Target Hospitality Corp
NASDAQ:TH
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Target Hospitality Corp
NASDAQ:TH
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Target Hospitality Corp
Target Hospitality Corp. engages in the provision of rental accommodations with premium catering and value-added hospitality services. The company is headquartered in The Woodlands, Texas and currently employs 823 full-time employees. The company went IPO on 2018-03-05. The firm operates across the United States, primarily in the Southwest and the Midwest. The firm operates through four segments: Hospitality & Facilities Services- South (HFS-South), Hospitality & Facilities Services-Midwest (HFS-Midwest), Government, and TCPL Keystone. Its HFS-South segment reflects its facilities and operations in the HFS-South region and includes its 15 communities located across Texas and New Mexico. The HFS-Midwest segment reflects its facilities and operations in the HFS-Midwest region and includes its four communities in North Dakota. Government segment includes the facilities and operations of the family residential center and the related support communities in Dilley, Texas. TCPL Keystone segment operations consist primarily of the construction phase of the contract with TCP. The company provides customized specialty rental accommodations, culinary services and hospitality solutions.
Target Hospitality Corp. engages in the provision of rental accommodations with premium catering and value-added hospitality services. The company is headquartered in The Woodlands, Texas and currently employs 823 full-time employees. The company went IPO on 2018-03-05. The firm operates across the United States, primarily in the Southwest and the Midwest. The firm operates through four segments: Hospitality & Facilities Services- South (HFS-South), Hospitality & Facilities Services-Midwest (HFS-Midwest), Government, and TCPL Keystone. Its HFS-South segment reflects its facilities and operations in the HFS-South region and includes its 15 communities located across Texas and New Mexico. The HFS-Midwest segment reflects its facilities and operations in the HFS-Midwest region and includes its four communities in North Dakota. Government segment includes the facilities and operations of the family residential center and the related support communities in Dilley, Texas. TCPL Keystone segment operations consist primarily of the construction phase of the contract with TCP. The company provides customized specialty rental accommodations, culinary services and hospitality solutions.
Strong contract wins: Since February 2025 Target secured more than $740 million of long‑term contracts (including over $495 million in the WHS segment), driving rapid reactivation of assets.
WHS momentum: WHS is now the company’s growth engine — nearly 3,000 beds reactivated, a 20,000+ bed actionable pipeline, and WHS expected to be >40% of revenue by end of 2026.
Q4 results: Q4 revenue was approximately $90 million with adjusted EBITDA of approximately $7 million; WHS Q4 revenue (~$40M) included significant lower‑margin construction activity.
Guidance: 2026 outlook: revenue $320–$330 million, adjusted EBITDA $60–$70 million, capex $65–$75 million; expect to exit 2026 at >$360M revenue run rate and >$90M adjusted EBITDA.
Balance sheet & cash: Ended 2025 with 0 net debt, approximately $183 million liquidity, >$74 million cash flow from operations and $66 million discretionary cash flow for full year 2025.
Near‑term cadence: Management expects Q1 to be the low point with steady ramping through Q2–Q4 as recent awards and community expansions come online.
Asset availability & capital: Remaining available inventory is ~3,000–4,000 beds; incremental bed purchases or factory lead times are manageable and often financed or phased into contract economics.
