Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-35436

TECNOGLASS INC.

(Exact Name of Registrant as Specified in Its Charter)

Cayman Islands

98-1271120

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

3550 NW 49th Street, Miami, Florida 33142, USA

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

(Address of principal executive offices)

+1 305 638 5151

(Issuer’s telephone number)

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of November 4, 2024, there were 46,995,298 ordinary shares, $0.0001 par value per share, outstanding.

TECNOGLASS INC.

FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

		Page
Part I. Financial Information
	Item 1. Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations and Other Comprehensive Income	4
	Condensed Consolidated Statements of Cash Flows	5
	Condensed Consolidated Statements of Shareholders’ Equity	6
	Notes to Condensed Consolidated Financial Statements	7

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

	Item 3. Quantitative and Qualitative Disclosures about Market Risk	25

	Item 4. Controls and Procedures	26

Part II. Other Information
	Item 1. Legal Proceedings	27

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	27

	Item 5. Other Information	27

	Item 6. Exhibits	27
Signatures		28

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

Tecnoglass Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)

	September 30, 2024			December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	122,090		$	129,508
Investments		2,688			2,907
Trade accounts receivable, net		208,980			166,498
Due from related parties		1,769			1,387
Inventories		142,942			159,070
Contract assets – current portion		19,330			17,800
Other current assets		49,036			58,590
Total current assets	$	546,835		$	535,760
Long-term assets:
Property, plant and equipment, net	$	341,469		$	324,591
Deferred income taxes		283			169
Contract assets – non-current		12,968			8,797
Intangible assets		3,882			3,475
Goodwill		23,561			23,561
Long-term investments		61,544			60,570
Other long-term assets		5,731			5,794
Total long-term assets		449,438			426,957
Total assets	$	996,273		$	962,717
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	$	1,819		$	7,002
Trade accounts payable and accrued expenses		99,569			82,784
Due to related parties		7,354			7,498
Dividends payable		5,198			4,265
Contract liability – current portion		94,848			72,543
Other current liabilities		38,533			61,794
Total current liabilities	$	247,321		$	235,886
Long-term liabilities:
Deferred income taxes	$	12,808		$	15,793
Contract liability – non-current		-			14
Long-term debt		122,837			163,004
Total long-term liabilities		135,645			178,811
Total liabilities	$	382,966		$	414,697
SHAREHOLDERS’ EQUITY
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	$	-		$	-
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 46,996,408 and 46,996,708 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		5			5
Legal Reserves		1,458			1,458
Additional paid-in capital		192,369			192,385
Retained earnings		498,821			400,035
Accumulated other comprehensive loss		(79,346	)		(45,863	)
Total shareholders’ equity		613,307			548,020
Total liabilities and shareholders’ equity	$	996,273		$	962,717

The accompanying notes are an integral part of these condensed consolidated financial statements.

Tecnoglass Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Other Comprehensive Income

(In thousands, except share and per share data)

(Unaudited)

	2024			2023			2024			2023
	Three months ended						Nine months ended
	September 30,						September 30,
	2024			2023			2024			2023
Operating revenues:
External customers	$	237,439		$	210,268		$	648,456		$	637,362
Related parties		888			475			2,152			1,300
Total operating revenues		238,327			210,743			650,608			638,662
Cost of sales		(129,094	)		(120,216	)		(377,138	)		(330,710	)
Gross profit		109,233			90,527			273,470			307,952
Operating expenses:
Selling expense		(23,190	)		(15,724	)		(60,773	)		(52,531	)
General and administrative expense		(18,348	)		(13,791	)		(52,846	)		(46,228	)
Total operating expenses		(41,538	)		(29,515	)		(113,619	)		(98,759	)
Operating income		67,695			61,012			159,851			209,193
Non-operating income, net		1,365			605			5,176			3,517
Equity method income		1,394			1,108			3,677			3,676
Foreign currency transactions gains (loss)		870			1,142			(4,858	)		931
Interest expense and deferred cost of financing		(1,811	)		(2,325	)		(5,923	)		(6,919	)
Income before taxes		69,513			61,542			157,923			210,398
Income tax provision		(19,978	)		(15,447	)		(43,630	)		(63,366	)
Net income	$	49,535		$	46,095		$	114,293		$	147,032
Income attributable to non-controlling interest		-			(232	)		-			(489	)
Income attributable to parent	$	49,535		$	45,863		$	114,293		$	146,543
Basic income per share	$	1.05		$	0.96		$	2.43		$	3.08
Diluted income per share	$	1.05			0.96		$	2.43		$	3.08
Basic weighted average common shares outstanding		46,996,554			47,599,339			46,996,655			47,649,037
Diluted weighted average common shares outstanding		46,996,554			47,599,339			46,996,655			47,649,037
Other comprehensive income:
Foreign currency translation adjustments		(2,657	)		8,227			(30,948	)		43,276
Change in fair value of derivative contracts		(3,229	)		601			(2,535	)		587
Other comprehensive income		(5,886	)		8,828			(33,483	)		43,863
Comprehensive income	$	43,649		$	54,923		$	80,810		$	190,895
Comprehensive income attributable to non-controlling interest		-			(232	)		-			(489	)
Comprehensive income attributable to parent	$	43,649		$	54,691		$	80,810		$	190,406

The accompanying notes are an integral part of these condensed consolidated financial statements.

