Target Hospitality Q3 revenue falls 35% to $95.2M; adjusted EBITDA down 48%

Target Hospitality Corp.

2024-Q3 EPS reported $0.58 revenue$302,584,000

Net income of $20.1M ($0.20 diluted EPS) vs $45.6M ($0.43) YoY; adjusted EBITDA $49.7M vs $95.0M.
Utilization dropped to 81% from 89%; average utilized beds 13,138 vs 14,508, driven by PCC amortization end and STFRC contract termination.
Cash position $178M; total liquidity ~$353M; net leverage 0.0x; zero net debt target reaffirmed for year-end 2024.
Year-to-date through Nov 8, repurchased 3.8M shares for $33.2M under $100M buyback program.
2024 outlook reaffirmed: revenue $375-385M, adjusted EBITDA $184-190M, capex $25-30M.

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