Tecnoglass (TGLS) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,996,708

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 135,881	$ 129,508
Investments	2,897	2,907
Trade accounts receivable, net	170,591	166,498
Inventories	144,212	159,070
Contract assets – current portion	20,982	17,800
Other current assets	73,474	58,590
Total current assets	549,645	535,760
Long-term assets:
Property, plant and equipment, net	329,238	324,591
Deferred income taxes	266	169
Contract assets – non-current	8,169	8,797
Intangible assets	3,311	3,475
Goodwill	23,561	23,561
Long-term investments	61,616	60,570
Other long-term assets	5,764	5,794
Total long-term assets	431,925	426,957
Total assets	981,570	962,717
Current liabilities:
Short-term debt and current portion of long-term debt	3,338	7,002
Trade accounts payable and accrued expenses	79,180	82,784
Dividends payable	5,196	4,265
Contract liability – current portion	71,928	72,543
Total current liabilities	235,661	235,886
Long-term liabilities:
Deferred income taxes	17,695	15,793
Contract liability – non-current		14
Long-term debt	154,567	163,004
Total long-term liabilities	172,262	178,811
Total liabilities	407,923	414,697
SHAREHOLDERS’ EQUITY
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 46,996,708 and 46,996,708 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	5	5
Legal Reserves	1,458	1,458
Additional paid-in capital	192,385	192,385
Retained earnings	424,596	400,035
Accumulated other comprehensive loss	(44,797)	(45,863)
Total shareholders’ equity	573,647	548,020
Total liabilities and shareholders’ equity	981,570	962,717
Related Party [Member]
Current assets:
Due from related parties	1,608	1,387
Current liabilities:
Other current liabilities	8,406	7,498
Nonrelated Party [Member]
Current liabilities:
Other current liabilities	$ 67,613	$ 61,794

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	46,996,708	46,996,708
Ordinary shares, shares outstanding	46,996,708	46,996,708

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenues:
Total operating revenues	$ 192,627	$ 202,639
Cost of sales	(117,967)	(94,884)
Gross profit	74,660	107,755
Operating expenses:
Selling expense	(17,583)	(16,320)
General and administrative expense	(16,055)	(17,755)
Total operating expenses	(33,638)	(34,075)
Operating income	41,022	73,680
Non-operating income, net	1,080	1,287
Equity method income	1,046	1,449
Foreign currency transactions (loss) gains	(153)	(1,100)
Interest expense and deferred cost of financing	(2,106)	(2,273)
Income before taxes	40,889	73,043
Income tax provision	(11,159)	(24,671)
Net income	29,730	48,372
Income attributable to non-controlling interest		(137)
Income attributable to parent	$ 29,730	$ 48,235
Basic income per share	$ 0.63	$ 1.01
Diluted income per share	$ 0.63	$ 1.01
Basic weighted average common shares outstanding	46,996,708	47,674,773
Diluted weighted average common shares outstanding	46,996,708	47,674,773
Other comprehensive income:
Foreign currency translation adjustments	$ 30	$ 7,811
Change in fair value of derivative contracts	1,036	(1,837)
Other comprehensive income	1,066	5,974
Total comprehensive income	30,796	54,346
Income attributable to non-controlling interest		(137)
Total comprehensive income attributable to parent	30,796	54,209
External Customers [Member]
Operating revenues:
Total operating revenues	192,089	202,306
Related Party [Member]
Operating revenues:
Total operating revenues	$ 538	$ 333

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 29,730	$ 48,372
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for credit losses	125	914
Depreciation and amortization	6,313	4,767
Deferred income taxes	3,518	156
Equity method income	(1,046)	(1,449)
Realized gain on derivative instruments		(1,951)
Deferred cost of financing	322	312
Other non-cash adjustments	3	(16)
Unrealized currency translation (gains) loss	(4,227)	410
Changes in operating assets and liabilities:
Trade accounts receivable	3,840	(8,644)
Inventories	13,737	(13,048)
Prepaid expenses	(300)	(864)
Other assets	(9,250)	(14,338)
Trade accounts payable and accrued expenses	(8,059)	(9,681)
Taxes payable	7,068	25,488
Labor liabilities	(1,076)	(447)
Other liabilities	61	(7)
Contract assets and liabilities	(8,029)	12,425
Related parties	717	664
CASH PROVIDED BY OPERATING ACTIVITIES	33,447	43,063
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments	(306)	(134)
Acquisition of property and equipment	(9,886)	(15,554)
CASH USED IN INVESTING ACTIVITIES	(10,192)	(15,688)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend	(4,239)	(3,579)
Proceeds from debt	2,766	292
Repayments of debt	(15,213)
CASH USED IN FINANCING ACTIVITIES	(16,686)	(3,287)
Effect of exchange rate changes on cash and cash equivalents	(196)	778
NET INCREASE IN CASH	6,373	24,866
CASH - Beginning of period	129,508	103,672
CASH - End of period	135,881	128,538
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest	2,827	2,717
Income Tax	14,094	26,342
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired under credit or debt	$ 1,305	$ 4,790

