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Side-by-side financial comparison of Target Hospitality Corp. (TH) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $35.2M, roughly 2.1× Voyager Technologies, Inc.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -130.4%, a 110.0% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 2.1%).
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 vs VOYG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $73.5M | $35.2M |
| Net Profit | $-14.9M | $-45.9M |
| Gross Margin | 9.6% | -4.4% |
| Operating Margin | -22.9% | — |
| Net Margin | -20.3% | -130.4% |
| Revenue YoY | 22.0% | 2.1% |
| Net Profit YoY | -219.1% | -64.5% |
| EPS (diluted) | $-0.14 | $-0.75 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $35.2M | ||
| Q4 25 | $73.5M | $46.7M | ||
| Q3 25 | $91.6M | $39.6M | ||
| Q2 25 | $54.9M | $45.7M | ||
| Q1 25 | $54.9M | — | ||
| Q4 24 | $60.2M | — | ||
| Q3 24 | $65.8M | — | ||
| Q2 24 | $67.5M | — |
| Q1 26 | — | $-45.9M | ||
| Q4 25 | $-14.9M | $-33.0M | ||
| Q3 25 | $-795.0K | $-16.3M | ||
| Q2 25 | $-14.9M | $-31.4M | ||
| Q1 25 | $-6.5M | — | ||
| Q4 24 | $12.5M | — | ||
| Q3 24 | $20.0M | — | ||
| Q2 24 | $18.4M | — |
| Q1 26 | — | -4.4% | ||
| Q4 25 | 9.6% | 21.4% | ||
| Q3 25 | 19.6% | 15.4% | ||
| Q2 25 | -0.6% | 18.0% | ||
| Q1 25 | 32.7% | — | ||
| Q4 24 | 61.5% | — | ||
| Q3 24 | 68.7% | — | ||
| Q2 24 | 69.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | -22.9% | — | ||
| Q3 25 | 0.1% | -60.7% | ||
| Q2 25 | -30.8% | -52.8% | ||
| Q1 25 | -2.0% | — | ||
| Q4 24 | 34.5% | — | ||
| Q3 24 | 42.5% | — | ||
| Q2 24 | 43.8% | — |
| Q1 26 | — | -130.4% | ||
| Q4 25 | -20.3% | -70.7% | ||
| Q3 25 | -0.9% | -41.1% | ||
| Q2 25 | -27.2% | -68.7% | ||
| Q1 25 | -11.8% | — | ||
| Q4 24 | 20.8% | — | ||
| Q3 24 | 30.4% | — | ||
| Q2 24 | 27.2% | — |
| Q1 26 | — | $-0.75 | ||
| Q4 25 | $-0.14 | $-0.52 | ||
| Q3 25 | $-0.01 | $-0.28 | ||
| Q2 25 | $-0.15 | $-1.23 | ||
| Q1 25 | $-0.07 | — | ||
| Q4 24 | $0.12 | — | ||
| Q3 24 | $0.20 | — | ||
| Q2 24 | $0.18 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.3M | $429.4M |
| Total DebtLower is stronger | $1.7M | — |
| Stockholders' EquityBook value | $389.3M | $404.5M |
| Total Assets | $530.2M | $1.0B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $429.4M | ||
| Q4 25 | $8.3M | $491.3M | ||
| Q3 25 | $30.4M | $413.3M | ||
| Q2 25 | $19.2M | $468.9M | ||
| Q1 25 | $34.5M | — | ||
| Q4 24 | $190.7M | — | ||
| Q3 24 | $177.7M | — | ||
| Q2 24 | $154.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.7M | — | ||
| Q3 25 | $2.0M | — | ||
| Q2 25 | $26.3M | — | ||
| Q1 25 | $42.9M | — | ||
| Q4 24 | $1.5M | — | ||
| Q3 24 | $994.0K | — | ||
| Q2 24 | $1.1M | — |
| Q1 26 | — | $404.5M | ||
| Q4 25 | $389.3M | — | ||
| Q3 25 | $402.4M | $590.9M | ||
| Q2 25 | $401.3M | $554.7M | ||
| Q1 25 | $415.3M | — | ||
| Q4 24 | $421.1M | — | ||
| Q3 24 | $417.6M | — | ||
| Q2 24 | $397.2M | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $530.2M | — | ||
| Q3 25 | $541.2M | $727.8M | ||
| Q2 25 | $533.7M | $685.3M | ||
| Q1 25 | $562.5M | — | ||
| Q4 24 | $725.8M | — | ||
| Q3 24 | $709.8M | — | ||
| Q2 24 | $697.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.01× | — | ||
| Q2 25 | 0.07× | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.7M | $-39.7M |
| Free Cash FlowOCF − Capex | — | $-66.8M |
| FCF MarginFCF / Revenue | — | -189.5% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-263.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-39.7M | ||
| Q4 25 | $5.7M | $-60.9M | ||
| Q3 25 | $53.4M | $-15.1M | ||
| Q2 25 | $11.1M | $-30.9M | ||
| Q1 25 | $3.9M | — | ||
| Q4 24 | $30.6M | — | ||
| Q3 24 | $31.4M | — | ||
| Q2 24 | $39.1M | — |
| Q1 26 | — | $-66.8M | ||
| Q4 25 | — | $-54.5M | ||
| Q3 25 | — | $-53.8M | ||
| Q2 25 | — | $-88.8M | ||
| Q1 25 | $-11.6M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | -189.5% | ||
| Q4 25 | — | -116.9% | ||
| Q3 25 | — | -135.8% | ||
| Q2 25 | — | -194.4% | ||
| Q1 25 | -21.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 97.8% | ||
| Q2 25 | — | 126.7% | ||
| Q1 25 | 28.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.44× | — | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 2.13× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
VOYG
Segment breakdown not available.
