Target Hospitality Corp. — fact timeline

Target Hospitality Corp. shareholders approved Amend the Incentive Plan Solely to Increase the Number of Shares Authorized for Issuance under the Incentive Plan at the 2026-05-21 meeting.

“The stockholders approved amendments to the Target Hospitality Corp. 2019 Incentive Award Plan (the “Incentive Plan”) solely to increase the number of shares of common stock of the Company authorized for issuance under the Incentive Plan by 4,000,000 shares to a total of 17,000,000 shares.”

Target Hospitality Corp. shareholders approved Advisory Vote on the Compensation of the Company’s Named Executive Officers (Say-on-Pay) at the 2026-05-21 meeting.

“The stockholders approved, on an advisory and non-binding basis, the compensation of the named executive officers of the Company.”

Target Hospitality Corp. shareholders approved Ratification of Appointment of Independent Auditor at the 2026-05-21 meeting.

“The stockholders ratified the selection, by the audit committee of the Company’s board of directors, of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026.”

Target Hospitality Corp. shareholders approved Election of Directors at the 2026-05-21 meeting.

“The stockholders voted for management’s nominees for election as directors to serve for a term that shall expire at the 2027 Annual Meeting of Stockholders.”

Target Hospitality Corp. reported for the three months ended March 31, 2026 results: net income Net loss was ($13.0) million.

“today reported results for the three months ended March 31, 2026. ​ Financial Highlights for the quarter ended March 31, 2026 ​ ● Revenue of $72.8 million. ● Net loss of ($13.0) million. ● Basic and diluted loss per share of $0.13 . ● Adjusted EBITDA (1) of $9.9 million. ● Net Cash Provided by Operating Activities of $7.0 million and Discretionary Cash”

Paul Hohnsbeen was appointed as Director at Target Hospitality Corp..

“On May 5, 2026, the Board of Directors (the “ Board ”) of Target Hospitality Corp. (the “ Company ”) appointed Paul Hohnsbeen, age 70, to serve as a member of the Board, effective immediately”

Target Hospitality Corp. reported the three-month period ended March 31, 2026 results: revenue $ 70,500 $ 72,500, net income $ (14,693 ) $ (14,093 ).

“The following tables provide detail on the Company’s preliminary unaudited estimated financial results as of and for the three-month period ended March 31, 2026 and actual unaudited financial results for the three-month period ended March 31, 2025, and reconcile EBITDA and Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure. For the period ended March 31, 2026 March 31, 2025 ($ in thousands) (unaudited) Estimated Actual Low High Total revenue $ 70,500 $ 72,500 $ 69,897 Net loss $ (14,693 ) $ (14,093 ) $ (6,459 )”

Target Hospitality Corp. reported the fourth quarter and year ended December 31, 2025 results: revenue $320.6 million, net income ($37.1) million, EPS $0.37.

“hospitality services, today reported results for the fourth quarter and year ended December 31, 2025. ​ Financial Highlights for the year ended December 31, 2025 ​ ● Revenue of $320.6 million. ● Net loss of ($37.1) million. ● Basic and diluted loss per share of $0.37 . ● Adjusted EBITDA (1) of $53.2 million. ● Net Cash Provided by Operating Activities of $74 million”

Target Hospitality Corp. amended Sixth Amendment with Bank of America, N.A., as administrative agent and collateral agent (effective 2025-12-23).

“On December 23, 2025, Arrow Bidco, LLC (“ Arrow Bidco ”) and certain other subsidiaries of Target Hospitality Corp. (the “ Company ”) entered into a sixth amendment (the “ Sixth Amendment ”), to the ABL Credit Agreement, dated as of March 15, 2019, (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date of the Sixth Amendment, the “ ABL Credit Agreement ”), by and among Arrow Bidco, the borrowers and guarantors party thereto from time to time, the lenders and fronting banks party thereto from time to time and Bank of America, N.A., as administrative agent and collateral agent.”

Target Hospitality Corp.: Removed Section 7.6 (Interested Directors; Quorum) and incorporated ministerial, clarifying and conforming changes (effective 2025-11-21).

“On November 21, 2025, the Board of Directors (the “Board”) of Target Hospitality Corp. (the “Company”) approved and adopted amendments to the Company’s Bylaws (the “Fifth Amended and Restated Bylaws”) to (a) remove Section 7.6, Interested Directors; Quorum, which related to transactions or contracts between the Company and its directors or officers and was based on an earlier version of Section 144 of the Delaware General Corporation Law, and has been removed in light of recent amendments to Section 144, which will now apply to the Company by default, and to (b) incorporate ministerial, clarifying and conforming changes.”