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
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 (0.09 per share)				(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
Beginning balance, value at Dec. 31, 2023	$ 5	192,385	1,458	400,035	(45,863)	548,020		548,020
Beginning balance, shares at Dec. 31, 2023	46,996,708
Dividend (0.09 per share)				(5,169)		(5,169)		(5,169)
Derivative financial instruments					1,036	1,036		1,036
Foreign currency translation					30	30		30
Net income				29,730		29,730		29,730
Ending balance, value at Mar. 31, 2024	$ 5	$ 192,385	$ 1,458	$ 424,596	$ (44,797)	$ 573,647		$ 573,647
Ending balance, shares at Mar. 31, 2024	46,996,708

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividend per share	$ 0.11	$ 0.09

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 29,730	$ 48,235

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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	3 Months Ended
	Mar. 31, 2024
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, aluminum, and vinyl, office partitions and interior divisions, floating facades and commercial window showcases. The Company sells to customers in North, Central and South America, and exports more than 95% of its production to foreign countries. The Company manufactures glass, aluminum, and vinyl 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. Alutions’ operations include extrusion, smelting, painting and anodizing processes, and exporting, importing and marketing aluminum products. Its newly installed vinyl assembling lines manufacture and distributes cutting-edge vinyl windows for new and existing customers. The Company also designs, manufactures, markets and installs architectural systems for high, medium and low-rise construction, glass, aluminum and vinyl 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, 2024
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, 2023. 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 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. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. Investors, lenders, creditors, and other allocators of capital (collectively, “investors”) have observed that segment information is critically important in understanding a public entity’s different business activities. That information enables investors to better understand an entity’s overall performance and assists in assessing potential future cash flows. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The Board is issuing the amendments in this Update to enhance the transparency and decision usefulness of income tax disclosures. Investors, lenders, creditors, and other allocators of capital (collectively, “investors”) indicated that the existing income tax disclosures should be enhanced to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The amendments in this Update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This Update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this Update are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories, net	Note 3. - Inventories, net Schedule of Inventories March 31, 2024 December 31, 2023 Raw materials $ 91,937 $ 100,828 Work in process 20,108 19,738 Finished goods 4,753 9,941 Spares and accessories 26,194 27,057 Packing material 1,424 1,715 Total Inventories, gross 144,416 159,279 Less: Inventory allowance (204 ) (209 ) Total inventories, net $ 144,212 $ 159,070

Revenues, Trade Accounts Receiv

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities	3 Months Ended
	Mar. 31, 2024
Revenues Trade Accounts Receivable Contract Assets And Contract Liabilities
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 2024 2023 Three months ended March 31, 2024 2023 Fixed price contracts $ 32,632 $ 29,093 Product sales 159,995 173,546 Total Revenues $ 192,627 $ 202,639 The following table presents geographical information about revenues. Schedule of Geographic Information 2024 2023 Three months ended March 31, 2024 2023 Colombia $ 5,239 $ 5,740 United States 184,003 194,839 Panama 94 270 Other 3,291 1,790 Total Revenues $ 192,627 $ 202,639 The following table presents revenues breakdown by market. Schedule of Revenues Breakdown by Market 2024 2023 Three months ended March 31, 2024 2023 Residential $ 73,154 $ 83,595 Commercial 119,473 119,044 Total Revenues $ 192,627 $ 202,639 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 March 31, 2024 December 31, 2023 Trade accounts receivable 172,993 168,778 Less: Allowance for credit losses (2,402 ) (2,280 ) Total $ 170,591 $ 166,498 The changes in the allowance for credit losses for the three months ended March 31, 2024, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable Three months ended March 31, 2024 Balance at beginning of period $ 2,280 Provisions for credit losses 125 Deductions and write-offs, net of foreign currency adjustment (3 ) Balance at end of period $ 2,402 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 March 31, 2024 December 31, 2023 Contract assets — current $ 20,982 $ 17,800 Contract assets — non-current 8,169 8,797 Contract liabilities — current (71,928 ) (72,543 ) Contract liabilities — non-current - (14 ) Net contract liability $ (42,777 ) $ (45,960 ) The components of contract assets are presented in the table below. March 31, 2024 December 31, 2023 Unbilled contract receivables, gross $ 4,669 $ 4,501 Retainage 24,482 22,096 Total contract assets 29,151 26,597 Less: current portion 20,982 17,800 Contract Assets – non-current $ 8,169 $ 8,797 The components of contract liabilities are presented in the table below. March 31, 2024 December 31, 2023 Billings in excess of costs $ 36,127 35,949 Advances from customers on uncompleted contracts 35,801 36,608 Total contract liabilities 71,928 72,557 Less: current portion 71,928 72,543 Contract liabilities – non-current $ - 14 During the three months ended March 31, 2024, the Company recognized $ 6,732 2,945 Remaining Performance Obligations As of March 31, 2024, the Company had $ 438.2 100 123.5 296.1 135.0

