Target Hospitality revenue increases 30% to $129.1 million

Target Hospitality (NASDAQ:TH) reported third-quarter 2026 revenue of US$129.1 million, up 30% year-over-year and 51% sequentially, as its workforce hospitality business expanded.

The company recorded a net loss of US$9.2 million, compared with US$757,000 a year earlier, while adjusted EBITDA, a non-GAAP measure, increased 59% to US$34.2 million from US$21.5 million.

Target invested approximately US$246 million in capital expenditures during the quarter and ended September with approximately US$440 million in total liquidity, while reaffirming 2026 revenue guidance of US$435 million–US$445 million and adjusted EBITDA guidance of US$105 million–US$115 million.

Following the announcement, Target Hospitality shares were down approximately 4.1% at US$10.85 in premarket trading on November 9, compared with the previous closing price of US$11.36.

Since January 2026, the company has secured more than US$1.7 billion in multi-year contract awards covering over 10,000 beds, while its Workforce Hospitality Solutions segment averaged 6,222 utilized beds during the quarter.

Target expects annualized revenue exceeding US$750 million and annualized adjusted EBITDA above US$300 million exiting 2027, based entirely on its existing contract portfolio and excluding potential contributions from its commercial pipeline.