Target Hospitality Corp.

For the period ended Sep 30, 2026. Filed Nov 9, 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.

Sep 30, 2026 · Filed Nov 9, 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 Nine Months Ended
· · September 30,
· · 2026 · · 2025
Cash flows from operating activities: · · · ·
Net loss	$(31,127)	$(22,134)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	56,596	43,672
Amortization of intangible assets	9,830	10,103
Noncash operating lease expense	6,066	6,878
Accretion of asset retirement obligation	76	98
Amortization of deferred financing costs	979	577
Amortization of original issue discount	—	440
Loss on extinguishment of debt	983	2,370
Stock-based compensation expense	6,001	5,733
Loss on disposal of specialty rental assets and other property, plant and equipment	1,548	24
Deferred income taxes	5,250	(4,628)
Provision for credit losses on receivables, net of recoveries	348	631
Changes in operating assets and liabilities
Accounts receivable	(29,436)	5,930
Prepaid expenses and other assets	(607)	3,010
Accounts payable and other accrued liabilities	2,947	9,390
Deferred revenue and customer deposits	132,028	13,734
Operating lease obligation	(6,329)	(7,437)
Other non-current assets and liabilities	(958)	(34)
Net cash provided by operating activities	154,195	68,357
Cash flows from investing activities:
Purchase of specialty rental assets	(274,867)	(40,472)
Other investing activities	(53,470)	—
Purchase of property, plant, and equipment	(8,432)	(699)
Proceeds from the sale of specialty rental assets and other property, plant and equipment	774	—
Net cash used in investing activities	(335,995)	(41,171)
Cash flows from financing activities:
Principal payments on finance and finance lease obligations	(2,067)	(1,807)
Principal payments on borrowings from ABL Facility	(106,300)	(75,000)
Repayment of 2025 Senior Secured Notes	—	(181,446)
Repurchase of Common Stock	(30,000)	—
Proceeds from borrowings on ABL Facility	329,300	75,000
Distributions paid to noncontrolling interest	(193)	(182)
Proceeds from issuance of Common Stock from exercise of options	209	—
Payment of deferred financing costs	(12,955)	—
Payment of debt extinguishment premium costs	—	(1,814)
Taxes paid related to net share settlement of equity awards	(1,161)	(2,236)
Net cash provided by (used in) financing activities	176,833	(187,485)

Effect of exchange rate changes on cash and cash equivalents	(14)	18

Net decrease in cash and cash equivalents	(4,981)	(160,281)
Cash and cash equivalents - beginning of period	8,348	190,668
Cash and cash equivalents - end of period	$3,367	$30,387

Supplemental Cash Flow Information:
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	$(80,201)	$(12,019)
Non-cash change in accrued deferred financing costs	$(37)	$—
Non-cash change in accrued excise tax on repurchase of Common Stock	$(300)	$—
Non-cash change in finance lease terminations	$—	$250
Non-cash change in finance lease obligations	$(6,239)	$(2,983)
Non-cash change in accrual of tax withholdings for net share settlement of equity awards	$(15)	$(5)
Non-cash change in accrued distributions to noncontrolling interest	$(15)	$(11)

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.