JFB Construction Announces Commencement of Phase 1 of 3 and Approval and Issuance of $18.9 Million Bond to act as General Contractor for Public High School in DeSoto County, Fla.

Rhea-AI Summary

JFB Construction (NASDAQ: JFB) was approved to issue an $18.9 million bond to act as general contractor for Phase 1 of a three-phase public high school project in DeSoto County, Florida.

The overall contract is valued at $100 million for a ~100,000 sq ft campus across 40+ acres adding capacity for 1,379 students. JFB said it has >$34 million in working capital and has started Phase 1 construction, targeted for completion in January 2026. Phase 2 is valued at >$30 million with planned start in June 2026. CEO Joseph F. Basile III signed a personal guarantee tied to the contract.

Positive

• $100M total contract value
• Issued $18.9M bond enabling Phase 1 start
• $34M+ working capital strengthening bonding capacity
• Phase 1 start with Jan 2026 completion target
• Phase 2 contract valued >$30M planned for Jun 2026

Negative

• CEO signed a personal guarantee creating owner liability
• Aggressive Phase 1 timeline to complete by Jan 2026

Insights

Infrastructure & Construction Finance Analyst

JFB secured an $18.9M bond and started Phase 1 of a $100 million school contract; Phase 2 slated for June 2026.

JFB will act as general contractor under an $18.9 million bond that enables work to start on the first of three phases of a public high school project totaling $100 million. The company reports existing construction underway and a planned Phase 1 completion in January 2026, with Phase 2 work valued at over $30 million to begin in June 2026. The CEO provided a personal guarantee and the firm cites over $34 million in working capital as a key enabler for bonding capacity.

The business mechanism is straightforward: bonding reduces client risk and lets JFB secure public construction revenue streams while subcontractor payments gain assurance. Key dependencies include timely performance to meet the Phase 1 January 2026 completion, effective subcontractor management, and the sufficiency of stated working capital to support cash flow during build-out. Watch for documentation of bond terms, any draws against working capital, and commencement confirmations for Phase 2 in June 2026. Expect relevant developments during the next two fiscal quarters.

Total contract valued at $100 million

Lantana, Fla., Nov. 04, 2025 (GLOBE NEWSWIRE) -- JFB Construction Holdings (Nasdaq: JFB), a real estate development and construction company focused on hospitality, commercial, industrial, and residential property development, today announced that it has been approved for the issuance of an $18.9 million bond to act as general contractor for the first phase of construction of a public high school in DeSoto County, Fla.

“Last month we announced that we executed an $18.9 million contract for the first of three phases of the construction and continuation of the existing campus of the high school of [a total of] approximately 100,000 square feet, over 40 acres, for an additional 1379 students,” said CEO Joseph F. Basile, III. The total value of the contract is $100 million.

“I have signed a personal guarantee, demonstrating the confidence I have in JFB Construction and the financial ability of the company to complete this project on time and on budget. This approval and bond issuance will allow us to proceed with the contract, as the bond provides a financial guarantee to the client that the project will be completed and that subcontractors and suppliers will be paid. 

“Our strong balance sheet, with over $34 million in working capital, is a leading factor in being awarded these types of contracts. Our working capital enhances our bonding capacity, which is critical for securing larger and more complex construction projects, with lower risk to our clients.

“We have started construction and we plan to complete construction of Phase 1 in January 2026. The value of the Phase 2 contract is valued at over $30 million, on which we plan to commence construction in June 2026,” concluded Mr. Basile.

About JFB Construction Holdings

JFB Construction Holdings (“JFB”) offers generations of combined experience in residential and commercial construction and development. Having the experience of building multifamily communities, shopping centers, national franchises, and exclusive estate and equestrian homes, with over 2 million square feet of commercial and retail space, JFB provides hands-on professional expertise, which has led to the quality and production we are known for.

JFB’s reputation has been built on our clients' trust and the value we bring to each project.

JFB is proud that most of our projects are obtained through referrals and repeat customers, and that to date we have provided general contracting and construction management services in 36 U.S. states.

Caution Regarding Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law.

JFB Construction Holdings Contact:
Joseph F. Basile, III
561-582-9840.
joe@jfbconstruction.net

Investor Relations Contact:
CORE IR
Mike Mason
516 222 2560
investors@jfbconstruction.net

FAQ

What did JFB (NASDAQ: JFB) announce on November 4, 2025 about the DeSoto County high school project?

JFB announced approval to issue an $18.9M bond and the start of Phase 1 for a project within a $100M total contract.

How large is the DeSoto County school contract JFB won and how many students will it serve?

The contract covers about 100,000 sq ft across 40+ acres and adds capacity for 1,379 students.

When does JFB expect to complete Phase 1 of the DeSoto County project (JFB)?

JFB plans to complete Phase 1 in January 2026.

What is the value and planned timing of Phase 2 for JFB's DeSoto County project?

Phase 2 is valued at more than $30M with construction planned to commence in June 2026.

How does JFB describe its financial position when awarding the DeSoto County contract?

JFB cited over $34 million in working capital as a factor that enhances its bonding capacity.

What does the $18.9M bond issued by JFB guarantee for the DeSoto County project?

The bond provides a financial guarantee that the project will be completed and that subcontractors and suppliers will be paid.

Did JFB's CEO provide any personal commitment for the DeSoto County contract?

Yes, CEO Joseph F. Basile III signed a personal guarantee related to the contract.