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  4. [8-K] Tecnoglass Inc. Reports Material Event

Tecnoglass (NYSE: TGLS) lifts Q2 revenue 15.6% but profits hit by tariffs

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Tecnoglass Holdings Inc. reported second quarter 2026 results with record revenue of $295.3 million, up 15.6% year-over-year, driven by double-digit growth in both single-family residential and multi-family/commercial markets. Gross profit was $110.0 million, but gross margin declined to 37.3% from 44.7% as aluminum costs rose about 77%, the Colombian peso appreciated, wages increased and the company incurred severance tied to efficiency initiatives. Net income was $24.6 million, or $0.55 per diluted share, compared with $44.1 million, or $0.94, a year earlier. Adjusted net income was $23.8 million, and Adjusted EBITDA was $51.7 million, or 17.5% of revenue, versus 31.2% in the prior-year quarter.

Backlog expanded 15.6% year-over-year to a record $1.38 billion, and total liquidity stood at about $360 million, including $80.8 million of cash and $280.0 million of revolver availability, against total debt of $225.4 million, for net debt to LTM Adjusted EBITDA of roughly 0.6x. Operating cash flow in the first half was $11.1 million, with capital expenditures of $52.7 million and dividends of $13.4 million, including $6.7 million in the quarter. The company completed its redomiciliation to Florida, continued automation that enabled a 10% headcount reduction, is evaluating a potential new US facility, and updated 2026 guidance to revenue of $1.08–$1.12 billion and Adjusted EBITDA of $220–$230 million.

Positive

  • Record revenue and backlog: Q2 2026 revenue reached $295.3 million, up 15.6% year-over-year, and backlog climbed 15.6% to a record $1.38 billion, supporting multi-quarter growth visibility.
  • Strong balance sheet and liquidity: total liquidity of about $360 million and net debt to LTM Adjusted EBITDA near 0.6x provide capacity to fund automation, potential US expansion and shareholder returns.

Negative

  • Significant margin compression: gross margin fell to 37.3% from 44.7%, and Adjusted EBITDA dropped to $51.7 million (17.5% of revenue) from $79.8 million (31.2%) due to higher aluminum, labor, currency and tariff costs.
  • Earnings declined sharply: Q2 2026 net income was $24.6 million, or $0.55 per diluted share, down from $44.1 million, or $0.94, in the prior-year quarter.
  • Weaker cash generation amid heavy capex: operating cash flow for the first half was $11.1 million versus $64.8 million a year earlier, while capital expenditures rose to $52.7 million.

Filing Explained

As of August 6, the company had repurchased shares but retained $92.5 million of authorization; the proposed U.S. facility remained uncommitted.

The proposed U.S. facility remains in a feasibility-study stage: the company expects to purchase land by the end of August 2026, but states that this does not commit it to construction.