Target Hospitality Corp.: Amended bylaws to specify individuals who may preside over stockholder meetings and clarify procedural mechanics for stockholder nominations and proposals under advance notice and proxy access provisions (effective 2024-10-30).

“On October 30, 2024, the Board of Directors of Target Hospitality Corp. (the “Company”) approved and adopted amendments to the Company’s Bylaws (the “Fourth Amended and Restated Bylaws”). The amendments, among other things, (i) specify individuals who may preside over meetings of the Company’s stockholders and (ii) clarify procedural mechanics and informational requirements in connection with stockholder nominations of directors and submission of stockholder proposals pursuant to the advance notice and proxy access provisions of the Fourth Amended and Restated Bylaws.”

Target Hospitality Corp. reported the three months ended March 31, 2024 results: revenue $106.7 million, net income $20.4 million, EPS $0.20. Guidance reaffirmed.

“accommodations and value-added hospitality services, today reported results for the three months ended March 31, 2024. ​ Financial and Operational Highlights ​ ● Revenue of $106.7 million for the three months ended March 31, 2024. ● Net income of $20.4 million for the three months ended March 31, 2024. ● Basic and diluted income per share of $0.20 fo r the three”

Target Hospitality Corp. reported the fiscal year ended December 31, 2023 results: revenue $563.6 million, net income $173.7 million, EPS $1.71 and $1.56, respectively, for the year ended December 31, 2023.

“and value-added hospitality services, today reported results for the fourth quarter and year ended December 31, 2023. ​ Financial and Operational Highlights ​ ● Revenue of $563.6 million for the year ended December 31, 2023, an increase of 12% from the prior year. ● Net income of $173.7 million for the year ended December 31, 2023, compared to $73.9 million for”

Troy Schrenk changed role as Senior Executive Vice President Operations and Chief Commercial Officer at Target Hospitality Corp..

“the Board promoted Troy Schrenk, Chief Commercial Officer of the Company, to the role of Senior Executive Vice President Operations and Chief Commercial Officer, effective as of January 23, 2024.”

Jason Vlacich changed role as Chief Financial Officer and Chief Accounting Officer at Target Hospitality Corp..

“the Board promoted Jason Vlacich, the Chief Accounting Officer of the Company, to the role of Chief Financial Officer and Chief Accounting Officer, effective as of January 23, 2024.”

Joy Berry resigned as Director at Target Hospitality Corp..

“Joy Berry notified the Company of her decision to resign as a director from the Board, effective February 16, 2024”

John C. Dorman was appointed as Director at Target Hospitality Corp..

“appointed John C. Dorman, age 73, to serve as a member of the Board, effective immediately until his current term expires”

Eric T. Kalamaras resigned as Chief Financial Officer at Target Hospitality Corp..

“on January 22, 2024, the Company and Eric T. Kalamaras, the former Chief Financial Officer of the Company, agreed that Mr. Kalamaras’s employment would cease effective as of January 22, 2024.”

Troy Schrenk changed role as Senior Executive Vice President Operations and Chief Commercial Officer at Target Hospitality Corp..

“promoted Troy Schrenk, Chief Commercial Officer of the Company, to the role of Senior Executive Vice President Operations and Chief Commercial Officer, effective as of the Effective Date”

Jason Vlacich changed role as Chief Financial Officer and Chief Accounting Officer at Target Hospitality Corp..

“promoted Jason Vlacich, the Chief Accounting Officer of the Company, to the role of Chief Financial Officer and Chief Accounting Officer, effective as of January 23, 2024”

Eric T. Kalamaras departed as Chief Financial Officer at Target Hospitality Corp..

“mutually agreed that Mr. Kalamaras would depart effective as of January 22, 2024”

J. Travis Kelley resigned as Executive Vice President, Operations at Target Hospitality Corp..

“On December 11, 2023, J. Travis Kelley, Executive Vice President, Operations of Target Hospitality Corp. (the “ Company ”), submitted his resignation from his position with the Company for personal reasons effective immediately.”

Target Hospitality Corp. terminated 9.50% Senior Secured Notes due 2024 indenture with Deutsche Bank Trust Company Americas valued at $28,054,000 principal amount redeemed at 100.000% plus accrued interest (effective 2023-11-21).

