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THE WOODLANDS , Texas , May 24 , 2021 ( PRNewswire ) - Target Hospitality Corp. ( " Target Hospitality " , " Target " or the " Company " ) ( NASDAQ : TH ) , the largest provider of vertically - integrated specialty hospitality accommodations with premium food management and value - added hospitality services in the U.S. , today reported results for the three months ended March 31 , 2021 . Target Hospitality Announces First Quarter 2021 Results and Raises Full Year 2021 Financial Outlook Financial and Operational Highlights for the First Quarter 2021 Revenue of $ 45.5 million for the three months ended March 31 , 2021 as compared to $ 71.7 million for the same period in 2020 ● ● Net loss of $ 13.1 million for the three months ended March 31 , 2021 , compared to net income of $ 5.5 million for first quarter 2020 Basic and diluted loss per share of $ 0.14 for the three months ended March 31 , 2021 Adjusted EBITDA ( ¹ ) of $ 16.0 million for the three months ended March 31 , 2021 , compared to $ 32.4 million for the same period in 2020 Continued strengthening customer demand with sequential quarterly utilization increasing 800 basis points in the first quarter of 2021 Executed a $ 118 million minimum revenue contract that provides a suite of comprehensive service offerings assisting humanitarian aid efforts in support of the United States Government Approximately 72 % of 2021 revenue under committed revenue contracts , with approximately 54 % of 2021 revenue related to Government Services As of May 24 , 2021 , reduced year - to - date 2021 outstanding borrowings on the Company's ABL by $ 21 million Increasing midpoint of 2021 Adjusted EBITDA outlook range 11 % to $ 97 - $ 107 million from $ 88 - $ 95 million Executive Commentary " Target's first quarter performance exemplifies the benefits of our strong operating position that allows us to serve our customers varying needs , while also expanding the end - markets we serve . As we continue to see post - pandemic re openings , Target experienced a consistent increase in demand for its premium service offerings , which was reflected in margin expansion and improving operational metrics during the quarter , " stated Brad Archer , President and Chief Executive Officer . " The continued momentum in customer activity and demand provides confidence in the cadence for the rest of 2021 and into 2022. Additionally , the new partnership within our Government Services segment is off to a strong start and demonstrates Target's rapid operational flexibility and scale . As the economic outlook continues to improve , we anticipate this momentum to continue , which will provide the backdrop for meaningful near - term debt reduction and further strengthening of Target's financial position through the balance of 2021 and into next year , " concluded Mr. Archer . Financial Results First Quarter Summary Highlights Refer to exhibits to this earnings release for definitions and reconciliations of Non - GAAP financial measures to GAAP financial measures For the Three Months Ended ( $ in ' 000s , except ADR and per share amounts ) Revenue Net income ( loss ) Earnings ( loss ) per share basic and diluted Adjusted EBITDA Average daily rate ( ADR ) Average utilized beds Utilization LA LA LA LA LA March 31 , 2021 45,492 ( 13,138 ) ( 0.14 ) 15,961 $ 70.01 $ $ 6,861 LA LA LA LA LA 51 % $ $ March 31 , 2020 ( Restated ) 71,655 5,454 0.06 32,352 77.82 9,798 76 % Revenue for the three months ended March 31 , 2021 was $ 45.5 million compared to $ 71.7 million for the same period in 2020. The decrease in revenue was primarily driven by a reduction in customer activity as a result of the COVID - 19 TH Q1 2021 Earnings Release