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2024
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, 2024 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 12,171 (8,860 ) 3,311 December 31, 2023 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 12,231 (8,756 ) 3,475 The weighted average amortization period is 4.7 During the three months ended March 31, 2024, the amortization expense amounted to $ 342 322 The estimated aggregate amortization expense for each of the five succeeding years as of March 31, 2024, is as follows: Schedule of Finite Lived Intangible Assets Future Amortization Expense Year ending (in thousands) 2024 $ 902 2025 632 2026 522 2027 460 2028 353 Thereafter 442 Total $ 3,311

Supplier Finance Program

Supplier Finance Program	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the obligations outstanding related to the supplier finance program amounted to $ 1,190 2,722 898 2,330 292 392

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Note 7. Debt The Company’s debt is comprised of the following: Schedule of Long Term Debt March 31, 2024 December 31, 2023 Revolving lines of credit $ 736 $ 525 Finance lease 284 327 Other current debt 2,386 - Senior Secured Credit Facility 157,500 172,500 Less: Deferred cost of financing (3,001 ) (3,346 ) Total obligations under borrowing arrangements 157,905 170,006 Less: Current portion of long-term debt and other current borrowings 3,338 7,002 Long-term debt $ 154,567 $ 163,004 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 7.71 1,496 1,346 150 1.5 15 1.5 Maturities of long-term debt and other current borrowings are as follows as of March 31, 2024: Schedule of Maturities of Long Term Debt 2024 $ 3,338 2025 10,068 2026 147,500 Total $ 160,906 The Company’s loans have maturities ranging from a several weeks to 4 years 6.98

Hedging Activity and Fair Value

Hedging Activity and Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 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. 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 1 Month plus spread to SOFR 3 Months plus spread. The settlements of the instruments remain under the existing conditions; however, the fixed leg goes from 1.93 1.87 As of March 31, 2024, the fair value of our interest rate swap was in a net asset position of $ 7.5 12 125 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 March 31, 2024, that we expect will be reclassified to earnings within the next twelve months, is $ 3.7 The fair value of our interest rate swap hedges is classified in the accompanying consolidated balance sheets, as of March 31, 2024, as follows: Schedule of Fair Value of Foreign Currency Hedges Derivative Assets Derivative Liabilities March 31, 2024 March 31, 2024 Derivatives designated as hedging instruments under Balance Sheet Fair Value Balance Sheet Fair Value Derivative instruments: Interest rate swap contracts Other current assets $ 7,489 Accrued liabilities $ - Total derivative instruments Total derivative assets $ 7,489 Total derivative liabilities $ - The ending accumulated balance for the interest rate swap contracts included in accumulated other comprehensive income was $ 7,489 The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the quarter ended March 31, 2024: 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, 2024 2023 2024 2023 Interest Rate Swap and foreign currency non-delivery forwards Contracts $ 1,036 $ (1,837 ) Interest expense and operating income $ 1,099 $ 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 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 March 31, 2024, 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, 2024 December 31, 2023 Fair Value 155,366 166,041 Carrying Value 154,567 163,004

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Three months ended March 31, 2024 2023 Current income tax United States $ (3,832 ) $ (3,464 ) Colombia (3,808 ) (21,048 ) Panama (1 ) (3 ) Total current income tax (7,641 ) (24,515 ) Deferred income Tax United States (1,178 ) (284 ) Colombia (2,340 ) 128 Total deferred income tax (3,518 ) (156 ) Total income provision $ (11,159 ) $ (24,671 ) Effective tax rate 27.3 % 33.8 % The effective income tax rate for 2024 and 2023, was 27.3 33.8 27.3