“Effective as of November 21, 2023 (the “ Redemption Date ”), Arrow Bidco, LLC (the “ Issuer ”), a wholly-owned indirect subsidiary of Target Hospitality Corp., redeemed all $28,054,000 in aggregate principal amount outstanding of its 9.50% Senior Secured Notes due 2024 (the “ Redemption ”) at a redemption price equal to 100.000% of the principal amount thereof plus accrued and unpaid interest to but not including the Redemption Date, and the indenture dated as of March 15, 2019, by and among the Issuer, the guarantors from time to time party thereto and Deutsche Bank Trust Company Americas, as trustee and collateral agent, as supplemented by the First Supplemental Indenture November 1, 2023, was terminated.”

Jeff Sagansky resigned as Director at Target Hospitality Corp..

“On November 9, 2023, Jeff Sagansky notified Target Hospitality Corp. (the “ Company ”) of his decision to resign as a director from the Board of Directors of the Company (the “ Board ”), effective November 9, 2023, for personal reasons.”

Target Hospitality Corp. reported the three months ended September 30, 2023 results: revenue $145.9 million, net income $45.6 million, EPS $0.45 and $0.43.

“value-added hospitality services, today reported results for the three months ended September 30, 2023. ​ Financial and Operational Highlights ​ ● Third quarter 2023 revenue of $145.9 million compared to $159.6 million for the same period in 2022 ● Net income of $45.6 million for the three months ended September 30, 2023, compared to $19.0 million for the same period”

Target Hospitality Corp.: Adopted third amended and restated bylaws with changes to director nomination and proposal procedures, gender-neutral terms, and administrative updates (effective 2023-10-31).

“On October 31, 2023, the Board of Directors (the “ Board ”) of the Company adopted and approved, effective immediately, the third amended and restated bylaws of the Company (as amended and restated, the “ Amended and Restated Bylaws ”).”

Target Hospitality Corp. amended senior notes with Deutsche Bank Trust Company Americas.

“On November 1, 2023, the Issuer and Deutsche Bank Trust Company Americas, as trustee and as collateral agent (in such capacity, the “ Existing Notes Trustee ”), entered into a first supplemental indenture (the “ Supplemental Indenture ”) to the indenture, dated as of March 15, 2019 (as amended and supplemented from time to time, the “ Existing Notes Indenture ”), by and among the Issuer, the guarantors from time to time party thereto and the Existing Notes Trustee, governing the Existing Notes.”

Target Hospitality Corp. incurred senior notes of approximately $181.4 million aggregate principal amount with Deutsche Bank Trust Company Americas at 10.75% per annum maturing June 15, 2025.

“On November 1, 2023 (the “ Issue Date ”), Arrow Bidco, LLC (the “ Issuer ”), a wholly-owned indirect subsidiary of Target Hospitality Corp. (the “ Company ”), the guarantors from time to time party thereto and Deutsche Bank Trust Company Americas, as trustee and as collateral agent (in such capacity, the “ New Notes Trustee ”), entered into an indenture (the “ New Notes Indenture ”) governing the Issuer’s 10.75% Senior Secured Notes due 2025 (the “ New Notes ”). As previously announced, on the Issue Date, approximately $181.4 million aggregate principal amount of the New Notes were issued as consideration for the exchange of the Issuer’s existing 9.50% Senior Secured Notes due 2024 (the “ Existing Notes ”) pursuant to the previously announced exchange offer (the “ Exchange Offer ”).”

Target Hospitality Corp. amended Supplemental Indenture with Deutsche Bank Trust Company Americas, as trustee and as collateral agent (effective 2023-11-01).

“On November 1, 2023, the Issuer and Deutsche Bank Trust Company Americas, as trustee and as collateral agent (in such capacity, the “ Existing Notes Trustee ”), entered into a first supplemental indenture (the “ Supplemental Indenture ”) to the indenture, dated as of March 15, 2019 (as amended and supplemented from time to time, the “ Existing Notes Indenture ”), by and among the Issuer, the guarantors from time to time party thereto and the Existing Notes Trustee, governing the Existing Notes.”

Target Hospitality Corp. entered into New Notes Indenture with Deutsche Bank Trust Company Americas, as trustee and as collateral agent valued at approximately $181.4 million aggregate principal amount of the New Notes (effective 2023-11-01).

