Despite a 77.1% revenue surge in 2026Q1, NOI margins have significantly contracted to 12.4% from a 2024Q1 peak of 28.9%, suggesting ongoing difficulties in scaling profitable operations.
| Revenue | 29.2M | 24.64M | 23.09M | 32.37M | 24.2M |
| Revenue Growth % | 12.52% | 6.72% | -28.67% | 33.77% | - |
| Property Operating Expenses | 26.22M | 21.49M | 18.05M | 25.1M | 19.57M |
| Net Operating Income (NOI) | 2.98M | 3.15M | 5.03M | 7.27M | 4.62M |
| NOI Margin % | 10.19% | 12.79% | 21.81% | 22.46% | 19.1% |
| Operating Expenses | 12.03M | 8.8M | 5.07M | 3.25M | 2.16M |
| G&A Expenses | 11.55M | 8.38M | 4.89M | 3.15M | 2.11M |
| EBITDA | -8.79M | -5.4M | 146.15K | 4.12M | 2.51M |
| EBITDA Margin % | -30.09% | -21.93% | 0.63% | 12.73% | 10.38% |
| Depreciation & Amortization | 270.99K | 251.91K | 179.65K | 100.03K | 48.33K |
| D&A / Revenue % | 0.93% | 1.02% | 0.78% | 0.31% | 0.2% |
| Operating Income | -9.06M | -5.65M | -33.5K | 4.02M | 2.46M |
| Operating Margin % | -31.02% | -22.95% | -0.15% | 12.43% | 10.18% |
| Interest Expense | 0 | 489 | 32.65K | 31.29K | 1.68K |
| Interest Coverage | - | -10781.31x | 4.64x | 133.49x | 1473.99x |
| Non-Operating Income | -448.63K | -382.5K | -185.16K | -155.33K | -5.83K |
| Pretax Income | -8.56M | -5.27M | 119K | 4.15M | 2.47M |
| Pretax Margin % | -29.32% | -21.4% | 0.52% | 12.81% | 10.2% |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -8.56M | -5.27M | 119K | 4.15M | 2.47M |
| Net Margin % | -29.32% | -21.4% | 0.52% | 12.81% | 10.2% |
| Net Income Growth % | -23934.05% | -4530.53% | -97.13% | 68.03% | - |
| Funds From Operations (FFO) | -8.29M | -5.02M | 298.65K | 4.25M | 2.52M |
| FFO Margin % | -28.39% | -20.38% | 1.29% | 13.12% | 10.4% |
| FFO Growth % | -8135.53% | -1781.09% | -92.97% | 68.78% | - |
| FFO per Share | -0.63 | -0.30 | 0.02 | 0.23 | 0.14 |
| FFO Payout Ratio % | 0% | 0% | 291.98% | 3.27% | 35.93% |
| EPS (Diluted) | -0.65 | -0.31 | 0.01 | 0.23 | 0.14 |
| EPS Growth % | -28350% | - | -97.13% | 66.67% | - |
| EPS (Basic) | - | -0.31 | 0.01 | 0.23 | 0.14 |
| Diluted Shares Outstanding | 13.25M | 16.97M | 18.5M | 18.5M | 18.5M |
Operational Scale and Execution
As reported in recent financial filings, JFB experienced a 77.1% revenue surge in 2026Q1, yet this top-line expansion failed to translate into profitability, as the company continues to struggle with inconsistent project-based revenue cycles that complicate the stabilization of its core construction and development business segments.
The extreme quarterly revenue fluctuations suggest that JFB remains highly dependent on the timing of specific project completions rather than a steady stream of recurring income. This volatility makes it difficult to assess whether the recent growth is a sustainable trend or merely a lumpy recognition of project milestones.
According to the provided income statement data, NOI margins have contracted significantly from a peak of 28.9% in 2024Q1 to 12.4% in 2026Q1, indicating that rising operating costs are increasingly eroding the profitability of the company's property-level activities within the competitive South Florida construction market.
The inability to maintain high NOI margins suggests that JFB is facing mounting pressure from subcontractor labor costs and material inflation. Investors should monitor whether these margin headwinds are structural or if they reflect a temporary period of aggressive bidding to secure market share in the Lantana corridor.
Based on the company's reported figures, FFO has deteriorated into negative territory, reaching -$3.2M in 2026Q1, which highlights a concerning disconnect between the firm's revenue growth and its ability to generate positive cash flow from its core real estate and construction operations for shareholders.
The consistent negative FFO trajectory suggests that the company's current overhead structure is not appropriately scaled to its revenue base. This persistent cash burn warrants further investigation into whether management can achieve the necessary operating leverage to reach a break-even point in the near term.
Analysis of the income statement reveals that JFB's reliance on project-based accounting may be masking underlying operational weaknesses, as the company's net income has swung from positive territory in 2024 to consistent losses, suggesting that capitalized costs may be deferring necessary expense recognition on the balance sheet.
The discrepancy between revenue growth and negative net income implies that the company may be struggling with project execution or cost overruns that are not immediately reflected in the top line. Analysts should remain cautious regarding the quality of earnings until the company demonstrates a consistent ability to convert project billings into positive net income.
Quick answers to the most common questions about buying JFB stock.
For fiscal year 2025, JFB Construction Holdings Class A Common Stock (JFB) reported total revenue of $24.6M. This represents a 1.8% increase compared to $24.2M in 2022.
JFB Construction Holdings Class A Common Stock (JFB) reported a net loss of $5.3M for the fiscal year ending 2025.
JFB Construction Holdings Class A Common Stock (JFB) reported an operating income of $-5.7M, resulting in an operating profit margin of -22.9%. This margin reflects the operational efficiency of the business before interest and taxes.
JFB Construction Holdings Class A Common Stock (JFB) generated $3.2M in gross profit for the year, representing a gross profit margin of 12.8%. This demonstrates the company's core pricing power and production efficiency.