Target Hospitality Corp.

For the period ended Dec 31, 2025. Filed Mar 11, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 11, 2026

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets

($ in thousands)


· · December 31, · · December 31,
· · 2025 · · 2024
Assets · · ·
Current assets: · · · ·
Cash and cash equivalents	$8,348	$190,668
Accounts receivable, less allowance for credit losses of $232 and $534, respectively	56,200	49,342
Prepaid expenses and other assets	8,790	9,326
Total current assets	73,338	249,336

Specialty rental assets, net	332,406	320,852
Other property, plant and equipment, net	35,754	34,935
Operating lease right-of-use assets, net	6,544	24,935
Goodwill	41,038	41,038
Other intangible assets, net	39,332	52,807
Deferred financing costs revolver, net	1,793	1,871
Total assets	$530,205	$725,774

Liabilities
Current liabilities:
Accounts payable	$44,393	$16,187
Accrued liabilities	22,475	25,782
Deferred revenue and customer deposits	9,282	699
Current portion of operating lease obligations	5,807	8,548
Current portion of finance lease and other financing obligations (Note 7)	2,086	1,860
Current portion of long-term debt, net (Note 7)	—	180,328
Total current liabilities	84,043	233,404

Other liabilities:
Long-term finance lease and other financing obligations	1,675	1,451
Long-term operating lease obligations	1,128	17,459
Deferred revenue and customer deposits	9,292	536
Deferred tax liability	42,312	49,271
Asset retirement obligations	2,695	2,563
Total liabilities	141,145	304,684

Commitments and contingencies (Note 11)
Stockholders' equity:
Common Stock, $0.0001 par, 400,000,000 authorized, 113,094,172 issued and 99,797,242 outstanding as of December 31, 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 December 31, 2025 and 13,296,930 shares as of December 31, 2024.	(57,304)	(57,304)
Additional paid-in-capital	154,090	148,780
Accumulated other comprehensive loss	(2,798)	(2,785)
Accumulated earnings	295,259	332,380
Total stockholders' equity attributable to Target Hospitality Corp. stockholders	389,257	421,081
Noncontrolling interest in consolidated subsidiaries	(197)	9
Total stockholders' equity	389,060	421,090
Total liabilities and stockholders' equity	$530,205	$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.