Tecnoglass Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	2024			2023
	Nine months ended September 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	114,293		$	147,032
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for credit losses		714			2,537
Depreciation and amortization		19,730			15,841
Deferred income taxes		(992	)		7,565
Equity method income		(3,677	)		(3,676	)
Deferred cost of financing		938			929
Other non-cash adjustments		113			157
Unrealized currency translation loss (gains)		3,045			(23,280	)
Changes in operating assets and liabilities:
Trade accounts receivable		(38,789	)		(10,351	)
Inventories		2,680			(15,271	)
Prepaid expenses		(2,930	)		(2,028	)
Other assets		5,050			(25,535	)
Trade accounts payable and accrued expenses		10,063			8,371
Taxes payable		(22,179	)		(21,670	)
Labor liabilities		2,949			2,425
Other liabilities		11			245
Contract assets and liabilities		15,921			13,066
Related parties		2,466			(1,871	)
CASH PROVIDED BY OPERATING ACTIVITIES	$	109,406		$	94,486

CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received		2,703			-
Purchase of investments		(316	)		(303	)
Acquisition of property and equipment		(53,873	)		(62,194	)
CASH USED IN INVESTING ACTIVITIES	$	(51,486	)	$	(62,497	)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend		(14,575	)		(12,158	)
Non-controlling interest purchase		(2,500	)		-
Stock buyback		(16	)		(8,882	)
Proceeds from debt		2,657			109
Repayments of debt		(48,966	)		-
CASH USED IN FINANCING ACTIVITIES	$	(63,400	)	$	(20,931	)

Effect of exchange rate changes on cash and cash equivalents	$	(1,938	)	$	4,243

NET (DECREASE) INCREASE IN CASH		(7,418	)		15,301
CASH - Beginning of period		129,508			103,672
CASH - End of period	$	122,090		$	118,973

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest	$	8,049		$	8,543
Income Tax	$	77,953		$	94,914

NON-CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired under credit or debt	$	5,571		$	11,626

The accompanying notes are an integral part of these condensed consolidated financial statements.

Tecnoglass Inc. and Subsidiaries

Condensed Consolidated Statements of Shareholders’ Equity

(Amounts in thousands, except share and per share data)

(Unaudited)

	Shares			Amount		Capital			Reserve		Earnings			Loss			Equity			Interest		Interest
	Ordinary Shares, $0.0001 Par Value					Additional Paid in			Legal		Retained			Accumulated Other Comprehensive			Total Shareholders’			Non- Controlling		Total Shareholders’ Equity and Non- Controlling
	Shares			Amount		Capital			Reserve		Earnings			Loss			Equity			Interest		Interest
Balance at December 31, 2023		46,996,708			5		192,385			1,458		400,035			(45,863	)		548,020			-		548,020

Dividend ($0.11 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

Balance at March 31, 2024		46,996,708			5		192,385			1,458		424,596			(44,797	)		573,647			-		573,647

Dividend ($0.11 per share)		-			-		-			-		(5,168	)		-			(5,168	)		-		(5,168	)

Share Repurchase		(100	)		-		(5	)		-		-			-			(5	)		-		(5	)

Derivative financial instruments		-			-		-			-		-			(342	)		(342	)		-		(342	)

Foreign currency translation		-			-		-			-		-			(28,321	)		(28,321	)		-		(28,321	)

Net income		-			-		-			-		35,028			-			35,028			-		35,028

Balance at June 30, 2024		46,996,608			5		192,380			1,458		454,456			(73,460	)		574,839			-		574,839

Dividend ($0.11 per share)		-			-		-			-		(5,170	)		-			(5,170	)		-		(5,170	)

Share Repurchase		(200	)		-		(11	)		-		-			-			(11	)		-		(11	)

Derivative financial instruments		-			-		-			-		-			(3,229	)		(3,229	)		-		(3,229	)

Foreign currency translation		-			-		-			-		-			(2,657	)		(2,657	)		-		(2,657	)

Net income		-			-		-			-		49,535			-			49,535			-		49,535

Balance at Sep 30, 2024		46,996,408			5		192,369			1,458		498,821			(79,346	)		613,307			-		613,307

	Shares			Amount		Capital			Reserve		Earnings			Loss			Equity			Interest		Interest
	Ordinary Shares, $0.0001 Par Value					Additional Paid in			Legal		Retained			Accumulated Other Comprehensive			Total Shareholders’			Non- Controlling		Total Shareholders’ Equity and Non- Controlling
	Shares			Amount		Capital			Reserve		Earnings			Loss			Equity			Interest		Interest
Balance at December 31, 2022		47,674,773			5		219,290			1,458		234,254			(106,187	)		348,820			1,505.00		350,325

