Tecnoglass Reports First Quarter 2026 Results
Rhea-AI Summary
Tecnoglass (NYSE: TGLS) reported record Q1 2026 revenue of $249.0 million, up 12.0% year‑over‑year, with net income of $31.9 million ($0.71 diluted) and adjusted EBITDA of $61.5 million (24.7% of revenue). Backlog expanded to $1.36 billion. Total liquidity was about $425.0 million.
The company repurchased $16.5 million of shares, paid $6.7 million in dividends, reaffirmed 2026 guidance, and is proceeding with U.S. redomiciliation and a U.S. site feasibility study.
Positive
- Revenue +12.0% YoY to $249.0M
- Record backlog of $1.36B, +19.1% YoY
- Adjusted EBITDA of $61.5M (24.7% of revenue)
- Liquidity approximately $425.0M available
- Returned capital: $16.5M repurchases and $6.7M dividends
Negative
- Gross margin declined to 38.5% from 43.9% prior year
- Adjusted EBITDA margin fell to 24.7% from 31.6%
- Incremental $6.4M headwind from higher U.S. aluminum costs
- Operating cash flow $6.7M with inventory build and $17.3M capex
Key Figures
Market Reality Check
Peers on Argus
TGLS was up 3.57% pre-earnings while peers were mixed: TTAM +4.48%, CX +4.35%, KNF +1.68%, EXP +1.09%, USLM -1.99%, suggesting a stock-specific move rather than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 26 | FY 2025 earnings | Positive | -6.3% | Record 2025 revenue and earnings with 2026 growth guidance and buybacks. |
| Nov 06 | Q3 2025 earnings | Positive | -6.4% | Record Q3 revenue, strong EBITDA and higher 2025 guidance with large backlog. |
| Aug 07 | Q2 2025 earnings | Positive | -4.1% | Record Q2 revenue, margin expansion, higher guidance and growing backlog. |
| May 08 | Q1 2025 earnings | Positive | +15.8% | Record Q1 revenue, margin improvement and raised 2025 outlook despite tariffs. |
| Feb 27 | FY 2024 earnings | Positive | +9.0% | Record 2024 revenue, strong cash flow, backlog growth and bullish 2025 guide. |
Earnings releases have often been fundamentally strong but produced mixed reactions, with three of the last five earning days seeing notable selloffs despite positive operational metrics.
Over the last five earnings releases from Feb 2024 through Feb 2026, Tecnoglass has repeatedly reported record revenues, expanding backlog and solid margins. Guidance has generally called for continued growth and margin strength, and liquidity has remained robust. However, share price reactions have been inconsistent, with several strong fundamental updates followed by negative one-day moves. Today’s Q1 2026 report extends themes of record backlog and solid growth but with margin compression and reaffirmed, lower Adjusted EBITDA guidance after aluminum tariffs.
Historical Comparison
In the last five earnings releases, average next‑day move was ±1.62% with several sharp selloffs. Today’s pre‑news gain of 3.57% is somewhat larger and more positive than that typical pattern.
Earnings updates have shown a steady progression of record revenues and backlog, with management repeatedly issuing growth-oriented guidance while navigating tariffs, aluminum costs and a stronger Colombian peso.
Market Pulse Summary
This announcement highlights record Q1 2026 revenue of $249.0M, 12.0% growth, and a record $1.36B backlog, underscoring solid demand. At the same time, margin pressure reduced net income to $31.9M and Adjusted EBITDA to $61.5M (24.7% margin). Management reaffirmed 2026 revenue guidance of $1.06–$1.13B and Adjusted EBITDA of $225–$245M, already reflecting aluminum tariff impacts. Investors may watch execution on pricing, automation, and the U.S. redomiciliation and facility plans.
Key Terms
adjusted ebitda financial
backlog financial
tariff regulatory
buy america regulatory
AI-generated analysis. Not financial advice.
