Financial Data and Key Metrics Changes - Q3 total revenue was approximately $99 million, with adjusted EBITDA of approximately $22 million [12] - The government segment generated approximately $24 million in revenue during the quarter, with declines mainly due to the termination of the PCC contract [12] - The company ended the quarter with $30 million in cash and zero net debt, resulting in total available liquidity of approximately $205 million [18] Business Line Data and Key Metrics Changes - The HFS and All Other segments generated approximately $39 million in quarterly revenue, reflecting strong customer demand for premium service offerings [13][14] - The WHS segment generated approximately $37 million in revenue in Q3, primarily from construction activity related to the Workforce Hub contract [15] - The Workforce Hub contract's total value increased to approximately $166 million, reflecting a 19% increase from the original contract value [15] Market Data and Key Metrics Changes - The company added over $55 million in committed revenue contracts since Q2 2025, bringing the total value of new multi-year contract awards in 2025 to more than $455 million [4] - The demand for AI infrastructure and data center development is expected to require over $7 trillion in global capital investment over the next five years [8] Company Strategy and Development Direction - The company is focused on expanding and diversifying its business portfolio, with a strong emphasis on AI infrastructure and critical mineral investment [4][19] - The launch of the Target Hyperscale brand aims to provide essential hospitality solutions supporting multiple facets of the data center value chain [9] - The company is exploring opportunities encompassing over 15,000 beds, underscoring the depth of demand in the end market [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust growth pipeline and solid market fundamentals, indicating a strong outlook for 2025 [10][18] - The company anticipates increased contributions from the government segment in the coming quarters following the completion of the Gilley ramp-up [12] Other Important Information - The company completed the planned ramp-up of the Gilley community in September, which is now fully operational and capable of supporting up to 2,400 individuals [10] - Recurring corporate expenses for the quarter were approximately $11 million, with total capital spending of approximately $29 million [17] Q&A Session Summary Question: Update on repurposing of the Pecos, West Texas assets - Management indicated ongoing discussions with government customers and highlighted the potential for large data center and power projects in West Texas [22][24] Question: Insights on the Target Hyperscale brand - The brand was created to focus on the growing data center market, with dedicated personnel and a tailored approach to customer needs [26][27] Question: Revenue and EBITDA run rate expectations for the data center contract - The data center contract is expected to generate about $5 million in revenue this year, with a similar margin profile to the Dilley contract [30][36] Question: Timing for new awards and contracts - Management noted about 8,000 available beds going into next year and emphasized the growing pipeline of data center opportunities [68][69] Question: Urgency from customer bases regarding capacity - There is a recognized urgency among customers to secure capacity due to increasing demand and limited availability of skilled labor [73][74] Question: Economics of different segments - The margin profile for new opportunities is expected to be similar to the Dilley contract, with many being take-or-pay agreements [76]