Tecnoglass (TGLS) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
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	3550 NW 49th Street
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Country	US
Entity Address, Postal Zip Code	33142
City Area Code	+1 305
Local Phone Number	638 5151
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		47,099,133

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 118,973	$ 103,671
Investments	2,479	2,049
Trade accounts receivable, net	174,148	158,397
Inventories	165,846	124,997
Contract assets – current portion	16,539	12,610
Other current assets	57,668	28,963
Total current assets	537,146	432,134
Long-term assets:
Property, plant and equipment, net	299,120	202,865
Deferred income taxes	111	558
Contract assets – non-current	9,075	8,875
Long-term trade accounts receivable		1,225
Intangible assets	3,249	2,706
Goodwill	23,561	23,561
Long-term investments	61,516	57,839
Other long-term assets	5,278	4,545
Total long-term assets	401,910	302,174
Total assets	939,056	734,308
Current liabilities:
Short-term debt and current portion of long-term debt	3,127	504
Trade accounts payable and accrued expenses	108,259	90,186
Dividends payable	4,317	3,622
Contract liability – current portion	68,654	49,601
Total current liabilities	239,002	209,802
Long-term liabilities:
Deferred income taxes	13,876	5,190
Contract liability – non-current	13	11
Long-term debt	166,699	168,980
Total long-term liabilities	180,588	174,181
Total liabilities	419,590	383,983
SHAREHOLDERS’ EQUITY
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 47,445,991 and 47,674,773 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	5	5
Legal Reserves	1,458	1,458
Additional paid-in capital	210,408	219,290
Retained earnings	367,925	234,254
Accumulated other comprehensive loss	(62,323)	(106,187)
Shareholders’ equity attributable to controlling interest	517,473	348,820
Shareholders’ equity attributable to non-controlling interest	1,993	1,505
Total shareholders’ equity	519,466	350,325
Total liabilities and shareholders’ equity	939,056	734,308
Related Party [Member]
Current assets:
Due from related parties	1,493	1,447
Current liabilities:
Other current liabilities	4,108	5,323
Nonrelated Party [Member]
Current liabilities:
Other current liabilities	$ 50,537	$ 60,566

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 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	47,445,991	47,674,773
Ordinary shares, shares outstanding	47,445,991	47,674,773

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating revenues:
Total operating revenues	$ 210,743	$ 201,780	$ 638,662	$ 505,452
Cost of sales	(120,216)	(96,484)	(330,710)	(266,191)
Gross profit	90,527	105,296	307,952	239,261
Operating expenses:
Selling expense	(15,724)	(20,250)	(52,531)	(50,234)
General and administrative expense	(13,791)	(14,914)	(46,228)	(39,442)
Total operating expenses	(29,515)	(35,164)	(98,759)	(89,676)
Operating income	61,012	70,132	209,193	149,585
Non-operating income, net	605	634	3,517	1,137
Equity method income	1,108	1,821	3,676	5,070
Foreign currency transactions (loss) gains	1,142	(450)	931	(856)
Interest expense and deferred cost of financing	(2,325)	(2,249)	(6,919)	(5,432)
Income before taxes	61,542	69,888	210,398	149,504
Income tax provision	(15,447)	(22,966)	(63,366)	(48,216)
Net income	46,095	46,922	147,032	101,288
Income attributable to non-controlling interest	(232)	(196)	(489)	(515)
Income attributable to parent	45,863	46,726	146,543	100,773
Comprehensive income:
Foreign currency translation adjustments	8,227	(22,054)	43,276	(32,039)
Change in fair value of derivative contracts	601	4,865	587	9,197
Total comprehensive income	54,923	29,733	190,895	78,446
Comprehensive loss attributable to non-controlling interest	(232)	(196)	(489)	(515)
Total comprehensive income attributable to parent	$ 54,691	$ 29,537	$ 190,406	$ 77,931
Basic income per share	$ 0.97	$ 0.98	$ 3.09	$ 2.12
Diluted income per share	$ 0.97	$ 0.98	$ 3.09	$ 2.12
Basic weighted average common shares outstanding	47,599,339	47,674,773	47,649,037	47,674,773
Diluted weighted average common shares outstanding	47,599,339	47,674,773	47,649,037	47,674,773
External Customers [Member]
Operating revenues:
Total operating revenues	$ 210,268	$ 201,240	$ 637,362	$ 503,919
Related Party [Member]
Operating revenues:
Total operating revenues	$ 475	$ 540	$ 1,300	$ 1,533

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 147,032	$ 101,288
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for credit losses	2,537	541
Depreciation and amortization	15,841	15,089
Deferred income taxes	7,565	140
Equity method income	(3,676)	(5,070)
Deferred cost of financing	929	1,059
Other non-cash adjustments	157	(22)
Unrealized currency translation (loss) gains	(23,280)	9,482
Changes in operating assets and liabilities:
Trade accounts receivable	(10,351)	(29,486)
Inventories	(15,271)	(53,911)
Prepaid expenses	(2,028)	(1,126)
Other assets	(25,535)	(1,646)
Trade accounts payable and accrued expenses	8,371	14,637
Taxes payable	(21,670)	23,962
Labor liabilities	2,425	1,629
Other liabilities	245	(1,851)
Contract assets and liabilities	13,066	14,974
Related parties	(1,871)	2,409
CASH PROVIDED BY OPERATING ACTIVITIES	94,486	92,098
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments	(303)	(1,285)
Acquisition of property and equipment	(62,194)	(46,817)
CASH USED IN INVESTING ACTIVITIES	(62,497)	(48,102)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend	(12,158)	(9,294)
Stock buyback	(8,882)
Proceeds from debt	109	59
Repayments of debt		(32,002)
CASH USED IN FINANCING ACTIVITIES	(20,931)	(41,237)
Effect of exchange rate changes on cash and cash equivalents	4,243	(3,336)
NET INCREASE IN CASH	15,301	(577)
CASH - Beginning of period	103,672	85,011
CASH - End of period	118,973	84,434
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest	8,543	4,136
Income Tax	94,914	25,377
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired under credit or debt	$ 11,626	$ 4,555

