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

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

($ in thousands)


· · For the Years Ended
· · December 31,
· · 2025 · · 2024 · · 2023
Cash flows from operating activities: · · · · · · ·
Net income (loss)	$(37,077)	$71,407	$173,700
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	59,911	59,331	70,530
Amortization of intangible assets	13,475	13,475	13,447
Noncash operating lease expense	9,075	10,060	17,797
Accretion of asset retirement obligation	132	139	177
Amortization of deferred financing costs	736	1,098	2,881
Amortization of original issue discount	440	1,745	750
Change in fair value of warrant liabilities	—	(675)	(9,062)
Stock-based compensation expense	7,552	7,306	11,174
(Gain) loss on sale of specialty rental assets and other property, plant and equipment	13	(322)	137
Loss on extinguishment of debt	2,370	—	2,279
Deferred income taxes	(6,959)	(3,803)	37,902
Provision for credit losses on receivables, net of recoveries	703	257	544
Other	—	778	—
Changes in operating assets and liabilities
Accounts receivable	(7,512)	17,599	(25,800)
Prepaid expenses and other assets	545	139	3,083
Accounts payable and other accrued liabilities	23,147	(13,568)	(10,394)
Deferred revenue and customer deposits	17,339	(4,235)	(120,050)
Operating lease obligation	(9,756)	(9,630)	(13,477)
Other non-current assets and liabilities	(42)	574	1,183
Net cash provided by operating activities	74,092	151,675	156,801
Cash flows from investing activities:
Purchase of specialty rental assets	(67,039)	(29,557)	(60,808)
Purchase of property, plant and equipment	(751)	(687)	(3,066)
Acquired intangible assets	—	—	(4,547)
Proceeds from the sale of specialty rental assets and other property, plant and equipment	—	1,402	241
Net cash used in investing activities	(67,790)	(28,842)	(68,180)
Cash flows from financing activities:
Principal payments on finance and finance lease obligations	(2,344)	(1,695)	(1,404)
Principal payments on borrowings from ABL Facility	(75,000)	—	—
Proceeds from borrowings on ABL Facility	75,000	—	—
Repayment of Senior Notes	(181,446)	—	(153,054)
Repurchase of Common Stock	—	(33,496)	—
Payment of issuance costs from warrant exchange	—	—	(1,504)
Distributions paid to noncontrolling interest	(260)	(65)	—
Proceeds from issuance of Common Stock from exercise of warrants	—	3	209
Proceeds from issuance of Common Stock from exercise of options	—	1,850	1,396
Payment of deferred financing costs	(535)	—	(5,194)
Taxes paid related to net share settlement of equity awards	(2,242)	(2,661)	(6,818)
Payment of debt extinguishment premium costs	(1,814)	—	—
Net cash used in financing activities	(188,641)	(36,064)	(166,369)

Effect of exchange rate changes on cash and cash equivalents	19	(30)	4

Net increase (decrease) in cash and cash equivalents	(182,320)	86,739	(77,744)
Cash and cash equivalents - beginning of year	190,668	103,929	181,673
Cash and cash equivalents - end of year	$8,348	$190,668	$103,929

Supplemental Cash Flow Information:
Cash paid for interest, net of amounts capitalized	$12,984	$17,975	$29,273
Income taxes paid, net of refunds received	$2,818	$28,771	$5,973
Decrease in accrued capital expenditures	$—	$348	$—
Decrease in accrual of issuance costs from warrant exchange	$—	$—	$1,504
Operating lease liabilities arising from obtaining operating lease assets	$(6,625)	$(22,225)	$(10,197)
Reduction in operating lease assets due to lease terminations and modifications	$15,883	$7,035	$—

Non-cash investing and financing activity:
Non-cash repurchase of common stock as part of share repurchase program	$—	$(249)	$—
Non-cash change in accrued distributions to noncontrolling interest	$10	$(68)	$—
Non-cash accrued proceeds from the sale of specialty rental assets	$118	$—	$—
Non-cash issuance of common stock	$—	$(778)	$—
Non-cash change in finance lease terminations	$258	$—	$—
Non-cash change in accrued capital expenditures	$(1,826)	$—	$(129)
Non-cash change in finance lease obligations	$(3,051)	$(2,613)	$(1,632)

Target Hospitality Corp.

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.