- Record First Quarter Revenue of
- Net Income of
- Adjusted Net Income1 of
- Adjusted EBITDA1 of
- Backlog Expanded
- Strong Balance Sheet for Disciplined Deployment with Total Liquidity of
- Repurchased
- Advancing Automation and Logistics Optimization Initiatives to Further Mitigate Anticipated Net Tariff Impact –
- U.S. Redomiciliation Underway to Further Align Corporate Structure with U.S. Listing, Enhance Index Eligibility and Broaden Investor Access –
- Reaffirms Full Year 2026 Guidance -
Miami, FL, May 07, 2026 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NYSE: TGLS) (“Tecnoglass” or the “Company”), a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, today reported financial results for the first quarter ended March 31, 2026.
José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “First quarter results were in line with our expectations, with resilient performance across our key metrics reflecting the continued strength of our vertically integrated business model despite a dynamic cost environment. Demand for our product offerings remains strong, as demonstrated by another quarter of record backlog and healthy order activity, with momentum continuing into the second quarter. We continue to gain market share, supported by our differentiated platform, industry-leading margins and efficient cost structure. Our previously announced pricing actions are now in place, and the broad-based nature of industry cost pressures supports our confidence in executing these increases while preserving our competitive positioning. With a robust pipeline of value creation initiatives, a strong capital position, and further execution under our share repurchase authorization, we remain confident in our ability to deliver on our strategic objectives.”
Christian Daes, Chief Operating Officer of Tecnoglass, added, “We are encouraged by continued momentum across our platform. Our multi-family and commercial business delivered strong growth against our record backlog, and our single-family residential orders improved year-over-year during the quarter with solid momentum continuing into the second quarter. Our expanding dealer network and showroom footprint continue to support geographic diversification and market share gains nationwide, while our vinyl product lines are delivering incremental growth and broadening our addressable market. Backlog reached another record level, extending our multi-family and commercial pipeline visibility well into 2027. Amid the dynamic tariff landscape, our pricing initiatives and cost mitigation efforts are well underway, including logistics improvements, further automation across our operations, and ongoing supply chain optimization. We are also advancing our assessment of a proposed U.S. manufacturing initiative, with a well-located site identified and significant state and local incentives secured that strengthen the project’s potential economics if we decide to move forward based on market demand. Overall, demand across our end markets remains healthy and we believe the current environment presents opportunities to further strengthen our competitive position and capture additional market share.”
First Quarter 2026 Results
Total revenues for the first quarter of 2026 increased
Gross profit for the first quarter of 2026 was
Selling, general and administrative expense (“SG&A”) was
Net income was
Adjusted net income1 was
Adjusted EBITDA1, as reconciled in the table below, was
Cash Generation, Capital Allocation and Liquidity
Cash provided by operating activities for the first quarter of 2026 was
During the quarter, the Company returned capital to shareholders through an aggregate of approximately
The Company ended the first quarter of 2026 with total liquidity of approximately
Additional Updates
As previously reported, the Board of Directors has approved a plan to redomicile the Company from the Cayman Islands to the United States, subject to shareholder approval. If approved by shareholders, the redomiciliation is expected to be completed during the second quarter of 2026. The Company believes this action will support its strategic objectives by simplifying its organizational and regulatory structure, improving the tax efficiency of dividend distributions, and broadening its potential investor base to include investors that are limited to investing in U.S.-domiciled companies. Tecnoglass will remain headquartered in Miami, Florida following the redomiciliation.
Also as previously disclosed, the Company is conducting a feasibility study for the potential construction of a new state-of-the-art facility in the United States. As part of this process, the Company has identified a site that meets its project specifications and has secured substantial state and local tax credits that are expected to significantly enhance the potential economics of the proposed project. The proposed facility is expected to be highly automated and designed to support future growth beyond the Company’s current installed capacity, while also diversifying the Company’s operational footprint, improving lead times and transportation costs for certain markets and product types, enhancing supply chain efficiency, and expanding access to opportunities such as Buy America projects and quick-turnaround jobs. The Company expects to complete the purchase of land for this potential facility during the second quarter, which preserves strategic flexibility as due diligence continues and does not represent a commitment to proceed with any construction, which would occur in phases based on factors such as demand, market conditions and return profiles. If ongoing due diligence yields a favorable outcome, the Company currently expects that 2026 investments related to this proposed project would be limited to the purchase of land, currently estimated at approximately
Full Year 2026 Guidance
Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “Based on our strong execution to start the year, we are reiterating our full year revenue outlook in the range of
Webcast and Conference Call
Management will host a webcast and conference call on May 7, 2026, at 10:00 a.m. Eastern time to review the Company’s results. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass’ website at www.tecnoglass.com. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those unable to access the webcast, the conference call will be accessible by dialing 1-844-676-5131 (domestic) or 1-412-634-6589 (international). Upon dialing in, please request to join the Tecnoglass First Quarter 2026 Earnings Conference Call.