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

Balance at March 31, 2023		47,674,773			5		219,290			1,458		278,198			(100,213	)		398,738			1,642		400,380

Dividend ($0.09 per share)		-			-		-			-		(4,291	)		-			(4,291	)		-		(4,291	)

Share Repurchase		(1,340	)		-		(56	)		-		-			-			(56	)		-		(56	)

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

Balance at June 30, 2023		47,673,433			5		219,234			1,458		326,353			(71,152	)		475,898			1,762		477,660
Balance		47,673,433			5		219,234			1,458		326,353			(71,152	)		475,898			1,762		477,660

Dividend ($0.09 per share)		-			-		-			-		(4,291	)		-			(4,291	)		-		(4,291	)
Dividend		-			-		-			-		(4,291	)		-			(4,291	)		-		(4,291	)

Share Repurchase		(227,442	)		-		(8,826	)		-		-			-			(8,826	)		-		(8,826	)

Derivative financial instruments		-			-		-			-		-			601			601			-		601

Foreign currency translation		-			-		-			-		-			8,227			8,227			-		8,227

Net income		-			-		-			-		45,863			-			45,863			232		46,095

Balance at Sep 30, 2023		47,445,991			5		210,408			1,458		367,925			(62,323	)		517,473			1,993		519,466
Balance		47,445,991			5		210,408			1,458		367,925			(62,323	)		517,473			1,993		519,466

The accompanying notes are an integral part of these condensed consolidated financial statements.

Tecnoglass Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(Amounts in thousands, except share and per share data)

(Unaudited)

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.

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 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.

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.

Note 3. - Inventories, net

Schedule of Inventories, net

	September 30, 2024			December 31, 2023
Raw materials	$	91,423		$	100,828
Work in process		20,538			19,738
Finished goods		6,539			9,941
Spares and accessories		23,444			27,057
Packing material		1,282			1,715
Total Inventories, gross		143,226			159,279
Less: Inventory allowance		(284	)		(209	)
Total inventories, net	$	142,942		$	159,070

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		2024		2023
	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Fixed price contracts	$	43,653	$	35,735	$	107,706	$	97,158
Product sales		194,674		175,008		542,902		541,504
Total Revenues	$	238,327	$	210,743	$	650,608	$	638,662

The following table presents revenues broken down by geographical location:

Schedule of Geographic Information

	2024		2023		2024		2023
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Colombia	$	5,473	$	7,218	$	16,542	$	18,920
United States		228,196		200,347		621,897		609,911
Panama		283		433		811		1,017
Other		4,375		2,745		11,358		8,814
Total Revenues	$	238,327	$	210,743	$	650,608	$	638,662

The following table presents revenues broken down by market:

	2024		2023		2024		2023
	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Residential	$	109,729	$	87,811	$	278,632	$	258,345
Commercial		128,598		122,932		371,976		380,317
Total Revenues	$	238,327	$	210,743	$	650,608	$	638,662

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, 2024			December 31, 2023
Trade accounts receivable		211,785			168,778
Less: Allowance for credit losses		(2,805	)		(2,280	)
Total	$	208,980		$	166,498

The changes in the allowance for credit losses for the nine months ended September 30, 2024 are:

	Nine months ended September 30, 2024
Balance at beginning of period	$	2,280
Provisions for credit losses		714
Deductions and write-offs, net of foreign currency adjustment		(189	)
Balance at end of period	$	2,805

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):

	September 30, 2024			December 31, 2023
Contract assets — current	$	19,330		$	17,800
Contract assets — non-current		12,968			8,797
Contract liabilities — current		(94,848	)		(72,543	)
Contract liabilities — non-current		-			(14	)
Net contract liability	$	(62,550	)	$	(45,960	)

The components of contract assets are presented in the table below:

	September 30, 2024		December 31, 2023
Unbilled contract receivables, gross	$	3,426	$	4,501
Retainage		28,872		22,096
Total contract assets		32,298		26,597
Less: current portion		19,330		17,800
Contract Assets – non-current	$	12,968	$	8,797

The components of contract liabilities are presented in the table below:

	September 30, 2024		December 31, 2023
Billings in excess of costs	$	52,714		35,949
Advances from customers on uncompleted contracts		42,134		36,608
Total contract liabilities		94,848		72,557
Less: current portion		94,848		72,543
Contract liabilities – non-current	$	-		14

During the three and nine months ended September 30, 2024, the Company recognized $2,508 and $12,851 of sales related to its contract liabilities on January 1, 2024, respectively. During the three and nine months ended September 30, 2023, the Company recognized $472 and $6,375 of sales related to its contract liabilities on January 1, 2023, respectively.

