Every 10-Q that Target Hospitality Corp (TH) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow TH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TH filings page.
Target Hospitality Corp. reported higher revenue but continued net losses for the three and six months ended June 30, 2026. Total revenue for the first half of 2026 was $158.2 million, up from $131.5 million in 2025, driven largely by rapid expansion in the Workforce Hospitality Solutions (WHS) segment and growth in specialty rental income. WHS revenue for the first half rose to $59.9 million from $20.2 million, while Government segment revenue declined.
The company recorded a six‑month operating loss of $21.8 million and a net loss attributable to common stockholders of $22.0 million, similar to the prior year, with loss per share steady at $(0.22). Strong advance customer payments and deposits produced net cash provided by operating activities of $111.0 million, compared with $15.0 million a year earlier, but this was largely reinvested. Capital spending totaled $150.9 million, mostly for specialty rental assets supporting WHS growth, and total debt increased to $44.7 million, including $40.0 million drawn on the asset‑based revolving facility. Deferred revenue and customer deposits reached $121.5 million, and remaining fixed‑price performance obligations under ASC 606 were $263.3 million.
Target Hospitality Corp. reported Q1 2026 revenue of $72.8 million and a net loss of $13.0 million, or $0.13 per share, compared with a $6.5 million loss a year earlier. Gross profit declined sharply as services, construction and specialty rental costs rose faster than revenue.
Operating cash flow improved to $7.0 million from $3.9 million, helped by lower interest after redeeming prior notes and better collections. The company drew $30 million on its asset-based revolver and invested heavily in specialty rental assets, with $39.4 million of net cash used in investing activities.
Growth is being driven by long-term contracts in the Workforce Hospitality Solutions segment, including West Texas Power (about $129 million minimum revenue), Pecos Power (about $23 million) and a North Texas Data Center Hub (about $550 million minimum plus potential variable fees). After quarter-end, it signed an additional AI infrastructure community contract expected to generate more than $750 million of revenue, with $200–$210 million of related capital spending, further expanding its multi-year backlog.
Target Hospitality (TH) reported a shift in its business mix in Q3 2025. Total revenue was $99,355 (thousands), up modestly year over year, but operating income was $69 (thousands) and the quarter ended with a net loss of $757 (thousands), or $(0.01) per diluted share. Cash was $30,387 (thousands) as of September 30, 2025.
The company redeemed its 10.75% Senior Secured Notes due 2025, repaying $181.4 million on March 25, 2025, which, along with ABL activity, drove financing cash outflows of $187,485 (thousands) year to date. Operating cash flow was $68,357 (thousands) for the nine months.
Government segment dynamics were notable: the Dilley Immigration Processing Center contract ramp completed with fixed minimums now fully recognized, while the terminated Pecos Children’s Center contributed a $11,800 (thousands) close-out payment in Q3. The new Data Center Community contract began in September and is expected to generate approximately $43,000 (thousands) of committed minimum revenue through September 2027, with advance payments recorded as deferred revenue. Shares outstanding were 99,779,532 as of November 3, 2025.