Target Hospitality Reports Q3 2025 Financial Results

Target Hospitality ( (TH) ) has released its Q3 earnings. Here is a breakdown of the information Target Hospitality presented to its investors.

Target Hospitality, a leading provider of modular accommodations and value-added hospitality services in North America, has reported its financial results for the third quarter of 2025. The company operates in the hospitality sector, offering a range of services including food management, logistics, and security for various end-users.

In the third quarter of 2025, Target Hospitality reported revenues of $99.4 million, despite a net loss of $0.8 million. The company highlighted its strategic growth initiatives, securing over $455 million in multi-year contracts throughout the year, which support diverse end-markets such as AI and data centers, as well as government initiatives.

Key financial metrics for the quarter included an Adjusted EBITDA of $21.5 million and a discretionary cash flow of $61.3 million for the nine months ended September 30, 2025. The company maintained a strong liquidity position with approximately $205 million available and zero net debt. Significant contracts include a $246 million government contract in South Texas and a $43 million agreement in the AI and data center market.

Target Hospitality continues to focus on expanding its business portfolio and meeting the growing demand for specialized hospitality solutions. The company has launched Target Hyper/Scale, a brand dedicated to customizable solutions for the AI and data center markets, reflecting its commitment to innovation and market expansion.

Looking ahead, Target Hospitality remains optimistic about its growth prospects, with a projected total revenue between $310 and $320 million and Adjusted EBITDA between $50 and $60 million for the full year 2025. The company is well-positioned to capitalize on its development pipeline and sustain momentum in its strategic initiatives.