TH · Target Hospitality Corp.

Target Hospitality Corp. furnished preliminary unaudited estimated financial results for the three-month period ended March 31, 2026, in a preliminary prospectus supplement related to an underwritten public offering of its common stock by certain stockholders. These estimates show total revenue in a narrow range of $70.5 million to $72.5 million, slightly above the $69.9 million reported for the same period in 2025. However, the estimated net loss widened to between $(14.7) million and $(14.1) million from $(6.5) million last year, reflecting pressures on profitability. EBITDA is projected at $3.3 million to $4.3 million, a significant decline from $16.6 million in Q1 2025, while Adjusted EBITDA came in at $8.0 million to $9.0 million versus $21.6 million prior year. Key reconciling items include stable interest expense of $892 thousand, consistent other depreciation and amortization of $4.0 million, and depreciation of specialty rental assets at $15.6 million. Adjustments to reach Adjusted EBITDA encompass other expense (income), net of $2.6 million—primarily loss on disposal of assets and pre-opening costs for new communities in the Workforce Hospitality Solutions segment—plus transaction expenses of $332 thousand, stock-based compensation of $1.7 million, and other minor adjustments. These preliminary figures are based on information available as of April 21, 2026, and remain subject to management's review, financial closing procedures, and preparation of interim consolidated statements. Ernst & Young LLP has not audited or reviewed this data. Investors should read these estimates alongside the MD&A and financials from the 2025 10-K, recognizing the potential for material variance.