Target Hospitality Corp
targethospitality.comWhat Do They Do?
Sells modular lodging and hospitality services to natural-resource and infrastructure companies and U.S. government service providers.
10-K for FY2025, filed Mar 11, 2026Our company, Target Hospitality, is one of the largest vertically integrated specialty rental and hospitality services companies in North…View ↗
Target Hospitality, though initially founded in 1978, began operating as a specialty rental and hospitality services company in 2006. Our…View ↗
We have established a leadership position in providing a fully integrated service offering to our large customer base, which is comprised…View ↗
We are one of the few vertically integrated specialty rental and hospitality services providers that service the entire value chain from…View ↗
How Do They Make Money?
Customers are charged for lodging and hospitality under fixed contract amounts or per-night rates as stays and services are provided; construction fees are earned as housing work progresses.
10-K for FY2025, filed Mar 11, 2026The Company derives revenue from specialty rental and hospitality services, specifically lodging and related ancillary services. Revenue is…View ↗
Because performance obligations related to specialty rental and hospitality services are satisfied over time, some of our revenue is…View ↗
In February 2025, the Company entered into the Workforce Housing Contract to provide construction of workforce housing, facility services…View ↗
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10-K for FY2025, filed Mar 11, 2026
FY2025 revenue by product or service ↗
$320.6M
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10-K for FY2025, filed Mar 11, 2026
$320.6M ↗
| Segment | Share | Revenue |
|---|---|---|
|
Services
|
68%
FY2022: 100%
|
Services, FY2025
$187.5M Sources
|
|
Construction fee income
|
32% |
Construction fee income, FY2025
$87.3M Sources
|
Who Are Their Customers?
Natural-resource, critical-mineral and data-center customers contract for workforce lodging and hospitality; government facilities are provided through service-provider partners.
10-K for FY2025, filed Mar 11, 2026We have established a leadership position in providing a fully integrated service offering to our large customer base, which is comprised…View ↗
For the year ended December 31, 2025, the Company’s operations in the WHS segment included activity under a multi-year construction and…View ↗
The Company’s operations in the Government segment also includes the DIPC with a national provider of migrant programming (the “Dilley…View ↗
Do Revenues Turn Into Profits?
No. It lost $37.1M in FY2025.
10-K for FY2025, filed Mar 11, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
−$9MView ↗
- ▼ −39% (Loss)
- vs −$14.9M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Aug 26, 2026
Signs data-center contract and raises 2026 outlook
The West Texas contract is expected to generate approximately $250 million through August 2030; 2026 revenue outlook rose to $435–$445 million.
Sources
8-K, filed Aug 26, 2026
The Contract is expected to generate approximately $250 million of revenue through August 2030 and further diversifies Target’s workforce…View ↗
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Aug 10, 2026
Raises 2026 revenue and adjusted EBITDA outlook
Full-year revenue and adjusted EBITDA outlook increased by 11% and 13%, respectively.
Sources
8-K, filed Aug 10, 2026
Raises Full-Year 2026 Revenue and Adjusted EBITDA(1) Outlook by 11% and 13%, RespectivelyView ↗
Growing. Revenue grew 10% in 4 years, from $291.3M in FY2021 to $320.6M in FY2025, about 2% a year.
Broader project markets
The current business description adds critical-mineral development, data-center infrastructure and power-generation work alongside natural-resource and government markets, broadening the end markets it serves.
10-K for FY2022, filed Mar 10, 2023 10-K for FY2025, filed Mar 11, 2026We are one of the few vertically integrated specialty rental and hospitality services providers that service the entire value chain from…View ↗
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