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]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2021	$ 5	$ 219,290	$ 2,273	$ 91,045	$ (68,751)	$ 243,862	$ 836	$ 244,698
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
Balance at Mar. 31, 2022	$ 5	219,290	2,273	108,799	(52,494)	277,873	936	278,809
Balance, shares at Mar. 31, 2022	47,674,773
Balance at Dec. 31, 2021	$ 5	219,290	2,273	91,045	(68,751)	243,862	836	244,698
Balance, shares at Dec. 31, 2021	47,674,773
Net income								101,288
Balance at Sep. 30, 2022	$ 5	219,290	1,458	182,859	(91,593)	312,019	1,351	313,370
Balance, shares at Sep. 30, 2022	47,674,773
Balance at Mar. 31, 2022	$ 5	219,290	2,273	108,799	(52,494)	277,873	936	278,809
Balance, shares at Mar. 31, 2022	47,674,773
Dividend				(3,099)		(3,099)		(3,099)
Derivative financial instruments					1,710	1,710		1,710
Foreign currency translation					(23,620)	(23,620)		(23,620)
Net income				33,194		33,194	219	33,413
Legal Reserves			(815)	815
Balance at Jun. 30, 2022	$ 5	219,290	1,458	139,709	(74,404)	286,058	1,155	287,213
Balance, shares at Jun. 30, 2022	47,674,773
Dividend				(3,577)		(3,577)		(3,577)
Derivative financial instruments					4,865	4,865		4,865
Foreign currency translation					(22,054)	(22,054)		(22,054)
Net income				46,726		46,726	196	46,922
Legal Reserves								0
Balance at Sep. 30, 2022	$ 5	219,290	1,458	182,859	(91,593)	312,019	1,351	313,370
Balance, shares at Sep. 30, 2022	47,674,773
Balance at Dec. 31, 2022	$ 5	219,290	1,458	234,254	(106,187)	348,820	1,505	350,325
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
Balance at Mar. 31, 2023	$ 5	219,290	1,458	278,198	(100,213)	398,738	1,642	400,380
Balance, shares at Mar. 31, 2023	47,674,773
Balance at Dec. 31, 2022	$ 5	219,290	1,458	234,254	(106,187)	348,820	1,505	350,325
Balance, shares at Dec. 31, 2022	47,674,773
Net income								147,032
Balance at Sep. 30, 2023	$ 5	210,408	1,458	367,925	(62,323)	517,473	1,993	519,466
Balance, shares at Sep. 30, 2023	47,445,991
Balance at Mar. 31, 2023	$ 5	219,290	1,458	278,198	(100,213)	398,738	1,642	400,380
Balance, shares at Mar. 31, 2023	47,674,773
Dividend				(4,291)		(4,291)		(4,291)
Derivative financial instruments					1,823	1,823		1,823
Foreign currency translation					27,238	27,238		27,238
Net income				52,445		52,445	120	52,565
Share Repurchase		(56)				(56)		(56)
Stock Repurchase, shares	(1,340)
Balance at Jun. 30, 2023	$ 5	219,234	1,458	326,353	(71,152)	475,898	1,762	477,660
Balance, shares at Jun. 30, 2023	47,673,433
Dividend				(4,291)		(4,291)		(4,291)
Derivative financial instruments					601	601		601
Foreign currency translation					8,227	8,227		8,227
Net income				45,863		45,863	232	46,095
Share Repurchase		(8,826)				(8,826)		(8,826)
Stock Repurchase, shares	(227,442)
Balance at Sep. 30, 2023	$ 5	$ 210,408	$ 1,458	$ 367,925	$ (62,323)	$ 517,473	$ 1,993	$ 519,466
Balance, shares at Sep. 30, 2023	47,445,991

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure [Table]
Net Income (Loss) Attributable to Parent	$ 45,863	$ 46,726	$ 146,543	$ 100,773

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General

General	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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”), 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. Derivative Financial Instruments The Company recognizes all derivative financial instruments as either assets or liabilities at fair value on the condensed consolidated balance sheet. The unrealized gains or losses arising from changes in fair value of derivative instruments that are designated and qualify as cash flow hedges, are recorded in the condensed consolidated statement of comprehensive income. Amounts in accumulated other comprehensive loss on the condensed consolidated balance sheet are reclassified into the condensed consolidated statement of income in the same period or periods during which the hedged transactions are settled. Accounting Standards Adopted in 2023 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. The interest rate on our credit facility was updated to SOFR plus the same spread of 1.5 1.93 1.87

