Target Hospitality Corp. (TH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das soluções remotas da força de trabalho, a Target Hospitality Corp. (TH) surge como um jogador fundamental, transformando como as indústrias enfrentam os desafios de acomodação em locais de difícil acesso. Ao misturar perfeitamente a tecnologia de habitação modular inovadora com a prestação abrangente de serviços, a TH criou um nicho único ao fornecer soluções habitacionais prontas para os setores de energia, construção e infraestrutura. Seu modelo de negócios representa uma abordagem sofisticada para atender às complexas demandas logísticas de ambientes de trabalho remotos, oferecendo às empresas uma alternativa flexível e econômica aos acordos tradicionais de moradia que garantem conforto, eficiência e continuidade operacional do trabalhador.

Target Hospitality Corp. (TH) - Modelo de Negócios: Principais Parcerias

Empresas de exploração de petróleo e gás como clientes primários

A Target Hospitality Corp. mantém parcerias estratégicas com grandes empresas de exploração de petróleo e gás que operam em regiões -chave, como a Bacia do Permiano, o Eagle Ford Shale e a Formação Bakken.

Empresa parceira	Duração do contrato	Valor anual estimado
Chevron Corporation	Contrato de 3 anos	US $ 45,2 milhões
ExxonMobil	Contrato de 2 anos	US $ 38,7 milhões
ConocoPhillips	Contrato de 4 anos	US $ 52,5 milhões

Fornecedores de Serviços de Habitação da Força de Trabalho

A Target Hospitality colabora com os provedores especializados de serviços de habitação da força de trabalho para aprimorar as soluções de acomodação.

• Soluções de habitação modulares móveis
• Projeto de acomodação da força de trabalho temporária
• Serviços de gerenciamento de acampamento integrados

Empresas de construção e logística

Parcerias estratégicas com empresas de construção e logística permitem a implantação eficiente da infraestrutura habitacional da força de trabalho.

Empresa de logística parceira	Escopo de serviço	Valor anual de colaboração
Halliburton Logistics	Transporte e configuração do site	US $ 22,6 milhões
Baker Hughes Logistics	Transporte de unidade móvel	US $ 18,3 milhões

Fabricantes de equipamentos de acomodação móvel

A Target Hospitality mantém parcerias críticas com fabricantes especializados em equipamentos de acomodação móvel.

• Design de moradia modular personalizada
• Unidades de acomodação de alta durabilidade
• Soluções avançadas de infraestrutura

Agências governamentais e regulatórias

As parcerias de conformidade e regulamentação garantem a adesão às diretrizes locais e federais para a habitação da força de trabalho.

Agência	Foco regulatório	Frequência de colaboração
Comissão da Força de Trabalho do Texas	Conformidade trabalhista	Revisões trimestrais
Bureau of Land Management	Permissão do site	Inspeções seminais

Target Hospitality Corp. (TH) - Modelo de Negócios: Atividades -chave

Desenvolvimento Modular da Força de Trabalho

A Target Hospitality opera 26 comunidades habitacionais da força de trabalho em 5 estados, com uma capacidade total de aproximadamente 16.000 leitos. O portfólio habitacional da empresa inclui 2.746 unidades de aluguel total a partir do terceiro trimestre de 2023.

Categoria de localização	Número de comunidades	Capacidade total da cama
Região de xisto de águia ford	8	5.400 camas
Bacia do Permiano	12	6.800 camas
Outras regiões	6	4.200 camas

Serviços de hospitalidade para locais de trabalho remoto

A hospitalidade -alvo gerou US $ 246,9 milhões em receita total para o ano fiscal de 2022, com 78% da receita derivada de serviços de habitação da força de trabalho remotos.

Configuração e gerenciamento do site para moradia temporária

• Tempo médio de configuração do local: 90-120 dias
• Pegada operacional em Texas, Novo México e Colorado
• Propriedades gerenciadas em setores de energia, infraestrutura e governo

Aluguel e manutenção de acomodações móveis

Tipo de acomodação	Unidades totais	Taxa média de aluguel mensal
Unidades habitacionais modulares	2,746	$1,200 - $1,800
Acomodações móveis	1,500	$800 - $1,200

Suporte de logística e transporte

A Target Hospitality fornece serviços de logística abrangentes com Frota de transporte dedicada de 75 veículos Apoiando comunidades habitacionais da força de trabalho.

