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Here are 1-3 brief analogies for Target Hospitality:

• Fluor or KBR for temporary industrial workforce camps.

• Aramark or Sodexo, but they also build and operate full-service, temporary lodging facilities for remote industrial workforces.

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• Workforce Accommodations: Provides temporary housing and lodging solutions for industrial and energy clients, often in remote locations.
• Catering and Food Services: Offers comprehensive meal preparation and dining services within its accommodation sites.
• Facilities Management: Delivers a range of operational support services, including laundry, housekeeping, and security, for its accommodation facilities.
• Government Emergency Support: Provides rapidly deployable accommodations and essential support services for government and humanitarian operations.

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Target Hospitality (TH) Major Customers

Target Hospitality (TH) sells primarily to other companies, providing workforce lodging and hospitality services for their remote and temporary workforces.

According to Target Hospitality's 2023 Annual Report (10-K), two customers individually accounted for approximately 17% and 15% of their consolidated revenues during that year. However, Target Hospitality does not publicly disclose the specific names of these major customers in their SEC filings or investor materials due to confidentiality.

While specific customer names are not publicly disclosed, Target Hospitality generally serves companies operating in the following sectors:

• Energy Sector: This includes exploration and production (E&P) companies, midstream companies, pipeline companies, refining companies, and petrochemical companies. These are typically large independent oil and gas producers or integrated energy majors operating in regions like the Permian Basin and Bakken Basin.
• Natural Resources: Such as mining and other resource development companies that require remote infrastructure for their operations.
• Government Agencies: For various operational needs requiring temporary housing and support services.
• Other Commercial and Industrial Sectors: Any industry that requires large-scale, remote workforce housing and integrated hospitality services.

As the specific names of Target Hospitality's major customers are not publicly disclosed, it is not possible to list their individual company names and stock symbols.

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Brad Archer, President & Chief Executive Officer

Brad Archer has 25 years of experience in the modular, lodging, and hospitality industries. He joined Target Hospitality in 2009 as Chief Operating Officer and was appointed President and CEO in 2014. Prior to joining Target Hospitality, Mr. Archer began his career in 1992-1994 with GE Capital Modular Space and then with Resun from 1994-2004, where he became Senior Vice President and helped the company grow from two offices to 48. He also held COO positions at two other modular leasing and manufacturing companies.

Jason Vlacich, Chief Financial Officer & Chief Accounting Officer

Jason Vlacich was promoted to Chief Financial Officer & Chief Accounting Officer, effective January 23, 2024. He joined Target Hospitality in October 2018 as Chief Accounting Officer. Mr. Vlacich has over twenty years of experience in public accounting, hospitality accounting, and finance. Previously, he served as the Chief Accounting Officer at Highgate Hotels, L.P. from 2012, where he managed the corporate accounting department, global accounting services platform, and led domestic and European accounting expansion and global accounting system implementations. Before that, Mr. Vlacich was a Senior Audit Manager at PricewaterhouseCoopers, LLP from 2008 to 2012, providing services to public and private companies, including initial public offerings, with a focus on the hospitality industry. He also held financial reporting, Sarbanes-Oxley compliance, and corporate accounting roles at General Electric (GE Asset Management) and Siemens (Siemens Energy).

Troy Schrenk, Executive Vice President Operations and Chief Commercial Officer

Troy Schrenk leads Target Hospitality's business and commercial operations, construction, business development, commercial strategy, and government relations. He has a track record of leading teams that achieved consistent record growth by developing new and lasting customer relationships.

Heidi Lewis, Executive Vice President, General Counsel and Secretary

Before joining Target Hospitality, Heidi Lewis was Vice President, Group General Counsel and Assistant Secretary at Dynegy Inc. (now Vistra Energy Group), where she directed the company's corporate legal group and specialized in SEC and NYSE regulations and requirements. She began her legal career at AmLaw 100 firms King & Spalding LLP and Akin Gump Strauss Hauer & Feld LLP.