Inventories, net

Inventories, net	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories, net	Note 3. - Inventories, net Schedule of Inventories September 30, December 31, Raw materials $ 106,935 $ 93,360 Work in process 22,161 9,875 Finished goods 10,407 6,409 Spares and accessories 24,888 13,902 Packing material 1,648 1,563 Total Inventories, gross 166,039 125,109 Less: Inventory allowance (193 ) (112 ) Total inventories, net $ 165,846 $ 124,997

Revenues, Trade Accounts Receiv

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities	9 Months Ended
	Sep. 30, 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 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 2023 2022 Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Fixed price contracts $ 35,735 $ 26,272 $ 97,158 $ 67,648 Product sales 175,008 175,508 541,504 437,804 Total Revenues $ 210,743 $ 201,780 $ 638,662 $ 505,452 The following table presents geographical information about revenues. Schedule of Geographic Information 2023 2022 2023 2022 Three months ended Nine months ended 2023 2022 2023 2022 Colombia $ 7,218 $ 4,817 $ 18,920 $ 13,657 United States 200,347 193,504 609,911 481,965 Panama 433 571 1,017 2,373 Other 2,745 2,888 8,814 7,457 Total Revenues $ 210,743 $ 201,780 $ 638,662 $ 505,452 The following table presents revenues breakdown by market. Schedule of Revenues Breakdown by Market Co 2023 2022 2023 2022 Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Residential $ 87,811 $ 85,780 $ 258,345 $ 221,328 Commercial 122,932 116,000 380,317 284,123 Total Revenues $ 210,743 $ 201,780 $ 638,662 $ 505,452 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 September 30, December 31, Trade accounts receivable 176,223 159,068 Less: Allowance for credit losses (2,075 ) (671 ) Total $ 174,148 $ 158,397 The changes in the allowance for credit losses for the nine months ended September 30, 2023, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable Nine months Balance at beginning of period $ 671 Provisions for credit losses 2,537 Deductions and write-offs, net of foreign currency adjustment (1,133 ) Balance at end of period $ 2,075 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 that are withheld by the customer as a retainage until a final good receipt of the complete project 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 September 30, December 31, Contract assets — current $ 16,539 $ 12,610 Contract assets — non-current 9,075 8,875 Contract liabilities — current (68,654 ) (49,601 ) Contract liabilities — non-current (13 ) (11 ) Net contract assets $ (43,053 ) $ (28,127 ) The components of contract assets are presented in the table below. September 30, December 31, Unbilled contract receivables, gross $ 6,096 $ 5,738 Retainage 19,518 15,747 Total contract assets 25,614 21,485 Less: current portion 16,539 12,610 Contract Assets – non-current $ 9,075 $ 8,875 The components of contract liabilities are presented in the table below. September 30, December 31, Billings in excess of costs $ 32,759 14,724 Advances from customers on uncompleted contracts 35,908 34,888 Total contract liabilities 68,667 49,612 Less: current portion 68,654 49,601 Contract liabilities – non-current $ 13 11 During the three and nine months ended September 30, 2023, the Company recognized $ 472 6,375 2,424 7,927 Remaining Performance Obligations As of September 30, 2023, the Company had $ 482.3 100 123.5 315.2 43.6

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 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 September 30, 2023 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 11,611 (8,362 ) 3,249 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 4.9 During the three and nine months ended September 30, 2023, the amortization expense amounted to $ 293 908 290 1,079 The estimated aggregate amortization expense for each of the five succeeding years as of September 30, 2023, is as follows: Schedule of Finite Lived Intangible Assets Future Amortization Expense Year ending (in thousands) 2023 $ 297 2024 968 2025 499 2026 401 2027 335 Thereafter 749 Total $ 3,249

Supplier Finance Program

Supplier Finance Program	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Supplier Finance Program	Note 6. Supplier Finance Program Tecnoglass 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 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 Tecnoglass 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 Tecnoglass has confirmed the invoices as valid. Once the Company confirms the invoices are valid, the third-party finance provider or intermediary proceeds with the payment to the supplier. Subsequently, Tecnoglass 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 programs, 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 September 30, 2023, the obligations outstanding related to the supplier finance program amounted to $ 11,323 11,122 201

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Note 7. Debt The Company’s debt is comprised of the following: Schedule of Long Term Debt September 30, December 31, Revolving lines of credit $ 438 $ 329 Finance lease 360 395 Senior Secured Credit Facility 172,500 172,500 Less: Deferred cost of financing (3,472 ) (3,740 ) Total obligations under borrowing arrangements 169,826 169,484 Less: Current portion of long-term debt and other current borrowings 3,127 504 Long-term debt $ 166,699 $ 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 7.65 1,496 1,346 150 15 1.5 10.0 6.7 1.5 Maturities of long-term debt and other current borrowings are as follows as of September 30, 2023: Schedule of Maturities of Long Term Debt 2024 $ 3,127 2025 15,139 2026 15,032 2027 140,000 2028 - Total $ 173,298 The Company’s loans have maturities ranging from a few weeks to 5 years 6.88

