2. Revenue

Total revenue recognized under contracts recognized under ASC 606 was approximately $56.2 million and $54.9 million for the three months ended March 31, 2026 and 2025, respectively, while specialty rental income was approximately $16.6 million and $15.0 million subject to the guidance of ASC 842 for the three months ended March 31, 2026 and 2025, respectively.

The following table disaggregates our services and construction fee income by our three reportable segments as well as the All Other category: Hospitality and Facility Services – South (“HFS – South”), Workforce Hospitality Solutions (“WHS”), Government, and All Other for the dates indicated below:

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For the three months ended March 31, 2026 and 2025, the Company incurred and expensed approximately $6.5 million and $3.7 million, respectively, of construction costs associated with construction fee income, which are included within the services and construction costs financial statement line item within the accompanying consolidated statements of comprehensive loss.

In March 2026, the Company entered into a new multi-year lease and services agreement with a total expected minimum revenue amount of approximately $129 million to provide workforce accommodations and associated hospitality services, supporting a multi-gigawatt power-generation project for a hyperscale AI-driven data-center development (“West Texas Power Community”). The West Texas Power Community is designed to support approximately 1,400 individuals and is governed by a 47-month term beginning in March 2026. This contract began to generate revenue during the three months ended March 31, 2026, and is reported within the Company’s WHS segment.

In March 2026, the Company entered into a new multi-year lease and services agreement to provide workforce accommodations and associated hospitality services in Pecos, Texas, supporting the development of a natural gas power plant (“Pecos Power Community”). The agreement establishes a 26-month term beginning in April 2026 and includes a committed minimum of 400 rooms per night. The agreement is expected to generate a total minimum revenue amount of approximately $23 million over the term, excluding any variable services or overages. The Company expects all operating results associated with this contract to be reported within the Company’s WHS segment. No revenue was recognized on this contract during the three months ended March 31, 2026, as the provision of services under the agreement and the term of the lease had not yet started as of March 31, 2026.

In March 2026, the Company entered into a new multi-year lease and services agreement (the “Data Center Hub Contract”) to construct and provide comprehensive facility and hospitality services to assist the development of a data center campus in North Texas (the “Data Center Hub”). The Data Center Hub will be designed to accommodate approximately 4,000 individuals, with first occupancy expected in the third quarter 2026 and full completion of the Data Center Hub anticipated in the second quarter of 2027. The Data Center Hub is expected to provide approximately $550 million in estimated minimum revenue over its initial term of approximately five years and provides potential variable revenue of approximately $20 million to $40 million annually. The Data Center Hub Contract also includes two additional two-year

extension options, enabling continuity of services through January 2035. The operating results for this contract are expected to be reported within the WHS operating segment. No revenue was recognized on this contract during the three months ended March 31, 2026, as the provision of services under the agreement and the term of the lease had not yet started as of March 31, 2026.

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Allowance for Credit Losses

The Company maintains allowances for credit losses. These allowances reflect our estimate of the amount of our receivables that we will be unable to collect based on historical write-off experience and, as applicable, current conditions and reasonable and supportable forecasts that affect collectability. Our estimate could require a change based on changing circumstances, including changes in the economy or in the circumstances of individual customers.

Contract Assets and Liabilities

We do not have any contract assets.

Contract liabilities primarily consist of deferred revenue that represent advance payments for rental of assets that is being recognized over the related contract period, a security deposit, advanced payments for community builds that is being recognized over the related contract period, and billings in excess of cost for community construction projects. Activity in the deferred revenue accounts as of the dates indicated below was as follows:

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As of March 31, 2026, the following table discloses the estimated revenues under ASC 606 related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue, and only represents revenue expected to be recognized from contracts where the price and quantity of the product or service are fixed:

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The Company applied some of the practical expedients in ASC 606, including the “right to invoice” practical expedient, and does not disclose consideration for remaining performance obligations for contracts without minimum revenue commitments or for variable consideration related to unsatisfied (or partially unsatisfied) performance obligations. Due to the application of these practical expedients as well as excluding specialty rental income subject to the guidance included in ASC 842, the table above represents only a portion of the Company’s expected future consolidated revenues and it is not necessarily indicative of the expected trend in total revenues.