Target Hospitality Corp. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 9, 2026, reporting results for the three and nine months ended on that date.

Key Highlights

  • Total revenue rose to $129.1 million for the three months ended September 30, 2026, compared with $99.4 million in the same period of 2025, according to the filing.
  • Net loss attributable to common stockholders was $9.208 million for the third quarter of 2026, versus $795 thousand in the third quarter of 2025.
  • Nine-month net loss attributable to common stockholders was $31.162 million for the period ended September 30, 2026, compared with $22.187 million for the same period in 2025.
  • Total assets increased to $919.978 million as of September 30, 2026, up from $530.205 million as of December 31, 2025, with specialty rental assets, net rising to $630.952 million from $332.406 million.
  • Revolving credit facility balance was $223.0 million as of September 30, 2026, compared with zero as of December 31, 2025.
  • Shares outstanding were 97,931,334 as of November 5, 2026, per the filing cover page.
  • Loss per share was $0.09 (basic and diluted) for the three months ended September 30, 2026, and $0.31 for the nine months ended September 30, 2026.

Target Hospitality Reports Higher Revenue and Wider Losses in Third Quarter 2026

According to the quarterly report, Target Hospitality Corp. (NASDAQ:TH) reported total revenue of $129.063 million for the three months ended September 30, 2026, up from $99.355 million in the comparable prior-year period. Revenue components included services income of $63.280 million, specialty rental income of $64.860 million, and construction fee income of $923 thousand for the quarter. For the nine months ended September 30, 2026, total revenue was $287.298 million compared with $230.858 million for the same period in 2025.

The filing disclosed a gross profit of $29.511 million for the third quarter of 2026, compared with $17.945 million in the third quarter of 2025. Operating income was $2.970 million for the quarter, versus $69 thousand in the prior-year period. However, the company reported a net loss of $9.184 million for the three months ended September 30, 2026, compared with a net loss of $757 thousand for the same period in 2025. Income tax expense for the quarter was $8.009 million, compared with $368 thousand in the prior-year quarter. The filing also noted a loss on extinguishment of debt of $983 thousand in the third quarter of 2026.

The consolidated balance sheet reflected significant growth in total assets, reaching $919.978 million as of September 30, 2026, against $530.205 million as of December 31, 2025. The company drew $223.0 million on its revolving credit facility during the period, which carried no balance at year-end 2025. Total liabilities grew to $587.536 million from $141.145 million. Total stockholders' equity declined to $332.442 million from $389.060 million over the same period, with accumulated earnings falling to $264.097 million from $295.259 million. Accounts payable rose to $120.092 million from $44.393 million, and deferred revenue and customer deposits (current and non-current combined) increased materially compared with December 31, 2025.

What Was Disclosed

Target Hospitality Corp. filed a 10-Q for the period ended September 30, 2026, disclosing higher quarterly revenue, wider net losses, a substantial increase in total assets driven by specialty rental assets, and a new $223.0 million revolving credit facility draw compared with December 31, 2025.