Tecnoglass (TGLS) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-35436
Entity Registrant Name	TECNOGLASS INC.
Entity Central Index Key	0001534675
Entity Tax Identification Number	98-1271120
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Avenida Circunvalar a 100 mts de la Via 40
Entity Address, Address Line Two	Barrio Las Flores
Entity Address, City or Town	Barranquilla
Entity Address, Country	CO
Entity Address, Postal Zip Code	00000
City Area Code	(+57)(605)
Local Phone Number	373 4000
Title of 12(b) Security	Ordinary Shares
Trading Symbol	TGLS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,674,773

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 128,538	$ 103,671
Investments	2,140	2,049
Trade accounts receivable, net	167,137	158,397
Inventories	143,057	124,997
Contract assets – current portion	18,982	12,610
Other current assets	40,364	28,963
Total current assets	500,990	432,134
Long-term assets:
Property, plant and equipment, net	223,554	202,865
Deferred income taxes	155	558
Contract assets – non-current	4,415	8,875
Long-term trade accounts receivable		1,225
Intangible assets	2,614	2,706
Goodwill	23,561	23,561
Long-term investments	59,288	57,839
Other long-term assets	4,880	4,545
Total long-term assets	318,467	302,174
Total assets	819,457	734,308
Current liabilities:
Short-term debt and current portion of long-term debt	819	504
Trade accounts payable and accrued expenses	86,629	90,186
Dividends payable	4,334	3,622
Contract liability – current portion	58,591	49,601
Total current liabilities	244,258	209,802
Long-term liabilities:
Deferred income taxes	5,732	5,190
Contract liability – non-current	11	11
Long-term debt	169,076	168,980
Total long-term liabilities	174,819	174,181
Total liabilities	419,077	383,983
SHAREHOLDERS’ EQUITY
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 47,674,773 and 47,674,773 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	5	5
Legal Reserves	1,458	1,458
Additional paid-in capital	219,290	219,290
Retained earnings	278,198	234,254
Accumulated other comprehensive loss	(100,213)	(106,187)
Shareholders’ equity attributable to controlling interest	398,738	348,820
Shareholders’ equity attributable to non-controlling interest	1,642	1,505
Total shareholders’ equity	400,380	350,325
Total liabilities and shareholders’ equity	819,457	734,308
Related Party [Member]
Current assets:
Due from related parties	772	1,447
Current liabilities:
Other current liabilities	5,491	5,323
Nonrelated Party [Member]
Current liabilities:
Other current liabilities	$ 88,394	$ 60,566

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred shares, par value	$ 0.0001	$ 0.0001
Preferred shares, shares authorized	1,000,000	1,000,000
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Ordinary shares, par value	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	100,000,000	100,000,000
Ordinary shares, shares issued	47,674,773	47,674,773
Ordinary shares, shares outstanding	47,674,773	47,674,773

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating revenues:
Total operating revenues	$ 202,639	$ 134,548
Cost of sales	(94,884)	(74,215)
Gross profit	107,755	60,333
Operating expenses:
Selling expense	(16,320)	(13,368)
General and administrative expense	(17,755)	(12,999)
Total operating expenses	(34,075)	(26,367)
Operating income	73,680	33,966
Non-operating income, net	1,287	342
Equity method income	1,449	1,580
Foreign currency transactions losses	(1,100)	(2,909)
Interest expense and deferred cost of financing	(2,273)	(1,468)
Income before taxes	73,043	31,511
Income tax provision	(24,671)	(10,558)
Net income	48,372	20,953
Income attributable to non-controlling interest	(137)	(100)
Income attributable to parent	48,235	20,853
Comprehensive income:
Foreign currency translation adjustments	7,811	13,635
Change in fair value of derivative contracts	(1,837)	2,622
Total comprehensive income (loss)	54,346	37,210
Comprehensive income attributable to non-controlling interest	(137)	(100)
Total comprehensive income (loss) attributable to parent	$ 54,209	$ 37,110
Basic income per share	$ 1.01	$ 0.44
Diluted income per share	$ 1.01	$ 0.44
Basic weighted average common shares outstanding	47,674,773	47,674,773
Diluted weighted average common shares outstanding	47,674,773	47,674,773
External Customers [Member]
Operating revenues:
Total operating revenues	$ 202,306	$ 134,022
Related Parties [Member]
Operating revenues:
Total operating revenues	$ 333	$ 526

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 48,372	$ 20,953
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for credit losses	914	414
Depreciation and amortization	4,767	5,251
Deferred income taxes	156	(1,568)
Equity method income	(1,449)	(1,580)
Realized gain on derivative instruments	(1,951)
Deferred cost of financing	312	363
Other non-cash adjustments	(16)	5
Unrealized currency translation losses	410	3,205
Changes in operating assets and liabilities:
Trade accounts receivable	(8,644)	6,099
Inventories	(13,048)	(13,452)
Prepaid expenses	(864)	507
Other assets	(14,338)	(1,841)
Trade accounts payable and accrued expenses	(9,681)	(5,551)
Taxes payable	25,488	11,591
Labor liabilities	(447)	(331)
Other liabilities	(7)	(1,196)
Contract assets and liabilities	12,425	1,965
Related parties	664	2,301
CASH PROVIDED BY OPERATING ACTIVITIES	43,063	27,135
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments	(134)	(1,136)
Acquisition of property and equipment	(15,554)	(9,258)
CASH USED IN INVESTING ACTIVITIES	(15,688)	(10,394)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend	(3,579)	(3,099)
Proceeds from debt	292	93
Repayments of debt		(15,312)
CASH USED IN FINANCING ACTIVITIES	(3,287)	(18,318)
Effect of exchange rate changes on cash and cash equivalents	778	997
NET INCREASE IN CASH	24,866	(580)
CASH - Beginning of period	103,672	85,011
CASH - End of period	128,538	84,431
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest	2,717	1,139
Income Tax	26,342	2,927
NON-CASH INVESTING AND FINANCING ACTIVITES:
Assets acquired under credit or debt	$ 4,790	$ 2,678

