Target Hospitality Corp 2025年度报告

ABOUT TARGET HOSPITALITY Target Hospitality Corp. (Nasdaq: TH) is one of the largest vertically integrated specialty rental andhospitality services companies in North America. We have an extensive network of geographicallyrelocatable specialty rental accommodation units with 16,991 beds across 29 communities as ofDecember 31, 2025. A large portion of our specialty rental asset base is comprised of modular unit assetsthat are generally interchangeable across segments and geographies. We also operate 2 communitiesnot owned or leased by the Company. A portion of our revenues is currently generated under contractsthat include minimum revenue commitments, and nearly all of our revenues are earned through fullyexecuted customer contracts. We expect to continue to enter into additional contracts that includeminimum revenue commitments, and we expect these arrangements to comprise a larger share of ourrevenues going forward. We believe our customers enter into contracts with us because of our differentiated scale and verticallyintegrated solutions, including the ability to deliver premier accommodations and in-house culinary andhospitality services across many key geographies in which they operate. For the year ended December31, 2025, we generated revenues of approximately $321 million.Approximately 58.5% of our revenuewas earned from specialty rental with vertically integrated hospitality, specifically lodging and relatedancillary services, whereas the remaining 14.3% of revenues were earned through leasing of lodgingfacilities and 27.2% of revenues were earned through construction fee income for the year endedDecember 31, 2025. Target Hospitality, though initially founded in 1978, began operating as a specialty rental and hospitalityservices company in 2006. Our Company operates across the U.S. and Canada, primarily in theSouthwest, Nevada, and the Midwest U.S. Target Hospitality provides comprehensive turnkey solutionsto customers’ unique needs, from the initial planning stages through the full cycle of development andongoing operations. We provide cost-effective and customized specialty rental accommodations, culinaryservices and hospitality solutions, including site design, construction, operations, security, housekeeping,catering, concierge services and health and recreation facilities. We have established a leadership position in providing a fully integrated service offering to our largecustomer base, which is comprised of major companies supporting natural resource development, criticalmineral development or data center infrastructure projects, as well as supporting a U.S. governmentservice provider. You may obtain copies of our annual report, and the 10-K included therein without charge bycontacting us. Written requests should be directed to our executive office located at 9320Lakeside Blvd., Suite 300, The Woodlands, Texas 77381. YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submittedand posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. Accelerated filerSmaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by