If you are unable to listen live, a replay of the webcast will be archived on the website. You may also access the conference call playback by dialing 1-844-512-2921 (Domestic) or 1-412-317-6671 (International) and entering passcode: 10208184.
About Tecnoglass
Tecnoglass Inc. is a leading producer of high-end aluminum and vinyl windows and architectural glass serving the multi-family, single-family, and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the Company’s 5.8 million square foot, vertically integrated, and state-of-the-art manufacturing complex provide efficient access to nearly 1,000 customers in North, Central and South America, with the United States accounting for
Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass’ filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law.
1 Adjusted net income (loss) and Adjusted EBITDA in both periods are reconciled in the table below.
Investor Relations:
Santiago Giraldo / CFO
305-503-9062
investorrelations@tecnoglass.com
Tecnoglass Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 91,116 | $ | 100,901 | ||||
| Investments | 3,244 | 3,150 | ||||||
| Trade accounts receivable, net | 264,380 | 239,448 | ||||||
| Due from related parties | 1,915 | 2,002 | ||||||
| Inventories | 253,279 | 213,524 | ||||||
| Contract assets – current portion | 29,301 | 31,809 | ||||||
| Other current assets | 76,822 | 62,724 | ||||||
| Total current assets | $ | 720,057 | $ | 653,558 | ||||
| Long-term assets: | ||||||||
| Property, plant and equipment, net | $ | 502,509 | $ | 476,159 | ||||
| Long term accounts receivable | 1,771 | 1,730 | ||||||
| Deferred income taxes | 2,361 | 1,257 | ||||||
| Contract assets – non-current | 25,009 | 20,506 | ||||||
| Intangible assets | 13,451 | 12,959 | ||||||
| Goodwill | 30,059 | 30,059 | ||||||
| Equity method investment | 58,144 | 57,443 | ||||||
| Other long-term assets | 7,089 | 6,721 | ||||||
| Total long-term assets | 640,393 | 606,834 | ||||||
| Total assets | $ | 1,360,450 | $ | 1,260,392 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Short-term debt and current portion of long-term debt | $ | 5,873 | $ | 427 | ||||
| Trade accounts payable and accrued expenses | 150,536 | 127,228 | ||||||
| Due to related parties | 9,414 | 10,881 | ||||||
| Dividends payable | 6,675 | 6,730 | ||||||
| Contract liability – current portion | 161,005 | 149,442 | ||||||
| Other current liabilities | 72,895 | 57,038 | ||||||
| Total current liabilities | $ | 406,398 | $ | 351,746 | ||||
| Long-term liabilities: | ||||||||
| Deferred income taxes | $ | 22,800 | $ | 22,404 | ||||
| Contract liability – non-current | 1,632 | 1,988 | ||||||
| Long-term debt | 194,386 | 171,202 | ||||||
| Total long-term liabilities | 218,818 | 195,594 | ||||||
| Total liabilities | $ | 625,216 | $ | 547,340 | ||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Preferred shares, | $ | - | $ | - | ||||
| Ordinary shares, | 5 | 5 | ||||||
| Treasury stock | (95,679 | ) | (79,218 | ) | ||||
| Legal Reserves | 1,458 | 1,458 | ||||||
| Additional paid-in capital | 153,358 | 153,358 | ||||||
| Retained earnings | 695,797 | 670,558 | ||||||
| Accumulated other comprehensive (loss) | (19,705 | ) | (33,109 | ) | ||||
| Shareholders’ equity attributable to controlling interest | 735,234 | 713,052 | ||||||
| Total liabilities and shareholders’ equity | $ | 1,360,450 | $ | 1,260,392 | ||||
Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)
| Three months ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Operating revenues: | ||||||||
| External customers | $ | 248,391 | $ | 221,272 | ||||
| Related parties | 621 | 1,016 | ||||||
| Total operating revenues | 249,012 | 222,288 | ||||||
