TH Target Hospitality Corp.

Overview and Growth

Fiscal 2025 results for Target Hospitality Corp. combined $320.63M of revenue with net loss of $37.12M and an operating cash inflow of $74.09M. At $320.63M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 17.0% from $386.27M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of -$0.37, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS decreased by 152.9% from $0.70 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Diluted shares averaged 99.52M; this is the reported share base over which the company’s diluted per-share earnings were spread. Diluted shares moved 1.9% from 101.43M in fiscal 2024, leaving the current share base lower year over year. Total assets stood at $530.21M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.6x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $42.66M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 13.3% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $34.75M after the reported operating expense base. The operating loss equaled 10.8% of revenue, showing the scale of the operating deficit relative to sales. The bottom-line result was a net loss of $37.12M after operating, financing, tax, and other recognized items. The net loss equaled 11.6% of revenue, showing the bottom-line deficit relative to the company’s sales base. EBITDA was $38.64M, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. Before income taxes, the company recorded a loss of $43.20M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 13.5%. The reported tax benefit was $6.13M, favorably bridging the pretax and after-tax results. Relative to period-end equity, the net loss represented 9.5%. Relative to total assets, the net loss represented 7.0%. The company moved from fiscal 2024 net income of $71.27M to a current net loss of $37.12M.

Liquidity and Capital Structure

Total assets were $530.21M, supported by $141.15M of liabilities and $389.06M of shareholder equity. Current assets were $73.34M against $84.04M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 0.87x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Cash and equivalents totaled $8.35M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 9.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Book equity represented 73.4% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 26.6%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 1.6%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 26.9% from $725.77M in fiscal 2024, leaving current total assets lower year over year. Reported equity changed 7.6% from $421.09M in fiscal 2024, placing the current capital base lower year over year. Compared with $190.67M in fiscal 2024, the current cash balance moved 95.6% and finished lower.

Cash Flow and Earnings Quality

The company reported $74.09M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating cash outcome moved from $151.68M in fiscal 2024 to $74.09M, ending below the prior-year level.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.