TH · Target Hospitality Corp.
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Metrics snapshot
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AI Brief
Q1 FY26 earnings call · May 11, 2026TL;DR. Target Hospitality announced a new ~$750M AI Infrastructure Community contract, pushing WHS contract wins above $2B since February 2025, while reporting sharply lower Q1 Adjusted EBITDA ($9.9M vs $21.6M YoY) on elevated ramp-up costs. The company raised its full-year 2026 outlook to $370–380M revenue and $75–85M Adjusted EBITDA, and reiterated exiting 2027 at >$680M annualized revenue and >$240M annualized Adjusted EBITDA.
- + Announced new AI Infrastructure Community contract expected to generate over $750M of revenue over a 48-month term
- + Raised full-year 2026 outlook to $370–380M revenue and $75–85M Adjusted EBITDA
- + Projects exiting 2027 annualized revenue above $680M and Adjusted EBITDA above $240M
- + Since February 2025 secured more than $2B of multi-year contracts, including ~$1.8B in WHS
- + WHS segment revenue rose to $23.6M (from $5.2M YoY), positioned to become Target's largest segment in 2026
- − Government segment revenue dropped to $13.4M from $25.7M YoY following PCC termination
- − $5–7M of transitional costs expected to pressure Government segment margins over the next two quarters
- − Capital spending guided to $460–480M for 2026, with ~$330–340M of net committed capital for new WHS builds
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | 28.16M | Six Months Ended June 30, 2026 | — |
| Adjusted gross profit non-GAAP | 55.67M | Six Months Ended June 30, 2026 | — |
| Adjusted gross profit (Government) non-GAAP | $6.4M | Q2 2026 | — |
| Adjusted gross profit (HFS - South) non-GAAP | $7.36M | Q2 2026 | — |
| Average daily rate (ADR) | $72.36 | Q2 2026 | — |
| Average Daily Rate (HFS - South) | $72.36 | the three months ended June 30, 2026 filing | — |
| Average utilized beds | 11,760 | Q2 2026 | — |
| Average utilized beds (HFS - South) | 4,880 | Q2 2026 | — |
| average WHS utilized beds | 4,000 | Q2 2026 | — |
| Contracted beds in WHS segment | 9,000 | Since January 2026 | — |
| Discretionary cash flows non-GAAP | 108.25M | Six Months Ended June 30, 2026 | — |
| EBITDA non-GAAP | 19.32M | Six Months Ended June 30, 2026 | — |
| Multi-year contract awards | $1.4B | Since January 2026 | — |
| New ABL Facility size | $660M | Closed July 24, 2026 | — |
| Total available liquidity | $141M | As of June 30, 2026 | — |
| Total reportable segment adjusted gross profit non-GAAP | $33.19M | For the Three Months Ended June 30, 2026 filing | — |
| Utilization | 67% | Q2 2026 | — |
| Utilization (HFS - South) | 70% | Q2 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Specialty Business Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
TH
this stock
Target Hospitality Corp.
|
$2.05B | +135.2% | -17.0% | — | 3.8% |
|
CTAS
Cintas Corp
|
$78.56B | +2.6% | +6.4% | 40.0 | 2.8% |
|
RELX
Relx PLC
|
$58.28B | -17.3% | — | — | 0.4% |
|
TRI
Thomson Reuters Corp /Can/
|
$42.89B | -26.0% | — | — | 2.9% |
|
CPRT
Copart Inc
|
$25.27B | -30.5% | +24.7% | 17.6 | 3.7% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| TH | -8.5% | +1.6% | +30.5% | -4.5% | +135.2% |
| SPY | -0.2% | -0.5% | +12.2% | +0.9% | +12.9% |
| vs SPY | -8.2% | +2.1% | +18.3% | -5.4% | +122.4% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.