| Cost of sales | (153,178 | ) | (124,763 | ) | ||||
| Gross profit | 95,834 | 97,525 | ||||||
| Operating expenses: | ||||||||
| Selling expense | (22,900 | ) | (23,617 | ) | ||||
| General and administrative expense | (27,993 | ) | (18,855 | ) | ||||
| Total operating expenses | (50,893 | ) | (42,472 | ) | ||||
| Other operating income | - | 4,276 | ||||||
| Operating income | 44,941 | 59,329 | ||||||
| Non-operating income, net | 856 | 1,016 | ||||||
| Equity method income | 102 | 1,344 | ||||||
| Foreign currency transactions gains (losses) | 917 | (509 | ) | |||||
| Interest expense and deferred cost of financing | (3,023 | ) | (1,331 | ) | ||||
| Income before taxes | 43,793 | 59,849 | ||||||
| Income tax provision | (11,902 | ) | (17,660 | ) | ||||
| Net income | $ | 31,891 | $ | 42,189 | ||||
| Basic income per share | $ | 0.71 | $ | 0.90 | ||||
| Diluted income per share | $ | 0.71 | $ | 0.90 | ||||
| Basic weighted average common shares outstanding | 44,632,706 | 46,989,948 | ||||||
| Diluted weighted average common shares outstanding | 44,632,706 | 46,989,948 | ||||||
| Other comprehensive income: | ||||||||
| Foreign currency translation adjustments | 13,212 | 19,576 | ||||||
| Change in fair value of derivative contracts and investments available for sale | 192 | (637 | ) | |||||
| Other comprehensive income (loss) | 13,404 | 18,939 | ||||||
| Total comprehensive income | $ | 45,295 | $ | 61,128 | ||||
Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) / (Unaudited)
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income | $ | 31,891 | 42,189 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Allowance for credit losses | 1,088 | 215 | ||||||
| Depreciation and amortization | 10,678 | 7,339 | ||||||
| Deferred income taxes | (551 | ) | 2,470 | |||||
| Equity method income | (102 | ) | (1,344 | ) | ||||
| Gain on disposal of assets | 481 | (4,273 | ) | |||||
| Deferred cost of financing | 152 | 283 | ||||||
| Other non-cash adjustments | (72 | ) | 223 | |||||
| Realized loss on derivative instruments | (531 | ) | - | |||||
| Unrealized currency translation loss | (6,072 | ) | (6,314 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Trade accounts receivable | (16,469 | ) | (18,993 | ) | ||||
| Inventories | (34,279 | ) | (8,678 | ) | ||||
| Prepaid expenses | (444 | ) | 86 | |||||
| Other assets | (4,076 | ) | (14,880 | ) | ||||
| Trade accounts payable and accrued expenses | 13,467 | 11,659 | ) | |||||
| Taxes payable | 16,873 | 15,653 | ||||||
| Labor liabilities | (2,178 | ) | (1,291 | ) | ||||
| Other liabilities | 126 | (114 | ) | |||||
| Contract assets and liabilities | (1,745 | ) | 23,132 | |||||
| Related parties | (1,522 | ) | (464 | ) | ||||
| CASH PROVIDED BY OPERATING ACTIVITIES | $ | 6,715 | 46,898 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Purchase of investments | (600 | ) | (74 | ) | ||||
| Sale of property and equipment | - | 12,308 | ||||||
| Acquisition of property and equipment | (17,264 | ) | (30,424 | ) | ||||
| CASH USED IN INVESTING ACTIVITIES | $ | (17,864 | ) | (18,190 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Cash dividend | (6,710 | ) | (7,048 | ) | ||||
| Stock buyback | (16,461 | ) | (124 | ) | ||||
| Proceeds from debt | 39,352 | 3,615 | ||||||
| Repayments of debt | (15,330 | ) | (3,880 | ) | ||||
| CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | $ | 851 | (7,437 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | $ | 513 | 1,149 | |||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | (9,785 | ) | 22,420 | |||||
| CASH AND CASH EQUIVALENTS - Beginning of period | 100,901 | 134,882 | ||||||
| CASH AND CASH EQUIVALENTS - End of period | $ | 91,116 | 157,302 | |||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 2,163 | 1,702 | |||||
