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Investor Relations14 Oct 2025
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Target Hospitality (TH) investor relations material
Target Hospitality Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 revenue declined to $61.6M–$62M, mainly due to government contract terminations, but was partially offset by new multi-year contract awards exceeding $400M in technology infrastructure and data center markets.
Net loss for Q2 2025 was $14.9M, compared to net income of $18.4M in Q2 2024, with adjusted EBITDA at $3.5M–$4M, down sharply year-over-year.
Strategic diversification advanced with the Dilley/DIPC Contract ($246M, 5 years) and expanded Workforce Hub Contract ($153.5M–$154M through 2027), supporting critical mineral supply chains and government initiatives.
Finalizing a multiyear lease and services agreement for a data center community, with preliminary construction underway.
Strongest growth pipeline in years, supported by historic domestic investment and rising government demand.
Financial highlights
Q2 2025 total revenue was $61.6M–$62M, with adjusted EBITDA of $3.5M–$4M and a net loss of $14.9M.
Total revenue for H1 2025 was $131.5M, down 37% year-over-year; net loss for H1 2025 was $21.4M.
Cash flow from operations for H1 2025 was $15M; ended Q2 with $19M in cash and net leverage ratio of 0.1x.
$151M in unused borrowing capacity on the ABL Facility as of June 30, 2025; total available liquidity exceeds $170M.
Maintenance capital expenditures for specialty rental assets were $5.7M for H1 2025.
Outlook and guidance
2025 full-year revenue guidance raised to $310M–$320M and adjusted EBITDA to $50M–$60M, with midpoint revenue guidance up 15% and adjusted EBITDA up 6% from previous outlook.
Growth driven by expanded workforce hub contract, positive operating environment, and ramp-up of the Dilley/DIPC Contract in H2 2025.
Management expects sufficient liquidity for at least the next 12 months.
Assess West Texas asset reactivation timeline.
Compare data center contract to Workforce Hub.
How did Target win the data center contract?
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Next Target Hospitality earnings date
Q3 202511 Nov, 2025
Next Target Hospitality earnings date
Q3 202511 Nov, 2025
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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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