Remaining Performance Obligations

As of September 30, 2024, the Company had $709.2 million of remaining performance obligations, which represents the transaction price of firm orders minus sales recognized from inception to date. Remaining performance obligations exclude unexercised contract options, verbal commitments, Letters of Intent or written mandates, and potential orders under basic ordering agreements. The Company expects to recognize 100% of sales relating to existing performance obligations within three years, of which $167.6 million are expected to be recognized during the year ending December 31, 2024, $340.6 million during the year ending December 31, 2025, and $202.1 million during the year ending December 31, 2026.

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.

	September 30, 2024
	Gross		Acc. Amort.			Net
Notice of Acceptances (NOAs), product designs and other intellectual property		13,431		(9,549	)		3,882

	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 years.

During the three and nine months ended September 30, 2024, the amortization expense amounted to $391 and $1,075, respectively, and was included within the general and administration expenses in our unaudited Condensed Consolidated Statement of Operations. Similarly, during the three and nine months ended September 30, 2023, the amortization expense amounted to $293 and $908, respectively.

The estimated aggregate amortization expense for each of the five succeeding years as of September 30, 2024, is as follows:

Year ending	(in thousands)
2024	$	356
2025		866
2026		698
2027		630
2028		516
Thereafter		816
Total	$	3,882

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 any third-party finance provider or intermediary.

As of September 30, 2024, the obligations outstanding related to the supplier finance program amounted to $1,414, recorded as current liabilities, with $919 classified as trade accounts payable and accrued expenses and $495 classified as due to related parties. As of December 31, 2023, the obligations outstanding related to the supplier finance program amount $2,722, recorded as current liabilities, with $2,330 classified as trade accounts payable and accrued expenses and $392 classified as due to related parties.

Note 7. Debt

The Company’s debt is comprised of the following:

Schedule of Long Term Debt

	September 30, 2024			December 31, 2023
Revolving lines of credit	$	668		$	525
Finance lease		165			327
Other current debt		1,000			-
Senior Secured Credit Facility		125,000			172,500
Less: Deferred cost of financing		(2,177	)		(3,346	)
Total obligations under borrowing arrangements		124,656			170,006
Less: Current portion of long-term debt and other current borrowings		1,819			7,002
Long-term debt	$	122,837		$	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 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. Borrowings under the credit facility now bear interest at a rate of LIBOR with no floor plus a spread of 1.50%, based on the Company’s net leverage ratio, compared to a prior rate of LIBOR with a floor of 0.75% plus a spread of 2.50%, resulting on total annual savings of approximately $15 million at current levels of outstanding borrowings, since entering into our inaugural US Bank syndicated facility in October 2020. The effective interest rate for this credit facility including deferred issuance costs is 7.03%. In relation to this transaction, the Company accounted for costs related to fees paid of $1,496. This was accounted for as a debt modification and $1,346 of fees paid to banks were capitalized as deferred cost of financing and $150 paid to third parties recorded as an operating expense on the consolidated statements of operations for the year ended December 31, 2021. Beginning on July 1, 2023, the interest rate on this credit facility was updated to SOFR plus the same spread of 1.5%. As of September 2024, we voluntarily prepaid $47.5 million of capital to this credit facility which has decreased our net leverage ratio and triggered a step down in the applicable interest rate spread to 1.5%.

Maturities of long-term debt and other current borrowings as of September 30, 2024, are as follows:


2025	$	1,819
2026		14
2027		125,000
Total	$	126,833

The Company’s loans have maturities ranging from several weeks to 4 years. Our credit facilities bore a weighted average interest rate of 6.23% as of September 30, 2024.

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% to 1.87%. Regarding the conditions of our outstanding debt, only Libor was replaced by SOFR, maintaining the other initial conditions.

As of September 30, 2024, the fair value of our interest rate swap was in a net asset position of $3.9 million. We had 9 outstanding interest rate swap contracts to hedge $125 million related to our outstanding debt through November 2026. We assessed the risk of non-performance of the Company to these contracts and determined it was insignificant and, therefore, did not record any adjustment to fair value as of September 30, 2024.

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, 2024, that we expect will be reclassified to earnings within the next twelve months, is $2.4 million.

The fair value of our interest rate swap hedges is classified in the accompanying consolidated balance sheets, as of September 30, 2024, are as follows:

Derivative Assets

Derivative Liabilities

September 30, 2024

Derivatives designated as hedging instruments under Subtopic 815-20:

Balance Sheet Location

Fair
Value

Balance Sheet Location

Fair Value

Derivative instruments:

Interest Rate Swap Contracts

Other current assets

3,918

Accrued liabilities

Total derivative instruments

Total derivative assets

3,918

Total derivative liabilities

The ending accumulated balance for the interest rate swap contracts included in accumulated other comprehensive income was $3,918 as of September 30, 2024.