As of August 6, 2026, Tecnoglass had $92.5 million remaining under its repurchase program, which is authorization capacity rather than a completed transaction.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $295.3 million Total revenues for the second quarter of 2026, up 15.6% year-over-year
Q2 2026 Net Income $24.6 million Net income for the second quarter of 2026, versus $44.1 million in 2025
Q2 2026 Adjusted EBITDA $51.7 million Adjusted EBITDA for Q2 2026, representing 17.5% of total revenues
Backlog $1.38 billion Record backlog as of Q2 2026, up 15.6% year-over-year
Total Liquidity $360.0 million Cash and revolver availability at end of Q2 2026
Total Debt $225.4 million Total debt outstanding at the end of Q2 2026
2026 Revenue Guidance $1.08–$1.12 billion Full year 2026 revenue outlook provided by management
2026 Adjusted EBITDA Guidance $220–$230 million Full year 2026 Adjusted EBITDA guidance range
Adjusted EBITDA financial
"Adjusted EBITDA was $51.7 million, or 17.5% of total revenues"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Section 232 tariffs regulatory
"impact of the April enactment of Section 232 tariffs on certain aluminum-based products"
A U.S. law authority that lets the government impose import duties if certain goods are judged to threaten national security, commonly used for metals like steel or aluminum. For investors, these tariffs act like a sudden price hike or import tax on a company's raw materials or foreign competitors, which can raise costs, change profit margins, shift supply chains, and alter competitive advantage across affected industries.
redomiciliation regulatory
"completed its previously announced redomiciliation from the Cayman Islands to the United States"
Redomiciliation is when a company legally changes its country of incorporation while keeping the same business and assets, like moving a house to a new neighborhood but keeping the same furniture. Investors care because the company then follows a different set of laws and tax rules, which can change shareholder rights, reporting standards, dividend treatment and the ease of trading the stock, potentially affecting risk and return.
net debt to LTM Adjusted EBITDA financial
"conservative leverage profile of approximately 0.6x net debt to LTM Adjusted EBITDA"
Net debt to LTM adjusted EBITDA is a leverage ratio that compares a company’s net debt (total debt minus cash) to its earnings over the last twelve months after removing interest, taxes, depreciation, amortization and one‑time items. Investors use it like a speedometer for financial burden: a higher number means debt is large relative to the company’s ongoing cash earnings, indicating greater risk to creditors and shareholders and potential limits on growth or dividend capacity.
contract assets financial
"Contract assets – current portion $29,701 and non-current $28,414"
Contract assets are amounts a company has earned by doing work or delivering goods under a customer agreement but has not yet billed or collected because certain contract conditions remain. Think of it as completed work sitting in a company’s toolbox waiting for an invoice trigger. For investors, growing contract assets signal future cash and revenue potential but also raise questions about timing, cash collection risk and the real strength of reported sales.
Offering Type IPO/secondary/shelf/ATM
Price Range ... or null
Use of Proceeds ... or null

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FAQ

How did Tecnoglass (TGLS) perform financially in Q2 2026?
Tecnoglass reported record Q2 2026 revenue of $295.3 million, up 15.6% year-over-year. However, net income fell to $24.6 million from $44.1 million as margins compressed due to higher aluminum, labor, currency and tariff-related costs.

What is Tecnoglass (TGLS) backlog and revenue guidance for 2026?
Backlog expanded 15.6% year-over-year to a record $1.38 billion, reflecting strong project demand. For full year 2026, Tecnoglass guides to revenue of $1.08–$1.12 billion and Adjusted EBITDA of $220–$230 million, supported by its order book.

How strong is Tecnoglass (TGLS) liquidity and leverage position?
At Q2 2026, Tecnoglass had total liquidity of about $360 million, including $80.8 million cash and $280.0 million of revolver availability. Total debt was $225.4 million, resulting in a conservative net debt to LTM Adjusted EBITDA of roughly 0.6x.

How did tariffs and aluminum prices affect Tecnoglass (TGLS) in Q2 2026?
The company noted aluminum prices rose about 77% year-over-year, and Section 232 tariffs on finished aluminum window imports added roughly $17.0 million to SG&A in Q2. These factors contributed significantly to lower gross and EBITDA margins during the quarter.

What strategic moves did Tecnoglass (TGLS) make regarding its corporate structure and capacity?
Tecnoglass completed its redomiciliation to Florida on July 7, 2026, aligning its incorporation with its NYSE listing. It is also studying a potential new US facility, expecting to purchase land by end of August 2026 while continuing automation and a 10% headcount reduction.

What were Tecnoglass (TGLS) cash flow and capital return actions in early 2026?
For the first half of 2026, Tecnoglass generated $11.1 million in operating cash flow, invested $52.7 million in property and equipment, and paid $13.4 million in cash dividends, including $6.7 million in Q2. It also continued share repurchases with $92.5 million remaining under its program.
false 0001534675 0001534675 2026-08-06 2026-08-06 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): August 6, 2026

 

TECNOGLASS HOLDINGS INC.

