Target Hospitality Corp.

Target Hospitality Corp. (NASDAQ: TH) operates as one of North America's largest vertically integrated specialty rental and hospitality services companies. The company provides comprehensive turnkey solutions for workforce accommodation and hospitality services, serving customers in natural resource development, critical mineral development, data center infrastructure projects, and U.S. government programs. As of December 31, 2025, Target Hospitality operates 29 owned or leased communities with 16,991 beds across strategically located geographies, primarily concentrated in the southwestern United States, with additional operations in Nevada, North Dakota, Wyoming, and Canada. The company generated approximately $321 million in revenue for the fiscal year ended December 31, 2025.

Target Hospitality's business model centers on the "Target 12" service platform, which emphasizes the non-working hours of customer workforces through premium culinary services, housekeeping, facilities management, security, and recreational amenities. The company serves approximately 320 customers, including major blue-chip and investment-grade companies, with a historical client retention rate exceeding 90 percent. The company operates through three reportable segments: Hospitality and Facilities Services-South (HFS-South), representing 44 percent of revenue; Workforce Hospitality Solutions (WHS), representing 30 percent of revenue; and Government, representing 22 percent of revenue. The remaining 4 percent derives from other operations.

The company's competitive advantages include its extensive network of strategically positioned communities, long-term contracted revenue with exclusivity provisions, and vertically integrated service delivery. Approximately 100 percent of revenues are generated under fully executed customer contracts, with approximately 16 percent comprising minimum revenue commitments. The weighted average contract length is approximately 60 months. Target Hospitality's asset base consists primarily of modular, relocatable units with an average depreciable useful life of approximately 15 years, supporting low maintenance capital requirements averaging 3.4 percent of annual revenue historically.

Founded in 1978 and operating as a specialty rental and hospitality services company since 2006, Target Hospitality has expanded through organic growth and strategic acquisitions. The company maintains a disciplined capital deployment strategy, typically investing only with contracted revenue visibility and targeting high returns on invested capital. More information is available at www.targethosp.com.