| Income Tax | $ | 12,830 | 11,758 | |||||
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
| Assets acquired under credit or debt | $ | 7,864 | 11,063 | |||||
Revenues by Region
(Amounts in thousands)
(Unaudited)
| Three months ended | ||||||||||||
| Mar 31, | ||||||||||||
| 2026 | 2025 | % Change | ||||||||||
| Revenues by Region | ||||||||||||
| United States | 237,140 | 212,454 | 11.6 | % | ||||||||
| Colombia | 7,519 | 6,414 | 17.2 | % | ||||||||
| Other Countries | 4,353 | 3,420 | 27.3 | % | ||||||||
| Total Revenues by Region | 249,012 | 222,288 | 12.0 | % | ||||||||
Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
(In thousands)
(Unaudited)
The Company believes that total revenues with foreign currency held neutral, which are not performance measures under generally accepted accounting principles (“GAAP”), may provide users of the Company's financial information with additional meaningful bases for comparing the Company's current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. Management uses such performance measures in managing and evaluating the Company’s business. However, these non‑GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company's reported results under accounting principles generally accepted in the United States.
| Three months ended | ||||||||||||
| Mar 31, | ||||||||||||
| 2026 | 2025 | % Change | ||||||||||
| Total Revenues with Foreign Currency Held Neutral | $ | 248,127 | $ | 239,573 | 3.6 | % | ||||||
| Impact of changes in foreign currency | 885 | - | 8.5 | % | ||||||||
| Total Revenues, as Reported | $ | 249,012 | $ | 222,288 | 12.0 | % | ||||||
Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable.
Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income
(In thousands, except share and per share data) / (Unaudited)
Adjusted EBITDA and adjusted net (loss) income are non-GAAP performance measures. Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.
Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. Items excluded to arrive at forward-looking non-GAAP measures may have a significant, and potentially unpredictable, impact on our future GAAP results.
| Three months ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net income | 31,891 | 42,189 | ||||||
| Interest expense and deferred cost of financing | 3,023 | 1,331 | ||||||
| Income tax provision | 11,902 | 17,660 | ||||||
| Depreciation & amortization | 10,678 | 7,338 | ||||||
| Foreign currency transactions losses (gains) | (917 | ) | 509 | |||||
| Provision for bad debt | 1,088 | 215 | ||||||
| Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items) | 3,480 | 637 | ||||||
| Joint Venture VA (Saint Gobain) EBITDA adjustments | 404 | 321 | ||||||
| ADJUSTED EBITDA | 61,549 | 70,200 | ||||||
| Three months ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net income | 31,891 | 42,189 | ||||||
| Foreign currency transactions losses (gains) | (917 | ) | 509 | |||||
| Provision for bad debt | 1,088 | 215 | ||||||
| Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items) | 3,480 | 637 | ||||||
| Derivative financial instruments | 343 | - | ||||||
| Joint Venture VA (Saint Gobain) adjustments | (87 | ) | (53 | ) | ||||
| Tax impact of adjustments at statutory rate | (1,172 | ) | (419 | ) | ||||
| Adjusted net income | 34,626 | 43,078 | ||||||
| Basic income per share | 0.71 | 0.90 | ||||||
| Diluted income per share | 0.71 | 0.90 | ||||||
| Diluted Adjusted net income per share | 0.78 | 0.92 | ||||||
| Basic weighted average common shares outstanding in thousands | 44,633 | 46,990 | ||||||
| Diluted Weighted Average Common Shares Outstanding in thousands | 44,633 | 46,990 | ||||||