(Exact Name of Registrant as Specified in Charter)

 

Florida   001-35436   98-1271120
(State or Other Jurisdiction   (Commission   (IRS Employer
of Incorporation)   File Number)   Identification No.)

 

3550 NW 49th Street, Miami, Florida 33142

 

Avenida Circunvalar a 100 mts de la Via 40, Barrio Las Flores Barranquilla, Colombia

(Address of Principal Executive Offices) (Zip Code)

 

(57)(5) 3734000

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Ordinary Shares   TGLS   The New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On August 6, 2026, Tecnoglass Holdings Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. The press release is included as Exhibit 99.1 hereto.

 

The information furnished under this Item 2.02, including the exhibit related thereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
99.1   Press release dated August 6, 2026
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: August 6, 2026

 

  TECNOGLASS HOLDINGS INC.
   
  By: /s/ Jose M. Daes
  Name: Jose M. Daes
  Title: Chief Executive Officer

 

 

 

 

 

Exhibit 99.1

 

 

Tecnoglass Reports Second Quarter 2026 Results, Including Record Revenues on Continued Market Share Gains

 

- Record Second Quarter Revenue of $295.3 Million, Up 15.6% Year-Over-Year, With Double-Digit Growth in Both Single-Family Residential and Multi-Family/Commercial -

- Net Income of $24.6 Million, or $0.55 Per Diluted Share -

- Adjusted Net Income1 of $23.8 Million, or $0.54 Per Diluted Share -

- Adjusted EBITDA1 of $51.7 Million, Representing 17.5% of Total Revenues -

- Backlog Expanded 15.6% Year-Over-Year to a Record $1.38 Billion -

- Strong Balance Sheet for Disciplined Deployment with Total Liquidity of $360 Million -

- Returned Value to Shareholders During the Quarter Through $6.7 Million in Dividends -

- Implemented Pricing Actions and Automation Initiatives Expected to Benefit Results in Second Half -

- Completed U.S. Redomiciliation, Aligning Corporate Structure with U.S. Listing, Enhancing Index Eligibility
and Broadening Investor Access -

- Updated Full Year 2026 Guidance -

 

Miami, FL – August 6, 2026 – Tecnoglass Holdings 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 second quarter ended June 30, 2026.

 

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “We delivered record second quarter revenues, with double-digit growth in both our single-family residential and multi-family and commercial businesses, reflecting healthy demand, continued market share gains and consistent execution across our expanding footprint. Margins developed largely as we outlined last quarter, reflecting elevated aluminum costs, a stronger Colombian Peso and the initial impact of the April enactment of Section 232 tariffs on certain aluminum-based products. We are addressing these dynamics through pricing actions, which began flowing into orders in May, along with logistics optimization and accelerated automation initiatives. We expect these actions to progressively benefit results in the second half of the year as we work toward a more optimized cost position entering 2027. Our first half actions and performance support our confidence in the balance of the year, and we remain focused on creating long-term value for our shareholders.”

 

Christian Daes, Chief Operating Officer of Tecnoglass, added, “Our backlog grew to another record of $1.38 billion, extending our track record of sequential quarter growth since 2021 and reflecting consistent execution on a growing pipeline of multi-family and commercial projects. Our new showrooms, expanding dealer network and vinyl lines continue to gain traction, helping us grow the share of single-family residential revenues generated outside of Florida by several hundred basis points year-to-date. We are making meaningful progress on our automation and efficiency program, which enabled a 10% headcount reduction as of the end of June, with additional automation expected to be operational by year end while preserving our capacity to serve a strong order book. We believe the actions underway are strengthening our cost structure and competitive position for years to come.”

