Target Hospitality Corp. (TH) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — TH

Balance Sheet

(in millions USD)

Metric	Q2 2026	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	6.07	5.46	30.39	19.24	34.47	177.75	154.30	124.30	105.10	69.58	42.44	176.99	9.70	5.82	30.64	6.47	6.37
Accounts Receivable	50.43	45.63	42.73	57.44	56.95	47.29	48.74	53.84	59.46	53.33	52.79	41.74	78.33	41.46	33.37	29.86	30.92
Total Current Assets	63.87	58.61	79.44	83.05	99.59	231.38	208.83	186.07	171.56	129.84	103.15	227.81	94.22	54.58	69.78	41.83	43.81
Property, Plant & Equipment	--	--	331.69	317.38	326.13	331.58	336.44	342.99	360.16	366.23	369.76	348.28	290.65	281.84	294.37	300.33	302.24
Goodwill	41.04	41.04	41.04	41.04	41.04	41.04	41.04	41.04	41.04	41.04	41.04	41.04	41.04	41.04	41.04	41.04	41.04
Intangible Assets	16.20	19.57	26.30	29.68	33.04	39.78	43.15	46.52	53.26	56.63	59.99	62.01	65.23	68.45	75.75	79.40	83.06
Total Non-current Assets*	590.32	480.93	461.71	450.67	462.93	478.41	488.22	501.10	524.97	536.13	546.47	501.89	452.64	437.96	460.18	472.14	478.46
Total Assets	654.19	539.54	541.16	533.71	562.52	709.79	697.05	687.17	696.52	665.97	649.62	729.70	546.86	492.54	529.96	513.98	522.27
Accounts Payable	47.41	33.04	45.81	21.43	23.13	16.92	17.54	17.27	21.25	17.25	26.91	31.91	25.25	12.25	12.32	14.77	9.17
Total Current Liabilities	98.86	69.23	82.42	56.62	50.51	229.29	235.51	66.82	294.19	323.46	366.26	201.70	56.44	32.80	94.67	77.05	33.30
Long-term Debt	42.12	31.47	2.02	26.34	42.94	0.99	1.11	179.90	1.05	1.11	1.18	341.47	362.38	357.64	340.15	346.15	402.48
Total Non-current Liabilities*	185.55	93.69	56.49	75.91	96.74	62.86	64.38	244.82	64.06	52.19	41.74	382.38	365.89	361.43	341.84	350.73	402.53
Total Liabilities	284.40	162.92	138.91	132.53	147.25	292.15	299.88	311.64	358.25	375.65	408.01	584.08	422.33	394.23	436.51	427.78	435.83
Retained Earnings	273.31	282.34	310.19	310.99	325.92	319.88	299.88	281.50	223.27	177.69	131.24	56.11	37.09	14.24	10.95	4.27	5.18
Total Stockholder Equity	370.11	376.92	402.38	401.28	415.32	417.60	397.17	375.53	338.27	290.32	241.61	145.62	124.53	98.31	93.45	86.20	86.44

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Total Revenue	54.70	56.21	73.47	91.57	54.89	54.90	60.23	65.80	67.49	72.40	84.73	93.54	92.52	94.84	97.66	103.00	74.37	58.68	59.33	67.07
Cost of Revenue*	38.90	49.32	66.39	73.63	55.22	36.94	23.20	20.59	20.62	23.33	22.49	6.78	10.16	12.87	13.76	20.23	21.83	30.76	30.11	33.46
Gross Profit	15.80	6.88	7.08	17.95	(0.33)	17.96	37.03	45.21	46.87	49.07	62.24	86.76	82.37	81.96	83.90	82.77	52.55	27.92	29.21	33.61
Selling, General & Admin	18.75	14.56	18.12	12.92	12.66	14.81	12.63	13.32	13.46	14.86	12.20	15.27	13.46	15.20	15.88	19.15	11.10	11.76	10.63	12.83
Total Operating Expenses	23.29	21.21	23.90	17.88	16.59	19.04	16.23	17.22	17.32	18.63	16.06	19.04	17.61	20.01	19.68	22.83	14.71	15.54	15.53	16.93
Operating Income	(7.50)	(14.32)	(16.82)	0.07	(16.92)	(1.08)	20.80	27.99	29.55	30.44	46.18	67.72	64.76	61.96	64.21	59.94	37.83	12.38	13.68	16.68
Pretax Income	(8.51)	(15.21)	(17.18)	(0.39)	(17.85)	(7.77)	16.86	24.18	25.28	26.53	48.37	60.19	60.16	56.04	44.66	31.05	29.02	1.58	4.57	8.34
Tax Provision	0.47	(2.25)	(2.24)	0.37	(2.94)	(1.32)	4.31	4.08	6.89	6.14	10.52	14.61	13.70	12.22	13.08	12.03	6.17	1.09	1.77	1.66
Net Income	(9.03)	(12.92)	(14.93)	(0.79)	(14.93)	(6.46)	12.50	19.99	18.39	20.38	37.84	45.58	46.45	43.83	31.57	19.02	22.85	0.49	2.80	6.68
Basic EPS	(0.09)	(0.13)	(0.14)	(0.01)	(0.15)	(0.07)	0.13	0.20	0.18	0.20	0.36	0.45	0.46	0.44	0.31	0.20	0.24	0.01	0.03	--
Diluted EPS	(0.09)	(0.13)	(0.14)	(0.01)	(0.15)	(0.07)	0.12	0.20	0.18	0.20	0.31	0.43	0.44	0.38	0.29	0.20	0.24	0.01	0.03	--

* Derived from reported values

Cash Flow Statement

(in millions USD)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Operating Cash Flow	103.98	7.04	5.74	53.36	11.06	3.94	30.55	31.43	39.10	50.59	38.29	48.24	55.75	14.53	47.79	261.19	27.21	(30.58)	5.15	40.01
Capital Expenditures	7.80	0.18	0.05	0.05	15.50	15.50	0.36	0.06	0.13	0.14	0.13	5.00	5.00	18.60	0.53	22.30	15.84	0.12	0.13	0.20
Free Cash Flow*	96.18	6.86	5.68	53.31	(4.44)	(11.56)	30.19	31.36	38.98	50.46	38.16	43.24	50.75	(4.07)	47.26	238.89	11.38	(30.70)	5.03	39.81
Investing Cash Flow	(111.54)	(39.35)	(26.62)	(16.26)	(7.71)	(17.20)	(5.42)	(7.28)	(7.22)	(8.92)	(7.27)	(12.12)	(20.35)	(28.44)	(36.57)	(72.89)	(27.93)	(2.83)	(11.91)	(9.80)
Financing Cash Flow	8.18	29.43	(1.16)	(25.94)	(18.61)	(142.94)	(12.18)	(0.69)	(1.89)	(21.30)	(32.19)	(0.59)	(8.26)	(125.32)	(6.53)	(20.99)	4.60	15.83	(0.48)	(6.02)

* Derived from reported values