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Due from related parties: Studio Avanti SAS 548 460 Alutrafic Led SAS 276 322 Prisma Glass LLC 142 281 Due from other related parties 642 324 Total due from related parties $ 1,608 $ 1,387 Due to related parties: Vidrio Andino 4,746 3,927 Incantesimo SAS 2,500 2,500 Due to other related parties 1,160 1,071 Total due to related parties $ 8,406 $ 7,498 Schedule of Sale to Related Parties 2024 2023 Three months ended March 31, 2024 2023 Sales to related parties: Studio Avanti SAS 196 156 Prisma-Glass SAS 193 - Alutrafic Led SAS 139 173 Sales to other related parties 10 4 Sales to related parties $ 538 $ 333 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 months ended March 31, 2024, we sold $ 139 173 276 322 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, 2024 of $ 749 664 Incantesimo SAS On November 10, 2023, we acquired the 30 5,500 3,000 2,500 Prisma-Glass LLC In the ordinary course of business, we sell products to Prisma-Glass LLC a distributer and installer of architectural systems in Florida that. is owned and controlled by family members of Christian Daes. We sold $ 193 142 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, 2024, we purchased $ 151 236 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, 2024, and December 31, 2023, the Company had outstanding accounts receivable from Avanti of $ 548 460 196 156 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 $ 6,881 6,345 4,746 3,927 1,046 1,449 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 $ 792 796

Shareholders_ Equity

Shareholders’ Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Shareholders’ Equity	Note 11. Shareholders’ Equity Dividends On February 29, 2024, the Company declared a regular quarterly dividend of $ 0.11 0.44 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, 2024, and 2023: Schedule of Earnings Per Share, Basic and Diluted 2024 2023 Three months ended March 31, 2024 2023 Numerator for basic and diluted earnings per share Net income attributable to parent $ 29,730 $ 48,235 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 46,996,708 47,674,773 Effect of dilutive securities and stock dividend - - Denominator for diluted earnings per ordinary share - weighted average shares outstanding 46,996,708 47,674,773 Basic earnings per ordinary share $ 0.63 $ 1.01 Diluted earnings per ordinary share $ 0.63 $ 1.01

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Commitments As of March 31, 2024, the Company had outstanding obligations to purchase an aggregate of at least $ 59,314 10,035 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)	3 Months Ended
	Mar. 31, 2024
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, 2023. 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
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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. Investors, lenders, creditors, and other allocators of capital (collectively, “investors”) have observed that segment information is critically important in understanding a public entity’s different business activities. That information enables investors to better understand an entity’s overall performance and assists in assessing potential future cash flows. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The Board is issuing the amendments in this Update to enhance the transparency and decision usefulness of income tax disclosures. Investors, lenders, creditors, and other allocators of capital (collectively, “investors”) indicated that the existing income tax disclosures should be enhanced to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. Investors currently rely on the rate reconciliation table and other disclosures, including total income taxes paid, to evaluate income tax risks and opportunities. While investors find these disclosures helpful, they suggested possible enhancements to better (1) understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The amendments in this Update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This Update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this Update are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Schedule of Inventories March 31, 2024 December 31, 2023 Raw materials $ 91,937 $ 100,828 Work in process 20,108 19,738 Finished goods 4,753 9,941 Spares and accessories 26,194 27,057 Packing material 1,424 1,715 Total Inventories, gross 144,416 159,279 Less: Inventory allowance (204 ) (209 ) Total inventories, net $ 144,212 $ 159,070