 

 

 

 

Second Quarter 2026 Results

 

Total revenues for the second quarter of 2026 increased 15.6% to a record $295.3 million, compared to $255.5 million in the prior year quarter. Multi-family/commercial revenues grew 15.7% year-over-year to a record $168.8 million, driven by continued strong activity in key markets, including growth in markets beyond Florida. Single-family residential revenues grew 15.4% year-over-year to a record $126.5 million, reflecting continued market share gains and geographic expansion, along with the timing of orders placed ahead of May pricing actions. Changes in foreign currency exchange rates represented a $0.9 million benefit to total revenues in the quarter.

 

Gross profit for the second quarter of 2026 was $110.0 million, representing a 37.3% gross margin, compared to gross profit of $114.3 million, representing a 44.7% gross margin, in the prior year quarter. The year-over-year change in gross margin primarily reflected higher raw material costs as the average all-in U.S. aluminum price, which includes the Midwest premium, increased approximately 77% year-over-year, higher labor costs related to the annual minimum wage adjustment in Colombia at the beginning of the year, a strengthening of the Colombian Peso, which appreciated approximately 14% year-over-year, and approximately $0.7 million in severance costs related to headcount reductions associated with the Company’s efficiency and automation initiatives. These impacts were partly offset by operating leverage on higher volume. Pricing actions implemented in May began flowing into orders late in the quarter, with the revenue benefit beginning in the third quarter.

 

Selling, general and administrative expense (“SG&A”) was $73.5 million for the second quarter of 2026 compared to $53.1 million in the prior year quarter. The increase primarily reflected approximately $17.0 million of expenses associated with the recently implemented Section 232 tariffs on finished aluminum window imports, along with higher transportation and commission expenses associated with revenue growth in the quarter. As a percent of total revenues, SG&A was 24.9% for the second quarter of 2026 compared to 20.8% in the prior year quarter, primarily due to the aforementioned factors.

 

Net income was $24.6 million, or $0.55 per diluted share, in the second quarter of 2026 compared to net income of $44.1 million, or $0.94 per diluted share, in the prior year quarter, including a non-cash foreign exchange transaction gain of $5.2 million in the second quarter of 2026 and a gain of $0.8 million in the second quarter of 2025. These non-cash gains and losses relate to the accounting re-measurement of U.S. Dollar-denominated assets and liabilities against the Colombian Peso as the functional currency.

 

Adjusted net income1 was $23.8 million, or $0.54 per diluted share, in the second quarter of 2026 compared to adjusted net income1 of $48.5 million, or $1.03 per diluted share, in the prior year quarter. Adjusted net income1, as reconciled in the table below, excludes the impact of non-cash foreign exchange transaction gains or losses and other non-core items, along with the tax impact of adjustments at statutory rates, which management believes better reflects core financial performance.

 

Adjusted EBITDA1, as reconciled in the table below, was $51.7 million, or 17.5% of total revenues, in the second quarter of 2026, compared to $79.8 million, or 31.2% of total revenues, in the prior year quarter. The change was primarily attributable to the aforementioned factors impacting gross margin and SG&A.

 

 

 

 

Cash Generation, Capital Allocation and Liquidity

 

Cash provided by operating activities for the second quarter of 2026 was approximately $4.4 million, reflecting the seasonal timing of annual income tax payments for the Company’s Colombian subsidiaries, tariff-related payments, and continued strategic purchases of U.S.-sourced aluminum as part of the Company’s supply chain resilience and tariff mitigation strategy. Capital expenditures of approximately $35.4 million in the quarter included scheduled payments related to previously announced capacity and automation investments.

 

During the quarter, the Company returned capital to shareholders through $6.7 million in cash dividends. As of August 6, 2026, the Company had approximately $92.5 million remaining under its current share repurchase program.

 

The Company ended the second quarter of 2026 with total liquidity of approximately $360.0 million, including $80.8 million of cash and cash equivalents and $280.0 million of availability under its revolving credit facilities, and total debt of $225.4 million. The Company maintains a conservative leverage profile of approximately 0.6x net debt to LTM Adjusted EBITDA¹, providing significant financial flexibility to continue investing in growth initiatives and returning capital to shareholders.