Hedging Activity and Fair Value

Hedging Activity and Fair Value Measurements	9 Months Ended
	Sep. 30, 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 contract is December 31, 2022, and, thus, we 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. 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, in determining fair value. 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. Due to the Libor discontinuance, on June 21, 2023, the Company amended the Interest Rate Swap contract from LIBOR plus spread to SOFR plus spread. The settlements of the instruments remain under the existing conditions; however, the fixed leg goes from 1.93 1.87 As of September 30, 2023, the fair value of our interest rate swap was in a net asset position of $ 9.8 14 125 We assess the effectiveness of our interest rate swap contracts by comparing the change in the fair value of the interest rate swap 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 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 September 30, 2023, that we expect will be reclassified to earnings within the next twelve months, is $ 4.2 The fair value of our interest rate swap hedges is classified in the accompanying consolidated balance sheets, as of September 30, 2023, as follows: Schedule of Fair Value of Foreign Currency Hedges Derivative Assets Derivative Liabilities September 30, 2023 September 30, 2023 Derivatives designated as hedging instruments under Balance Sheet Fair Value Balance Sheet Fair Value Derivative instruments: Interest rate swap contracts and foreign currency non-delivery forwards Other current assets $ 9,773 Accrued liabilities $ - Total derivative instruments Total derivative assets $ 9,773 Total derivative liabilities $ - The ending accumulated balance for the interest rate swap contracts included in accumulated other comprehensive income was $ 9,773 The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the quarter ended September 30, 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 September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Interest rate swap contracts and foreign currency non-delivery forwards contracts $ 601 $ 4,865 Interest expense and operating income $ 1,065 $ - The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the nine months ended September 30, 2023: 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 Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Interest Rate Swap Contracts $ 587 $ 9,197 Interest Expense and Operating Income $ 5,219 $ - 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 SOFR 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 September 30, 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 September 30, December 31, Fair Value 163,842 172,408 Carrying Value 166,699 168,980

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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. Tecnoglass 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 2023 2022 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Current income tax United States $ (8,840 ) $ (1,027 ) $ (15,300 ) $ (3,775 ) Colombia (3,167 ) (20,777 ) (40,490 ) (44,275 ) Panama (5 ) (6 ) (11 ) (26 ) Total current income tax (12,012 ) (21,810 ) (55,801 ) (48,076 ) Deferred income Tax United States (433 ) 203 (560 ) 402 Colombia (3,002 ) (1,359 ) (7,005 ) (542 ) Total deferred income tax (3,435 ) (1,156 ) (7,565 ) (140 ) Total income provision $ (15,447 ) $ (22,966 ) $ (63,366 ) $ (48,216 ) Effective tax rate 25.1 % 32.9 % 30.1 % 32.3 % The weighted average statutory income tax rate for 2023 and 2022, was 33.3 34.0 25.1

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 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 September 30, December 31, Due from related parties: Alutrafic Led SAS 412 249 Studio Avanti SAS 324 113 Due from other related parties 757 1,085 Total due from related parties $ 1,493 $ 1,447 Due to related parties: Vidrio Andino 3,274 4,853 Due to other related parties 834 470 Total due to related parties $ 4,108 $ 5,323 Schedule of Sale to Related Parties 2023 2022 2023 2022 Three months ended Nine months ended 2023 2022 2023 2022 Sales to related parties: Alutrafic Led SAS 275 201 640 771 Studio Avanti SAS 64 116 349 448 Sales to other related parties 136 223 311 314 Sales to related parties $ 475 $ 540 $ 1,300 $ 1,533 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, the Company’s Chief Executive Officer and Chief Operating Officer, respectively, have an ownership stake in Alutrafic. During the three and nine months ended September 30, 2023, we sold $ 275 640 201 771 412 249 Barranquilla Capital de Luz SAS In the ordinary course of business, we purchase products from Barranquilla Capital de Luz SAS (“Alubaq”), a fabricator of electrical lighting equipment. Affiliates of Jose Daes and Christian Daes, the Company’s Chief Executive Officer and Chief Operating Officer, respectively, have an ownership stake in Alubaq. During the three and nine months ended September 30, 2023, we purchased equipment from Alubaq for $ 90 309 8 51 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 and nine months ended September 30, 2023 of $ 1,023 2,556 358 1,153 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 and nine months ended September 30, 2023, we purchased $ 268 973 243 655 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 September 30, 2023 and December 31, 2022, the Company had outstanding accounts receivable from Avanti of $ 324 113 64 349 116 448 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 34.1 10.9 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 12.5 In the ordinary course of business, we purchased $ 6,912 20,869 4,923 13,964 3,274 4,853 1,108 3,676 1,821 5,070 Zofracosta SA We have an investment in Zofracosta SA, a real estate holding company located in the vicinity of the proposed glass plant being built through our Vidrio Andino joint venture, recorded at $ 750 632

Shareholders_ Equity

Shareholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Shareholders’ Equity	Note 11. Shareholders’ Equity Dividends On September 15, 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 and nine months ended September 30, 2023 and 2022: Schedule of Earnings Per Share, Basic and Diluted 2023 2022 2023 2022 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Numerator for basic and diluted earnings per share Net Income $ 46,095 $ 46,922 $ 147,032 $ 101,288 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 47,599,339 47,674,773 47,649,037 47,674,773 Effect of dilutive securities and stock dividend - - - - Denominator for diluted earnings per ordinary share - weighted average shares outstanding 47,599,339 47,674,773 47,649,037 47,674,773 Basic earnings per ordinary share $ 0.97 $ 0.98 $ 3.09 $ 2.12 Diluted earnings per ordinary share $ 0.97 $ 0.98 $ 3.09 $ 2.12

