Target Hospitality Corp.

For the period ended Jun 30, 2025. Filed Aug 7, 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.

Jun 30, 2025 · Filed Aug 7, 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 Six Months Ended
· · June 30,
· 2025 · 2024
Cash flows from operating activities: · · ·
Net income (loss)	$(21,377)	$38,769
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	28,580	30,648
Amortization of intangible assets	6,731	6,730
Noncash operating lease expense	4,492	5,386
Accretion of asset retirement obligation	65	77
Amortization of deferred financing costs	424	540
Amortization of original issue discount	440	846
Change in fair value of warrant liabilities	—	(675)
Loss on extinguishment of debt	2,370	—
Stock-based compensation expense	3,806	4,083
Loss on disposal of specialty rental assets and other property, plant and equipment	27	23
Deferred income taxes	(4,844)	1,099
Provision for credit losses on receivables, net of recoveries	37	55
Changes in operating assets and liabilities
Accounts receivable	(8,200)	18,790
Prepaid expenses and other assets	2,957	3,675
Accounts payable and other accrued liabilities	(4,095)	(13,458)
Deferred revenue and customer deposits	7,809	(2,213)
Operating lease obligation	(4,201)	(5,301)
Other non-current assets and liabilities	(20)	622
Net cash provided by operating activities	15,001	89,696
Cash flows from investing activities:
Purchase of specialty rental assets	(24,261)	(15,918)
Purchase of property, plant, and equipment	(650)	(261)
Proceeds from sale of specialty rental assets and other property, plant and equipment	—	42
Net cash used in investing activities	(24,911)	(16,137)
Cash flows from financing activities:
Principal payments on finance and finance lease obligations	(1,184)	(824)
Principal payments on borrowings from ABL Facility	(51,000)	—
Repayment of 2025 Senior Secured Notes	(181,446)	—
Repurchase of Common Stock	—	(21,137)
Proceeds from borrowings on ABL Facility	75,000	—
Distributions paid to noncontrolling interest	(126)	—
Proceeds from issuance of Common Stock from exercise of warrants	—	3
Proceeds from issuance of Common Stock from exercise of options	—	1,386
Payment of debt extinguishment premium costs	(1,814)	—
Taxes paid related to net share settlement of equity awards	(973)	(2,615)
Net cash used in financing activities	(161,543)	(23,187)

Effect of exchange rate changes on cash and cash equivalents	22	(5)

Net increase (decrease) in cash and cash equivalents	(171,431)	50,367
Cash and cash equivalents - beginning of period	190,668	103,929
Cash and cash equivalents - end of period	$19,237	$154,296

Supplemental Cash Flow Information:
Decrease in accrued distributions to noncontrolling interest	$11	$—
Decrease in accrued capital expenditures	$461	$—

Non-cash investing and financing activity:
Non-cash change in accrued capital expenditures	$—	$(1,109)
Non-cash change in accrued excise tax on repurchase of Common Stock	$—	$(126)
Non-cash change in finance lease terminations	$110	$—
Non-cash change in finance lease obligations	$(2,738)	$(1,054)
Non-cash change in accrued proceeds from the issuance of Common Stock from the exercise of options	$—	$428
Non-cash change in accrual of tax withholdings for net share settlement of equity awards	$(1,263)	$—

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.