 

Additional Updates

 

Effective July 7, 2026, the Company completed its previously announced redomiciliation from the Cayman Islands to the United States, following shareholder approval at the Annual General Meeting. Tecnoglass is now incorporated in the State of Florida and remains headquartered in Miami, Florida. The Company believes this milestone supports 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. The Company’s ordinary shares continue to trade on the NYSE under the symbol TGLS.

 

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. The Company expects to complete the purchase of land for this potential facility by the end of August 2026, 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. The Company is also in advanced discussions with state authorities to finalize incentives that would be expected to significantly enhance the potential economics of the proposed project.

 

Additionally, the Company continues to advance its automation and efficiency initiatives, completing a 10% reduction in headcount as of the end of June, with additional automation expected to be operational by year end.

 

Full Year 2026 Guidance

 

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “Based on our first half performance and the visibility provided by our order book, we are narrowing our full year 2026 revenue outlook to a range of $1.08 billion to $1.12 billion, with Adjusted EBITDA in the range of $220 million to $230 million. The revision primarily reflects sustained high aluminum costs and a Colombian peso that has strengthened beyond our prior assumptions, not a change in the demand for our products. We remain encouraged by demand trends and by our ability to grow well above industry rates. Looking ahead, we are committed to fully offsetting the impact of tariffs in 2027, as automation savings and full-year pricing are realized. With a conservative debt leverage profile and strong cash generation, we remain well-positioned to invest in growth while returning capital to shareholders.”

 

 

 

 

Webcast and Conference Call

 

Management will host a webcast and conference call on August 6, 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 Second 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: 10210630.

 

About Tecnoglass

 

Tecnoglass Holdings 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 over 95% of total revenues. Tecnoglass’ tailored, high-end products are found on some of the world’s most distinctive properties, including One Thousand Museum (Miami), Paramount (Miami), Salesforce Tower (San Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de Cristal (Barranquilla). For more information, please visit www.tecnoglass.com or view our corporate video at https://www.youtube.com/watch?v=qD3AKBv4EkU.

 

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 Holdings Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

 

    June 30,     December 31,  
    2026     2025  
ASSETS                
Current assets:                
Cash and cash equivalents   $ 80,814     $ 100,901  
Investments     3,466       3,150  
Trade accounts receivable, net     287,466       239,448  
Due from related parties     2,075       2,002  
Inventories     271,595       213,524  
Contract assets – current portion     29,701       31,809  
Other current assets     55,082       62,724  
Total current assets   $ 730,199     $ 653,558  
Long-term assets:                
Property, plant and equipment, net   $ 562,122     $ 476,159  
Long term accounts receivable     1,887       1,730  
Deferred income taxes     329       1,257  
Contract assets – non-current     28,414       20,506  
Intangible assets     13,808       12,959  
Goodwill     30,059       30,059  
Equity method investment     55,656       57,443  
Other long-term assets     7,417       6,721  
Total long-term assets     699,692       606,834  
Total assets   $ 1,429,891     $ 1,260,392  
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Current liabilities:                
Short-term debt and current portion of long-term debt   $ 6,156     $ 427  
Trade accounts payable and accrued expenses     178,854       127,228  
Due to related parties     8,895       10,881  
Dividends payable     6,675       6,730  
Contract liability – current portion     173,825       149,442  
Other current liabilities     18,250       57,038  
Total current liabilities   $ 392,655     $ 351,746  
Long-term liabilities:                
Deferred income taxes   $ 28,181     $ 22,404  
Contract liability – non-current     1,045       1,988  
Long-term debt     219,238       171,202  
Total long-term liabilities     248,464       195,594  
Total liabilities   $ 641,119     $ 547,340  
SHAREHOLDERS’ EQUITY                
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2026, and December 31, 2025 respectively   $       $    
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 46,389,046 shares issued, and 44,364,716 shares outstanding at June 30, 2026; and, 46,389,146 shares issued, and 44,737,726 shares outstanding at December 31, 2025     5       5  
Treasury stock     (95,679)       (79,218 )
Legal Reserves     1,458       1,458  
Additional paid-in capital     153,353       153,358  
Retained earnings     713,697       670,558  
Accumulated other comprehensive (loss) income     15,938       (33,109 )
Shareholders’ equity attributable to controlling interest     788,772       713,052  
Total liabilities and shareholders’ equity   $ 1,429,891     $ 1,260,392  

