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Target Hospitality TH Government — Number Of Customers

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Other financials

Income statement

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Revenue$85.5M+38.7%
Gross profit$15.8M+4,916%
Operating income-$7.5M+55.7%
Net income-$9.0M+39.5%
EPS (diluted)-$0.09+40.0%

Balance sheet

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Cash & equivalents$6.1M-68.5%
Total debt$10.9M-21.2%
Total equity$370.1M-7.8%
Total assets$654.2M+22.6%

Cash flow

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Operating cash flow$104.0M+840%
CapEx$5.4M+15,466%
Free cash flow$98.5M+794%

Valuation

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Market cap$1.59B+120%
Enterprise value$1.6B+122%
P/S4.6×+2.3×

Profitability

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Gross margin13.7%-18.4pp
Operating margin-11.1%-21.0pp
Net margin-10.8%-14.4pp
FCF margin47.3%+22.9pp

Returns & leverage

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Return on equity-9.8%-12.6pp
Debt / equity0.0×
Current ratio0.6×-0.8×

Where this comes from

Reported directly by Target Hospitality in its filing.

Tagged under the XBRL concept th:NumberOfCustomers.

The source filing: Target Hospitality’s 10-K, filed March 11, 2026.

Filed
Mar 11, 2026, 3:21 PM EDT
Fiscal year
FY2025
Accession
0001104659-26-026351

For 2025, 2024, and 2023, revenues from the Company’s Government segment were from two customers and represented approximately $70.8 million, $224.7 million, and $403.7 million of the Company’s consolidated revenues for the years ended December 31, 2025, 2024 and 2023, respectively. Revenues from one customer within the Government segment represented approximately 11%, 48%, and 62% of the Company’s consolidated revenues for the years ended December 31, 2025, 2024 and 2023, respectively. Revenues from another customer within the Government segment represented approximately 11%, 9.9%, and 9.9% of the Company’s consolidated revenues for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, the Government segment was comprised of a single customer following the termination of the PCC Contract effective February 21, 2025 as discussed in Note 2. Additionally, the community of assets associated with the prior STFRC Contract within the Government segment were

Item 8. Financial Statements and Supplementary Data

FAQ

What is Target Hospitality's government — number of customers?
Target Hospitality (TH) reported government — number of customers of 2 in Q4 2025.
How has Target Hospitality's government — number of customers changed year-over-year?
Target Hospitality's government — number of customers decreased by 0.0% year-over-year, from 2 to 2.
What does government — number of customers mean?
This metric represents the total count of distinct government entities or agencies currently under contract. It serves as a key indicator of market penetration and the breadth of the client base within the government sector. A larger customer base often suggests greater revenue stability and reduced reliance on any single government account.

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