Revenues, Trade Accounts Rece_2

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Revenues Trade Accounts Receivable Contract Assets And Contract Liabilities
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 2024 2023 Three months ended March 31, 2024 2023 Fixed price contracts $ 32,632 $ 29,093 Product sales 159,995 173,546 Total Revenues $ 192,627 $ 202,639
Schedule of Geographic Information	The following table presents geographical information about revenues. Schedule of Geographic Information 2024 2023 Three months ended March 31, 2024 2023 Colombia $ 5,239 $ 5,740 United States 184,003 194,839 Panama 94 270 Other 3,291 1,790 Total Revenues $ 192,627 $ 202,639
Schedule of Revenues Breakdown by Market	The following table presents revenues breakdown by market. Schedule of Revenues Breakdown by Market 2024 2023 Three months ended March 31, 2024 2023 Residential $ 73,154 $ 83,595 Commercial 119,473 119,044 Total Revenues $ 192,627 $ 202,639
Schedule of Trade Accounts Receivable	Trade accounts receivable consist of the following: Schedule of Trade Accounts Receivable March 31, 2024 December 31, 2023 Trade accounts receivable 172,993 168,778 Less: Allowance for credit losses (2,402 ) (2,280 ) Total $ 170,591 $ 166,498
Schedule of Changes in Allowance for Doubtful Accounts Receivable	The changes in the allowance for credit losses for the three months ended March 31, 2024, are: Schedule of Changes in Allowance for Doubtful Accounts Receivable Three months ended March 31, 2024 Balance at beginning of period $ 2,280 Provisions for credit losses 125 Deductions and write-offs, net of foreign currency adjustment (3 ) Balance at end of period $ 2,402
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, 2024 December 31, 2023 Contract assets — current $ 20,982 $ 17,800 Contract assets — non-current 8,169 8,797 Contract liabilities — current (71,928 ) (72,543 ) Contract liabilities — non-current - (14 ) Net contract liability $ (42,777 ) $ (45,960 ) The components of contract assets are presented in the table below. March 31, 2024 December 31, 2023 Unbilled contract receivables, gross $ 4,669 $ 4,501 Retainage 24,482 22,096 Total contract assets 29,151 26,597 Less: current portion 20,982 17,800 Contract Assets – non-current $ 8,169 $ 8,797 The components of contract liabilities are presented in the table below. March 31, 2024 December 31, 2023 Billings in excess of costs $ 36,127 35,949 Advances from customers on uncompleted contracts 35,801 36,608 Total contract liabilities 71,928 72,557 Less: current portion 71,928 72,543 Contract liabilities – non-current $ - 14

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets, Net	Schedule of Finite-Lived Intangible Assets, Net March 31, 2024 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 12,171 (8,860 ) 3,311 December 31, 2023 Gross Acc. Amort. Net Notice of Acceptances (NOAs), product designs and other intellectual property 12,231 (8,756 ) 3,475
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, 2024, is as follows: Schedule of Finite Lived Intangible Assets Future Amortization Expense Year ending (in thousands) 2024 $ 902 2025 632 2026 522 2027 460 2028 353 Thereafter 442 Total $ 3,311

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The Company’s debt is comprised of the following: Schedule of Long Term Debt March 31, 2024 December 31, 2023 Revolving lines of credit $ 736 $ 525 Finance lease 284 327 Other current debt 2,386 - Senior Secured Credit Facility 157,500 172,500 Less: Deferred cost of financing (3,001 ) (3,346 ) Total obligations under borrowing arrangements 157,905 170,006 Less: Current portion of long-term debt and other current borrowings 3,338 7,002 Long-term debt $ 154,567 $ 163,004
Schedule of Maturities of Long Term Debt	Maturities of long-term debt and other current borrowings are as follows as of March 31, 2024: Schedule of Maturities of Long Term Debt 2024 $ 3,338 2025 10,068 2026 147,500 Total $ 160,906

Hedging Activity and Fair Val_2

Hedging Activity and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, as follows: Schedule of Fair Value of Foreign Currency Hedges Derivative Assets Derivative Liabilities March 31, 2024 March 31, 2024 Derivatives designated as hedging instruments under Balance Sheet Fair Value Balance Sheet Fair Value Derivative instruments: Interest rate swap contracts Other current assets $ 7,489 Accrued liabilities $ - Total derivative instruments Total derivative assets $ 7,489 Total derivative liabilities $ - The following table presents the gains (losses) on derivative financial instruments, and their classifications within the accompanying consolidated financial statements, for the quarter ended March 31, 2024: 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, 2024 2023 2024 2023 Interest Rate Swap and foreign currency non-delivery forwards Contracts $ 1,036 $ (1,837 ) Interest expense and operating income $ 1,099 $ 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, 2024 December 31, 2023 Fair Value 155,366 166,041 Carrying Value 154,567 163,004

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of income tax expense are as follows: Schedule of Components of Income Tax Expense 2024 2023 Three months ended March 31, 2024 2023 Current income tax United States $ (3,832 ) $ (3,464 ) Colombia (3,808 ) (21,048 ) Panama (1 ) (3 ) Total current income tax (7,641 ) (24,515 ) Deferred income Tax United States (1,178 ) (284 ) Colombia (2,340 ) 128 Total deferred income tax (3,518 ) (156 ) Total income provision $ (11,159 ) $ (24,671 ) Effective tax rate 27.3 % 33.8 %