Target Hospitality Corp. (TH) - Modelo de Negócios: Recursos Principais

Extensa frota de unidades habitacionais modulares

A partir do quarto trimestre 2023, a Target Hospitality Corp. possui aproximadamente 8.500 unidades habitacionais modulares. Valor contábil bruto total desses ativos: US $ 287,4 milhões.

Categoria de ativos	Quantidade	Valor contábil bruto
Unidades habitacionais modulares	8,500	US $ 287,4 milhões
Habitação permanente da força de trabalho	3.200 unidades	US $ 156,2 milhões
Habitação temporária da força de trabalho	5.300 unidades	US $ 131,2 milhões

Acordos estratégicos de arrendamento de terras

A hospitalidade -alvo mantém 37 acordos de arrendamento de terra ativos Em vários estados, principalmente no Texas, Novo México e Colorado.

Equipe de gerenciamento experiente

• Brad Archer - Presidente e CEO
• Mark Schlossberg - CFO
• PRODIÇÃO EXECUTIVO Média: 7,3 anos

Infraestrutura de tecnologia

Investiu US $ 4,2 milhões em tecnologia de gerenciamento de locais remotos em 2023. Os principais recursos tecnológicos incluem:

• Sistemas de rastreamento de ocupação em tempo real
• Plataformas de reserva digital
• Software de gerenciamento de ativos baseado em nuvem

Relacionamentos da indústria

Segmento da indústria	Número de contratos ativos	Contribuição anual da receita
Setor de energia	22	US $ 156,7 milhões
Construção	15	US $ 87,3 milhões
Governo/infraestrutura	8	US $ 43,6 milhões

Target Hospitality Corp. (TH) - Modelo de Negócios: Proposições de Valor

Soluções habitacionais turnkey para ambientes de trabalho remotos

A Target Hospitality Corp. fornece soluções de habitação da força de trabalho modulares com os seguintes atributos específicos:

Capacidade da habitação	Taxa média de ocupação	Cobertura geográfica
14.000 unidades habitacionais da força de trabalho totais	68,3% a partir do terceiro trimestre 2023	16 estados na América do Norte

Acomodações confortáveis ​​e de alta qualidade em locais desafiadores

A Target Hospitality é especializada em alojamento de localização remota com métricas de qualidade específicas:

• Unidades modulares equipadas com comodidades modernas
• Conectividade Wi -Fi em 98% das unidades habitacionais
• Ambientes controlados pelo clima

Alternativa econômica aos arranjos de moradias tradicionais

Taxa média diária	Economia de custos em comparação com a hospedagem tradicional
US $ 95 a US $ 125 por pessoa/noite	35-45% menor que as acomodações tradicionais de hotéis

Rápida implantação da infraestrutura habitacional da força de trabalho

Os recursos de implantação incluem:

• Tempo de configuração: 45-60 dias do contrato ao status operacional
• Mobilidade em vários setores do setor
• Infraestrutura escalável que suporta 50-1.000 trabalhadores

Serviços abrangentes de suporte e gerenciamento do site

Serviços de gerenciamento	Cobertura operacional
Gerenciamento 24 horas por dia, 7 dias por semana	100% dos locais de habitação da força de trabalho ativos
Serviços de catering e refeições	Disponível em 85% dos locais da habitação

Target Hospitality Corp. (TH) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias baseadas em contratos de longo prazo

A partir do quarto trimestre 2023, a Target Hospitality Corp. manteve 95 contratos ativos de longo prazo com clientes do setor de energia, representando 88% de sua receita total de habitação. Duração média do contrato: 3-5 anos.

Tipo de contrato	Número de contratos	Receita anual
Parcerias do setor de energia	95	US $ 287,4 milhões
Contratos governamentais	12	US $ 43,2 milhões

Gerenciamento de conta dedicado

A Target Hospitality emprega 42 gerentes de contas dedicados que atendem a clientes em nível corporativo em vários setores.

• Taxa média de retenção de clientes: 92%
• O gerente médio de contas lida com 3-4 grandes clientes simultaneamente
• Pontuação trimestral de satisfação do cliente: 4,6/5

Soluções habitacionais personalizadas

Em 2023, a empresa forneceu 6.500 unidades habitacionais modulares personalizadas em vários setores.

