For the three months ended March 31, 2026, Target Hospitality generated $72.8 million in revenue, compared with $69.9 million a year earlier, and reported a net loss of $13.0 million, or $0.13 per share. Adjusted EBITDA declined to $9.9 million from $21.6 million, while operating activities provided $7.0 million of cash and discretionary cash flow reached $5.8 million.

Since January 2026, the company has announced over $1.4 billion of multi-year Workforce Hospitality Solutions contracts, covering more than 9,000 beds. Highlights include a 48-month, $750 million AI infrastructure community deal for 3,370 beds; a $129 million, 1,400-bed West Texas power agreement; a $23 million, 400-bed Pecos power contract; and a $550 million, 4,000-bed data center campus arrangement.

As of March 31, 2026, Target held approximately $150 million of total available liquidity and maintained a net leverage ratio of 0.6x. The strong liquidity position supports ongoing construction and mobilization activities for community expansions and new contract deployments.

Target’s Hyper/Scale platform boasts an active pipeline exceeding 20,000 beds, driven by accelerating demand in AI-driven data center and power generation markets. Construction on expanded communities is on track for completion by June 2026, positioning the company to capture long-duration demand and improve margin contributions.