Target Hospitality Corp.

For the period ended Mar 31, 2025. Filed May 19, 2025.

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, 2025 · Filed May 19, 2025

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,
· 2025 · 2024
Cash flows from operating activities: · · ·
Net income (loss)	$(6,459)	$20,383
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	14,282	15,303
Amortization of intangible assets	3,363	3,363
Noncash operating lease expense	2,042	2,842
Accretion of asset retirement obligation	32	46
Amortization of deferred financing costs	273	268
Amortization of original issue discount	440	417
Change in fair value of warrant liabilities	—	(675)
Loss on extinguishment of debt	2,370	—
Stock-based compensation expense	1,716	2,748
Loss (gain) on disposal of specialty rental assets and other property, plant and equipment	27	(42)
Deferred income taxes	(1,529)	(874)
Provision for credit losses on receivables, net of recoveries	17	43
Changes in operating assets and liabilities
Accounts receivable	(7,630)	13,253
Prepaid expenses and other assets	1,154	1,551
Accounts payable and other accrued liabilities	(4,743)	(5,281)
Deferred revenue and customer deposits	311	(448)
Operating lease obligation	(1,718)	(2,713)
Other non-current assets and liabilities	(9)	407
Net cash provided by operating activities	3,939	50,591
Cash flows from investing activities:
Purchase of specialty rental assets	(16,590)	(8,825)
Purchase of property, plant, and equipment	(615)	(135)
Proceeds from sale of specialty rental assets and other property, plant and equipment	—	42
Net cash used in investing activities	(17,205)	(8,918)
Cash flows from financing activities:
Principal payments on finance and finance lease obligations	(509)	(407)
Principal payments on borrowings from ABL Facility	(34,100)	—
Repayment of 2025 Senior Secured Notes	(181,446)	—
Repurchase of Common Stock	—	(21,160)
Proceeds from borrowings on ABL Facility	75,000	—
Distributions paid to noncontrolling interest	(68)	—
Proceeds from issuance of Common Stock from exercise of warrants	—	3
Proceeds from issuance of Common Stock from exercise of options	—	268
Payment of debt extinguishment premium costs	(1,814)	—
Net cash used in financing activities	(142,937)	(21,296)

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

Net increase (decrease) in cash and cash equivalents	(156,200)	20,373
Cash and cash equivalents - beginning of period	190,668	103,929
Cash and cash equivalents - end of period	$34,468	$124,302

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	$(2,385)	$—
Non-cash change in accrued excise tax on repurchase of Common Stock	$—	$(211)
Non-cash change in finance lease obligations	$(1,571)	$(858)
Non-cash change in accrual of tax withholdings for net share settlement of equity awards	$(973)	$(2,615)

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.