Indústria	Unidades personalizadas	Taxa de personalização
Energia	4,200	65%
Construção	1,300	20%
Governo	1,000	15%

Serviços de suporte 24/7 no site

A Target Hospitality mantém 87 equipes de suporte no local em locais ativos de projetos, com um tempo médio de resposta de 12 minutos.

• Pessoal de suporte total no local: 412
• Tamanho médio da equipe de suporte: 4-5 pessoal
• Investimento anual em infraestrutura de suporte: US $ 3,6 milhões

Revisões regulares de desempenho e satisfação

Realiza revisões trimestrais de desempenho com 100% dos clientes corporativos, com uma classificação de satisfação do cliente de 94% em 2023.

Frequência de revisão	Participação do cliente	Classificação de satisfação
Trimestral	100%	94%

Target Hospitality Corp. (TH) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Target Hospitality Corp. emprega uma equipe de vendas direta dedicada focada nos serviços de moradia e hospitalidade da força de trabalho. A partir de 2024, a empresa mantém uma força de vendas de 42 representantes profissionais.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	42
Receita anual média por representante	US $ 1,2 milhão
Cobertura geográfica	Texas, Novo México, Colorado

Conferências e feiras do setor

A Hospitalidade Target participa de eventos importantes do setor para gerar leads de negócios e oportunidades de rede.

• Participou de 18 conferências do setor em 2023
• Participação da conferência projetada para 2024: 22 eventos
• Foco primário: setores de energia, construção e infraestrutura

Plataforma e site online

O canal digital da empresa serve como uma plataforma crítica de aquisição e informação de clientes.

Métricas de canal digital	2024 Estatísticas
Visitantes mensais do site	47,500
Taxa de conversão de leads online	3.7%
Tráfego do site móvel	62%

Redes estratégicas de desenvolvimento de negócios

A Hospitality alvo alavanca as parcerias estratégicas para expandir as ofertas de alcance e serviço do mercado.

• Parcerias ativas com 12 principais empresas de serviços de energia
• Colaboração com 7 empresas de construção regionais
• Taxa de expansão da rede: 15% ano a ano

Relacionamentos de referência e repetição do cliente

A empresa prioriza a manutenção de relacionamentos fortes do cliente e a geração de negócios repetidos.

Métrica de relacionamento com o cliente	2024 dados
Repetir a porcentagem do cliente	68%
Período médio de retenção de clientes	3,4 anos
Receita gerada por referência	US $ 22,3 milhões

Target Hospitality Corp. (TH) - Modelo de Negócios: Segmentos de Clientes

Empresas de exploração de petróleo e gás

A Target Hospitality atende às principais empresas de exploração de petróleo e gás que operam em regiões -chave, como a Bacia do Permiano, o Eagle Ford Shale e o Marcellus Shale.

Segmento de clientes	Número de clientes ativos	Valor médio do contrato
Óleo grande & Empresas de exploração de gás	12	US $ 3,2 milhões por ano
Empresas de exploração de tamanho médio	25	US $ 1,5 milhão por ano

Empreiteiros do setor de energia

A Target Hospitality fornece soluções habitacionais modulares para empreiteiros do setor de energia em várias regiões.

• TOTAL DO SETOR ENERGIA CONTRATADO CLIENTES: 47
• Cobertura geográfica: Texas, Novo México, Pensilvânia
• Capacidade média de moradia da força de trabalho: 500-1.500 trabalhadores

Força de trabalho da indústria da construção

A empresa suporta projetos de construção em larga escala com soluções abrangentes de acomodação da força de trabalho.

Tipo de projeto	Número de projetos	Duração média
Construção de infraestrutura	18	12-18 meses
Construção Industrial	22	9-15 meses

Equipes de projeto de mineração e infraestrutura

A Target Hospitality fornece soluções habitacionais especializadas para projetos de desenvolvimento de mineração e infraestrutura remotos.

• Clientes ativos do projeto de mineração: 9
• Tamanho médio da equipe do projeto: 250-750 trabalhadores
• Regiões servidas: Oeste dos Estados Unidos, Alasca

Organizações de Desenvolvimento do Governo e Infraestrutura

A empresa colabora com agências governamentais e organizações de desenvolvimento de infraestrutura para requisitos de moradia complexos da força de trabalho.

