Filing Flows › Target Hospitality (TH) › Q2 2025
Target Hospitality (TH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Target Hospitality (TH) reported revenue of $61.6M for the second quarter 2025 (Q2 2025), -39% from a year earlier and -12% from the quarter before. Operating margin was -27.5%, net loss $14.9M (24.2% of revenue).
Target Hospitality, Q2 2025: revenue $61.6M (-39% year over year), operating margin -27.5%, net loss $14.9M, operating cash flow $11.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $61.6M | -12% | -39% |
| Operating profit | −$16.9M | — | — |
| Net earnings | −$14.9M | — | — |
| Operating cash flow | $11.1M | +181% | -72% |
| Free cash flow | $11.0M | — | -72% |
What changed
Revenue was $61.6M in Q2 2025, down 39% year over year and down 12% from the previous quarter. HFS - South was the largest line at 56% of revenue. Government lost $25.8M year over year (down 91%), 66% of the total change.
Operating costs exceeded revenue by $16.9M, an operating margin of -27.5%. The fastest-growing cost line was Other operating costs (+1605%). The quarter ended with a net loss of $14.9M, wider than the previous quarter's $6.5M loss.
Operating cash flow was $11.1M (down 72% year over year). Non-cash charges added back $17.7M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $6.2M. Capital expenditures of $35K left free cash flow of $11.0M.
Questions
What was Target Hospitality's revenue in the second quarter 2025?
Target Hospitality (TH) reported revenue of $61.6M for the second quarter 2025 (Q2 2025), -39% from a year earlier and -12% from the quarter before.
Was Target Hospitality profitable in the second quarter 2025?
Operating loss was $16.9M (-27.5% of revenue) and net loss $14.9M.
Source: Target Hospitality 10-Q on SEC EDGAR.