Target Hospitality Corp.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
TH$10.30-6.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Consolidated Statements of Comprehensive Income (Loss)
($ in thousands, except per share amounts)
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · For the Three Months Ended · · For the Nine Months Ended | ||||||||||||
| · · September 30, · · September 30, | ||||||||||||
| · 2025 · 2024 · · 2025 · 2024 | ||||||||||||
| Revenue: · · · · · · · · · · · | ||||||||||||
| Services income | | $56,010 | | $65,796 | | $146,584 | | $205,685 | ||||
| Specialty rental income | | 7,784 | | 29,395 | | 29,496 | | 96,899 | ||||
| Construction fee income | | | 35,561 | | | — | | | 54,778 | | | — |
| Total revenue | | 99,355 | | 95,191 | | 230,858 | | 302,584 | ||||
| Costs: | | | | | | | | | ||||
| Services | | 64,051 | | 31,262 | | 145,380 | | 101,734 | ||||
| Specialty rental | | 2,988 | | 4,662 | | 8,270 | | 16,059 | ||||
| Depreciation of specialty rental assets | | 14,371 | | 14,057 | | 41,627 | | 43,643 | ||||
| Gross profit | | 17,945 | | 45,210 | | 35,581 | | 141,148 | ||||
| Selling, general and administrative | | 12,918 | | 13,319 | | 40,387 | | 41,632 | ||||
| Other depreciation and amortization | | 4,093 | | 3,902 | | 12,148 | | 11,695 | ||||
| Other expense (income), net | | 865 | | (2) | | 970 | | (158) | ||||
| Operating income (loss) | | 69 | | 27,991 | | (17,924) | | 87,979 | ||||
| Loss on extinguishment of debt | | | — | | | — | | | 2,370 | | | — |
| Interest expense, net | | 458 | | 3,813 | | 5,724 | | 12,673 | ||||
| Change in fair value of warrant liabilities | | | — | | | — | | | — | | | (675) |
| Income (loss) before income tax | | (389) | | 24,178 | | (26,018) | | 75,981 | ||||
| Income tax expense (benefit) | | 368 | | 4,084 | | (3,884) | | 17,118 | ||||
| Net income (loss) | | (757) | | 20,094 | | (22,134) | | 58,863 | ||||
| Less: Net income attributable to the noncontrolling interest | | | 38 | | | 100 | | | 53 | | | 100 |
| Net income (loss) attributable to Target Hospitality Corp. common stockholders | | | (795) | | | 19,994 | | | (22,187) | | | 58,763 |
| | | | | | | | | | | | | |
| Other comprehensive loss | | | | | | | | | ||||
| Foreign currency translation | | (26) | | (12) | | (9) | | (52) | ||||
| Comprehensive income (loss) | | $(783) | | $20,082 | | $(22,143) | | $58,811 | ||||
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Weighted average number shares outstanding - basic | | 99,778,834 | | 100,438,559 | | 99,431,460 | | 100,452,691 | ||||
| Weighted average number shares outstanding - diluted | | | 99,778,834 | | | 101,296,504 | | | 99,431,460 | | | 101,744,462 |
| | | | | | | | | | | | | |
| Net income (loss) per share attributable to Target Hospitality Corp. common stockholders - basic | | $(0.01) | | $0.20 | | $(0.22) | | $0.58 | ||||
| Net income (loss) per share attributable to Target Hospitality Corp. common stockholders - diluted | | $(0.01) | | $0.20 | | $(0.22) | | $0.58 | ||||
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