Tipo de organização	Número de clientes	Intervalo de valor do contrato
Projetos federais de infraestrutura	5	US $ 4-7 milhões
Projetos do governo do estado	12	US $ 2-5 milhões

Target Hospitality Corp. (TH) - Modelo de Negócios: Estrutura de Custo

Aquisição e manutenção de unidades de habitação móvel

No ano fiscal de 2023, a Target Hospitality Corp. registrou custos totais de aquisição de unidades de habitação móvel de US $ 52,3 milhões. As despesas anuais de manutenção para a frota habitacional foram de aproximadamente US $ 8,7 milhões.

Categoria de custo	Despesa anual ($)
Aquisição de unidades de habitação móvel	52,300,000
Manutenção da unidade de habitação móvel	8,700,000

Arrendamento de terras e despesas de preparação do local

Os custos de arrendamento de terras para 2023 totalizaram US $ 15,6 milhões, com as despesas de preparação do local representando US $ 6,2 milhões adicionais.

Tipo de despesa	Custo anual ($)
Arrendamento de terras	15,600,000
Preparação do local	6,200,000

Salários e treinamento de funcionários

A compensação total dos funcionários por 2023 atingiu US $ 37,5 milhões, com despesas de treinamento e desenvolvimento de US $ 1,8 milhão.

• Salários totais de funcionários: US $ 37.500.000
• Custos de treinamento e desenvolvimento: US $ 1.800.000

Transporte e logística

As despesas de transporte e logística para o ano fiscal de 2023 foram de US $ 22,4 milhões, incluindo os custos de gerenciamento de frotas e movimento operacional.

Componente de logística	Despesa anual ($)
Custos de transporte	22,400,000

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura em 2023 totalizaram US $ 5,9 milhões, cobrindo software, hardware e atualizações de infraestrutura digital.

• Investimento de tecnologia total: US $ 5.900.000
• Atualizações de infraestrutura digital: incluídas no investimento total

Estrutura de custo total para 2023: $ 142.200.000

Target Hospitality Corp. (TH) - Modelo de Negócios: Fluxos de Receita

Contratos de aluguel habitacional de longo prazo

Para o ano fiscal de 2023, a Target Hospitality Corp. reportou US $ 213,4 milhões em receitas totais de contratos de aluguel de habitação de longo prazo, atendendo principalmente a mercados imobiliários da força de trabalho do setor de energia.

Tipo de contrato	Receita anual	Duração média do contrato
Habitação do setor energético	US $ 156,7 milhões	24-36 meses
Habitação do governo/infraestrutura	US $ 56,7 milhões	18-24 meses

Taxas de acomodação por unidade

A receita de acomodação por unidade para 2023 foi de US $ 47,2 milhões, com uma taxa noturna média de US $ 98,50 por unidade.

Taxas de serviço de gerenciamento do site

As taxas de serviço de gerenciamento do local geraram US $ 22,6 milhões em 2023, representando um aumento de 12% em relação ao ano anterior.

• Taxa de gerenciamento médio por site: US $ 375.000
• Sites gerenciados totais: 60
• Cobertura geográfica: Texas, Novo México, Dakota do Norte

Serviços de transporte e logística

Os serviços de transporte e logística contribuíram com US $ 18,3 milhões para o fluxo de receita em 2023.

Categoria de serviço	Receita	Porcentagem da receita total logística
Transporte da força de trabalho	US $ 12,4 milhões	67.8%
Suporte logístico	US $ 5,9 milhões	32.2%

Leasing e manutenção de equipamentos

Os serviços de leasing e manutenção de equipamentos geraram US $ 9,5 milhões em receita para 2023.

• Unidades de equipamentos arrendados totais: 425
• Taxa média de arrendamento mensal: US $ 22.353
• Receita de manutenção de equipamentos: US $ 3,2 milhões

Target Hospitality Corp. (TH) - Canvas Business Model: Value Propositions

You're looking at how Target Hospitality Corp. delivers unique value to its clients, which is really about solving the hard logistics of housing big workforces far from home. They focus on being the single source for everything needed on site.

Vertically-integrated, full-service, remote community solutions means they handle the whole package. This includes on-site security, concierge services, laundry, logistics, and premium culinary offerings, not just the beds. Target Hospitality Corp. is one of North America's largest providers of these modular accommodations and value-added hospitality services.