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Legal Reserves [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total Shareholders Equity Attributable To Parent [Member]	Noncontrolling Interest [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 5	$ 219,290	$ 2,273	$ 91,045	$ (68,751)	$ 243,862	$ 836	$ 244,698
Beginning balance, shares at Dec. 31, 2021	47,674,773
Dividend				(3,099)		(3,099)		(3,099)
Derivative financial instruments					2,622	2,622		2,622
Foreign currency translation					13,635	13,635		13,635
Net income				20,853		20,853	100	20,953
Ending balance, value at Mar. 31, 2022	$ 5	219,290	2,273	108,799	(52,494)	277,873	936	278,809
Ending balance, shares at Mar. 31, 2022	47,674,773
Beginning balance, value at Dec. 31, 2022	$ 5	219,290	1,458	234,254	(106,187)	348,820	1,505	350,325
Beginning balance, shares at Dec. 31, 2022	47,674,773
Dividend				(4,291)		(4,291)		(4,291)
Derivative financial instruments					(1,837)	(1,837)		(1,837)
Foreign currency translation					7,811	7,811		7,811
Net income				48,235		48,235	137	48,372
Ending balance, value at Mar. 31, 2023	$ 5	$ 219,290	$ 1,458	$ 278,198	$ (100,213)	$ 398,738	$ 1,642	$ 400,380
Ending balance, shares at Mar. 31, 2023	47,674,773

General

General	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	Note 1. General Business Description Tecnoglass Inc., a Cayman Islands exempted company (the “Company”, “Tecnoglass,” “TGI,” “we, “us” or “our”), manufactures hi-specification, architectural glass and windows for the global residential and commercial construction industries. Currently, the Company offers design, production, marketing, and installation of architectural systems for buildings of high, medium and low elevation size. Products include windows and doors in glass and aluminum, office partitions and interior divisions, floating facades and commercial window showcases. The Company exports most of its products to foreign countries, selling to customers in North, Central and South America. The Company manufactures both glass and aluminum products. Its glass products include tempered glass, laminated glass, thermo-acoustic glass, curved glass, silk-screened glass, acoustic glass and digital print glass. Its Alutions plant produces mill finished, anodized, painted aluminum profiles and rods, tubes, bars and plates. Alution’s operations include extrusion, smelting, painting, and anodizing processes, and exporting, importing and marketing aluminum products. The Company also designs, manufactures, markets and installs architectural systems for high, medium and low-rise construction, glass and aluminum windows and doors, office dividers and interiors, floating facades and commercial display windows.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting purposes. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the information contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The year-end condensed balance sheet data was derived from the audited financial statements in the Annual Report on Form 10-K but does not include all disclosures required by US GAAP. The preparation of these unaudited condensed consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of the Company’s financial statements. Actual results may differ from these estimates under different assumptions and conditions. Estimates utilized in the preparation of these unaudited condensed consolidated financial statements relate to the collectability of account receivables, the valuation of inventories, estimated earnings on uncompleted contracts, useful lives and potential impairment of long-lived assets. Changes in estimates are reflected in the periods during which they become known. Actual amounts may differ from these estimates and could differ materially. These financial statements reflect all adjustments that in the opinion of management are necessary for a fair statement of the financial position, results of operations and cash flows for the period presented, and are of a normal, recurring nature. The Company has one operating segment, Architectural Glass and Windows, which is also its reporting segment, comprising the design, manufacturing, distribution, marketing and installation of high-specification architectural glass and window products sold to the construction industry. Principles of Consolidation These unaudited condensed consolidated financial statements consolidate TGI and its subsidiaries Tecnoglass S.A.S (“TG”), C.I. Energía Solar S.A.S E.S. Windows (“ES”), ES Windows LLC (“ESW LLC”), Tecnoglass LLC (“Tecno LLC”), Tecno RE LLC (“Tecno RE”), GM&P Consulting and Glazing Contractors (“GM&P”), Componenti USA LLC, ES Metals SAS (“ES Metals”), and Ventanas Solar S.A (“VS”), which are entities in which we have a controlling financial interest because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (“VIE”) model to the entity and if we are not, the entity is evaluated under the voting interest model. All significant intercompany accounts and transactions are eliminated in consolidation, including unrealized intercompany profits and losses. The equity method of accounting is used for investments in affiliates and other joint ventures over which the Company has significant influence but does not have effective control. TGI and certain wholly owned subsidiaries with functional currency different than the U.S. dollar have long-term intercompany loan balances denominated in foreign currencies that are remeasured at the exchange rate in effect at the balance sheet date. Such loan balances are not expected to be settled in the foreseeable future. Any gains and losses relating to these loans are included in the accumulated other comprehensive income (loss), which is reflected as a separate component of shareholders’ equity. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments in this Update provide optional expedients and exceptions for contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 which deferred the effective date of Topic 848. As a result, this standard is effective beginning after December 15, 2024. The Company’s outstanding debt, which bears interest based on LIBOR, contains provisions for transitioning into a benchmark reference rate prior to the discontinuation of LIBOR in 2023. Our interest rate swap derivative contract will be adjusted accordingly.

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories, net	Note 3. - Inventories, net Schedule of Inventories March 31, 2023 December 31, 2022 Raw materials $ 101,067 $ 93,360 Work in process 15,937 9,875 Finished goods 8,185 6,409 Spares and accessories 16,641 13,902 Packing material 1,335 1,563 Total Inventories, gross 143,165 125,109 Less: Inventory allowance (108 ) (112 ) Total inventories, net $ 143,057 $ 124,997