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Commitments As of September 30, 2023, the Company had outstanding obligations to purchase an aggregate of at least $ 65,198 11,008 On May 3, 2019, we consummated a joint venture agreement with Saint-Gobain whereby we acquired a 25.8 45 34.1 10.9 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 12.5 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.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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”), 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.
Derivative Financial Instruments	Derivative Financial Instruments The Company recognizes all derivative financial instruments as either assets or liabilities at fair value on the condensed consolidated balance sheet. The unrealized gains or losses arising from changes in fair value of derivative instruments that are designated and qualify as cash flow hedges, are recorded in the condensed consolidated statement of comprehensive income. Amounts in accumulated other comprehensive loss on the condensed consolidated balance sheet are reclassified into the condensed consolidated statement of income in the same period or periods during which the hedged transactions are settled.
Accounting Standards Adopted in 2023	Accounting Standards Adopted in 2023 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. The interest rate on our credit facility was updated to SOFR plus the same spread of 1.5 1.93 1.87

Inventories, net (Tables)

Inventories, net (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Schedule of Inventories September 30, December 31, Raw materials $ 106,935 $ 93,360 Work in process 22,161 9,875 Finished goods 10,407 6,409 Spares and accessories 24,888 13,902 Packing material 1,648 1,563 Total Inventories, gross 166,039 125,109 Less: Inventory allowance (193 ) (112 ) Total inventories, net $ 165,846 $ 124,997

Revenues, Trade Accounts Rece_2

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Operating revenues:
Schedule of Disaggregation by Revenue	The Company disaggregates its sales with customers by 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 2023 2022 Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Fixed price contracts $ 35,735 $ 26,272 $ 97,158 $ 67,648 Product sales 175,008 175,508 541,504 437,804 Total Revenues $ 210,743 $ 201,780 $ 638,662 $ 505,452
Schedule of Geographic Information	The following table presents geographical information about revenues. Schedule of Geographic Information 2023 2022 2023 2022 Three months ended Nine months ended 2023 2022 2023 2022 Colombia $ 7,218 $ 4,817 $ 18,920 $ 13,657 United States 200,347 193,504 609,911 481,965 Panama 433 571 1,017 2,373 Other 2,745 2,888 8,814 7,457 Total Revenues $ 210,743 $ 201,780 $ 638,662 $ 505,452
Schedule of Revenues Breakdown by Market	The following table presents revenues breakdown by market. Schedule of Revenues Breakdown by Market Co 2023 2022 2023 2022 Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 Residential $ 87,811 $ 85,780 $ 258,345 $ 221,328 Commercial 122,932 116,000 380,317 284,123 Total Revenues $ 210,743 $ 201,780 $ 638,662 $ 505,452
Schedule of Trade Accounts Receivable	Trade accounts receivable consist of the following: Schedule of Trade Accounts Receivable September 30, December 31, Trade accounts receivable 176,223 159,068 Less: Allowance for credit losses (2,075 ) (671 ) Total $ 174,148 $ 158,397
Schedule of Changes in Allowance for Doubtful Accounts Receivable	The changes in the allowance for credit losses for the nine months ended September 30, 2023, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable Nine months Balance at beginning of period $ 671 Provisions for credit losses 2,537 Deductions and write-offs, net of foreign currency adjustment (1,133 ) Balance at end of period $ 2,075
Schedule of Contract Assets and Liabilities	The table below presents the components of net contract assets (liabilities). Schedule of Contract Assets and Liabilities September 30, December 31, Contract assets — current $ 16,539 $ 12,610 Contract assets — non-current 9,075 8,875 Contract liabilities — current (68,654 ) (49,601 ) Contract liabilities — non-current (13 ) (11 ) Net contract assets $ (43,053 ) $ (28,127 ) The components of contract assets are presented in the table below. September 30, December 31, Unbilled contract receivables, gross $ 6,096 $ 5,738 Retainage 19,518 15,747 Total contract assets 25,614 21,485 Less: current portion 16,539 12,610 Contract Assets – non-current $ 9,075 $ 8,875 The components of contract liabilities are presented in the table below. September 30, December 31, Billings in excess of costs $ 32,759 14,724 Advances from customers on uncompleted contracts 35,908 34,888 Total contract liabilities 68,667 49,612 Less: current portion 68,654 49,601 Contract liabilities – non-current $ 13 11

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets, Net	Schedule of Finite-Lived Intangible Assets, Net September 30, 2023 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 11,611 (8,362 ) 3,249 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 September 30, 2023, is as follows: Schedule of Finite Lived Intangible Assets Future Amortization Expense Year ending (in thousands) 2023 $ 297 2024 968 2025 499 2026 401 2027 335 Thereafter 749 Total $ 3,249

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The Company’s debt is comprised of the following: Schedule of Long Term Debt September 30, December 31, Revolving lines of credit $ 438 $ 329 Finance lease 360 395 Senior Secured Credit Facility 172,500 172,500 Less: Deferred cost of financing (3,472 ) (3,740 ) Total obligations under borrowing arrangements 169,826 169,484 Less: Current portion of long-term debt and other current borrowings 3,127 504 Long-term debt $ 166,699 $ 168,980
Schedule of Maturities of Long Term Debt	Maturities of long-term debt and other current borrowings are as follows as of September 30, 2023: Schedule of Maturities of Long Term Debt 2024 $ 3,127 2025 15,139 2026 15,032 2027 140,000 2028 - Total $ 173,298