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Due from related parties: Studio Avanti SAS 548 460 Alutrafic Led SAS 276 322 Prisma Glass LLC 142 281 Due from other related parties 642 324 Total due from related parties $ 1,608 $ 1,387 Due to related parties: Vidrio Andino 4,746 3,927 Incantesimo SAS 2,500 2,500 Due to other related parties 1,160 1,071 Total due to related parties $ 8,406 $ 7,498
Schedule of Sale to Related Parties	Schedule of Sale to Related Parties 2024 2023 Three months ended March 31, 2024 2023 Sales to related parties: Studio Avanti SAS 196 156 Prisma-Glass SAS 193 - Alutrafic Led SAS 139 173 Sales to other related parties 10 4 Sales to related parties $ 538 $ 333

Shareholders_ Equity (Tables)

Shareholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024, and 2023: Schedule of Earnings Per Share, Basic and Diluted 2024 2023 Three months ended March 31, 2024 2023 Numerator for basic and diluted earnings per share Net income attributable to parent $ 29,730 $ 48,235 Denominator Denominator for basic earnings per ordinary share - weighted average shares outstanding 46,996,708 47,674,773 Effect of dilutive securities and stock dividend - - Denominator for diluted earnings per ordinary share - weighted average shares outstanding 46,996,708 47,674,773 Basic earnings per ordinary share $ 0.63 $ 1.01 Diluted earnings per ordinary share $ 0.63 $ 1.01

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative)	3 Months Ended
	Mar. 31, 2024 Segment
Accounting Policies [Abstract]
Number of operating segments	1

Schedule of Inventories (Detail

Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 91,937	$ 100,828
Work in process	20,108	19,738
Finished goods	4,753	9,941
Spares and accessories	26,194	27,057
Packing material	1,424	1,715
Total Inventories, gross	144,416	159,279
Less: Inventory allowance	(204)	(209)
Total inventories, net	$ 144,212	$ 159,070

Schedule of Disaggregation by R

Schedule of Disaggregation by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total Revenues	$ 192,627	$ 202,639
Fixed Price Contracts [Member]
Total Revenues	32,632	29,093
Product Sales [Member]
Total Revenues	$ 159,995	$ 173,546

Schedule of Geographic Informat

Schedule of Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total Revenues	$ 192,627	$ 202,639
COLOMBIA
Total Revenues	5,239	5,740
UNITED STATES
Total Revenues	184,003	194,839
PANAMA
Total Revenues	94	270
Other [Member]
Total Revenues	$ 3,291	$ 1,790

Schedule of Revenues Breakdown

Schedule of Revenues Breakdown by Market (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Past Due [Line Items]
Total Revenues	$ 192,627	$ 202,639
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total Revenues	73,154	83,595
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total Revenues	$ 119,473	$ 119,044

Schedule of Trade Accounts Rece

Schedule of Trade Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenues Trade Accounts Receivable Contract Assets And Contract Liabilities
Trade accounts receivable	$ 172,993	$ 168,778
Less: Allowance for credit losses	(2,402)	(2,280)
Total	$ 170,591	$ 166,498

Schedule of Changes in Allowanc

Schedule of Changes in Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues Trade Accounts Receivable Contract Assets And Contract Liabilities
Balance at beginning of period	$ 2,280
Provisions for credit losses	125	$ 914
Deductions and write-offs, net of foreign currency adjustment	(3)
Balance at end of period	$ 2,402

Schedule of Contract Assets and

Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenues Trade Accounts Receivable Contract Assets And Contract Liabilities
Less: current portion	$ 20,982	$ 17,800
Contract Assets – non-current	8,169	8,797
Contract liabilities — current	(71,928)	(72,543)
Contract liabilities — non-current		(14)
Net contract liability	(42,777)	(45,960)
Unbilled contract receivables, gross	4,669	4,501
Retainage	24,482	22,096
Total contract assets	29,151	26,597
Billings in excess of costs	36,127	35,949
Advances from customers on uncompleted contracts	35,801	36,608
Total contract liabilities	71,928	72,557
Less: current portion	71,928	72,543
Contract liabilities – non-current		$ 14

