Target Hospitality Corp.THEarnings & Financial Report
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
TH Q4 FY2025 Key Financial Metrics
Revenue
$73.5M
Gross Profit
$7.1M
Operating Profit
$-16.8M
Net Profit
$-14.9M
Gross Margin
9.6%
Operating Margin
-22.9%
Net Margin
-20.3%
YoY Growth
22.0%
EPS
$-0.14
Target Hospitality Corp. Q4 FY2025 Financial Summary
Target Hospitality Corp. reported revenue of $73.5M (up 22.0% YoY) for Q4 FY2025, with a net profit of $-14.9M (down 219.1% YoY) (-20.3% margin). Cost of goods sold was $66.4M, operating expenses totaled $23.9M.
Key Financial Metrics
| Total Revenue | $73.5M |
|---|---|
| Net Profit | $-14.9M |
| Gross Margin | 9.6% |
| Operating Margin | -22.9% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
Target Hospitality Corp. Q4 FY2025 revenue of $73.5M breaks down across 2 segments, led by Services at $40.9M (55.7% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Services | $40.9M | 55.7% |
| Hospitality And Facilities Services South | $32.6M | 44.3% |
Target Hospitality Corp. Revenue by Segment — Quarterly Trend
Target Hospitality Corp. revenue by segment across the last 4 reported quarters, showing how each business line (such as Services and Hospitality And Facilities Services South) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Services | $40.9M | $56.0M | $40.5M | — |
| Hospitality And Facilities Services South | $32.6M | — | — | $34.2M |
Target Hospitality Corp. Annual Revenue by Year
Target Hospitality Corp. annual revenue history includes year-by-year totals (for example, 2025 revenue was $274.8M).
Target Hospitality Corp. Quarterly Revenue & Net Profit History
Target Hospitality Corp. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $73.5M | +22.0% | $-14.9M | -20.3% |
| Q3 FY2025 | $91.6M | +39.2% | $-795.0K | -0.9% |
| Q2 FY2025 | $54.9M | -18.7% | $-14.9M | -27.2% |
| Q1 FY2025 | $54.9M | -24.2% | $-6.5M | -11.8% |
| Q4 FY2024 | $60.2M | -28.9% | $12.5M | 20.8% |
| Q3 FY2024 | $65.8M | -29.7% | $20.0M | 30.4% |
| Q2 FY2024 | $67.5M | -27.1% | $18.4M | 27.2% |
| Q1 FY2024 | $72.4M | -23.7% | $20.4M | 28.2% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $72.4M | $67.5M | $65.8M | $60.2M | $54.9M | $54.9M | $91.6M | $73.5M |
| YoY Growth | -23.7% | -27.1% | -29.7% | -28.9% | -24.2% | -18.7% | 39.2% | 22.0% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $687.2M | $697.0M | $709.8M | $725.8M | $562.5M | $533.7M | $541.2M | $530.2M |
| Liabilities | $311.6M | $299.9M | $292.1M | $304.7M | $147.3M | $132.5M | $138.9M | $141.1M |
| Equity | $375.5M | $397.2M | $417.6M | $421.1M | $415.3M | $401.3M | $402.4M | $389.3M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $50.6M | $39.1M | $31.4M | $30.6M | $3.9M | $11.1M | $53.4M | $5.7M |