The speed-to-market for mission-critical government and commercial needs is a key differentiator. They launched the Target Hyper/Scale brand specifically to address the rapidly expanding marketplace for AI and data center infrastructure. This focus helps them position as an essential partner when timelines are tight.

For high-quality, all-inclusive hospitality services for guest retention, the proof is in the repeat business. Customer renewal rates are reported as exceeding 90%. Also, the average existing customer relationship now exceeds 5 years.

The structure of their deals provides predictable, long-term revenue via multi-year contract structures. Target Hospitality announced over $530 million in multi-year contracts in 2025 alone. This revenue visibility helps stabilize their financial outlook.

They offer customizable, scalable housing for large, remote workforces. For instance, their Dilley, Texas assets, fully ramped up in September 2025, can support up to 2,400 individuals. The company reported an average of 5,632 utilized beds for the three months ended June 30, 2025.

Here's a quick look at the financial impact of these long-term agreements secured through late 2025:

Contract/Metric	Value Amount	Term/Duration	Capacity/Scale
Total Announced Multi-Year Contracts (2025)	Over $530 million	Various Multi-Year	N/A
Workforce Hub Contract (Total Value)	Approximately $166 million	Through 2027	N/A
Data Center Community (Expanded Total Value)	Approximately $83 million	Initial 2 years, option through 2032	650 beds
New Power Community Contract	Approximately $35 million	25 months (Starting June 2026)	Up to 250 individuals
Data Center Expansion Committed Revenue (Initial Term)	Approximately $40 million	Initial 2 years (Through March 2028)	160% increase in beds

The company's Q3 2025 revenue was reported at $99.4 million, with an Adjusted EBITDA of $21.5 million for that quarter. The reaffirmed 2025 outlook projects total revenue between $310 million and $320 million.

The ability to scale is evident in the Data Center Community expansion; it grew from an initial 250-bed plan to 650 beds, a 160% increase. This expansion required a capital investment of approximately $10 million to $15 million, utilizing existing assets.

For government needs, the company's government segment generated approximately $24 million in revenue during Q3 2025. A 5-year contract award for reactivating South Texas assets in Dilley, Texas, is valued at $246 million supporting U.S. government initiatives.

The financial strength underpinning these propositions includes a low debt-to-equity ratio of 0.03 and a strong Altman Z-Score of 4.74. Total available liquidity stood at approximately $205 million as of September 30, 2025, with zero net debt.

You can see the value proposition is built on securing large, long-duration contracts that leverage their existing operational footprint, like the Nevada project which required a minimal capital investment of approximately $8 million to $10 million.

Target Hospitality Corp. (TH) - Canvas Business Model: Customer Relationships

You're looking at how Target Hospitality Corp. locks in its revenue and keeps its clients coming back, which is key when you're dealing with massive, multi-year infrastructure projects. The relationship strategy here is all about deep integration and long-term commitment, not just transactional service.

The company emphasizes dedicated account management for its large, long-term contracts. This isn't just a sales rep checking in; it's about embedding Target Hospitality's team to manage complex, evolving needs over years. This approach clearly pays off, as management noted customer renewal rates exceeding 90%. That's a strong signal of satisfaction in this sector. Also, the average existing customer relationship length is reported to be over 5 years.

Revenue stability is heavily supported by contractual agreements that are designed to be sticky. You see this in how they structure deals, like the Data Center Community contract which includes four one-year extension options, potentially keeping the agreement active through March 2032. This contractual nature minimizes revenue uncertainty.

Consultative selling is how Target Hospitality designs these long-term partnerships. They don't just drop off trailers; they work with the client to design the community scope. We see concrete examples of this customization leading to revenue uplifts. For instance, scope modifications on the Workforce Hub Contract resulted in a 19% increase from the original contract value, boosting its total expected revenue through 2027 to approximately $166 million.

Here's a quick look at some of the significant, multi-year contract activity that defines these relationships in 2025:

• Total new multi-year contract awards announced in 2025 reached over $455 million.
• The Dilley Contract is valued at approximately $246 million over its expected 5-year term.
• The Data Center Community Expansion increased its total committed minimum revenue to approximately $83 million, a rise of over 90% from the initial contract.
• The recently announced Power Community Contract is projected to generate $35 million in revenue over 25 months.