Brendan Dowhaniuk, Executive Vice President, Strategy & Corporate Development

Brendan Dowhaniuk joined Target Hospitality in December 2024. He possesses a diverse background in M&A and corporate finance across the consumer, industrials, and energy sectors. Mr. Dowhaniuk previously held senior M&A positions at Alimentation Couche-Tard (Circle K), Hoonigan, and Eastman Chemical Company, where he was responsible for driving acquisition activity, portfolio strategy, and executing multiple complex carve-out transactions. Earlier in his career, he worked in the oil & gas industry as part of the Portfolio Management and A&D team at Cenovus Energy Inc.

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• The accelerating global energy transition, characterized by a shift away from fossil fuels and increasing investment in renewable energy, presents an emerging threat. This trend, coupled with the oil and gas industry's drive for greater efficiency and automation to reduce operational costs and on-site personnel, could lead to a sustained reduction in demand for Target Hospitality's core workforce housing services in the energy sector.
• Target Hospitality's significant reliance on government contracts, particularly those related to immigration and border management, exposes it to emerging threats from shifts in political administrations, public policy, and legislative changes. Such changes can rapidly alter the demand for and terms of these critical contracts.

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Target Hospitality (TH) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Diversification and New Multi-Year Contracts: The company has demonstrated a strong focus on expanding and diversifying its business portfolio by securing new multi-year contracts across various industries. In 2025 alone, Target Hospitality announced over $400 million in new multi-year contract awards, targeting diverse end-markets. These contracts include a significant Workforce Hub Contract supporting a North American critical mineral supply chain.
2. Growth in Government Contracts: Increased demand from U.S. Government initiatives, particularly in immigration policy, is a significant driver. Target Hospitality anticipates a normal course renewal of its PCC community contract, which is a cornerstone of the U.S. government's domestic humanitarian aid mission. Additionally, the reactivation of the Dilley contract and ongoing efforts to recontract West Texas assets for government initiatives highlight continued growth in this sector.
3. Expansion into New End Markets: Target Hospitality is actively pursuing growth opportunities in emerging end markets such as data centers and critical mineral supply chains. The company is engaged in advanced discussions for multi-year lease and services agreements to support the rapidly expanding AI and data center market. This strategic diversification beyond traditional energy sector clients is crucial for future revenue.
4. Leveraging Operational Flexibility and Existing Capabilities: The company emphasizes its operational flexibility, network capabilities, and unique service offerings to capitalize on both government and private sector opportunities. This allows Target Hospitality to respond dynamically to changing market demands and efficiently support new, large industrial projects, reinforcing its ability to expand its target markets.

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Share Repurchases

• Target Hospitality's Board of Directors approved a stock repurchase program on November 3, 2022, authorizing the repurchase of up to $100 million of its outstanding common stock.
• As of June 30, 2025, the company held 13,296,930 shares of Common Stock in treasury stock at an approximate cost of $57.3 million.
• An excise tax of approximately $0.2 million was recorded for the year ended December 31, 2024, related to stock repurchases made after December 31, 2022, under the Inflation Reduction Act of 2022.

Share Issuance

• The number of issued common shares increased from 110,394,182 as of March 8, 2023, to 113,075,002 as of June 30, 2025.
• Proceeds from the issuance of common stock due to the exercise of stock options amounted to $1.85 million for the nine months ended September 30, 2025.
• The Incentive Plan was amended in May 2025 to increase the number of shares authorized for issuance.

Capital Expenditures

• Capital expenditures for 2025 are projected to be between $20 million and $30 million, slightly below the 2024 level of $32.5 million.
• For the six months ended June 30, 2025, capital expenditures were approximately $27.2 million, with $15.7 million allocated to the new Workforce Hospitality Solutions (WHS) segment and $2.9 million for growth in the Government segment.
• Approximately $29 million in capital expenditures occurred during the three months ended September 30, 2025, primarily for construction activities related to the Data Center Community Contract.