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, 2024:

	Derivatives in Cash Flow Hedging Relationships
	Amount of Gain or (Loss)					Location of Gain or (Loss) Reclassified from Accumulated	Amount of Gain or (Loss) Reclassified from
	Recognized in OCI (Loss) on					OCI (Loss) into	Accumulated
	Derivatives					Income	OCI (Loss) into Income
	Three Months Ended						Three Months Ended
	September 30,			September 30,			September 30,		September 30,
	2024			2023			2024		2023

Interest Rate Swap and foreign currency non-delivery forwards Contracts	$	(3,229	)	$	601	Interest Expense and Operating Revenues	$	1,131	$	1,065

	Derivatives in Cash Flow Hedging Relationships
	Amount of Gain or (Loss)					Location of Gain or (Loss) Reclassified from Accumulated	Amount of Gain or (Loss) Reclassified from
	Recognized in OCI (Loss) on					OCI (Loss) into	Accumulated
	Derivatives					Income	OCI (Loss) into Income
	Nine Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,		September 30,
	2024			2023			2024		2023

Interest Rate Swap and foreign currency non-delivery forwards Contracts	$	(2,535	)	$	587	Interest Expense and Operating Revenues	$	3,314	$	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, 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:

	September 30, 2024		December 31, 2023
Fair Value		119,062		166,041
Carrying Value		122,837		163,004

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 the Company’s other subsidiaries in the Cayman Islands do not currently have any tax obligations.

The components of income tax expense are as follows:

	2024			2023			2024			2023
	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Current income tax
United States	$	(5,781	)	$	(8,840	)	$	(14,388	)	$	(15,300	)
Colombia		(16,643	)		(3,167	)		(30,225	)		(40,490	)
Panama		(3	)		(5	)		(9	)		(11	)
Total current income tax		(22,427	)		(12,012	)		(44,622	)		(55,801	)

Deferred income Tax
United States		381			(433	)		132			(560	)
Colombia		2,068			(3,002	)		860			(7,005	)
Total deferred income tax		2,449			(3,435	)		992			(7,565	)
Total income provision	$	(19,978	)	$	(15,447	)	$	(43,630	)	$	(63,366	)

Effective tax rate		28.7	%		25.1	%		27.6	%		30.1	%

The effective income tax rate for the three and nine months ended September 30, 2024, of 28.7% and 27.6%, respectively, as well as the effective income tax rate of 25.1% during the three months ended September 30, 2023 are below the weighted average statutory rate of 31.1% as of September 30, 2024 and 33.1% as of September 30, 2023 as the Colombian subsidiaries which bear a higher corporate income tax rate recorded a proportionally lower share of the consolidated income.

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, 2024		December 31, 2023
Due from related parties:
Alutrafic Led SAS		460		322
Prisma Glass LLC		400		281
Studio Avanti SAS		387		460
Due from other related parties		522		324
Total due from related parties	$	1,769	$	1,387

Due to related parties:
Vidrio Andino		5,792		3,927
Incantesimo SAS		-		2,500
Due to other related parties		1,562		1,071
Total due to related parties	$	7,354	$	7,498

	2024		2023		2024		2023
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Sales to related parties:
Prisma Glass LLC		301		-		809		-
Alutrafic Led SAS		298		275		676		640
Studio Avanti SAS		272		64		617		349
Sales to other related parties		17		136		50		311
Sales to related parties	$	888	$	475	$	2,152	$	1,300

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, 2024, we sold $298 and $676 to Alutrafic, respectively, compared to $275 and $640 during the three and nine months ended September 30, 2023, respectively. Additionally, we had outstanding accounts receivable from Alutrafic of $460 and $322 as of September 30, 2024 and December 31, 2023, respectively.

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, 2024 of $830 and $2,401, respectively, compared to $1,023 and $2,556 during the three and nine months ended September 30, 2023, respectively.

Incantesimo SAS

On November 10, 2023, we acquired the 30% equity interest in ESMetals previously not owned by us for an aggregate of $5,500 from Incantesimo SAS, a Colombia domiciled company of which the primary beneficiary is Carlos Peña, who holds a senior management position at the Company. The Company paid $3,000 during November and December 2023, and the remaining $2,500 was paid in April, 2024.

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 $301 and $809 to Prisma-Glass LLC during the three and nine months ended September 30, 2024, respectively, and had outstanding accounts receivable of $400, and $281, as of September 30, 2024, and December 31, 2023, respectively.

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, 2024, we purchased $474 and $736, respectively, compared to $268 and $973 purchased during the three and nine months ended September 30, 2023, respectively. Additionally, during the three months ended September 30, 2024, we purchased a lot of land adjacent to our manufacturing facilities from Santa Maria del Mar SAS for $339.

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, 2024, and December 31, 2023, the Company had outstanding accounts receivable from Avanti of $387 and $460, respectively. During the three and nine months ended September 30, 2024, we sold $272 and $617 of products to Avanti, respectively, compared to $64 and $349 during the three and nine months ended September 30, 2023, respectively.

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% minority ownership interest in Vidrio Andino, a Colombia-based subsidiary of Saint-Gobain. The purchase price for our interest in Vidrio Andino was $45 million, of which $34.1 million was paid in cash and $10.9 million paid through the contribution of land on December 9, 2020. On October 28, 2020, we acquired said land from a related party and paid for it with the issuance of an aggregate of 1,557,142 ordinary shares of the Company, valued at $7.00 per share, which represented an approximate 33% premium based on the closing stock price as of October 27, 2020.

