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Midas Edge

Target Hospitality Corp.

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

View on SEC.gov

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 Statements of Changes in Stockholders’ Equity

For the years ended December 31, 2025, 2024 and 2023

** ($ in thousands)**

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · ​ · Additional · ​ · Accumulated · ​ · ​ · ​ · ​ · Total Target Hospitality Corp. · ​ · ​ · ​ · ​ · ​
​ · ​ · Common Stock · ​ · Common Stock in Treasury · ​ · Paid In · ​ · Other · ​ · Accumulated · ​ · Stockholders' · ​ · Noncontrolling · ​ · Total
​ · ​ ​ ​ · Shares · ​ ​ ​ · Amount · ​ ​ ​ · Shares · ​ ​ ​ · Amount · ​ ​ ​ · Capital · ​ ​ ​ · Comprehensive Loss · ​ ​ ​ · Earnings · ​ ​ ​ · Equity · ​ ​ ​ · Interest · ​ ​ ​ · Equity
Balances at December 31, 2022​100,316,701​$10​9,430,665​$(23,559)​$139,287​$(2,574)​$87,683​$200,847​$—​$200,847
​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
Adoption of ASC 326 (Note 1)​—​​—​—​​—​​—​​—​​(268)​​(268)​​—​​(268)
Balances at January 1, 2023​100,316,701​$10​9,430,665​$(23,559)​$139,287​$(2,574)​$87,415​$200,579​$—​$200,579
​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
Net income​—​​—​—​​—​​—​​—​​173,700​​173,700​​—​​173,700
Stock-based compensation, net​870,917​​—​—​​—​​8,305​​—​​—​​8,305​​—​​8,305
Tax withholdings related to net share settlement of equity awards​—​​—​—​​—​​(6,818)​​—​​—​​(6,818)​​—​​(6,818)
Cumulative translation adjustment​—​​—​—​​—​​—​​(64)​​—​​(64)​​—​​(64)
Issuance of Common Stock from exercise of warrants​17,369​​—​—​​—​​209​​—​​—​​209​​—​​209
Issuance of Common Stock from exercise of stock options​455,614​​—​—​​—​​1,396​​—​​—​​1,396​​—​​1,396
Balances at December 31, 2023​101,660,601​$10​9,430,665​$(23,559)​$142,379​$(2,638)​$261,115​$377,307​$—​$377,307
​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
Net income​—​​—​—​​—​​—​​—​​71,265​​71,265​​142​​71,407
Stock-based compensation, net​718,250​​—​—​​—​​6,431​​—​​—​​6,431​​—​​6,431
Tax withholdings related to net share settlement of equity awards​—​​—​—​​—​​(2,661)​​—​​—​​(2,661)​​—​​(2,661)
Cumulative translation adjustment​—​​—​—​​—​​—​​(147)​​—​​(147)​​—​​(147)
Issuance of Common Stock from exercise of warrants​1,079​​—​—​​—​​3​​—​​—​​3​​—​​3
Issuance of Common Stock from exercise of stock options​348,389​​—​—​​—​​1,850​​—​​—​​1,850​​—​​1,850
Distributions​—​​—​—​​—​​—​​—​​—​​—​​(133)​​(133)
Repurchase of Common Stock as part of share repurchase program​(3,866,265)​​​​3,866,265​​(33,745)​​—​​—​​—​​(33,745)​​—​​(33,745)
Other​90,000​​—​—​​—​​778​​—​​—​​778​​—​​778
Balances at December 31, 2024​98,952,054​$10​13,296,930​$(57,304)​$148,780​$(2,785)​$332,380​$421,081​$9​$421,090
​​​​​​​​​​​​​​​​​​​​​​​​​​​​​
Net loss​—​​—​—​​—​​—​​—​​(37,121)​​(37,121)​​44​​(37,077)
Stock-based compensation, net​845,188​​—​—​​—​​7,552​​—​​—​​7,552​​—​​7,552
Tax withholdings related to net share settlement of equity awards​—​​—​—​​—​​(2,242)​​—​​—​​(2,242)​​—​​(2,242)
Cumulative translation adjustment​—​​—​—​​—​​—​​(13)​​—​​(13)​​—​​(13)
Distributions​—​​—​—​​—​​—​​—​​—​​—​​(250)​​(250)
Balances at December 31, 2025​99,797,242​$10​13,296,930​$(57,304)​$154,090​$(2,798)​$295,259​$389,257​$(197)​$389,060
ContentsView on SEC.gov

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