Revenues, Trade Accounts Receiv

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities	3 Months Ended
	Mar. 31, 2023
Operating revenues:
Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities	Note 4. – Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities Disaggregation of Total Net Sales The Company disaggregates its sales with customers by the revenue recognition method for its only segment, as the Company believes these factors affect the nature, amount, timing and uncertainty of the Company’s revenue and cash flows. Schedule of Disaggregation by Revenue 2023 2022 Three months ended March 31, 2023 2022 Fixed price contracts $ 29,093 $ 18,851 Product sales 173,546 115,697 Total Revenues $ 202,639 $ 134,548 The following table presents geographical information about revenues: Schedule of Geographic Information Three months ended March 31, 2023 2022 Colombia $ 5,740 $ 4,025 United States 194,839 126,984 Panama 270 799 Other 1,790 2,740 Total Revenues $ 202,639 $ 134,548 Trade Accounts Receivable In the ordinary course of business, we extend credit to customers on a generally non-collateralized basis. The Company maintains an allowance for expected credit losses which is based on management’s assessments of the amount which may become uncollectible in the future and is determined through consideration of our write-off history, specific identification of uncollectible accounts based in part on the customer’s past due balance (based on contractual terms), and consideration of prevailing economic and industry conditions. Uncollectible accounts are written off after repeated attempts to collect from the customer have been unsuccessful. Trade accounts receivable consist of the following: Schedule of Trade Accounts Receivable 2023 2022 March 31, 2023 December 31, 2022 Trade accounts receivable 167,818 158,974 Less: Allowance for credit losses (681 ) (577 ) Total $ 167,137 $ 158,397 The changes in the allowance for credit losses for the three months ended March 31, 2023, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable Three months ended March 31, 2023 Balance at beginning of period $ 577 Provisions for credit losses 914 Deductions and write-offs, net of foreign currency adjustment (810 ) Balance at end of period $ 681 Contract Assets and Liabilities Contract assets represent accumulated incurred costs and earned profits on contracts with customers that have been recorded as sales but have not been billed to customers and are classified as current. In addition, a portion of the amounts billed on certain fixed price contracts are withheld by the customer as a retainage until a final good receipt of the complete project is delivered to the customers satisfaction. Contract liabilities consist of advance payments and billings in excess of costs incurred and deferred revenue, and represent amounts received in excess of sales recognized on contracts. The Company classifies advance payments and billings in excess of costs incurred as current, and deferred revenue as current or non-current based on the expected timing of sales recognition. Contract assets and contract liabilities are determined on a contract-by-contract basis at the end of each reporting period. The non-current portion of contract liabilities is included in long-term liabilities in the Company’s condensed consolidated balance sheets. The table below presents the components of net contract assets (liabilities): Schedule of Contract Assets and Liabilities March 31, 2023 December 31, 2022 Contract assets — current $ 18,982 $ 12,610 Contract assets — non-current 4,415 8,875 Contract liabilities — current (58,591 ) (49,601 ) Contract liabilities — non-current (11 ) (11 ) Net contract assets $ (35,205 ) $ (28,127 ) The components of contract assets are presented in the table below: March 31, 2023 December 31, 2022 Unbilled contract receivables, gross $ 6,448 $ 5,738 Retainage 16,949 15,747 Total contract assets 23,397 21,485 Less: current portion 18,982 12,610 Contract Assets – non-current $ 4,415 $ 8,875 The components of contract liabilities are presented in the table below: March 31, 2023 December 31, 2022 Billings in excess of costs $ 18,292 14,724 Advances from customers on uncompleted contracts 40,310 34,888 Total contract liabilities 58,602 49,612 Less: current portion 58,591 49,601 Contract liabilities – non-current $ 11 11 During the three months ended March 31, 2023, the Company recognized $ 2,945 2,082 Remaining Performance Obligations As of March 31, 2023, the Company had $ 499.1 100 358.1 114.6 26.5

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 5. Intangible Assets Intangible assets include Miami-Dade County Notices of Acceptances (NOA’s), which are certificates issued for approved products and required to market hurricane-resistant glass in Florida. Intangibles assets also include the intangibles acquired during the acquisition of GM&P. Schedule of Finite-Lived Intangible Assets, Net March 31, 2023 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 10,281 (7,667 ) 2,614 December 31, 2022 Gross Acc. Amort. Net Trade Names $ 980 $ (980 ) $ - Notice of Acceptances (NOAs), product designs and other intellectual property 9,987 (7,281 ) 2,706 Non-compete Agreement 165 (165 ) - Customer Relationships 4,140 (4,140 ) - Total $ 15,272 $ (12,566 ) $ 2,706 The weighted average amortization period is 5 During the three months ended March 31, 2023, the amortization expense amounted to $ 322 475 The estimated aggregate amortization expense for each of the five succeeding years as of March 31, 2023, is as follows: Schedule of Finite Lived Intangible Assets Future Amortization Expense Year ending (in thousands) 2023 $ 793 2024 722 2025 416 2026 320 2027 253 Thereafter 110 Total $ 2,614

Supplier Finance Program

Supplier Finance Program	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Supplier Finance Program	Note 6. Supplier Finance Program Tecnoglass, Inc. has established payment terms to suppliers for the purchase of goods and services, which normally range between 30 and 60 days. In the normal course of business, suppliers may require liquidity and manage, through third parties, the advanced payment of invoices. The Company allows its suppliers the option to make payments in advance of an invoice due date, through a third-party finance provider or intermediary, with the purpose of allowing suppliers to obtain the required liquidity. For these purposes, suppliers present to the Company the third-party finance provider or intermediary with whom they will carry out the finance program and establish an agreement, through which the invoices will be paid by the third-party finance provider or intermediary once the Company has confirmed the invoices are valid. Once the Company confirms the invoices are valid, the third-party finance provider or intermediary proceeds with the payment to the supplier. Subsequently, the Company pays the invoices for goods or services to the third-party finance provider or intermediary selected by the supplier. Payment times do not vary from those initially agreed with the supplier, as stated in the invoices factored by the supplier (i.e. between 30 and 60 days). Pursuant to the supplier finance program, the Company has not been required to pledge any assets as security nor to provide any guarantee to third-party finance provider or intermediary. As of March 31, 2023, the obligations outstanding related to the supplier finance program amount to $ 2,335 2,186 149

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 7. Debt The Company’s debt is comprised of the following: Schedule of Long Term Debt March 31, 2023 December 31, 2022 Revolving lines of credit $ 620 $ 329 Finance lease 387 395 Senior Secured Credit Facility 172,500 172,500 Less: Deferred cost of financing (3,612 ) (3,740 ) Total obligations under borrowing arrangements 169,895 169,484 Less: Current portion of long-term debt and other current borrowings 819 504 Long-term debt $ 169,076 $ 168,980 In November 2021, the Company amended its Senior Secured Credit Facility to (i) increase the borrowing capacity under its committed line of credit from $ 50 150 1.50 0.75 2.50 15 7.42 1,496 1,346 150 15 1.5 10.0 6.7 Maturities of long-term debt and other current borrowings are as follows as of March 31, 2023: Schedule of Maturities of Long Term Debt 2024 $ 819 2025 10,137 2026 15,051 2027 147,500 2028 - Total $ 173,507 The Company’s loans have maturities ranging from a few weeks to 5 years 6.63 125 4.30

