Target Hospitality Corp.

For the period ended Mar 31, 2026. Filed May 11, 2026.

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.

Mar 31, 2026 · Filed May 11, 2026

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 Three Months Ended
· · March 31,
· · 2026 · · 2025
Cash flows from operating activities: · · · ·
Net loss	$(12,962)	$(6,459)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	16,233	14,282
Amortization of intangible assets	3,363	3,363
Noncash operating lease expense	2,149	2,042
Accretion of asset retirement obligation	35	32
Amortization of deferred financing costs	212	273
Amortization of original issue discount	—	440
Loss on extinguishment of debt	—	2,370
Stock-based compensation expense	1,658	1,716
Loss (gain) on disposal of specialty rental assets and other property, plant and equipment	(7)	27
Deferred income taxes	(2,256)	(1,529)
Provision for credit losses on receivables, net of recoveries	80	17
Changes in operating assets and liabilities
Accounts receivable	10,508	(7,630)
Prepaid expenses and other assets	1,277	1,154
Accounts payable and other accrued liabilities	(22,085)	(4,743)
Deferred revenue and customer deposits	11,180	311
Operating lease obligation	(2,301)	(1,718)
Other non-current assets and liabilities	(44)	(9)
Net cash provided by operating activities	7,040	3,939
Cash flows from investing activities:
Purchase of specialty rental assets	(32,594)	(16,590)
Other investing activities	(6,860)	—
Purchase of property, plant, and equipment	(176)	(615)
Proceeds from the sale of property, plant and equipment	275	—
Net cash used in investing activities	(39,355)	(17,205)
Cash flows from financing activities:
Principal payments on finance and finance lease obligations	(511)	(509)
Principal payments on borrowings from ABL Facility	(18,600)	(34,100)
Repayment of 2025 Senior Secured Notes	—	(181,446)
Proceeds from borrowings on ABL Facility	48,600	75,000
Distributions paid to noncontrolling interest	(57)	(68)
Payment of debt extinguishment premium costs	—	(1,814)
Net cash provided by (used in) financing activities	29,432	(142,937)

Effect of exchange rate changes on cash and cash equivalents	(4)	3

Net decrease in cash and cash equivalents	(2,887)	(156,200)
Cash and cash equivalents - beginning of period	8,348	190,668
Cash and cash equivalents - end of period	$5,461	$34,468

Supplemental Cash Flow Information:
Decrease in accrued distributions to noncontrolling interest	$—	$10

Non-cash investing and financing activity:
Non-cash change in accrued capital expenditures	$(5,531)	$(2,385)
Non-cash change in finance lease obligations	$(300)	$(1,571)
Non-cash change in accrual of tax withholdings for net share settlement of equity awards	$(1,046)	$(973)
Non-cash change in accrued distributions to noncontrolling interest	$(5)	$—

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

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.