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Target Hospitality (TH) investor relations material
Target Hospitality Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue increased to $99.4 million, driven by new and expanded multi-year contracts in critical minerals, government, and data center markets, despite contract terminations and lower ADR in HFS-South.
Net loss for Q3 2025 was $0.8 million, compared to net income of $20.1 million in Q3 2024, primarily due to higher service costs, increased depreciation, and contract terminations.
Over $455 million in new multi-year contracts were announced in 2025, including a $246 million government contract and a $43 million data center contract.
Launched the Target Hyperscale brand to focus on large-scale, remote data center projects, leveraging vertically integrated solutions.
Completed ramp-up of the Dilley (Gilley), Texas facility, now fully operational with 2,400-bed capacity.
Financial highlights
Q3 2025 revenue: $99.4 million (+4% YoY); Adjusted EBITDA: $21.5 million, down 57% YoY; net loss: $0.8 million.
Government segment revenue was $23.9 million, impacted by contract terminations but offset by Dilley asset reactivation.
WHS segment generated $36.8 million in revenue, mainly from Workforce Hub construction activity.
Ended the quarter with $30 million in cash, zero net debt, and $205 million in available liquidity.
Net cash from operating activities for nine months: $68.4 million; discretionary cash flow: $61.3 million.
Outlook and guidance
Reaffirmed 2025 outlook: total revenue of $310–$320 million and Adjusted EBITDA of $50–$60 million.
Dilley contract expected to generate $30 million in 2025 and $246 million over five years.
Data center contract to recognize $5 million revenue in 2025, with remaining $38 million split between 2026 and 2027.
Workforce Hub contract expansion increases total value to $166.5 million, with services revenue shifting into 2026.
Management believes current liquidity is sufficient for at least the next 12 months.
Detail Q3 operating expense impact on profitability
Data Center Community expansion and long-term outlook
Government segment contribution post-Dilley ramp-up
Detail the 15,000-bed data center pipeline
Repurposing West Texas assets beyond government
New contract margin profile vs. Dilley
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Next Target Hospitality earnings date
Q4 202511 Mar, 2026
Next Target Hospitality earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
Target Hospitality Corp provides specialty rental accommodations and hospitality services primarily for the energy, government, and corporate sectors. The company offers workforce housing, recreational facilities, and related support services in remote locations. Target Hospitality serves customers through long-term contracts in industries such as oil and gas, infrastructure, and government. The company is headquartered in The Woodlands, Texas, and its shares are listed on the NASDAQ.
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