities: · · ·
Net income (loss)	$(22,134)	$58,863
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	43,672	45,235
Amortization of intangible assets	10,103	10,103
Noncash operating lease expense	6,878	7,995
Accretion of asset retirement obligation	98	107
Amortization of deferred financing costs	577	817
Amortization of original issue discount	440	1,289
Change in fair value of warrant liabilities	—	(675)
Loss on extinguishment of debt	2,370	—
Stock-based compensation expense	5,733	5,683
Loss on disposal of specialty rental assets and other property, plant and equipment	24	80
Deferred income taxes	(4,628)	(314)
Provision for credit losses on receivables, net of recoveries	631	275
Changes in operating assets and liabilities
Accounts receivable	5,930	19,578
Prepaid expenses and other assets	3,010	3,129
Accounts payable and other accrued liabilities	9,390	(19,285)
Deferred revenue and customer deposits	13,734	(4,534)
Operating lease obligation	(7,437)	(7,821)
Other non-current assets and liabilities	(34)	598
Net cash provided by operating activities	68,357	121,123
Cash flows from investing activities:
Purchase of specialty rental assets	(40,472)	(23,638)
Purchase of property, plant, and equipment	(699)	(324)
Proceeds from sale of specialty rental assets and other property, plant and equipment	—	541
Net cash used in investing activities	(41,171)	(23,421)
Cash flows from financing activities:
Principal payments on finance and finance lease obligations	(1,807)	(1,223)
Principal payments on borrowings from ABL Facility	(75,000)	—
Repayment of 2025 Senior Secured Notes	(181,446)	—
Repurchase of Common Stock	—	(21,894)
Proceeds from borrowings on ABL Facility	75,000	—
Distributions paid to noncontrolling interest	(182)	—
Proceeds from issuance of Common Stock from exercise of warrants	—	3
Proceeds from issuance of Common Stock from exercise of options	—	1,850
Payment of debt extinguishment premium costs	(1,814)	—
Taxes paid related to net share settlement of equity awards	(2,236)	(2,615)
Net cash used in financing activities	(187,485)	(23,879)

Effect of exchange rate changes on cash and cash equivalents	18	(5)

Net increase (decrease) in cash and cash equivalents	(160,281)	73,818
Cash and cash equivalents - beginning of period	190,668	103,929
Cash and cash equivalents - end of period	$30,387	$177,747

Non-cash investing and financing activity:
Non-cash change in accrued capital expenditures	$(12,019)	$(2,771)
Non-cash change in accrued excise tax on repurchase of Common Stock	$—	$(524)
Non-cash change in finance lease terminations	$250	$—
Non-cash change in finance lease obligations	$(2,983)	$(1,372)
Non-cash change in accrual of tax withholdings for net share settlement of equity awards	$(5)	$(47)
Non-cash change in accrued distributions to noncontrolling interest	$(11)	$(65)

See accompanying notes to the unaudited consolidated financial statements*.*

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