Short answer
Target Hospitality Corp. (TH) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $92M (up 39.2% year over year) with net income of −$795,000.
Q3 2025 key financials · XBRL
- Revenue
- $92M
- +39.2% YoY · +66.8% QoQ
- Net income
- −$795,000
- −104.0% YoY · +94.7% QoQ
- Operating margin
- 0.1%
- Gross margin
- 19.6%
- EPS (diluted)
- $0.00
- −100.0% YoY · +100.0% QoQ
Source: XBRL data from the Target Hospitality Corp. (TH) Q3 2025 10-Q on SEC EDGAR. USD.
Target Hospitality Corp. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Quarterly revenue $4.2M higher, up 4% YoY, driven by WHS construction revenue and DIPC reactivation
- Net loss $(0.8)M vs net income $20.1M YoY
- WHS best performer, contributing $35.6M quarterly revenue; HFS-South pressured by lower ADR
- Adjusted EBITDA $21.5M, down $28.2M or 57% YoY
- Operating cash flow $68.4M vs $121.1M, down $52.8M or 44% for nine months; $181.4M notes redemption completed in March
- Workforce Housing Contract expected to generate $166.5M through 2027; government-contract termination and policy uncertainty remain headwinds
Risk Factors
- No material changes to 2024 Form 10-K risk factors
- Performance variability from risks outside Company control
- No new unregistered securities sales during quarter ended September 30, 2025
- No defaults upon senior securities during quarter ended September 30, 2025
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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