Target Hospitality Corp.

The Company’s financial position, results of operations and cash flows are subject to various risks, many of which are not exclusively within the Company’s control, and which may cause actual performance to differ materially from historical or projected future performance. “Item 1A. Risk Factors” of our 2025 Form 10-K includes a discussion of our risk factors. The information presented below updates, and should be read in conjunction with, the risk factors and information disclosed in our 2025 Form 10-K. Except as presented below, there have been no material changes from the risk factors described in our 2025 Form 10-K.

Our ability to pursue future growth may be constrained by capital availability.

The timing and scale of WHS opportunities may require additional capital. If capital required for WHS growth exceeds our operating cash flows and available ABL Facility capacity, we may delay, reduce, or cancel planned investments or seek additional financing. There can be no assurance that such financing will be available on acceptable terms or at all.

Our investment framework generally prioritizes projects supported by long-term contracted minimum revenues and, where feasible, relies on the redeployment of modular units to limit upfront capital requirements. However, if anticipated revenues and cash flows are not achieved, we may further reduce capital spending, which could adversely affect our growth prospects, operating results, and liquidity.