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19MAR202017133202 2025 | ANNUAL REPORT
ABOUT TARGET HOSPITALITY Target Hospitality Corp. (Nasdaq: TH) is one of the largest vertically integrated specialty rental and hospitality services companies in North America. We have an extensive network of geographically relocatable specialty rental accommodation units with 16,991 beds across 29 communities as of December 31, 2025. A large portion of our specialty rental asset base is comprised of modular unit assets that are generally interchangeable across segments and geographies. We also operate 2 communities not owned or leased by the Company. A portion of our revenues is currently generated under contracts that include minimum revenue commitments, and nearly all of our revenues are earned through fully executed customer contracts. We expect to continue to enter into additional contracts that include minimum revenue commitments, and we expect these arrangements to comprise a larger share of our revenues going forward. We believe our customers enter into contracts with us because of our differentiated scale and vertically integrated solutions, including the ability to deliver premier accommodations and in-house culinary and hospitality services across many key geographies in which they operate. For the year ended December 31, 2025, we generated revenues of approximately $321 million. Approximately 58.5% of our revenue was earned from specialty rental with vertically integrated hospitality, specifically lodging and related ancillary services, whereas the remaining 14.3% of revenues were earned through leasing of lodging facilities and 27.2% of revenues were earned through construction fee income for the year ended December 31, 2025. Target Hospitality, though initially founded in 1978, began operating as a specialty rental and hospitality services company in 2006. Our Company operates across the U.S. and Canada, primarily in the Southwest, Nevada, and the Midwest U.S. Target Hospitality provides comprehensive turnkey solutions to customers unique needs, from the initial planning stages through the full cycle of development and ongoing operations. We provide cost-effective and customized specialty rental accommodations, culinary services 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 large customer base, which is comprised of major companies supporting natural resource development, critical mineral development or data center infrastructure projects, as well as supporting a U.S. government service provider. You may obtain copies of our annual report, and the 10-K included therein without charge by contacting us. Written requests should be directed to our executive office located at 9320 Lakeside Blvd., Suite 300, The Woodlands, Texas 77381. 2025 Annual Report
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TH Shareholder/Stockholder Letter Transcript:

19MAR202017133202
2025 | ANNUAL REPORT


ABOUT TARGET HOSPITALITY
Target Hospitality Corp. (Nasdaq: TH) is one of the largest vertically integrated specialty rental and
hospitality services companies in North America. We have an extensive network of geographically
relocatable specialty rental accommodation units with 16,991 beds across 29 communities as of
December 31, 2025. A large portion of our specialty rental asset base is comprised of modular unit assets
that are generally interchangeable across segments and geographies. We also operate 2 communities
not owned or leased by the Company. A portion of our revenues is currently generated under contracts
that include minimum revenue commitments, and nearly all of our revenues are earned through fully
executed customer contracts. We expect to continue to enter into additional contracts that include
minimum revenue commitments, and we expect these arrangements to comprise a larger share of our
revenues going forward.
We believe our customers enter into contracts with us because of our differentiated scale and vertically
integrated solutions, including the ability to deliver premier accommodations and in-house culinary and
hospitality services across many key geographies in which they operate. For the year ended December
31, 2025, we generated revenues of approximately $321 million. Approximately 58.5% of our revenue
was earned from specialty rental with vertically integrated hospitality, specifically lodging and related
ancillary services, whereas the remaining 14.3% of revenues were earned through leasing of lodging
facilities and 27.2% of revenues were earned through construction fee income for the year ended
December 31, 2025.
Target Hospitality, though initially founded in 1978, began operating as a specialty rental and hospitality
services company in 2006. Our Company operates across the U.S. and Canada, primarily in the
Southwest, Nevada, and the Midwest U.S. Target Hospitality provides comprehensive turnkey solutions
to customers    unique needs, from the initial planning stages through the full cycle of development and
ongoing operations. We provide cost-effective and customized specialty rental accommodations, culinary
services 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 large
customer base, which is comprised of major companies supporting natural resource development, critical
mineral development or data center infrastructure projects, as well as supporting a U.S. government
service provider.
You may obtain copies of our annual report, and the 10-K included therein without charge by
contacting us. Written requests should be directed to our executive office located at 9320
Lakeside Blvd., Suite 300, The Woodlands, Texas 77381.
2025 Annual Report


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