Hedging Activity and Fair Val_2

Hedging Activity and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 is classified in the accompanying consolidated balance sheets, as of September 30, 2023, as follows: Schedule of Fair Value of Foreign Currency Hedges Derivative Assets Derivative Liabilities September 30, 2023 September 30, 2023 Derivatives designated as hedging instruments under Balance Sheet Fair Value Balance Sheet Fair Value Derivative instruments: Interest rate swap contracts and foreign currency non-delivery forwards Other current assets $ 9,773 Accrued liabilities $ - Total derivative instruments Total derivative assets $ 9,773 Total derivative liabilities $ -
Schedule of Gains (Losses) on Derivative Financial Instruments quarter ended	The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the quarter ended September 30, 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 September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Interest rate swap contracts and foreign currency non-delivery forwards contracts $ 601 $ 4,865 Interest expense and operating income $ 1,065 $ - The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the nine months ended September 30, 2023: 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 Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Interest Rate Swap Contracts $ 587 $ 9,197 Interest Expense and Operating Income $ 5,219 $ -
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 September 30, December 31, Fair Value 163,842 172,408 Carrying Value 166,699 168,980

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 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 2023 2022 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Current income tax United States $ (8,840 ) $ (1,027 ) $ (15,300 ) $ (3,775 ) Colombia (3,167 ) (20,777 ) (40,490 ) (44,275 ) Panama (5 ) (6 ) (11 ) (26 ) Total current income tax (12,012 ) (21,810 ) (55,801 ) (48,076 ) Deferred income Tax United States (433 ) 203 (560 ) 402 Colombia (3,002 ) (1,359 ) (7,005 ) (542 ) Total deferred income tax (3,435 ) (1,156 ) (7,565 ) (140 ) Total income provision $ (15,447 ) $ (22,966 ) $ (63,366 ) $ (48,216 ) Effective tax rate 25.1 % 32.9 % 30.1 % 32.3 %

Related Parties (Tables)

Related Parties (Tables)	9 Months Ended
	Sep. 30, 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 September 30, December 31, Due from related parties: Alutrafic Led SAS 412 249 Studio Avanti SAS 324 113 Due from other related parties 757 1,085 Total due from related parties $ 1,493 $ 1,447 Due to related parties: Vidrio Andino 3,274 4,853 Due to other related parties 834 470 Total due to related parties $ 4,108 $ 5,323
Schedule of Sale to Related Parties	Schedule of Sale to Related Parties 2023 2022 2023 2022 Three months ended Nine months ended 2023 2022 2023 2022 Sales to related parties: Alutrafic Led SAS 275 201 640 771 Studio Avanti SAS 64 116 349 448 Sales to other related parties 136 223 311 314 Sales to related parties $ 475 $ 540 $ 1,300 $ 1,533

Shareholders_ Equity (Tables)

Shareholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022: Schedule of Earnings Per Share, Basic and Diluted 2023 2022 2023 2022 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Numerator for basic and diluted earnings per share Net Income $ 46,095 $ 46,922 $ 147,032 $ 101,288 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 47,599,339 47,674,773 47,649,037 47,674,773 Effect of dilutive securities and stock dividend - - - - Denominator for diluted earnings per ordinary share - weighted average shares outstanding 47,599,339 47,674,773 47,649,037 47,674,773 Basic earnings per ordinary share $ 0.97 $ 0.98 $ 3.09 $ 2.12 Diluted earnings per ordinary share $ 0.97 $ 0.98 $ 3.09 $ 2.12

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative)		1 Months Ended
	Sep. 30, 2023	Nov. 30, 2021	Jun. 21, 2023
Property, Plant and Equipment [Line Items]
Interest rate		2.50%
LIBOR [Member]
Property, Plant and Equipment [Line Items]
Interest rate		1.50%
LIBOR [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Interest rate		0.75%
Interest Rate Swap [Member] | LIBOR [Member]
Property, Plant and Equipment [Line Items]
Interest rate	1.50%
Interest Rate Swap [Member] | LIBOR [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Derivative fixed interest rate	1.93%		1.93%
Interest Rate Swap [Member] | LIBOR [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Derivative fixed interest rate	1.87%		1.87%

Schedule of Inventories (Detail

Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 106,935	$ 93,360
Work in process	22,161	9,875
Finished goods	10,407	6,409
Spares and accessories	24,888	13,902
Packing material	1,648	1,563
Total Inventories, gross	166,039	125,109
Less: Inventory allowance	(193)	(112)
Total inventories, net	$ 165,846	$ 124,997

Schedule of Disaggregation by R

Schedule of Disaggregation by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 210,743	$ 201,780	$ 638,662	$ 505,452
Fixed Price Contracts [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	35,735	26,272	97,158	67,648
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 175,008	$ 175,508	$ 541,504	$ 437,804

Schedule of Geographic Informat

Schedule of Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 210,743	$ 201,780	$ 638,662	$ 505,452
COLOMBIA
Disaggregation of Revenue [Line Items]
Total Revenues	7,218	4,817	18,920	13,657
UNITED STATES
Disaggregation of Revenue [Line Items]
Total Revenues	200,347	193,504	609,911	481,965
PANAMA
Disaggregation of Revenue [Line Items]
Total Revenues	433	571	1,017	2,373
Other [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 2,745	$ 2,888	$ 8,814	$ 7,457

Schedule of Revenues Breakdown

Schedule of Revenues Breakdown by Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable, Past Due [Line Items]
Total Revenues	$ 210,743	$ 201,780	$ 638,662	$ 505,452
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total Revenues	87,811	85,780	258,345	221,328
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total Revenues	$ 122,932	$ 116,000	$ 380,317	$ 284,123

