Target Hospitality Corp. is a vertically integrated provider of specialty rental and hospitality services in North America. The company owns and operates a network of relocatable accommodation units that include lodging dining housekeeping laundry and recreational facilities. It serves customers who need turnkey housing solutions for large workforces in remote or underserved locations. Founded in 1978 and operating as a hospitality business since 2006 the firm has expanded across the United States and Canada with a focus on the Southwest Nevada and Midwest regions. As of December 2025 the company reported 16,991 beds spread across 29 communities plus two additional communities not owned or leased by the firm.

Target Hospitality Corp. generates revenue primarily from three sources: specialty rental with bundled hospitality services leasing of lodging facilities and construction fee income. In 2025 approximately 58.5 percent of revenue came from rental and hospitality 14.3 percent from leasing and 27.2 percent from construction fees. The company serves customers in natural resource development critical mineral development data center infrastructure and government sectors. Most of these customers enter multi year contracts that include minimum revenue commitments which provide predictable cash flow. The firm also benefits from high contract renewal rates exceeding 90 percent over the last five years.

The company operates through the following reportable segments: HFS South Workforce Hospitality Solutions and Government. These segments accounted for roughly 44 percent 30 percent and 22 percent of total revenue respectively in 2025.

• HFS South operates sixteen communities across Texas and New Mexico providing approximately seven thousand eight hundred beds that support lodging dining housekeeping laundry and recreational services primarily for natural resource development customers including producers of oil gas and minerals.

• Workforce Hospitality Solutions delivers construction and hospitality services for projects in Nevada and the southwestern United States supporting lithium mining data center and power generation initiatives through a workforce housing community in Winnemucca Nevada a data center community contract and a power community contract that supply lodging dining facility management and related support.

• Government segment operates facilities in Dilley Texas and Pecos Texas offering housing dining medical educational and recreational services under contracts with federal agencies to support immigration processing and other government programs while maintaining compliance with federal procurement standards.

Target Hospitality Corp. holds a leading position among North American providers of specialty rental and hospitality services due to its large scale and vertically integrated model. The company competes primarily on location cost quality of services and depth of its asset base. Its competitive advantages include a network of relocatable units that can be redeployed across markets long term contracts with high renewal rates and low maintenance capital requirements. The firm benefits from strong barriers to entry created by the complexity of integrating construction operations and hospitality services at scale. Additionally the company’s long standing relationships with major industrial and government clients contribute to a predictable revenue base and reduce customer concentration risk.

Target Hospitality Corp. serves major natural resource producers critical mineral developers data center operators and U. S. government contractors. Specific customers named in filings include Lithium Nevada LLC and various federal agencies such as the Department of Homeland Security and the Bureau of Land Management. The company also works with companies like Halliburton Hess ONEOK Schlumberger Superior Well Service and Key Energy Services. In addition the firm provides services to numerous mid sized enterprises involved in pipeline construction power generation and renewable energy projects. The diversified customer base helps limit reliance on any single client and supports steady demand across different economic cycles.