 

 

 

 

Tecnoglass Holdings Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per share data)

(Unaudited)

 

   Three months ended   Six months ended 
   June 30,   June 30, 
   2026   2025   2026   2025 
Operating revenues:                    
External customers  $294,571   $254,145   $542,962   $475,417 
Related parties   720    1,401    1,341    2,417 
Total operating revenues   295,291    255,546    544,303    477,834 
Cost of sales   (185,257)   (141,211)   (338,435)   (265,974)
Gross profit   110,034    114,335    205,868    211,860 
Operating expenses:                    
Selling expense   (45,081)   (29,730)   (67,981)   (53,347)
General and administrative expense   (28,409)   (23,405)   (56,402)   (42,260)
Total operating expenses   (73,490)   (53,135)   (124,383)   (95,607)
Other Operating income   -    4    -    4,280 
Operating income   36,544    61,204    81,485    120,533 
Non-operating income, net   644    588    1,500    1,604 
Equity method (loss) income   (231)   942    (129)   2,286 
Foreign currency transactions gains   5,213    847    6,130    338 
Interest expense, net and deferred cost of financing   (3,520)   (1,350)   (6,543)   (2,681)
Income before taxes   38,650    62,231    82,443    122,080 
Income tax provision   (14,095)   (18,148)   (25,997)   (35,808)
Net income  $24,555    44,083    56,446   $86,272 
Basic income per share  $0.55    0.94    1.27   $1.84 
Diluted income per share  $0.55    0.94    1.27   $1.84 
Basic weighted average common shares outstanding   44,364,801    46,988,155    44,497,265    46,989,650 
Diluted weighted average common shares outstanding   44,364,801    46,988,155    44,497,265    46,989,650 
Other comprehensive income:                    
Foreign currency translation adjustments   35,693    13,260    48,905    32,836 
Change in fair value of investments available for sale and derivative contracts   (50)   785    142    148 
Other comprehensive income   35,643    14,045    49,047    32,984 
Total Comprehensive income  $60,198   $58,128   $105,493   $119,256 

 

 

 

 

Tecnoglass Holdings Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands) / (Unaudited)

 

   Six months ended June 30, 
   2026   2025 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income  $56,446    86,272 
Adjustments to reconcile net income to net cash provided by operating activities:          
Allowance for credit losses   1,322    987 
Depreciation and amortization   21,367    16,479 
Deferred income taxes   5,009    2,002 
Equity method income   129    (2,286)
Loss (gain) on disposal of assets   487    (4,254)
Deferred cost of financing   307    556 
Realized gain on derivative instruments   1,181    - 
Unrealized currency translation gains   (15,956)   (8,718)
Other non-cash adjustments   31    391 
Changes in operating assets and liabilities:          
Trade accounts receivable   (32,334)   (20,376)
Inventories   (35,818)   (23,996)
Prepaid expenses   (2,691)   (2,529)
Other assets   19,953    (3,248)
Trade accounts payable and accrued expenses   31,340    21,802 
Taxes payable   (39,160)   (18,513)
Labor liabilities   (1,810)   87 
Other liabilities   178    15 
Contract assets and liabilities   3,668    21,387 
Related parties   (2,533)   (1,298)
CASH PROVIDED BY OPERATING ACTIVITIES  $11,116    64,760 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Dividends received   2,257    8,914 
Business acquisition   -    (6,841)
Purchase of investments   (600)   (73)
Sale of property and equipment   -    12,312 
Acquisition of property and equipment   (52,662)   (62,939)
CASH USED IN INVESTING ACTIVITIES  $(51,005)   (48,627)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Cash dividend   (13,364)   (14,095)
Share repurchases   (16,466)   (339)
Proceeds from debt   63,810    3,613 
Repayments of debt   (15,731)   (4,103)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES  $18,249    (14,924)
           