Hedging Activity and Fair Value

Hedging Activity and Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging Activity and Fair Value Measurements	Note 8. Hedging Activity and Fair Value Measurements Hedging Activity During the quarter ended March 31, 2022, we entered into several interest rate swap contracts to hedge the interest rate fluctuations related to our outstanding debt. The effective date of the contracts are December 31, 2022, and, thus, we shall have payment dates each quarter, commencing March 31, 2023. During the quarter ended December 31, 2022, we entered into several foreign currency non-delivery forward contracts to hedge the fluctuations in the exchange rate between the Colombian Peso and the U.S. Dollar. Our contracts are designated as cash flow hedges since they are highly effective in offsetting changes in the cash flows attributable to forecasted LIBOR and Colombian Peso denominated costs and expenses, respectively. In determining fair value, we record our hedge contracts at fair value and consider our credit risk for contracts in a liability position, and our counter-party’s credit risk for contracts in an asset position. We assess our counter-party’s risk of non-performance when measuring the fair value of financial instruments in an asset position by evaluating their financial position, including cash on hand, as well as their credit ratings. As of March 31, 2023, the fair value of our interest rate swap and foreign currency non-delivery forward contracts was in a net asset position of $ 9.4 15 125 15 We assess the effectiveness of our interest rate swap and foreign currency non-delivery forward contracts by comparing the change in the fair value of the interest rate swap and foreign currency non-delivery forward contracts to the change in the expected cash to be paid for the hedged item. The effective portion of the gain or loss on our interest rate swap and foreign currency non-delivery forward contracts is reported as a component of accumulated other comprehensive income and is reclassified into earnings in the same line item in the income statement as the hedged item in the same period or periods during which the transaction affects earnings. The amount of gains, net, recognized in the “accumulated other comprehensive income” line item in the accompanying consolidated balance sheet as of March 31, 2023 that we expect will be reclassified to earnings within the next twelve months is $ 3.5 The fair value of our interest rate swap hedges that are classified in the accompanying consolidated balance sheets as of March 31, 2023 are as follows: Schedule of Fair Value of Foreign Currency Hedges Derivative Assets Derivative Liabilities March 31, 2023 March 31, 2023 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments: Interest rate swap contracts and foreign currency non-delivery forwards Other current assets $ 9,357 Accrued liabilities $ - Total derivative instruments Total derivative assets $ 9,357 Total derivative liabilities $ - The ending accumulated balance for the interest rate swap contracts included in accumulated other comprehensive income was $ 7,350 The following table presents the gains on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the quarter ended March 31, 2023: Schedule of Gains (Losses) on Derivative Financial Instruments quarter ended Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives Location of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income Three Months Ended Three Months Ended March 31, March 31, March 31, March 31, 2023 2022 2023 2022 Interest rate swap contracts and foreign currency non-delivery forwards contracts $ 7,350 $  2,622 Interest expense and operating income $ 3,193 $ - Fair Value Measurements The Company accounts for financial assets and liabilities in accordance with accounting standards that define fair value and establish a framework for measuring fair value. The hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and advances from customers approximate their fair value due to their relatively short-term maturities. The Company bases its fair value estimate for long term debt obligations on its internal valuation that all debt is floating rate debt based on current interest rates in Colombia. The fair values of derivatives used to manage interest rate risks are based on LIBOR rates and interest rate swap curves. Measurement of our derivative assets and liabilities is considered a level 2 measurement. To carry out the swap valuation, the definition of the fixed leg (obligation) and variable leg (right) is used. Once the projected flows are obtained in both fixed and variable rates, the regression analysis is performed for prospective effectiveness test. The projection curve contains the forward interest rates to project flows at a variable rate and the discount curve contains the interest rates to discount future flows, using the one-month USD Libor curve. As of March 31, 2023, financial instruments carried at amortized cost that do not approximate fair value consist of long-term debt. See Note 7 – Debt. The fair value of long-term debt was calculated based on an analysis of future cash flows discounted at current market rates, which are level 2 inputs. The following table summarizes the fair value and carrying amounts of our long-term debt: Summary of Fair Value and Carrying Amounts of Long Term Debt March 31, 2023 December 31, 2022 Fair Value 170,215 172,408 Carrying Value 169,076 168,980

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes The Company files income tax returns for TG, ES and ES Metals in the Republic of Colombia. GM&P, Componenti and ESW LLC are U.S. entities based in Florida subject to U.S. federal and state income taxes. The Company, which is a Cayman Islands exempted company, as well as all the other subsidiaries in the Cayman Islands do not currently have any tax obligations. The components of income tax expense are as follows: Schedule of Components of Income Tax Expense (Benefit) 2023 2022 Three months ended March 31, 2023 2022 Current income tax United States $ (3,464 ) $ (1,102 ) Colombia (21,048 ) (11,015 ) Panama (3 ) (9 ) Total current income tax (24,515 ) (12,126 ) Deferred income Tax United States (284 ) 120 Colombia 128 1,448 Total deferred income tax (156 ) 1,568 Total income tax provision $ (24,671 ) $ (10,558 ) Effective tax rate 33.8 % 33.5 % The weighted average statutory income tax rate for the three months ended March 31, 2023 and 2022 of 33.8 33.5

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Parties	Note 10. Related Parties The following is a summary of assets, liabilities and income transactions with all related parties: Schedule of Related Parties March 31, 2023 December 31, 2022 Due from related parties: Alutrafic Led SAS 290 249 Studio Avanti SAS 236 113 Due from other related parties 247 1,085 Total due from related parties $ 773 $ 1,447 Due to related parties: Vidrio Andino 4,826 4,853 Due to other related parties 664 470 Total due to related parties $ 5,491 $ 5,323 Schedule of Sale to Related Parties 2023 2022 Three months ended March 31, 2023 2022 Sales to related parties: Alutrafic Led SAS 173 300 Studio Avanti SAS 156 168 Sales to other related parties 4 58 Sales to related parties $ 333 $ 526 A Construir SA On a recurring basis, we have engaged A Construir S.A., a heavy construction company operating in Barranquilla, Colombia, to carry out construction related to our ongoing capital expenditures at our production facilities in Colombia. Affiliates of Jose Daes and Christian Daes, the company’s CEO and COO, respectively, had an ownership stake in A Construir through June 1, 2022. We purchased $ 3,280 Alutrafic Led SAS In the ordinary course of business, we sell products to Alutrafic Led SAS (“Alutrafic”), a fabricator of electrical lighting equipment. Affiliates of Jose Daes and Christian Daes have an ownership stake in Alutrafic. During the three months ended March 31, 2023, we sold $ 173 300 290 249 Santa Maria del Mar SAS In the ordinary course of business, we purchase fuel for use at our manufacturing facilities from Estación Santa Maria del Mar SAS, a gas station located in the vicinity of our manufacturing campus which is owned by affiliates of Jose Daes and Christian Daes. During the three months ended March 31, 2023, we purchased $ 236 244 Fundacion Tecnoglass-ESWindows Fundacion Tecnoglass-ESWindows is a non-profit organization set up by the Company to carry out social causes in the communities around where we operate. We made charitable contributions during the three months ended March 31, 2023 of $ 664 356 Studio Avanti SAS In the ordinary course of business, we sell products to Studio Avanti SAS (“Avanti”), a distributer and installer of architectural systems in Colombia. Avanti is owned and controlled by Alberto Velilla, who is director of Energy Holding Corporation, the controlling shareholder of the Company. As of March 31, 2023 and December 31, 2022, the Company had outstanding accounts receivable from Avanti of $ 236 113 156 168 Vidrio Andino Joint Venture On May 3, 2019, we consummated a joint venture agreement with Saint-Gobain, a world leader in the production of float glass, a key component of our manufacturing process, whereby we acquired a 25.8 45,000 34,100 10,900 1,557,142 7.00 33 The land will serve the purpose of developing a second float glass plant nearby our existing manufacturing facilities which we expect will carry significant efficiencies for us once it becomes operative, in which we will also have a 25.8 12,500 In the ordinary course of business, we purchased $ 6,345 5,093 4,826 4,853 1,448 1,580 Zofracosta SA We have an investment in Zofracosta SA, a real estate holding company and operator of a tax-free zone located in the vicinity of the proposed glass plant being built through our Vidrio Andino joint venture recorded at $ 657 632