“On November 1, 2023 (the “ Issue Date ”), Arrow Bidco, LLC (the “ Issuer ”), a wholly-owned indirect subsidiary of Target Hospitality Corp. (the “ Company ”), the guarantors from time to time party thereto and Deutsche Bank Trust Company Americas, as trustee and as collateral agent (in such capacity, the “ New Notes Trustee ”), entered into an indenture (the “ New Notes Indenture ”) governing the Issuer’s 10.75% Senior Secured Notes due 2025 (the “ New Notes ”).”

Target Hospitality Corp. amended Amendment with Bank of America, N.A., as administrative agent valued at from $125 million to $175 million (effective 2023-10-12).

“On October 12, 2023, Arrow Bidco, LLC (“Arrow Bidco”) and certain other subsidiaries of Target Hospitality Corp. entered into a third amendment (the “Amendment”) to the ABL Credit Agreement”

Target Hospitality Corp. amended Amendment with Bank of America, N.A., as administrative agent and collateral agent (effective 2023-08-10).

“On August 10, 2023, Arrow Bidco, LLC (“Arrow Bidco”) and certain other subsidiaries of Target Hospitality Corp. entered into a second amendment (the “Amendment”) to the ABL Credit Agreement, dated as of March 15, 2019, (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date of the Amendment, the “Credit Agreement”), by and among Arrow Bidco, the borrowers and guarantors party thereto from time to time, the lenders and fronting banks party thereto from time to time and Bank of America, N.A., as administrative agent and collateral agent.”

Target Hospitality Corp. reported three months ended June 30, 2023 results: revenue $143.6 million, net income $46.5 million, EPS $0.46 and $0.44, respectively.

“hospitality services, today reported results for the three months ended June 30, 2023. ​ Financial and Operational Highlights ​ ● Second quarter 2023 revenue increased 31% to $143.6 million compared to the same period in 2022 ● Net income of $46.5 million for the three months ended June 30, 2023, compared to $22.9 million for the same period in 2022 ● Basic and”

Barbara J. Faulkenberry resigned as Director at Target Hospitality Corp..

“On June 14, 2023, Barbara J. Faulkenberry notified the Company of her decision to resign as a director from the Board, effective June 19, 2023.”

Alex Hernandez was appointed as Director at Target Hospitality Corp..

“On June 19, 2023, the Board of Directors (the “ Board ”) of Target Hospitality Corp. (the “ Company ”) appointed Alex Hernandez, age 45, to serve as a member of the Board, effective immediately until his current term expires as of the date of the Company’s 2024 annual meeting of stockholders.”

Target Hospitality Corp. shareholders approved Ratification of Appointment of Independent Auditor at the 2023-05-18 meeting.

“Proposal 2: Ratification of Appointment of Independent Auditor The stockholders ratified the selection, by the audit committee of the Board, of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023. The results of the vote taken were as follows: For Against Abstentions Broker Non-Votes Percentage of Total Voted For 93,042,679 2,142 5,752 -- 99.9% A majority of the votes cast were voted in favor of the proposal, and therefore the appointment of auditors has been ratified by the stockholders.”

Target Hospitality Corp. shareholders approved Election of Directors at the 2023-05-18 meeting.

“Proposal 1: Election of Directors The stockholders voted for management’s nominees for election as directors to serve for a term that shall expire at the 2024 Annual Meeting of Stockholders. The results of the vote taken were as follows: Nominee For Withheld Broker Non-Votes Percentage of Total Voted For Martin L. Jimmerson 88,542,901 57,847 4,449,825 99.9% Pamela H. Patenaude 85,314,371 3,286,377 4,449,825 96.3% Jeff Sagansky 86,483,733 2,117,015 4,449,825 97.6% James B. Archer 88,549,201 51,547 4,449,825 99.9% Joy Berry 87,049,753 1,550,995 4,449,825 98.3% Barbara J. Faulkenberry 86,525,659 2,075,089 4,449,825 97.7% Linda Medler 88,542,790 57,958 4,449,825 99.9% Stephen Robertson 88,515,156 85,592 4,449,825 99.9% A plurality of the votes cast were voted in favor of the proposal, and therefore the appointment of the directors has been ratified by the stockholders.”

Target Hospitality Corp. reported the three months ended March 31, 2023 results: revenue $147.8 million, net income $43.8 million, EPS $0.44 and $0.38, respectively.