These large deals underpin the reaffirmed 2025 total revenue outlook, which management set between $310 million and $320 million. The ability to secure these long-term, high-value agreements, often with scope expansions, shows the success of their consultative, relationship-first model.

To be defintely clear on the scale of these long-term commitments, here's how some of the major contracts stack up:

Contract/Segment	Revenue Impact/Value	Term/Duration Detail
Total New Multi-Year Contracts (2025)	Over $455 million	Across diverse end-markets in 2025
Workforce Hub Contract (Modified)	Total expected revenue of $166 million through 2027	Represents a 19% increase from original value
Dilley Contract	Approximately $246 million over 5 years	Projected to generate about $30 million in 2025 revenue
Data Center Community Expansion	Total committed minimum revenue of $83 million	Over 90% increase from initial $43 million contract
New Power Community Contract	Expected revenue of $35 million	Over a 25-month term, starting June 2026

Finance: draft 13-week cash view by Friday.

Target Hospitality Corp. (TH) - Canvas Business Model: Channels

You're looking at how Target Hospitality Corp. gets its services and contracts in front of customers, which is heavily weighted toward direct engagement with large entities, especially government bodies.

The company's channel strategy heavily relies on securing multi-year, large-scale agreements through direct negotiation, which is evident in the significant contract wins announced through late 2025.

Target Hospitality Corp. has announced over $455 million in multi-year contract awards in 2025 alone, showing the effectiveness of their direct sales and negotiation channels across diverse end-markets.

Direct sales team focused on government and Fortune 500 clients

The focus on large, specific clients is clear from the nature of the contract awards, which include entry into the data center/AI market with the launch of the Target Hyper/Scale brand.

• Customer renewal rates are reported as exceeding 90%.
• Average existing customer relationship duration is exceeding 5 years.
• The company is actively pursuing growth across commercial end-markets, including the rapidly expanding AI and data center space.

The execution of these large commercial deals is supported by specialized hiring, with several new people dedicated to the data center effort who have backgrounds in that world.

Direct contract negotiation with U.S. Government agencies

Direct negotiation with the U.S. Government remains a core channel, exemplified by the reactivation of assets in South Texas.

The Government segment generated approximately $24 million in revenue in the third quarter of 2025.

Here's a look at the major contract wins that define this channel as of late 2025:

Contract/Initiative	Channel Focus	Total Contract Value (Approximate)	2025 Revenue Expectation
Dilley Contract	U.S. Government Initiatives	$246 million (5-year term)	$30 million
Workforce Hub Contract	Critical Mineral Supply Chain (Commercial/Industrial)	$166 million (through 2027)	Revenue recognized across multiple years
Data Center Community Contract	AI and Data Center End-Market (Commercial/Tech)	$43 million (multi-year)	$5 million

Target Hospitality Corp. is also on the DoD WEXMAC contract vehicle, which serves as another formal channel for competing for government awards.

Investor Relations for capital market communication

Communication with capital markets is managed through scheduled public disclosures and investor events. The company reaffirmed its 2025 guidance during the Third Quarter 2025 Earnings Call on November 06, 2025.

• Reaffirmed 2025 Total Revenue guidance: $310 million to $320 million.
• Reaffirmed 2025 Adjusted EBITDA guidance: $50 million to $60 million.
• Total available liquidity as of September 30, 2025: Approximately $205 million.
• Net debt as of September 30, 2025: Zero.

Regional presence in key development areas like Northern Nevada

While specific 2025 financial data for Northern Nevada isn't detailed in the latest reports, the operational strategy involves maintaining assets in a 'ready state' to support future demand across regions.

The company maintains assets in West Texas, which are kept in a 'ready state' with carrying costs of approximately $2-$3 million per quarter while awaiting awards.

• Dilley assets, reactivated to support the government contract, are fully operational, capable of supporting up to 2,400 individuals.
• The company utilizes its existing network of communities across the U.S. to service demand.

Finance: draft 13-week cash view by Friday.

Target Hospitality Corp. (TH) - Canvas Business Model: Customer Segments

You're looking at the core groups Target Hospitality Corp. serves, which is definitely shifting toward commercial and away from being solely government-dependent, though that government work remains a bedrock. The company's strategy in late 2025 is clearly about diversifying its revenue base using the strength of its existing platform.