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% interest. The new plant will be funded with proceeds from the original cash contribution made by the Company, operating cashflows from the Bogota plant, debt incurred at the joint venture level that will not consolidate into the Company and an additional contribution by us of approximately $12.5 million if needed (based on debt availability as a first option).

In the ordinary course of business, we purchased $8,925 and $23,019 of materials from Vidrio Andino during the three and nine months ended September 30, 2024, respectively, compared to $6,912 and $20,869, during the three and nine months ended September 30, 2023. We also had outstanding payables to Vidrio Andino of $5,792 and $3,927 as of September 30, 2024, and December 31, 2023, respectively. We recorded equity method income of $1,394 and $3,677 on our Consolidated Statement of Operations during the three and nine months ended September 30, 2024, respectively, compared to $1,108 and $3,676 recorded during the three and nine months ended September 30, 2023, respectively.

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 $731 and $796 as of September 30, 2024 and December 31, 2023, respectively. Affiliates of Jose Daes and Christian Daes have a majority ownership stake in Zofracosta SA.

Note 11. Shareholders’ Equity

Dividends

On September 5, 2024, the Company declared a regular quarterly dividend of $0.11 per share, or $0.44 per share on an annualized basis. The dividend was paid on October 31, 2024, to shareholders of record as of the close of business on September 30, 2024. On November 6, 2024, the Board of Directors approved an increase on the quarterly dividend to $0.15 per share, or $0.60 per share on an annualized basis.

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, 2024 and 2023:

	2024		2023		2024		2023
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Numerator for basic and diluted earnings per share
Net Income attributable to parent	$	49,535	$	45,863	$	114,293	$	146,543

Denominator
Denominator for basic earnings per ordinary share - weighted average shares outstanding		46,996,554		47,599,339		46,996,655		47,649,037
Effect of dilutive securities and stock dividend								-
Denominator for diluted earnings per ordinary share - weighted average shares outstanding		46,996,554		47,599,339		46,996,655		47,649,037
Basic earnings per ordinary share	$	1.05	$	0.96	$	2.43	$	3.08
Diluted earnings per ordinary share	$	1.05	$	0.96	$	2.43	$	3.08

Note 12. Commitments and Contingencies

Commitments

As of September 30, 2024, the Company had outstanding obligations to purchase an aggregate of at least $49,351of certain raw materials from a specific supplier before November 30, 2030, and an aggregate of at least $9,605 of certain raw materials from a specific supplier through 2028.

On May 3, 2019, we consummated a joint venture agreement with Saint-Gobain whereby we acquired a 25.8% minority ownership interest in Vidrio Andino. The purchase price for our interest in Vidrio Andino was $45 million, of which $34.1 million was paid in cash and $10.9 million was contributed through a parcel of land to be used for the building of a second factory. On October 28, 2020, the land was paid for through the issuance of an aggregate of 1,557,142 ordinary shares of the Company, at $7.00 per share, which represented an approximate 33% premium based on the Company´s share price as of October 27, 2020.

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% interest. The new plant will be funded with proceeds from the original cash contribution made by the Company, operating cashflows from the Bogota plant, debt incurred at the joint venture level that will not consolidate into the Company and an additional contribution by us of approximately $12.5 million to be paid if needed (based on debt availability as a first option).

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.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission (“SEC”) filings. References to “we”, “us” or “our” are to Tecnoglass Inc., except where the context requires otherwise. The following discussion should be read in conjunction with our unaudited condensed consolidated financial statements and related notes thereto included elsewhere in this report.

Overview

We are experienced and highly skilled in the vertical integration of architectural glass manufacturing, distribution, and professional fitting. Our expertise extends to the production of top-quality windows, as well as the supply of aluminum, vinyl, and other components. Our dedicated and knowledgeable team serves a diverse range of commercial and residential construction projects worldwide, guaranteeing outstanding products and seamless installation services. With a focus on innovation, combined with providing highly specified products with the highest quality standards at competitive prices, we have earned #1 spot in the Forbe’s list of America’s 100 most successful small-cap companies for 2024, and developed a leadership position in each of our core markets. In the United States, which is our largest market, we were ranked as the third largest glass fabricator serving the United States in 2023 by Glass Magazine. In addition, we believe we are the leading glass transformation company in Colombia. Our customers, which include developers, general contractors or installers for hotels, office buildings, shopping centers, airports, universities, hospitals and multi-family and residential buildings, look to us as a value-added partner based on our product development capabilities, our high-quality products and our unwavering commitment to exceptional service.

With over 40 years of experience in architectural glass and aluminum assembly, we specialize in transforming various glass products. Our offerings include tempered safety glass, double thermo-acoustic glass, and laminated glass. Our wide range of finished glass products are utilized in diverse buildings for floating facades, curtain walls, windows, doors, handrails, as well as interior and bathroom spatial dividers. In addition to glass, we manufacture aluminum and vinyl products such as profiles, rods, bars, plates, and other hardware specifically designed for window manufacturing.