Effect of exchange rate changes on cash and cash equivalents  $1,553    1,816 
           
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS   (20,087)   3,025 
CASH AND CASH EQUIVALENTS - Beginning of period   100,901    134,882 
CASH AND CASH EQUIVALENTS - End of period  $80,814    137,907 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
Cash paid during the period for:          
Interest  $4,698   $3,343 
Income Tax  $51,609   $47,360 
           
NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Assets acquired under credit or debt  $9,778   $7,663 
Account payable for business acquisition  $-   $3,588 

 

 

 

 

Revenues by Region

(Amounts in thousands)

(Unaudited)

 

   Three months ended   Six months ended 
   June 30,   June 30, 
   2026   2025   % Change   2026   2025   % Change 
Revenues by Region                              
United States   286,242    242,347    18.1%   523,382    454,801    15.1%
Colombia   6,154    6,621    -7.1%   13,673    13,035    4.9%
Other Countries   2,895    6,578    -55.9%   7,248    9,998    -27.5%
Total Revenues by Region   295,291    255,546    15.6%   544,303    477,834    13.9%

 

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   Six months ended 
   June 30,   June 30, 
   2026   2025   % Change   2026   2025   % Change 
                         
Total Revenues with Foreign Currency Held Neutral   294,431    255,546    15.2%   542,541    477,834    13.5%
Impact of changes in foreign currency   860    -    n.a    1,762    -    n.a 
Total Revenues, As Reported   295,291    255,546    15.6%   544,303    477,834    13.9%

 

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   Six months ended 
   June 30,   June 30, 
   2026   2025   2026   2025 
Net income   24,555    44,083    56,446    86,272 
Foreign currency transactions losses (gains)   (5,213)   (847)   (6,130)   (338)
Provision for bad debt   234    772    1,322    987 
Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items)   3,753    6,660    7,233    7,297 
Derivative financial instruments   (64)   -    279    - 
Joint Venture VA (Saint Gobain) adjustments   162    (89)   75    (142)
Tax impact of adjustments at statutory rate   338    (2,079)   (834)   (2,498)
Adjusted net income   23,765    48,500    58,391    91,578 
Basic income per share   0.55    0.94    1.27    1.84 
Diluted income per share   0.55    0.94    1.27    1.84 
Diluted Adjusted net income per share   0.54    1.03    1.31    1.95 
Basic weighted average common shares outstanding in thousands   44,365    46,988    44,497    46,990 
Diluted Weighted Average Common Shares Outstanding in thousands   44,365    46,988    44,497    46,990 

 

   Three months ended   Six months ended 
   June 30,   June 30, 
   2026   2025   2026   2025 
                 
Net income   24,555    44,083    56,446    86,272 
Interest expense and deferred cost of financing   3,584    1,350    6,264    2,681 
Income tax provision   14,095    18,148    25,997    35,808 
Depreciation & amortization   10,689    9,145    21,367    16,479 
Foreign currency transactions losses (gains)   (5,213)   (847)   (6,130)   (338)
Provision for bad debt   234    772    1,322    987 
Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items)   3,753    6,660    7,233    7,297 
Derivative financial instruments   (64)   -    279    - 
Joint Venture VA (Saint Gobain) EBITDA adjustments   93    468    497    789 
ADJUSTED EBITDA   51,726    79,779    113,275    149,975 

 

 

 

 

Source: View Original Filing on SEC EDGAR

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