Shareholders_ Equity

Shareholders’ Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Shareholders’ Equity	Note 11. Shareholders’ Equity Dividends In February 2023, the Company declared a regular quarterly dividend of $ 0.09 0.36 Earnings per Share The following table sets forth the computation of the basic and diluted earnings per share for the three months ended March 31, 2023 and 2022: Schedule of Earnings Per Share, Basic and Diluted 2023 2022 Three months ended March 31, 2023 2022 Numerator for basic and diluted earnings per shares Net Income $ 48,372 $ 20,953 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 47,674,773 47,674,773 Effect of dilutive securities and stock dividend - - Denominator for diluted earnings per ordinary share - weighted average shares outstanding 47,674,773 47,674,773 Basic earnings per ordinary share $ 1.01 $ 0.44 Diluted earnings per ordinary share $ 1.01 $ 0.44

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Commitments As of March 31, 2023, the Company had an outstanding obligation to purchase an aggregate of at least $ 72,172 On May 3, 2019, we consummated a joint venture agreement with Saint-Gobain whereby we acquired a 25.8 45,000 34,100 10,900 1,557,142 7.00 33 The joint venture agreement includes plans to build a new plant in Galapa, Colombia that will be located approximately 20 miles from our primary manufacturing facility, in which we will also have a 25.8 12,500 General Legal Matters From time to time, the Company is involved in legal matters arising in the regular course of business. Some disputes are derived directly from our construction projects, related to supply and installation, and even though deemed ordinary; they may involve significant monetary damages. We are also subject to other type of litigations arising from employment practices, worker’s compensation, automobile claims and general liability. It is very difficult to predict precisely what the outcome of these litigations might be. However, with the information at our disposition as this time, there are no indications that such claims will result in a material adverse effect on the business, financial condition or results of operations of the Company.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 13. Subsequent Events On April 4, 2023 we entered into a settlement agreement related to a completed project.. The conditions were determined to have existed as of the date of the balance sheet and therefore were recorded the related expenses as an accounts payable on the balance sheet as of March 31, 2023 and as an operating expense during the three months ended March 31, 2023.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting purposes. The results reported in these unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the information contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The year-end condensed balance sheet data was derived from the audited financial statements in the Annual Report on Form 10-K but does not include all disclosures required by US GAAP. The preparation of these unaudited condensed consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of the Company’s financial statements. Actual results may differ from these estimates under different assumptions and conditions. Estimates utilized in the preparation of these unaudited condensed consolidated financial statements relate to the collectability of account receivables, the valuation of inventories, estimated earnings on uncompleted contracts, useful lives and potential impairment of long-lived assets. Changes in estimates are reflected in the periods during which they become known. Actual amounts may differ from these estimates and could differ materially. These financial statements reflect all adjustments that in the opinion of management are necessary for a fair statement of the financial position, results of operations and cash flows for the period presented, and are of a normal, recurring nature. The Company has one operating segment, Architectural Glass and Windows, which is also its reporting segment, comprising the design, manufacturing, distribution, marketing and installation of high-specification architectural glass and window products sold to the construction industry.
Principles of Consolidation	Principles of Consolidation These unaudited condensed consolidated financial statements consolidate TGI and its subsidiaries Tecnoglass S.A.S (“TG”), C.I. Energía Solar S.A.S E.S. Windows (“ES”), ES Windows LLC (“ESW LLC”), Tecnoglass LLC (“Tecno LLC”), Tecno RE LLC (“Tecno RE”), GM&P Consulting and Glazing Contractors (“GM&P”), Componenti USA LLC, ES Metals SAS (“ES Metals”), and Ventanas Solar S.A (“VS”), which are entities in which we have a controlling financial interest because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (“VIE”) model to the entity and if we are not, the entity is evaluated under the voting interest model. All significant intercompany accounts and transactions are eliminated in consolidation, including unrealized intercompany profits and losses. The equity method of accounting is used for investments in affiliates and other joint ventures over which the Company has significant influence but does not have effective control. TGI and certain wholly owned subsidiaries with functional currency different than the U.S. dollar have long-term intercompany loan balances denominated in foreign currencies that are remeasured at the exchange rate in effect at the balance sheet date. Such loan balances are not expected to be settled in the foreseeable future. Any gains and losses relating to these loans are included in the accumulated other comprehensive income (loss), which is reflected as a separate component of shareholders’ equity.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments in this Update provide optional expedients and exceptions for contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 which deferred the effective date of Topic 848. As a result, this standard is effective beginning after December 15, 2024. The Company’s outstanding debt, which bears interest based on LIBOR, contains provisions for transitioning into a benchmark reference rate prior to the discontinuation of LIBOR in 2023. Our interest rate swap derivative contract will be adjusted accordingly.

