---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-008647"
form_type: "8-K"
ticker: "TH"
cik: "0001712189"
company_name: "Target Hospitality Corp."
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T09:30:03.305010+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Target Hospitality Q1 revenue up 84% to $147.8M; net income $43.8M vs $0.5M YoY

## Summary
- Revenue $147.8M (+84% YoY); net income $43.8M vs $0.5M; diluted EPS $0.38.
- Adjusted EBITDA $90.6M (+171% YoY); net cash from ops >$350M (TTM); DCF >$339M.
- Net leverage ratio improved to 0.5x; $125M partial redemption of 9.50% notes reduces annual interest by ~$12M.
- Government segment revenue +134% YoY; 74% of Q1 revenue from U.S. government-backed contracts; targeting $500M+ growth capital through 2027.
- Total avg utilized beds +28% YoY; HFS-South customer demand +15% YoY.

## SEC filing metadata
- accession: 0001558370-23-008647
- form_type: 8-K
- ticker: TH
- cik: 0001712189
- company_name: Target Hospitality Corp.
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1712189/000155837023008647/0001558370-23-008647-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1712189/000155837023008647/th-20230509x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-008647
- JSON: https://secwatch.observer/filing/0001558370-23-008647.json
- Plain text: https://secwatch.observer/filing/0001558370-23-008647.txt

## Key facts
- Earnings Releases
  Target Hospitality Corp. reported the three months ended March 31, 2023 results: revenue $147.8 million, net income $43.8 million, EPS $0.44 and $0.38, respectively.
  - Period: the three months ended March 31, 2023
  - Revenue: $147.8 million
  - Net income: $43.8 million
  - EPS: $0.44 and $0.38, respectively
  - Result: reported results
  source text: First quarter 2023 revenue increased 84% to $147.8 million compared to the same period in 2022 ● Net income of $43.8 million for the three months ended March 31, 2023, compared to $0.5 million for the same period in 2022 ● Basic and diluted income per share of $0.44 and $0.38, respectively, for the three months ended March 31, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1712189/000155837023008647/0001558370-23-008647-index.htm

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