Target Hospitality revises 2024 outlook after U.S. ends STFRC contract; revenue guidance cut to $375-385M

Target Hospitality Corp.

U.S. government terminated South Texas Family Residential Center contract, effective Aug 9, 2024; contract contributed ~$55.9M revenue in 2023.
Revised 2024 outlook: revenue $375-385M, Adjusted EBITDA $184-190M, capex $25-30M.
Anticipates zero net debt by year-end 2024 and >$350M total available liquidity; as of May 31, had $147M cash and $322M liquidity.
Pecos Children's Center contract renewal expected in Nov 2024, but company excludes incremental variable revenue from guidance.
TDR proposal at $10.80/share remains under review by Special Committee; no decision announced.

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