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Schedule of Inventories March 31, 2023 December 31, 2022 Raw materials $ 101,067 $ 93,360 Work in process 15,937 9,875 Finished goods 8,185 6,409 Spares and accessories 16,641 13,902 Packing material 1,335 1,563 Total Inventories, gross 143,165 125,109 Less: Inventory allowance (108 ) (112 ) Total inventories, net $ 143,057 $ 124,997

Revenues, Trade Accounts Rece_2

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Operating revenues:
Schedule of Disaggregation by Revenue	The Company disaggregates its sales with customers by the revenue recognition method for its only segment, as the Company believes these factors affect the nature, amount, timing and uncertainty of the Company’s revenue and cash flows. Schedule of Disaggregation by Revenue 2023 2022 Three months ended March 31, 2023 2022 Fixed price contracts $ 29,093 $ 18,851 Product sales 173,546 115,697 Total Revenues $ 202,639 $ 134,548
Schedule of Geographic Information	The following table presents geographical information about revenues: Schedule of Geographic Information Three months ended March 31, 2023 2022 Colombia $ 5,740 $ 4,025 United States 194,839 126,984 Panama 270 799 Other 1,790 2,740 Total Revenues $ 202,639 $ 134,548
Schedule of Trade Accounts Receivable	Trade accounts receivable consist of the following: Schedule of Trade Accounts Receivable 2023 2022 March 31, 2023 December 31, 2022 Trade accounts receivable 167,818 158,974 Less: Allowance for credit losses (681 ) (577 ) Total $ 167,137 $ 158,397
Schedule of Changes in Allowance for Doubtful Accounts Receivable	The changes in the allowance for credit losses for the three months ended March 31, 2023, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable Three months ended March 31, 2023 Balance at beginning of period $ 577 Provisions for credit losses 914 Deductions and write-offs, net of foreign currency adjustment (810 ) Balance at end of period $ 681
Schedule of Contract Assets and Liabilities	The table below presents the components of net contract assets (liabilities): Schedule of Contract Assets and Liabilities March 31, 2023 December 31, 2022 Contract assets — current $ 18,982 $ 12,610 Contract assets — non-current 4,415 8,875 Contract liabilities — current (58,591 ) (49,601 ) Contract liabilities — non-current (11 ) (11 ) Net contract assets $ (35,205 ) $ (28,127 ) The components of contract assets are presented in the table below: March 31, 2023 December 31, 2022 Unbilled contract receivables, gross $ 6,448 $ 5,738 Retainage 16,949 15,747 Total contract assets 23,397 21,485 Less: current portion 18,982 12,610 Contract Assets – non-current $ 4,415 $ 8,875 The components of contract liabilities are presented in the table below: March 31, 2023 December 31, 2022 Billings in excess of costs $ 18,292 14,724 Advances from customers on uncompleted contracts 40,310 34,888 Total contract liabilities 58,602 49,612 Less: current portion 58,591 49,601 Contract liabilities – non-current $ 11 11

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets, Net	Schedule of Finite-Lived Intangible Assets, Net March 31, 2023 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 10,281 (7,667 ) 2,614 December 31, 2022 Gross Acc. Amort. Net Trade Names $ 980 $ (980 ) $ - Notice of Acceptances (NOAs), product designs and other intellectual property 9,987 (7,281 ) 2,706 Non-compete Agreement 165 (165 ) - Customer Relationships 4,140 (4,140 ) - Total $ 15,272 $ (12,566 ) $ 2,706
Schedule of Finite Lived Intangible Assets Future Amortization Expense	The estimated aggregate amortization expense for each of the five succeeding years as of March 31, 2023, is as follows: Schedule of Finite Lived Intangible Assets Future Amortization Expense Year ending (in thousands) 2023 $ 793 2024 722 2025 416 2026 320 2027 253 Thereafter 110 Total $ 2,614

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The Company’s debt is comprised of the following: Schedule of Long Term Debt March 31, 2023 December 31, 2022 Revolving lines of credit $ 620 $ 329 Finance lease 387 395 Senior Secured Credit Facility 172,500 172,500 Less: Deferred cost of financing (3,612 ) (3,740 ) Total obligations under borrowing arrangements 169,895 169,484 Less: Current portion of long-term debt and other current borrowings 819 504 Long-term debt $ 169,076 $ 168,980
Schedule of Maturities of Long Term Debt	Maturities of long-term debt and other current borrowings are as follows as of March 31, 2023: Schedule of Maturities of Long Term Debt 2024 $ 819 2025 10,137 2026 15,051 2027 147,500 2028 - Total $ 173,507

Hedging Activity and Fair Val_2

Hedging Activity and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Foreign Currency Hedges	The fair value of our interest rate swap hedges that are classified in the accompanying consolidated balance sheets as of March 31, 2023 are as follows: Schedule of Fair Value of Foreign Currency Hedges Derivative Assets Derivative Liabilities March 31, 2023 March 31, 2023 Derivatives designated as hedging instruments under Subtopic 815-20: Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivative instruments: Interest rate swap contracts and foreign currency non-delivery forwards Other current assets $ 9,357 Accrued liabilities $ - Total derivative instruments Total derivative assets $ 9,357 Total derivative liabilities $ -
Schedule of Gains (Losses) on Derivative Financial Instruments quarter ended	The following table presents the gains on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the quarter ended March 31, 2023: Schedule of Gains (Losses) on Derivative Financial Instruments quarter ended Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives Location of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income Three Months Ended Three Months Ended March 31, March 31, March 31, March 31, 2023 2022 2023 2022 Interest rate swap contracts and foreign currency non-delivery forwards contracts $ 7,350 $  2,622 Interest expense and operating income $ 3,193 $ -
Summary of Fair Value and Carrying Amounts of Long Term Debt	The following table summarizes the fair value and carrying amounts of our long-term debt: Summary of Fair Value and Carrying Amounts of Long Term Debt March 31, 2023 December 31, 2022 Fair Value 170,215 172,408 Carrying Value 169,076 168,980

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense are as follows: Schedule of Components of Income Tax Expense (Benefit) 2023 2022 Three months ended March 31, 2023 2022 Current income tax United States $ (3,464 ) $ (1,102 ) Colombia (21,048 ) (11,015 ) Panama (3 ) (9 ) Total current income tax (24,515 ) (12,126 ) Deferred income Tax United States (284 ) 120 Colombia 128 1,448 Total deferred income tax (156 ) 1,568 Total income tax provision $ (24,671 ) $ (10,558 ) Effective tax rate 33.8 % 33.5 %