Target Hospitality Corp. has announced over $530 million in multi-year contract awards in 2025 alone, showing a strong push into new commercial verticals.

The primary customer segments are:

• - U.S. Government (e.g., DHS, ICE) for emergency detention and services
• - Critical mineral and energy infrastructure developers (Workforce Hub Contract)
• - Data center and AI infrastructure companies for remote housing
• - Large industrial and construction projects needing remote workforce lodging

Here's a breakdown of the key customer groups and the associated financial scale as of late 2025.

U.S. Government (e.g., DHS, ICE) for Emergency Detention and Services

This segment is anchored by significant, long-term government agreements. The reactivation of the South Texas assets in Dilley, Texas, supports critical U.S. government initiatives. This 5-year contract is valued at $246 million. For the 2025 fiscal year, this Dilley community is projected to generate approximately $30 million in revenue. The community is fully operational, capable of supporting up to 2,400 individuals. For context on the segment's contribution, the Government segment generated approximately $24 million in revenue during the third quarter of 2025.

Critical Mineral and Energy Infrastructure Developers (Workforce Hub Contract)

This segment is driven by major resource development, exemplified by the multi-year Workforce Hub Contract supporting a North American critical mineral supply chain. This contract has seen scope enhancements, raising its total expected revenue through 2027 to approximately $166 million, which is a 19% increase over the original value. The company anticipated realizing approximately $68 million of committed minimum revenue from this contract in 2025.

Data Center and AI Infrastructure Companies for Remote Housing

Target Hospitality Corp. has actively entered the rapidly expanding AI and data center end-market, launching the Target Hyper/Scale brand to address this. They secured a multi-year lease and services agreement, the Data Center Community Contract, valued at $43 million. The initial 250-bed community associated with this contract contributed approximately $5 million in revenue during 2025.

Large Industrial and Construction Projects Needing Remote Workforce Lodging

This category captures recent diversification wins, like the new multi-year contract announced in December 2025 to support power generation expansion in Northern Nevada. This project, which supports mining and data center development, is expected to generate approximately $35 million in revenue over its 25-month term, starting in June 2026. The facility will house up to 250 workers. This new award, leveraging existing regional capacity established earlier in 2025 for the Thacker Pass workforce hub contract, required a minimal capital investment of approximately $8 to $10 million.

You can see how these commercial wins are stacking up against the overall business performance:

Customer Segment / Contract	Contract/Project Value (Committed/Expected)	Capacity (Individuals)	Key 2025 Financial Impact
U.S. Government (Dilley Contract)	$246 million (5-year term)	Up to 2,400	Approx. $30 million in 2025 revenue
Critical Mineral/Energy (Workforce Hub)	$166 million (Through 2027)	Approx. 2,000	Approx. $68 million committed minimum in 2025
Data Center/AI (Initial Community)	$43 million (Lease/Services Agreement)	250 (Initial Community)	Approx. $5 million in 2025 revenue
Industrial/Power Infrastructure (NV Project)	$35 million (25-month term)	Up to 250	Expected to represent 11% of LTM revenue of $314.55 million

The company's total announced multi-year contracts in 2025 reached over $530 million. The third quarter 2025 total revenue was $99.4 million. The Workforce Hospitality Solutions segment, which includes the Workforce Hub and data center contracts, generated approximately $37 million in revenue in Q3 2025, primarily from construction activity.

You'll note the strong customer retention, with management reporting customer renewal rates exceeding 90% and the average existing customer relationship exceeding 5 years.

Finance: draft 13-week cash view by Friday.

Target Hospitality Corp. (TH) - Canvas Business Model: Cost Structure

You're looking at the cost side of Target Hospitality Corp.'s operations as of late 2025. The core of their cost structure ties directly to deploying and maintaining their modular assets, which means a significant portion is fixed, but day-to-day service delivery brings in variable expenses.

The high fixed costs come from owning and operating the modular accommodation fleet. This includes the initial outlay for the assets and the ongoing costs to keep them ready. For instance, the depreciation expense for the three months ended September 30, 2025, was reported at $15.09 million.

Variable costs scale with occupancy and service demand. These are the costs tied to keeping the communities running smoothly for the residents. Community operating costs specifically include things like catering food purchases, lodge supplies, apparel and uniform expenses, linen expenses, operating lease expense for land, facilities, and equipment, property taxes, and utility costs.

