NASDAQ$TH
Target Hospitality Corp · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Target Hospitality reported a net loss in Q1 2025, with lower revenue and profitability driven primarily by terminated government contracts.
Target Hospitality experienced a revenue decline and posted a net loss in Q1 2025 due to contract terminations in the Government segment, though strategic contract wins and diversification efforts helped offset some of the downside.
- Revenue fell to $69.9M due to terminated government contracts.
- Reported a net loss of $6.5M versus $20.4M net income in Q1 2024.
- Signed a new $246M Dilley contract and advanced $140M Workforce Hub deal.
- Ended the quarter with $169M in available liquidity and a 0.1x net leverage ratio.
Headline financials
Revenue & EPS history
Target Hospitality · Revenue · Quarterly
$69.9M
Revenue by segment
Target Hospitality · $146M total across 3 segments · Q3 2023
- Government$106M-14.4%72.3%
- Hospitality & Facilities Services - South$37.5M+11.6%25.7%
- All Other$2.87M+275.3%2.0%
Forward guidance
Target Hospitality expects full-year 2025 revenue between $265M and $285M, and Adjusted EBITDA between $47M and $57M, driven by strong strategic contract execution and diversification.
Tailwinds
- Secured multi-year $140M Workforce Hub Contract.
- Signed 5-year $246M Dilley Contract supporting U.S. government.
- Redeemed $181.4M in Senior Notes, saving ~$19.5M in annual interest.
- $169M in available liquidity with 0.1x net leverage.
- Strong commercial growth pipeline from diversified markets.
Headwinds
- Revenue significantly declined from Q1 2024.
- Net loss due to termination of large government contracts.
- Lower adjusted EBITDA versus prior year.
- Reduced bed utilization and occupancy rates.
- Negative operating cash flow trend despite strategic investments.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2025
+2.0%
Avg return
Earnings day
+3.2%
Avg return
5 days after
+4.5%
Avg return
30 days after
65%
20 / 31 earnings
Positive
+23.7%
Q4 2021
Best reaction
-34.9%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +17.9% | +21.7% | — | |
| Q4 2025 | +13.8% | +14.0% | +81.2% | |
| Q3 2025 | -15.5% | -15.4% | +6.7% | |
| Q1 2025 | +5.1% | +3.8% | -0.3% | |
| Q4 2024 | +6.4% | +7.3% | +3.6% | |
| Q3 2024 | +6.4% | -1.5% | -6.2% | |
| Q2 2024 | +12.5% | +10.5% | +10.5% | |
| Q1 2024 | +5.0% | +4.1% | +0.5% | |
| Q4 2023 | +4.8% | +1.8% | +25.4% | |
| Q3 2023 | -3.6% | -9.1% | -13.4% | |
| Q2 2023 | +7.8% | +13.5% | +21.9% | |
| Q1 2023 | +13.9% | +25.2% | +24.5% | |
| Q4 2022 | +6.0% | +8.4% | -23.0% | |
| Q3 2022 | +17.6% | +23.2% | +38.6% | |
| Q2 2022 | -9.6% | -2.6% | -7.8% | |
| Q1 2022 | -11.0% | -13.3% | -3.2% | |
| Q4 2021 | +23.7% | +18.6% | +19.6% | |
| Q3 2021 | -2.0% | -13.1% | -31.6% | |
| Q2 2021 | -16.4% | -14.4% | -4.2% | |
| Q1 2021 | +8.3% | +32.8% | +56.6% | |
| Q4 2020 | +6.8% | -7.7% | +30.6% | |
| Q3 2020 | +3.2% | +0.4% | +30.7% | |
| Q2 2020 | +12.4% | +13.8% | -9.0% | |
| Q1 2020 | +8.2% | +5.9% | -28.6% | |
| Q4 2019 | -34.9% | -3.1% | -58.3% | |
| Q3 2019 | -11.2% | -15.0% | -15.5% | |
| Q2 2019 | -13.5% | -12.2% | -8.9% | |
| Q1 2019 | -0.7% | -1.1% | -6.7% | |
| Q3 2018 | +0.1% | +0.2% | +1.7% | |
| Q2 2018 | +0.5% | +0.5% | +0.2% | |
| Q1 2018 | -0.5% | +1.0% | -0.7% | |
| Q4 2018 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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