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Parties	The following is a summary of assets, liabilities and income transactions with all related parties: Schedule of Related Parties March 31, 2023 December 31, 2022 Due from related parties: Alutrafic Led SAS 290 249 Studio Avanti SAS 236 113 Due from other related parties 247 1,085 Total due from related parties $ 773 $ 1,447 Due to related parties: Vidrio Andino 4,826 4,853 Due to other related parties 664 470 Total due to related parties $ 5,491 $ 5,323
Schedule of Sale to Related Parties	Schedule of Sale to Related Parties 2023 2022 Three months ended March 31, 2023 2022 Sales to related parties: Alutrafic Led SAS 173 300 Studio Avanti SAS 156 168 Sales to other related parties 4 58 Sales to related parties $ 333 $ 526

Shareholders_ Equity (Tables)

Shareholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of the basic and diluted earnings per share for the three months ended March 31, 2023 and 2022: Schedule of Earnings Per Share, Basic and Diluted 2023 2022 Three months ended March 31, 2023 2022 Numerator for basic and diluted earnings per shares Net Income $ 48,372 $ 20,953 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 47,674,773 47,674,773 Effect of dilutive securities and stock dividend - - Denominator for diluted earnings per ordinary share - weighted average shares outstanding 47,674,773 47,674,773 Basic earnings per ordinary share $ 1.01 $ 0.44 Diluted earnings per ordinary share $ 1.01 $ 0.44

Schedule of Inventories (Detail

Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 101,067	$ 93,360
Work in process	15,937	9,875
Finished goods	8,185	6,409
Spares and accessories	16,641	13,902
Packing material	1,335	1,563
Total Inventories, gross	143,165	125,109
Less: Inventory allowance	(108)	(112)
Total inventories, net	$ 143,057	$ 124,997

Schedule of Disaggregation by R

Schedule of Disaggregation by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 202,639	$ 134,548
Fixed Price Contracts [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	29,093	18,851
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 173,546	$ 115,697

Schedule of Geographic Informat

Schedule of Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 202,639	$ 134,548
COLOMBIA
Disaggregation of Revenue [Line Items]
Total Revenues	5,740	4,025
UNITED STATES
Disaggregation of Revenue [Line Items]
Total Revenues	194,839	126,984
PANAMA
Disaggregation of Revenue [Line Items]
Total Revenues	270	799
Other [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,790	$ 2,740

Schedule of Trade Accounts Rece

Schedule of Trade Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating revenues:
Trade accounts receivable	$ 167,818	$ 158,974
Less: Allowance for credit losses	(681)	(577)
Total	$ 167,137	$ 158,397

Schedule of Changes in Allowanc

Schedule of Changes in Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating revenues:
Balance at beginning of period	$ 577
Provisions for credit losses	914	$ 414
Deductions and write-offs, net of foreign currency adjustment	(810)
Balance at end of period	$ 681

Schedule of Contract Assets and

Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating revenues:
Less: current portion	$ 18,982	$ 12,610
Contract Assets – non-current	4,415	8,875
Contract liabilities — current	(58,591)	(49,601)
Contract liabilities — non-current	(11)	(11)
Net contract assets	(35,205)	(28,127)
Unbilled contract receivables, gross	6,448	5,738
Retainage	16,949	15,747
Total contract assets	23,397	21,485
Billings in excess of costs	18,292	14,724
Advances from customers on uncompleted contracts	40,310	34,888
Total contract liabilities	58,602	49,612
Less: current portion	58,591	49,601
Contract liabilities – non-current	$ 11	$ 11

Revenues, Trade Accounts Rece_3

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Sales related to billing in excess of cost liability	$ 2,945
Sales related to contract liabilities	2,082
Remaining performance obligation	$ 499,100
Performance obligation, percentage					100%
Forecast [Member]
Remaining performance obligation		$ 26,500	$ 114,600	$ 358,100

Schedule of Finite-Lived Intang

Schedule of Finite-Lived Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross		$ 15,272
Accumulated Amortization		(12,566)
Total	$ 2,614	2,706
Notice of Acceptances [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	10,281	9,987
Accumulated Amortization	(7,667)	(7,281)
Total	$ 2,614	2,706
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross		980
Accumulated Amortization		(980)
Total
Non-compete Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross		165
Accumulated Amortization		(165)
Total
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross		4,140
Accumulated Amortization		(4,140)
Total

Schedule of Finite Lived Intang

Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 793
2024	722
2025	416
2026	320
2027	253
Thereafter	110
Total	$ 2,614	$ 2,706

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average amortization period	5 years
Amortization expense	$ 322	$ 475

Supplier Finance Program (Detai

Supplier Finance Program (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Trade accounts payable and accrued expenses	$ 86,629	$ 90,186
Related Party [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Due to related parties	5,491	$ 5,323
Supplier Finance Program [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Current liabilities	2,335
Trade accounts payable and accrued expenses	2,186
Supplier Finance Program [Member] | Related Party [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Due to related parties	$ 149

Schedule of Long Term Debt (Det

Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Revolving lines of credit	$ 620	$ 329
Finance lease	387	395
Senior Secured Credit Facility	172,500	172,500
Less: Deferred cost of financing	(3,612)	(3,740)
Total obligations under borrowing arrangements	169,895	169,484
Less: Current portion of long-term debt and other current borrowings	819	504
Long-term debt	$ 169,076	$ 168,980

Schedule of Maturities of Long

Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 819
2025	10,137
2026	15,051
2027	147,500
2028
Total	$ 173,507

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Nov. 30, 2021	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate			2.50%
Line of credit interest rate				4.30%
Line of credit				$ 620		$ 329
Debt Instrument, Maturity Date, Description				few weeks to 5 years
Debt, weighted average interest rate				6.63%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Debt outstanding amount				$ 125,000
US Bank Syndicated [Member]
Debt Instrument [Line Items]
Deposits savings deposits			$ 15,000
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate			1.50%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate			0.75%
Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity, description			(i) increase the borrowing capacity under its committed line of credit from $50 million to $150 million, (ii) reduce its borrowing costs by an approximate 130 basis points and (iii) extend the initial maturity date by one year to the end of 2026.
Debt instrument basis spread on variable rate		1.50%
Line of credit interest rate			7.42%
Line of credit facility decrease forgiveness	$ 10,000	$ 15,000
Senior Secured Credit Facility [Member] | Related Party [Member]
Debt Instrument [Line Items]
Debt issuance cost			$ 1,496
Senior Secured Credit Facility [Member] | Related Party [Member] | Deferred Cost [Member]
Debt Instrument [Line Items]
Payment of fees			1,346
Senior Secured Credit Facility [Member] | Related Party [Member] | Operating Expense [Member]
Debt Instrument [Line Items]
Due to related parties					$ 150
Senior Secured Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			50,000
Senior Secured Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 150,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit				$ 6,700

