Target Hospitality revenue hits $85.5 million as sales rise 39%

• Target Hospitality reported Q2 2026 revenue of $85.5 million, up 39% year over year, driven by Workforce Hospitality Solutions growth.
• Adjusted EBITDA increased more than five times to $18.2 million, while the company reported a $9 million net loss.
• Target raised its 2026 outlook and reported more than $1.4 billion in multi-year WHS contract awards since January.

Target Hospitality (NASDAQ:TH) reported Q2 2026 revenue of $85.5 million, up 39% year over year, as growth in Workforce Hospitality Solutions and the Dilley, Texas government contract increased results.

The company’s revenue growth compared with the prior-year quarter as adjusted EBITDA increased to $18.2 million from a significantly lower level a year earlier, supported by higher contracted activity.

Net loss for the quarter was $9 million, or $0.09 per share, while year-to-date operating cash flow reached $111 million and discretionary cash flow totaled $108.2 million, partly supported by advance customer payments.

Since January 2026, Target Hospitality secured more than $1.4 billion of multi-year Workforce Hospitality Solutions contract awards and more than 9,000 contracted beds.

The company ended June 30, 2026 with liquidity of approximately $141 million and completed a new $660 million asset-based revolving credit facility on July 24, 2026, extending maturities to 2031.

Target Hospitality updated its 2026 outlook to revenue of $410 million–$420 million, adjusted EBITDA of $85 million–$95 million and capital expenditures of $490 million–$510 million, excluding acquisitions.