Target Hospitality Corp.

For the period ended Jun 30, 2026. Filed Aug 10, 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.

Jun 30, 2026 · Filed Aug 10, 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 Six Months Ended
· · June 30,
· · 2026 · · 2025
Cash flows from operating activities: · · · ·
Net loss	$(21,943)	$(21,377)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	34,403	28,580
Amortization of intangible assets	6,731	6,731
Noncash operating lease expense	4,325	4,492
Accretion of asset retirement obligation	70	65
Amortization of deferred financing costs	426	424
Amortization of original issue discount	—	440
Loss on extinguishment of debt	—	2,370
Stock-based compensation expense	3,974	3,806
Loss (gain) on disposal of specialty rental assets and other property, plant and equipment	(220)	27
Deferred income taxes	(2,178)	(4,844)
Provision for credit losses on receivables, net of recoveries	214	37
Changes in operating assets and liabilities
Accounts receivable	5,488	(8,200)
Prepaid expenses and other assets	1,415	2,957
Accounts payable and other accrued liabilities	(19,579)	(4,095)
Deferred revenue and customer deposits	102,889	7,809
Operating lease obligation	(4,596)	(4,201)
Other non-current assets and liabilities	(399)	(20)
Net cash provided by operating activities	111,020	15,001
Cash flows from investing activities:
Purchase of specialty rental assets	(111,785)	(24,261)
Other investing activities	(34,093)	—
Purchase of property, plant, and equipment	(5,624)	(650)
Proceeds from the sale of specialty rental assets and other property, plant and equipment	606	—
Net cash used in investing activities	(150,896)	(24,911)
Cash flows from financing activities:
Principal payments on finance and finance lease obligations	(1,200)	(1,184)
Principal payments on borrowings from ABL Facility	(81,300)	(51,000)
Repayment of 2025 Senior Secured Notes	—	(181,446)
Proceeds from borrowings on ABL Facility	121,300	75,000
Distributions paid to noncontrolling interest	(120)	(126)
Proceeds from issuance of Common Stock from exercise of options	207	—
Payment of deferred financing costs	(231)	—
Payment of debt extinguishment premium costs	—	(1,814)
Taxes paid related to net share settlement of equity awards	(1,046)	(973)
Net cash provided by (used in) financing activities	37,610	(161,543)

Effect of exchange rate changes on cash and cash equivalents	(14)	22

Net decrease in cash and cash equivalents	(2,280)	(171,431)
Cash and cash equivalents - beginning of period	8,348	190,668
Cash and cash equivalents - end of period	$6,068	$19,237

Supplemental Cash Flow Information:
Decrease in accrued distributions to noncontrolling interest	$—	$11
Decrease in accrued capital expenditures	$—	$461
Decrease in accrued proceeds from the sale of specialty rental assets	$118	$—

Non-cash investing and financing activity:
Non-cash change in accrued capital expenditures	$(23,759)	$—
Non-cash change in accrued deferred financing costs	$(529)	$—
Non-cash change in finance lease terminations	$—	$110
Non-cash change in finance lease obligations	$(2,093)	$(2,738)
Non-cash change in accrual of tax withholdings for net share settlement of equity awards	$(115)	$(1,263)
Non-cash change in accrued distributions to noncontrolling interest	$(16)	$—

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.