Schedule of Fair Value of Forei

Schedule of Fair Value of Foreign Currency Hedges (Details) - Non-Delivery Collar Contracts [Member] $ in Thousands	Mar. 31, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative assets	$ 9,357
Total derivative liabilities
Other Current Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative assets	9,357
Accrued Liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative liabilities

Schedule of Gains (Losses) on D

Schedule of Gains (Losses) on Derivative Financial Instruments quarter ended (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives	$ 1,951
Non-Delivery Collar Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives	7,350	2,622
Amount of gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income	$ 3,193

Summary of Fair Value and Carry

Summary of Fair Value and Carrying Amounts of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value	$ 170,215	$ 172,408
Carrying Value	$ 169,076	$ 168,980

Hedging Activity and Fair Val_3

Hedging Activity and Fair Value Measurements (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Integer	Dec. 31, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income net of tax	$ (100,213)	$ (106,187)
Accumulated Other Comprehensive Loss [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassified earnings, expected	3,500
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	$ 9,400
Interest outstanding rate swap contract | Integer	15
Debt outstanding amount	$ 125,000
Forward contracts exchange	15,000
Collar Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income net of tax	$ 7,350

Schedule of Components of Incom

Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total current income tax	$ (24,515)	$ (12,126)
Total deferred income tax	(156)	1,568
Total income tax provision	$ (24,671)	$ (10,558)
Effective tax rate	33.80%	33.50%
UNITED STATES
Total current income tax	$ (3,464)	$ (1,102)
Total deferred income tax	(284)	120
COLOMBIA
Total current income tax	(21,048)	(11,015)
Total deferred income tax	128	1,448
PANAMA
Total current income tax	$ (3)	$ (9)

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Statutory income tax rate	33.80%	33.50%

Schedule of Related Parties (De

Schedule of Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total due from related parties	$ 773	$ 1,447
Total due to related parties	5,491	5,323
Alutrafic Led SAS [Member]
Related Party Transaction [Line Items]
Total due from related parties	290	249
Studio Avanti SAS [Member]
Related Party Transaction [Line Items]
Total due from related parties	236	113
Other [Member]
Related Party Transaction [Line Items]
Total due from related parties	247	1,085
Total due to related parties	664	470
Vidrio Andino (St. Gobain) [Member]
Related Party Transaction [Line Items]
Total due to related parties	$ 4,826	$ 4,853

Schedule of Sale to Related Par

Schedule of Sale to Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Sales to related parties	$ 333	$ 526
Alutrafic Led SAS [Member]
Related Party Transaction [Line Items]
Sales to related parties	173	300
Studio Avanti SAS [Member]
Related Party Transaction [Line Items]
Sales to related parties	156	168
Sales to Other Related Parties [Member]
Related Party Transaction [Line Items]
Sales to related parties	$ 4	$ 58

Related Parties (Details Narrat

Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Dec. 09, 2020	Oct. 28, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Oct. 27, 2020	May 03, 2019
Related Party Transaction [Line Items]
Payments for capitalized property plant and equipment			$ 15,554	$ 9,258
Equity method income			1,449	1,580
Vidrio Andino (St. Gobain) [Member]
Related Party Transaction [Line Items]
Business combination, step acquisition, equity interest in acquiree, percentage							25.80%
Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties			333	526
Due to Related Parties			5,491		$ 5,323
A Construir S.A. [Member]
Related Party Transaction [Line Items]
Payments for capitalized property plant and equipment			3,280
Alutrafic Led SAS [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties			173	300
Accounts receivable			290		249
Santa Maria Del Mar SAS [Member] | Related Party [Member] | CEO And COO [Member]
Related Party Transaction [Line Items]
Due to Related Parties			236	244
Fundacion Tecnoglass [Member]
Related Party Transaction [Line Items]
Cash contributions for social causes			664	356
Studio Avanti SAS [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties			156	168
Accounts receivable			$ 236		113
Vidrio Andino (St. Gobain) [Member]
Related Party Transaction [Line Items]
Cash Acquired from Acquisition	$ 45,000
Payment of cash	34,100
Business combination, recognized identifiable assets acquired and liabilities assumed, land	$ 10,900
Aggregate shares of ordinary shares		1,557,142
Shares Issued, Price Per Share		$ 7
Premium closing stock, percent						33%
Expected manufacturing interest rate percentage			25.80%
Additional contribution paid			$ 12,500
Business Combination, Consideration Transferred			6,345	5,093
Equity method income			1,448	$ 1,580
Vidrio Andino (St. Gobain) [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Due to Related Parties			4,826		4,853
Zofracosta SA [Member]
Related Party Transaction [Line Items]
Investments			$ 657		$ 632

Schedule of Earnings Per Share,

Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Net Income	$ 48,372	$ 20,953
Denominator for basic earnings per ordinary share - weighted average shares outstanding	47,674,773	47,674,773
Effect of dilutive securities and stock dividend
Denominator for diluted earnings per ordinary share - weighted average shares outstanding	47,674,773	47,674,773
Basic earnings per ordinary share	$ 1.01	$ 0.44
Diluted earnings per ordinary share	$ 1.01	$ 0.44

Shareholders_ Equity (Details N

Shareholders’ Equity (Details Narrative)	Feb. 28, 2023 $ / shares
Quarterly Rate [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend rate per share	$ 0.09
Annual Basis [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend rate per share	$ 0.36

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Dec. 09, 2020	Oct. 28, 2020	Mar. 31, 2023	Oct. 27, 2020	May 03, 2019
Restructuring Cost and Reserve [Line Items]
Purchase of aggregate raw material			$ 72,172
Vidrio Andino (St. Gobain) [Member]
Restructuring Cost and Reserve [Line Items]
Cash Acquired from Acquisition	$ 45,000
Payment of cash	34,100
Business combination, recognized identifiable assets acquired and liabilities assumed, land	$ 10,900
Aggregate shares of ordinary shares		1,557,142
Shares Issued, Price Per Share		$ 7
Premium closing stock, percent				33%
Expected manufacturing interest rate percentage			25.80%
Additional contribution paid			$ 12,500
Vidrio Andino (St. Gobain) [Member]
Restructuring Cost and Reserve [Line Items]
Business combination, step acquisition, equity interest in acquiree, percentage					25.80%