Our products are manufactured in a 5.6 million square foot, state-of-the-art manufacturing complex in Barranquilla, Colombia that provides easy access to North, Central and South America, the Caribbean and the Pacific. Our products can be found on some of the most distinctive buildings in these regions, including 100 Hood Park Drive (Boston), 601 West 29^th St (New York). Norwegian Cruise Line Terminal B (Miami), Paramount Miami Worldcenter (Miami), Via 57 West (New York), One65 Main (Cambridge), AE’O Tower (Honolulu), Salesforce Tower (San Francisco), and One Thousand Museum (Miami). Our track record of successfully delivering high profile projects has earned us an increasing number of opportunities across the United States, evidenced by our expanding backlog and overall revenue growth.

Our structural competitive advantage is underpinned by our low-cost manufacturing footprint, vertically integrated business model and geographic location. Our integrated facilities in Colombia and distribution and services operations in Florida provide us with a significant cost advantage in both manufacturing and distribution, and we continue to invest in these operations to expand our operational capabilities. Our lower cost manufacturing footprint allows us to offer competitive prices for our customers, while also providing innovative, high quality and high value-added products, together with consistent and reliable service. We have historically generated high margin organic growth based on our position as a value-added solutions provider for our customers.

We have a strong presence in the Florida market, which represents a substantial portion of our revenue stream and backlog. Our success in Florida has primarily been achieved through sustained organic growth, with further penetration now taking place into other highly populated areas of the United States. As part of our strategy to become a fully vertically integrated company, we have supplemented our organic growth with some acquisitions that have allowed us added control over our supply chain allowed for further vertical integration of our business and will act as a platform for our future expansion in the United States. In 2016, we completed the acquisition of ESW, which gave us control over the distribution of products into the United States from our manufacturing facilities in Colombia. In March 2017, we completed the acquisition of GM&P, a consulting and glazing installation business that was previously our largest installation customer.

On May 3, 2019, we consummated the joint venture agreement with Saint-Gobain, acquiring a 25.8% minority ownership interest in Vidrio Andino, a Colombia-based subsidiary of Saint-Gobain, solidifying our vertical integration strategy by acquiring an interest in the first stage of our production chain, while securing ample glass supply for our expected production needs. Additionally, in April 2019, we acquired a 70% equity interest in ESMetals, which has been consolidated in our financial statements since. In November 2023, we acquired the remaining 30% equity interest in ESMetals. ESMetals is a Colombian entity that serves as a metalwork contractor to supply us with steel accessories used in the assembly of certain architectural systems as part of our vertical integration strategy.

The continued diversification of the group’s presence and product portfolio is a core component of our strategy. In particular, we are actively seeking to expand our presence in United States outside of Florida. We also launched a residential window offering which, we believe, will help us expand our presence in the United States and generate additional organic growth. We believe that the quality of our products, coupled with our ability to price competitively given our structural advantages on cost, will allow us to generate further growth in the future.

We have focused on working with The Power of Quality, always making sure that our vision of sustainability is immersed into every aspect of our business, including social, environmental, economic and governance variables, that help us make decisions and create value for our stakeholders. We carry out a series of initiatives based on our global sustainability strategy, which is supported on three fundamental pillars: promoting an ethical and responsible continuous growth, leading eco-efficiency and innovation, and empowering our environment. As part of this strategy, we have voluntarily adhered to UN Global Compact Principles since 2017 and in pursuit of our cooperation with the attainment of the SDGs joined in 2021 a program to dynamize, strengthen and make visible the management of greenhouse gas emissions as a carbon neutral strategy set out by the Colombian government for 2050.

RESULTS OF OPERATIONS

	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Operating Revenues	$	238,327		$	210,743		$	650,608		$	638,662
Cost of sales		(129,094	)		(120,216	)		(377,138	)		(330,710	)
Gross profit		109,233			90,527			273,470			307,952
Operating expenses		(41,538	)		(29,515	)		(113,619	)		(98,759	)
Operating income		67,695			61,012			159,851			209,193
Non-operating income and expenses, net		1,365			605			5,176			3,517
Equity method income		1,394			1,108			3,677			3,676
Foreign currency transactions gains (losses)		870			1,142			(4,858	)		931
Interest Expense and deferred cost of financing		(1,811	)		(2,325	)		(5,923	)		(6,919	)
Income tax provision		(19,978	)		(15,447	)		(43,630	)		(63,366	)
Net income		49,535			46,095			114,293			147,032
Income attributable to non-controlling interest		-			(232	)		-			(489
Income attributable to parent	$	49,535		$	45,863		$	114,293		$	146,543

Comparison of quarterly periods ended September 30, 2024, and 2023

Revenues

Operating revenues increased $27.6 million, or 13.1%, from $210.7 during the quarter ended September 30, 2023, to $238.3 million, during the quarter ended September 30, 2024. Strong revenues during the third quarter of 2024 were driven by strong activity in the U.S market, where revenues increased $27.8 million, or 13.9% year over year, from $200.3 million during the quarter ended September 30, 2023, to $228.2 million during the quarter ended September 30, 2024. The increase was driven by higher residential revenues, up $21.9 million, or 25.0% year over year, resulting from strong demand since the beginning of 2024. Commercial market revenues increased $5.7 million, or 4.6% year over year, as we continue to execute on our growing backlog. Revenues from Latin-America remained stable at approximately $10.1 million year over year.

