Welcome to our dedicated page for Target Hospitality SEC filings (Ticker: TH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Target Hospitality Corp. filings document the public-company record for a Nasdaq-listed provider of modular accommodations and hospitality services. Its 8-K reports disclose operating results, investor presentations, Regulation FD business updates, contract announcements and material corporate events connected to its workforce communities and service offerings.
TH filings also cover common stock registration and capital-structure matters, including prospectus supplements and underwriting agreements for secondary offerings by selling stockholders. Proxy materials describe annual meeting proposals, board composition, committee service, executive compensation and equity incentive matters, while governance-related 8-K filings record director appointments and amendments to performance stock unit arrangements under the company incentive plan.
Target Hospitality Corp. Schedule 13G shows Private Capital Management, LLC reported beneficial ownership of 5,101,355 shares of Common Stock, representing 5.09% of the class as of 03/31/2026. The filing lists sole and shared voting and dispositive powers separately.
Target Hospitality Corp. signed a multi-year lease and services agreement with a top-five hyperscaler to build and operate a large “Data Center Hub” community in North Texas for about 4,000 people. Construction begins immediately, with first occupancy expected in the third quarter of 2026 and full completion in the second quarter of 2027.
The Data Center Hub Contract is expected to generate over $550 million in committed minimum revenue over roughly five years through the first quarter of 2031, plus potential variable revenue of about $20–$40 million annually once fully built. Target plans net capital investment of roughly $115–$125 million, mostly in 2026, and total Workforce Hospitality Solutions capital expenditures of about $130–$140 million to support recent awards. The company believes these contracts position it to reach annualized revenue above $500 million and annualized Adjusted EBITDA above $160 million by mid‑2027.
Target Hospitality Corp. updated the terms of its executive performance stock units and shared new investor materials. The board’s Compensation Committee approved a Second Amended 2023 Executive Performance Stock Unit Agreement, extending the Diversification EBITDA performance period end date from February 28, 2026 to February 28, 2027.
This follows an earlier change that extended the total shareholder return performance period to December 31, 2026. The company also posted an updated investor presentation on its website on March 11, 2026, which includes forward-looking statements subject to cautionary disclosures.
Target Hospitality Corp. provides a detailed overview of its business and segment performance for the year ended December 31, 2025. The company generated approximately $321 million in revenue, driven by 16,991 beds across 29 owned or managed communities in North America.
The HFS – South segment contributed about $141.7 million or 44% of revenue, while the newly created Workforce Hospitality Solutions (WHS) segment delivered approximately $96.8 million or 30% of revenue. Government operations added around $70.8 million, or 22% of revenue, with the remainder from other assets and facilities management.
WHS is anchored by multi‑year contracts, including a construction and services agreement with Lithium Nevada expected to generate about $175.2 million, and a data center community contract with committed minimum revenue of roughly $134 million. In the Government segment, the prior PCC contract was terminated in February 2025, but the Dilley Immigration Processing Center was reactivated under a new five‑year agreement with fixed minimum revenue of approximately $246 million. The filing highlights continued customer concentration, with three customers accounting for 28%, 11% and 11% of 2025 revenue and the top five customers representing about 63% of revenue.
Target Hospitality reported a sharp downturn for 2025 as it pivots from a major government contract to growth in workforce hospitality. Full-year revenue fell to $320.6 million from $386.3 million, and the company swung to a net loss of $37.1 million from prior net income of $71.4 million. Adjusted EBITDA dropped to $53.2 million from $196.7 million, largely due to termination of the high-margin Pecos Children’s Center contract.
Fourth-quarter revenue rose modestly to $89.8 million, but Target posted a $14.9 million net loss and much lower Adjusted EBITDA of $6.5 million. Despite weaker earnings and cash declining to $8.3 million, the company ended 2025 with zero net debt and $183 million of liquidity. Management highlights over $740 million of new multi-year contracts since February 2025, including large West Texas power and data-center related projects that reactivate more than 2,850 beds and are expected to support margin improvement through 2026.
Target Hospitality Corp. executive Brendan Dowhaniuk reported exercising restricted stock units into common shares. On February 27, 2026, 7,813 RSUs were converted, resulting in the direct acquisition of 7,813 shares of common stock at a price of $0.0000 per share, bringing his direct common stock holdings to 25,523 shares.
Target Hospitality Corp. SVP, Finance & IR Mark Schuck reported RSU vesting-related transactions. On February 27, 2026 and March 1, 2026, restricted stock units converted into common stock at no cost, reflecting routine equity compensation vesting under the company’s incentive plan.
In connection with these vestings, shares of common stock were also disposed of through tax-withholding transactions at a price of $7.79 per share to cover associated tax liabilities. All transactions are reported as direct ownership and include both newly acquired common shares from RSUs and shares withheld for taxes.
Target Hospitality Corp. CFO Jason Paul Vlacich reported RSU vesting and related share settlements. On February 27 and March 1, 2026, he exercised multiple Restricted Stock Units into common stock at a price of $0.0000 per share, increasing his direct holdings.
To cover tax liabilities on these vestings, the company withheld shares of common stock at a price of $7.79 per share, which is described as the closing price on February 27, 2026. Footnotes show he continues to hold substantial unvested RSU awards that vest in four annual installments from March 1, 2024 through future anniversaries.
Target Hospitality Corp. Senior Executive Vice President of Operations & CCO Troy C. Schrenk reported multiple equity transactions involving Restricted Stock Units (RSUs) and common stock. On February 27 and March 1, 2026, he exercised RSUs, each representing a right to receive one share of common stock or its cash equivalent, resulting in new common shares at a stated price of $0.0000 per share.
In connection with these vestings, shares of common stock were automatically withheld at $7.79 per share to cover tax liabilities, rather than being sold in an open-market transaction. After these transactions, Schrenk directly held 211,088 shares of common stock and 106,018 RSUs, which include unvested awards from prior grants that vest in four annual installments beginning between March 1, 2024 and February 25, 2027.
Target Hospitality Corp. executive Heidi Diane Lewis, EVP, General Counsel & Secretary, reported multiple equity award transactions. On February 27 and March 1, 2026, restricted stock units vested and were converted into common stock at no cost, increasing her direct holdings. A portion of the resulting shares was automatically withheld and disposed of at $7.79 per share to cover tax liabilities tied to these vesting events, rather than open-market sales.