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JFB Construction Holdings (JFB-9.01%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes consolidated financial statements showing a decrease in revenues to $23,087,885 from $32,366,003 in the previous year. This decline is attributed to a reduction in new contracts awarded and project commencements due to seasonality, inflation, and high interest rates.
Cost of revenues decreased to $18,053,324 from $25,095,042, reflecting reduced project activity and cost-saving measures.
The company reported a gross profit of $5,034,561, down from $7,270,961 in the previous year, due to decreased revenue.
General and administrative expenses increased to $4,836,781 from $3,107,635, driven by investments in talent acquisition, administrative infrastructure, and new software.
Net income for the year was $119,005, down from $4,145,762 in the previous year, primarily due to reduced revenue and increased expenses.
Cash provided by operating activities was $3,481,851, while cash used in investing activities was $817,534, primarily for vehicle acquisitions and headquarters construction.
The company had a working capital of $4,488,300 as of December 31, 2024.
JFB Construction Holdings continues to focus on expanding its market presence in the Southern Atlantic region and exploring opportunities in real estate development.
The filing also details various related party transactions, including leases and construction agreements with entities controlled by the CEO, Joseph F. Basile III.
The company identified a material weakness in its internal controls over financial reporting due to a lack of segregation of duties and errors identified by the external auditor.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the JFB Construction Holdings annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.