Target Hospitality said its 2025 total revenue was USD 321 million and adjusted EBITDA was USD 53 million. The company reported a 0.0x leverage ratio and said it had USD 183 million of total available liquidity as of Dec. 31, 2025. Target Hospitality said its 2025 end-market revenue mix included 30% from Workforce Hospitality Solutions and 22% from Government & Other. It cited an estimated total addressable market of USD 18 billion tied to data center development, AI infrastructure, power generation and critical mineral development. The presentation also described a West Texas power community agreement for 1,400 beds with USD 129 million of committed minimum revenue.
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