---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-107342"
form_type: "8-K"
ticker: "TH"
cik: "0001712189"
company_name: "Target Hospitality Corp."
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-16T23:50:19.430033+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-107342
- form_type: 8-K
- ticker: TH
- cik: 0001712189
- company_name: Target Hospitality Corp.
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1712189/000110465925107342/0001104659-25-107342-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1712189/000110465925107342/th-20251106x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-107342
- JSON: https://secwatch.observer/filing/0001104659-25-107342.json
- Plain text: https://secwatch.observer/filing/0001104659-25-107342.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.