Target Hospitality — Third Quarter 2026 Earnings Summary

Target Hospitality reported third-quarter 2026 revenue of $129.1 million, a 30% increase year-over-year, driven by significant growth in its Workforce Hospitality Solutions segment. The company achieved an adjusted EBITDA of $34.2 million with a margin of 27%, while securing over $1.7 billion in new multi-year contract awards representing more than 10,000 beds since January 2026. Despite a net loss of $9.2 million for the quarter, the company generated $154.2 million in net cash provided by operating activities and maintained a total net leverage ratio of 1.4x. Management reaffirmed its full-year 2026 outlook, projecting total revenue between $435 million and $445 million and adjusted EBITDA between $105 million and $115 million.