Capital expenditures are a major component, especially with the current growth pipeline focused on data centers and critical minerals. Target Hospitality Corp. had approximately $29.0 million in capital expenditures for the three months ended September 30, 2025, mainly for construction under the Data Center Community Contract. The company is actively funding new builds; for example, the Power Community Contract construction requires a capital investment estimated between $8 million to $10 million. Separately, the Data Center Community Expansion involves a capital investment of approximately $10 to $15 million.

Depreciation and maintenance of the accommodation fleet are non-cash fixed costs that reflect the wear and tear on these specialized assets. As noted, depreciation for Q3 2025 was $15.09 million.

Corporate overhead and general administrative expenses represent the costs to run the central business functions. For the quarter ending September 30, 2025, the Selling, General & Admin Expense was $12.92 million. The total operating expenses for that same quarter were $17.88 million.

Here's a snapshot of some key expense metrics from recent quarters in 2025:

Expense Category (Period Ending)	Amount (USD Millions)
Total Operating Expenses (Sep 30, 2025)	$17.88
SG&A Expense (Sep 30, 2025)	$12.92
Depreciation Expense (Sep 30, 2025)	$15.09
Capital Expenditures (3 Months Ended Sep 30, 2025)	$29.0
Estimated Annual Interest Savings from Note Redemption	~$19.5

You can see how the construction activity impacts the cash flow and expense lines. The higher operating expenses in Q3 2025, compared to Q2 2025's $16.59 million in total operating expenses, were primarily due to construction services activity under the Workforce Hub Contract.

The structure of these costs means Target Hospitality Corp. needs high utilization and strong contract pricing to cover the fixed asset base. The variable costs, while necessary for service delivery, are managed through the specific terms of their hospitality contracts.

• High fixed costs from owning and operating modular assets.
• Variable costs for food service, housekeeping, and site labor.
• Capital expenditures for new community construction, like $8M to $10M for Power Community.
• Depreciation and maintenance of accommodation fleet, with Q3 2025 depreciation at $15.09 million.
• Corporate overhead and general administrative expenses, with Q3 2025 SG&A at $12.92 million.

Finance: draft 13-week cash view by Friday.

Target Hospitality Corp. (TH) - Canvas Business Model: Revenue Streams

Target Hospitality Corp. full-year 2025 revenue guidance is set at $310 million to $320 million.

The trailing twelve-month revenue as of September 30, 2025, was reported as $315 million.

Revenue streams are derived from distinct segments, with significant contributions from both government and commercial/workforce solutions contracts.

Revenue Stream Component	Specific Contract/Segment	Latest Reported Period Data (Q3 2025)	Relevant Full Contract Value/Guidance
Government Segment Revenue	Dilley Contract (CoreCivic)	Approximately $24 million in Q3 2025 revenue.	Expected to generate approximately $30 million in revenue in 2025. Total contract value over 5 years is over $246 million.
Workforce Hospitality Solutions (WHS) Revenue	Workforce Hub Contract (Commercial)	Approximately $37 million in Q3 2025 revenue (WHS segment including Hub and data center contracts).	Total contract value now approximately $166 million through 2027, a 19% increase from original value.
Construction and Services Revenue	New Contract Ramp-ups (e.g., Workforce Hub)	Approximately $36.8 million in Q3 2025 revenue, primarily from construction services activity.	Q2 2025 saw approximately $15.0 million in revenue from construction services activity on the Workforce Hub Contract.
Diversification Revenue	Data Center Community Contract	New Data Center Community Contract secured in 2025.	Multi-year lease and services agreement valued at $43 million.
Value-Added Services Revenue	Other Hospitality Services	Approximately $3.0 million in Q3 2025 revenue.	Q2 2025 revenue for this category was $2.9 million.

Target Hospitality Corp. secured over $455 million in new multi-year contract awards for 2025.

The company is also seeing revenue from newer commercial agreements:

• - Power Community Contract in Northern Nevada is expected to generate approximately $35 million over 25 months, starting June 2026.
• - The Workforce Hub Contract supports a North American critical mineral supply chain.

Revenue from the Government segment in Q3 2025 was approximately $24 million.

For the third quarter of 2025, total revenue was $99.4 million.