Liquidity is rapidly depleting, with cash reserves falling from $22.2M in 2025Q4 to $3.7M in 2026Q1, while the company continues to report negative AFFO of -$3.2M.
| Cash from Operations | -10.53M | -11.79M | 3.48M | 1.72M | 398.66K |
| Operating CF Growth % | -1758.96% | -438.61% | 102.2% | 331.96% | - |
| Operating CF / Revenue % | -36.07% | -47.85% | 15.08% | 5.32% | 1.65% |
| Net Income | -8.56M | -5.27M | 119K | 4.15M | 2.47M |
| Depreciation & Amortization | 188.94K | 251.91K | 179.65K | 100.03K | 48.33K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -359.26K | 1.2M | 150.5K | 33.29K | 4.03K |
| Working Capital Changes | -5.06M | -7.97M | 3.03M | -2.56M | -2.12M |
| Cash from Investing | -31.47M | -1.27M | -817.53K | -375.22K | -30.01K |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -30.22M | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -1.05M | -1.04M | 0 | 0 | 627 |
| Cash from Financing | 40.99M | 35.57M | -1.2M | -142.05K | -963.24K |
| Dividends Paid | 0 | 0 | -872.01K | -138.7K | -903.74K |
| Common Dividends | 0 | 0 | -872.01K | -138.7K | -903.74K |
| Debt Issuance (Net) | 0 | 0 | -332.87K | -3.35K | -59.5K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 552.75K | 1K | 0 | 0 | 0 |
| Net Change in Cash | -1.01M | 22.51M | 1.46M | 1.2M | -594.6K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 25.21M | 2.7M | 1.24M | 32K | 626.6K |
| Cash at End | 6.72M | 25.21M | 2.7M | 1.24M | 32K |
| Free Cash Flow | -10.72M | -12.02M | 2.66M | 1.35M | 368.02K |
| FCF Growth % | -600.58% | -551.02% | 97.83% | 265.96% | - |
| FCF / Revenue % | -36.73% | -48.77% | 11.54% | 4.16% | 1.52% |
Operational Scale and Execution
As reported in financial statements, JFB's FFO-to-Net Income ratio has fluctuated wildly, reaching -0.51 in 2026Q1, which suggests that GAAP earnings are failing to provide a reliable proxy for the company's actual cash-generating capacity during its current phase of project-based expansion.
The extreme variance in FFO relative to net income indicates that non-cash adjustments and project-specific accounting are significantly distorting the firm's reported performance. Investors should monitor this disconnect, as it implies that the company's operational cash flow is not currently tracking with its accounting profitability metrics.
Based on JFB's reported figures, the company has consistently failed to generate positive AFFO, with a deficit of -$3.2M in 2026Q1, indicating that there is currently no distributable cash flow available to support a sustainable dividend policy for shareholders.
The persistent negative AFFO suggests that the company's core operations are currently consuming rather than generating capital. Without a clear path to positive AFFO, any dividend payments appear to be funded by balance sheet cash rather than operational success, which warrants significant caution.
According to recent SEC filings, the gap between GAAP Net Income and FFO remains pronounced, as the company's inability to achieve positive FFO despite significant depreciation add-backs suggests that operational losses are outpacing the non-cash benefits typically enjoyed by real estate entities.
While REITs often use depreciation to bridge the gap between GAAP and cash earnings, JFB's negative FFO indicates that the underlying business is not yet profitable on a cash basis. This suggests that the firm's current cost structure is fundamentally misaligned with its revenue-generating potential.
Analysis of the cash flow statement reveals that JFB's OCF is highly erratic, swinging from $1.7M in 2026Q1 to -$9.0M in 2025Q4, which suggests that the company's reliance on project-based billing may be masking significant volatility in its underlying cash collection cycles.
The extreme swings in operating cash flow imply that the company is highly sensitive to the timing of project milestones and client payments. This volatility suggests that the firm's cash position is vulnerable to even minor delays in project completion or collections within its South Florida niche.
Quick answers to the most common questions about buying JFB stock.
JFB Construction Holdings Class A Common Stock (JFB) generated $-11.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JFB Construction Holdings Class A Common Stock (JFB) reported negative free cash flow of $12.0M in 2025, indicating capital requirements exceeded cash from operations.
JFB Construction Holdings Class A Common Stock (JFB) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.