Schedule of Trade Accounts Rece

Schedule of Trade Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating revenues:
Trade accounts receivable	$ 176,223	$ 159,068
Less: Allowance for credit losses	(2,075)	(671)
Total	$ 174,148	$ 158,397

Schedule of Changes in Allowanc

Schedule of Changes in Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating revenues:
Balance at beginning of period	$ 671
Provisions for credit losses	2,537	$ 541
Deductions and write-offs, net of foreign currency adjustment	(1,133)
Balance at end of period	$ 2,075

Schedule of Contract Assets and

Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Operating revenues:
Less: current portion	$ 16,539	$ 12,610
Contract Assets – non-current	9,075	8,875
Contract liabilities — current	(68,654)	(49,601)
Contract liabilities — non-current	(13)	(11)
Net contract assets	(43,053)	(28,127)
Unbilled contract receivables, gross	6,096	5,738
Retainage	19,518	15,747
Total contract assets	25,614	21,485
Billings in excess of costs	32,759	14,724
Advances from customers on uncompleted contracts	35,908	34,888
Total contract liabilities	68,667	49,612
Less: current portion	68,654	49,601
Contract liabilities – non-current	$ 13	$ 11

Revenues, Trade Accounts Rece_3

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sales related to contract liabilities	$ 472	$ 2,424	$ 6,375	$ 7,927
Remaining performance obligation	$ 482,300		$ 482,300
Performance obligation, percentage	100%		100%
Forecast [Member]
Remaining performance obligation					$ 43,600	$ 315,200	$ 123,500

Schedule of Finite-Lived Intang

Schedule of Finite-Lived Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross		$ 15,272
Accumulated Amortization		(12,566)
Total	$ 3,249	2,706
Notice of Acceptances [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross	11,611	9,987
Accumulated Amortization	(8,362)	(7,281)
Total	$ 3,249	2,706
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, Gross		980
Accumulated Amortization		(980)
Total
Noncompete Agreements [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	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 297
2024	968
2025	499
2026	401
2027	335
Thereafter	749
Total	$ 3,249	$ 2,706

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average amortization period			4 years 10 months 24 days
Amortization expense	$ 293	$ 290	$ 908	$ 1,079

Supplier Finance Program (Detai

Supplier Finance Program (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Trade accounts payable and accrued expenses	$ 108,259	$ 90,186
Related Party [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Due to related parties	4,108	$ 5,323
Supplier Finance Program [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Current liabilities	11,323
Trade accounts payable and accrued expenses	11,122
Supplier Finance Program [Member] | Related Party [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Due to related parties	$ 201

Schedule of Long Term Debt (Det

Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Revolving lines of credit	$ 438	$ 329
Finance lease	360	395
Senior Secured Credit Facility	172,500	172,500
Less: Deferred cost of financing	(3,472)	(3,740)
Total obligations under borrowing arrangements	169,826	169,484
Less: Current portion of long-term debt and other current borrowings	3,127	504
Long-term debt	$ 166,699	$ 168,980

Schedule of Maturities of Long

Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 3,127
2025	15,139
2026	15,032
2027	140,000
2028
Total	$ 173,298

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands			1 Months Ended		9 Months Ended	12 Months Ended
	Jul. 01, 2023	Sep. 30, 2022	Mar. 31, 2022	Nov. 30, 2021	Sep. 30, 2023	Dec. 31, 2021	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate				2.50%
Line of credit					$ 438		$ 329
Loan maturity period description					few weeks to 5 years
Debt, weighted average interest rate					6.88%
US Bank Syndicated [Member]
Debt Instrument [Line Items]
Deposits savings deposits				$ 15,000
LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate				1.50%
LIBOR [Member] | Minimum [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%		1.50%
Line of credit interest rate				7.65%
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				50,000
Senior Secured Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit				$ 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) $ in Thousands	Sep. 30, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative assets	$ 9,773
Total derivative liabilities
Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member] | Other Current Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative assets	9,773
Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member] | 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives	$ 601	$ 4,865
Amount of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income	$ 1,065	$ 0
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives			$ 587	$ 9,197
Amount of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income			$ 5,219

Summary of Fair Value and Carry

Summary of Fair Value and Carrying Amounts of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value	$ 163,842	$ 172,408
Carrying Value	$ 166,699	$ 168,980

Hedging Activity and Fair Val_3

Hedging Activity and Fair Value Measurements (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) Integer	Jun. 21, 2023	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Accumulated other comprehensive income net of tax	$ (62,323)		$ (106,187)
Accumulated Other Comprehensive Loss [Member]
Derivative [Line Items]
Reclassified earnings, expected	4,200
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative assets	$ 9,800
Interest outstanding rate swap contract | Integer	14
Debt outstanding amount	$ 125,000
Accumulated other comprehensive income net of tax	$ 9,773
Interest Rate Swap [Member] | LIBOR [Member] | Minimum [Member]
Derivative [Line Items]
Derivative fixed interest rate	1.93%	1.93%
Interest Rate Swap [Member] | LIBOR [Member] | Maximum [Member]
Derivative [Line Items]
Derivative fixed interest rate	1.87%	1.87%