Revenues, Trade Accounts Rece_3

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Sales related to contract liabilities	$ 6,732	$ 2,945
Remaining performance obligation	$ 438,200
Performance obligation, percentage	100%
Forecast [Member]
Remaining performance obligation			$ 135,000	$ 296,100	$ 123,500

Schedule of Finite-Lived Intang

Schedule of Finite-Lived Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total	$ 3,311
Notice of Acceptances [Member]
Finite-Lived Intangible Assets [Line Items]
Total	12,171	$ 12,231
Accumulated Amortization	(8,860)	(8,756)
Total	$ 3,311	$ 3,475

Schedule of Finite Lived Intang

Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 902
2025	632
2026	522
2027	460
2028	353
Thereafter	442
Total	$ 3,311

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average amortization period	4 years 8 months 12 days
Amortization expense	$ 342	$ 322

Supplier Finance Program (Detai

Supplier Finance Program (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Trade accounts payable and accrued expenses	$ 79,180	$ 82,784
Related Party [Member]
Marketable Securities [Line Items]
Due to related parties	8,406	7,498
Supplier Finance Program [Member]
Marketable Securities [Line Items]
Current liabilities	1,190	2,722
Trade accounts payable and accrued expenses	898	2,330
Supplier Finance Program [Member] | Related Party [Member]
Marketable Securities [Line Items]
Due to related parties	$ 292	$ 392

Schedule of Long Term Debt (Det

Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Revolving lines of credit	$ 736	$ 525
Finance lease	284	327
Other current debt	2,386
Senior Secured Credit Facility	157,500	172,500
Less: Deferred cost of financing	(3,001)	(3,346)
Total obligations under borrowing arrangements	157,905	170,006
Less: Current portion of long-term debt and other current borrowings	3,338	7,002
Long-term debt	$ 154,567	$ 163,004

Schedule of Maturities of Long

Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 3,338
2025	10,068
2026	147,500
Total	$ 160,906

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 24, 2024	Jul. 01, 2023	Nov. 30, 2021	Mar. 31, 2024	Dec. 31, 2021
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate			2.50%
Loan maturity period description				several weeks to 4 years
Debt, weighted average interest rate				6.98%
US Bank Syndicated [Member]
Line of Credit Facility [Line Items]
Deposits savings deposits			$ 15,000
LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument basis spread on variable rate			1.50%
Debt instrument basis spread on variable rate			0.75%
Senior Secured Credit Facility [Member]
Line of Credit Facility [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			7.71%
Line of credit facility decrease forgiveness	$ 15,000
Senior Secured Credit Facility [Member] | Related Party [Member]
Line of Credit Facility [Line Items]
Debt issuance cost			$ 1,496
Senior Secured Credit Facility [Member] | Related Party [Member] | Deferred Cost [Member]
Line of Credit Facility [Line Items]
Payment of fees			1,346
Senior Secured Credit Facility [Member] | Related Party [Member] | Operating Expense [Member]
Line of Credit Facility [Line Items]
Due to related parties					$ 150
Senior Secured Credit Facility [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			50,000
Senior Secured Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 150,000

Schedule of Fair Value of Forei

Schedule of Fair Value of Foreign Currency Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative assets	$ 7,489
Total derivative liabilities
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	1,036	$ (1,837)
Amount of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income	1,099	$ 3,193
Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member] | Other Current Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative assets	7,489
Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member] | Accrued Liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative liabilities

Summary of Fair Value and Carry

Summary of Fair Value and Carrying Amounts of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value	$ 155,366	$ 166,041
Carrying Value	$ 154,567	$ 163,004

Hedging Activity and Fair Val_3

Hedging Activity and Fair Value Measurements (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Integer	Dec. 31, 2023 USD ($)	Jun. 21, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income net of tax	$ (44,797)	$ (45,863)
Accumulated Other Comprehensive Loss [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassified earnings, expected	3,700
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	$ 7,500
Interest outstanding rate swap contract | Integer	12
Debt outstanding amount	$ 125,000
Accumulated other comprehensive income net of tax	$ 7,489
Interest Rate Swap [Member] | Minimum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fixed interest rate			1.93%
Interest Rate Swap [Member] | Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fixed interest rate			1.87%

Schedule of Components of Incom

Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total current income tax	$ (7,641)	$ (24,515)
Total deferred income tax	(3,518)	(156)
Total income provision	$ (11,159)	$ (24,671)
Effective tax rate	27.30%	33.80%
UNITED STATES
Total current income tax	$ (3,832)	$ (3,464)
Total deferred income tax	(1,178)	(284)
COLOMBIA
Total current income tax	(3,808)	(21,048)
Total deferred income tax	(2,340)	128
PANAMA
Total current income tax	$ (1)	$ (3)

