---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-24-015144"
form_type: "8-K"
ticker: "TH"
cik: "0001712189"
company_name: "Target Hospitality Corp."
filed_at: "2024-11-12T23:59:59+00:00"
generated_at: "2026-05-30T02:02:41.222742+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001558370-24-015144
- form_type: 8-K
- ticker: TH
- cik: 0001712189
- company_name: Target Hospitality Corp.
- filed_at: 2024-11-12T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/1712189/000155837024015144/0001558370-24-015144-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1712189/000155837024015144/th-20241112x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-24-015144
- JSON: https://secwatch.observer/filing/0001558370-24-015144.json
- Plain text: https://secwatch.observer/filing/0001558370-24-015144.txt

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