“First quarter 2023 revenue increased 84% to $147.8 million compared to the same period in 2022 ● Net income of $43.8 million for the three months ended March 31, 2023, compared to $0.5 million for the same period in 2022 ● Basic and diluted income per share of $0.44 and $0.38, respectively, for the three months ended March 31, 2023”

Target Hospitality Corp. reported fourth quarter and year ended December 31, 2022 results: revenue Record revenue of $502.0 million, net income Net income of $73.9 million, EPS Basic and diluted income per share of $0.76 and $0.74, respectively.

“value-added hospitality services, today reported results for the fourth quarter and year ended December 31, 2022. ​ Financial and Operational Highlights ​ ● Record revenue of $502.0 million for year ended December 31, 2022, an increase of 72% year-over-year ● Net income of $73.9 million for year ended December 31, 2022, compared to net loss of $4.6 million for the”

Target Hospitality Corp. amended Amendment with Bank of America, N.A., as administrative agent, and the lenders party thereto (effective 2023-02-01).

“On February 1, 2023, Arrow Bidco, LLC (“Arrow Bidco”) and certain other subsidiaries of Target Hospitality Corp. entered into a first amendment (the “Amendment”) to the ABL Credit Agreement, dated as of March 15, 2019, (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the date of the Amendment, the “Credit Agreement”), by and among Arrow Bidco, the borrowers and guarantors party thereto from time to time, the lenders and fronting banks party thereto from time to time and Bank of America, N.A., as administrative agent and collateral agent.”

Target Hospitality Corp. reported three months ended September 30, 2022 results: revenue $159.6 million, net income $19.0 million, EPS $0.20.

“Record quarterly revenue of $159.6 million for the three months ended September 30, 2022”

James B. Archer resigned as President, Chief Executive Officer and Director at Target Hospitality Corp..

“Target Hospitality Corp. (the “Company”) announced on February 28, 2022 that Mr. James B. Archer, who is currently President and Chief Executive Officer of the Company and a member of the Company’s Board of Directors (the “Board”), plans to step down as President and Chief Executive Officer and as a member of the Board effective December 31, 2022.”

Linda Medler was appointed as Director at Target Hospitality Corp..

“the Company’s board of directors (the “Board”) recently appointed Mses. Barbara Faulkenberry, Pamela Patenaude and Linda Medler, each with experience in government services, to the Board (effective January 1, 2022 in the case of Ms. Medler).”

Pamela Patenaude was appointed as Director at Target Hospitality Corp..

“the Company’s board of directors (the “Board”) recently appointed Mses. Barbara Faulkenberry, Pamela Patenaude and Linda Medler, each with experience in government services, to the Board (effective January 1, 2022 in the case of Ms. Medler).”

Barbara Faulkenberry was appointed as Director at Target Hospitality Corp..

“the Company’s board of directors (the “Board”) recently appointed Mses. Barbara Faulkenberry, Pamela Patenaude and Linda Medler, each with experience in government services, to the Board (effective January 1, 2022 in the case of Ms. Medler).”

Gary Lindsay resigned as Director at Target Hospitality Corp..

“on December 6, 2021, each of Messrs. Andrew Studdert, Eli Baker and Gary Lindsay resigned from their respective positions (i) as members of the Board and (ii) as members of the respective committees of the Board on which they served.”

Eli Baker resigned as Director at Target Hospitality Corp..

“on December 6, 2021, each of Messrs. Andrew Studdert, Eli Baker and Gary Lindsay resigned from their respective positions (i) as members of the Board and (ii) as members of the respective committees of the Board on which they served.”

Andrew Studdert resigned as Director at Target Hospitality Corp..

“on December 6, 2021, each of Messrs. Andrew Studdert, Eli Baker and Gary Lindsay resigned from their respective positions (i) as members of the Board and (ii) as members of the respective committees of the Board on which they served.”

Linda R. Medler was appointed as Director at Target Hospitality Corp..

“On November 9, 2021, the Board of Directors (the “ Board ”) of Target Hospitality Corp. (the “ Company ”) appointed Linda R. Medler, age 65, to serve as a Class II member of the Board, effective January 1, 2022”

Pamela Hughes Patenaude was appointed as Class I Director at Target Hospitality Corp..

“On September 20, 2021 , the Board of Directors (the “ Board ”) of Target Hospitality Corp. (the “ Company ”) appointed Pamela Hughes Patenaude, age 60, to serve as a Class I member of the Board, effective immediately”