Target Hospitality Q3 net loss $0.8M; rev $99.4M; Adjusted EBITDA $21.5M vs $49.7M

Target Hospitality Corp.

2025-Q3 EPS reported -$0.22 revenue$230,858,000

Revenue $99.4M (up 4% YoY) includes $11.8M PCC contract close-out payment; utilization fell to 49% from 81%.
Net loss $0.8M vs net income $20.1M; diluted EPS ($0.01) vs $0.20; lower EBITDA due to construction costs and PCC termination.
Full-year 2025 outlook reaffirmed: revenue $310-$320M, Adjusted EBITDA $50-$60M.
Year-to-date new multi-year contracts >$455M: $246M Dilley, $166M Workforce Hub (+19%), $43M Data Center Community.
Launched Target Hyper/Scale brand for AI/data center end-market; liquidity ~$205M, zero net debt.

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