Schedule of Components of Incom

Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total current income tax	$ (12,012)	$ (21,810)	$ (55,801)	$ (48,076)
Total deferred income tax	(3,435)	(1,156)	(7,565)	(140)
Total income provision	$ (15,447)	$ (22,966)	$ (63,366)	$ (48,216)
Effective tax rate	25.10%	32.90%	30.10%	32.30%
UNITED STATES
Total current income tax	$ (8,840)	$ (1,027)	$ (15,300)	$ (3,775)
Total deferred income tax	(433)	203	(560)	402
COLOMBIA
Total current income tax	(3,167)	(20,777)	(40,490)	(44,275)
Total deferred income tax	(3,002)	(1,359)	(7,005)	(542)
PANAMA
Total current income tax	$ (5)	$ (6)	$ (11)	$ (26)

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Statutory income tax rate	25.10%	33.30%	34%

Schedule of Related Parties (De

Schedule of Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total due from related parties	$ 1,493	$ 1,447
Total due to related parties	4,108	5,323
Alutrafic Led SAS [Member]
Related Party Transaction [Line Items]
Total due from related parties	412	249
Studio Avanti SAS [Member]
Related Party Transaction [Line Items]
Total due from related parties	324	113
Other [Member]
Related Party Transaction [Line Items]
Total due from related parties	757	1,085
Total due to related parties	834	470
Vidrio Andino (St. Gobain) [Member]
Related Party Transaction [Line Items]
Total due to related parties	$ 3,274	$ 4,853

Schedule of Sale to Related Par

Schedule of Sale to Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Sales to related parties	$ 475	$ 540	$ 1,300	$ 1,533
Alutrafic Led SAS [Member]
Related Party Transaction [Line Items]
Sales to related parties	275	201	640	771
Studio Avanti SAS [Member]
Related Party Transaction [Line Items]
Sales to related parties	64	116	349	448
Sales to Other Related Parties [Member]
Related Party Transaction [Line Items]
Sales to related parties	$ 136	$ 223	$ 311	$ 314

Related Parties (Details Narrat

Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Dec. 09, 2020	Oct. 28, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Oct. 27, 2020	May 03, 2019
Related Party Transaction [Line Items]
Equity method income			$ 1,108	$ 1,821	$ 3,676	$ 5,070
Vidrio Andino (St. Gobain) [Member]
Related Party Transaction [Line Items]
Minority interest ownership									25.80%
Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties			475	540	1,300	1,533
Alutrafic Led SAS [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties			275	201	640	771
Accounts receivable			412		412		$ 249
Barranquilla Capitalde LuzSAS [Member] | Related Party [Member] | CEO And COO [Member]
Related Party Transaction [Line Items]
Purchase of fuel			90	8	309	51
Fundacion Tecnoglass [Member]
Related Party Transaction [Line Items]
Cash contributions for social causes			1,023	358	2,556	1,153
Santa Maria Del Mar SAS [Member] | Related Party [Member] | CEO And COO [Member]
Related Party Transaction [Line Items]
Purchase of fuel			268	243	973	655
Studio Avanti SAS [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties			64	116	349	448
Accounts receivable			324		$ 324		113
Vidrio Andino (St. Gobain) [Member]
Related Party Transaction [Line Items]
Purchase price of interest	$ 45,000
Payment of cash	34,100
Land contribution value	$ 10,900
Shares issued during acquisition		1,557,142
Shares issued, price per share		$ 7
Premium closing stock, percent								33%
Expected ownership percentage					25.80%
Additional contribution amount					$ 12,500
Purchase from related party			6,912	4,923	20,869	13,964
Equity method income			1,108	$ 1,821	3,676	$ 5,070
Vidrio Andino (St. Gobain) [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Payable outstanding			3,274		3,274		4,853
Zofracosta SA [Member]
Related Party Transaction [Line Items]
Investments			$ 750		$ 750		$ 632

Schedule of Earnings Per Share,

Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Net Income	$ 46,095	$ 52,565	$ 48,372	$ 46,922	$ 33,413	$ 20,953	$ 147,032	$ 101,288
Denominator for basic earnings per ordinary share - weighted average shares outstanding	47,599,339			47,674,773			47,649,037	47,674,773
Effect of dilutive securities and stock dividend
Denominator for diluted earnings per ordinary share - weighted average shares outstanding	47,599,339			47,674,773			47,649,037	47,674,773
Basic earnings per ordinary share	$ 0.97			$ 0.98			$ 3.09	$ 2.12
Diluted earnings per ordinary share	$ 0.97			$ 0.98			$ 3.09	$ 2.12

Shareholders_ Equity (Details N

Shareholders’ Equity (Details Narrative)	Jun. 15, 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			9 Months Ended
	Dec. 09, 2020	Oct. 28, 2020	Sep. 30, 2023	Oct. 27, 2020	May 03, 2019
Vidrio Andino (St. Gobain) [Member]
Loss Contingencies [Line Items]
Purchase price of interest	$ 45,000
Payment of cash	34,100
Land contribution value	$ 10,900
Shares issued during acquisition		1,557,142
Shares issued, price per share		$ 7
Premium closing stock, percent				33%
Expected ownership percentage			25.80%
Additional contribution amount			$ 12,500
Vidrio Andino (St. Gobain) [Member]
Loss Contingencies [Line Items]
Minority interest ownership					25.80%
Minimum [Member] | November 2030 [Member]
Loss Contingencies [Line Items]
Purchase of aggregate raw material			65,198
Minimum [Member] | Through 2028 [Member]
Loss Contingencies [Line Items]
Purchase of aggregate raw material			$ 11,008