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Statutory income tax rate	27.30%	33.80%

Schedule of Related Parties (De

Schedule of Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Total due from related parties	$ 1,608	$ 1,387
Total due to related parties	8,406	7,498
Studio Avanti SAS [Member]
Related Party Transaction [Line Items]
Total due from related parties	548	460
Alutrafic Led SAS [Member]
Related Party Transaction [Line Items]
Total due from related parties	276	322
Prisma Glass LLC [Member]
Related Party Transaction [Line Items]
Total due from related parties	142	281
Other [Member]
Related Party Transaction [Line Items]
Total due from related parties	642	324
Total due to related parties	1,160	1,071
Vidrio Andino (St. Gobain) [Member]
Related Party Transaction [Line Items]
Total due to related parties	4,746	3,927
Incantesimo SAS [Member]
Related Party Transaction [Line Items]
Total due to related parties	$ 2,500	$ 2,500

Schedule of Sale to Related Par

Schedule of Sale to Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Sales to related parties	$ 538	$ 333
Studio Avanti SAS [Member]
Related Party Transaction [Line Items]
Sales to related parties	196	156
Prisma Glass LLC [Member]
Related Party Transaction [Line Items]
Sales to related parties	193
Alutrafic Led SAS [Member]
Related Party Transaction [Line Items]
Sales to related parties	139	173
Sales to Other Related Parties [Member]
Related Party Transaction [Line Items]
Sales to related parties	$ 10	$ 4

Related Parties (Details Narrat

Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			2 Months Ended	3 Months Ended
	Dec. 09, 2020	Oct. 28, 2020	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Nov. 10, 2023	Oct. 27, 2020	May 03, 2019
Related Party Transaction [Line Items]
Equity method income				$ 1,046	$ 1,449
Vidrio Andino (St. Gobain) [Member]
Related Party Transaction [Line Items]
Minority interest ownership								25.80%
Payment of cash	$ 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				6,881	6,345
Equity method income				1,046	1,449
Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties				538	333
Related Party [Member] | Vidrio Andino (St. Gobain) [Member]
Related Party Transaction [Line Items]
Payable outstanding			$ 3,927	4,746
Incantesimo SAS [Member] | ESMetals [Member]
Related Party Transaction [Line Items]
Ownership percentage						30%
Aggregrate cost						$ 5,500
Payments to acquire equity			3,000
Outstanding payment of acquisition date				2,500
Alutrafic Led SAS [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties				139	173
Accounts receivable			322	276
Fundacion Tecnoglass [Member]
Related Party Transaction [Line Items]
Cash contributions for social causes				749	664
Prisma Glass LLC [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties				193
Accounts receivable				142
Santa Maria Del Mar SAS [Member] | Related Party [Member] | CEO And COO [Member]
Related Party Transaction [Line Items]
Purchases of fuel				151	236
Studio Avanti SAS [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties				196	$ 156
Accounts receivable			460	548
Zofracosta SA [Member]
Related Party Transaction [Line Items]
Investments			$ 796	$ 792

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, 2024	Mar. 31, 2023
Equity [Abstract]
Net income attributable to parent	$ 29,730	$ 48,235
Denominator for basic earnings per ordinary share - weighted average shares outstanding	46,996,708	47,674,773
Effect of dilutive securities and stock dividend
Denominator for diluted earnings per ordinary share - weighted average shares outstanding	46,996,708	47,674,773
Basic earnings per ordinary share	$ 0.63	$ 1.01
Diluted earnings per ordinary share	$ 0.63	$ 1.01

Shareholders_ Equity (Details N

Shareholders’ Equity (Details Narrative)	Feb. 29, 2024 $ / shares
Quarterly Rate [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend rate per share	$ 0.11
Annual Basis [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend rate per share	$ 0.44

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, 2024	Oct. 27, 2020	May 03, 2019
Vidrio Andino (St. Gobain) [Member]
Loss Contingencies [Line Items]
Minority interest ownership					25.80%
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
Minimum [Member] | November 30, 2030 [Member]
Loss Contingencies [Line Items]
Purchase of aggregate raw material			59,314
Minimum [Member] | Through 2028 [Member]
Loss Contingencies [Line Items]
Purchase of aggregate raw material			$ 10,035