Gross profit

Gross profit increased $18.7 million, or 20.7%, from $90.5 million during the three months ended September 30, 2023, to $109.2 million, during the three months ended September 30, 2024. The gross profit margin during the three months ended September 30, 2024, was 45.8%, up from 43.0% during the third quarter of 2023, primarily related to favorable pricing dynamic, a more profitable revenue mix, as residential sales (with no installation) represent 46.0% of our total revenues in 2024, compared to 41.7% in 2023.

Expenses

Operating expenses increased $12.0 million, or 40.7%, from $29.5 million to $41.5 million for the quarters ended September 30, 2023 and 2024, respectively. The increase resulted primarily from higher administrative and selling expenses to support a larger operation and ongoing geographical expansion over the US market, as well as inflation adjusted increases on administrative expenses such as salaries and others.

Non-operating income and expenses, net

During the three months ended September 30, 2024 and 2023, the Company recorded net non-operating income of $1.4 million and $0.6 million, respectively. Non-operating income is comprised of interest income from short term investments, as well as non-operating expenses related to certain charitable contributions outside of the Company’s direct sphere of influence.

Foreign currency transaction gains and losses

During the three months ended September 30, 2024, the Company recorded a non-operating gain of $0.9 million associated with foreign currency transactions compared to a net non-operating gain of $1.1 million during the three months ended September 30, 2023.

Interest Expense and deferred cost of financing

Interest expense and deferred cost of financing decreased $0.5 million, or 22.1%, to $1.8 million during the quarter ended September 30, 2024, as the Company voluntarily prepaid $47.0 million during the year to reduce its debt balance and benefited from having a favorable interest rate hedge in place for 100% of its outstanding syndicated debt after giving effect to the voluntary prepayments.

Income Taxes

The effective income tax rate of 28.7% and 25.1% for the three months ended September 30, 2024, and 2023, respectively, are below the average statutory rates of 31.1% and 33.1% during each of those periods, respectively, as the proportion of our taxable income shift jurisdictions resulting from new developments of our product designs, trademarks and other intellectual property rights.

As a result of the foregoing, the Company recorded net income for the three months ended September 30, 2024, of $49.5 million compared to net income of $46.1 million for the three months ended September 30, 2023.

Comparison of nine-month periods ended September 30, 2024 and 2023

Revenues

Operating revenues during the nine months ended September 30, 2024 was $650.6 million, compared to $638.7 million during the nine months ended September 30, 2023, an increase of $11.9 million or 1.9%, year over year. Revenues from the U.S residential market increased $20.3 million, or 7.9%, from $258.3 million in 2023, to $278.6 million in 2024, resulting from strong demand since the beginning of 2024. Revenues from the commercial market decreased $8.3 million, or 2.2% year over year, impacted by high interest and mortgage rates.

Gross profit

Gross profit during the nine months ended September 30, 2024, was $273.5 million, a decrease of $34.5 million, or 11.2%, from $308.0 million during the nine months ended September 30, 2023. The gross profit margin during the nine months ended September 30, 2024, decreased to 42.0% from 48.2% during the nine months ended September 30, 2023, primarily related to a 9.8% appreciation of the Colombian Peso impacting our costs denominated in Colombian Pesos against our predominantly US Dollar revenue stream. Additionally, the year over year comparison was also impacted by higher salaries which were adjusted at the beginning of the year and higher headcount to adjust for ongoing growth.

Expenses

Operating expenses increased $14.9 million, or 15.0%, from $98.8 million to $113.6 million for the nine months ended September 30, 2023 and 2024, respectively. The increase was mainly driven by administrative salary adjustments, operating headcount increase, and a negative effect in COP denominated amounts related to a 9.8% appreciation of the Colombian Peso against US Dollar over the period.

Non-operating income and expenses, net

During the nine months ended September 30, 2024 and 2023, the Company recorded non-operating income of $5.2 and $3.5 million, respectively. Non-operating income for the period is comprised primarily of interest income from short-term investments, income from rental properties and gains on sale of scrap materials as well as non-operating expenses related to certain charitable contributions outside of the Company’s direct sphere of influence.

Foreign currency transaction gains and losses

During the nine months ended September 30, 2024, the Company recorded a non-operating net loss of $4.9 million associated with foreign currency transactions, compared to a net gain of $0.9 million during the nine months ended September 30, 2023.

Interest Expense

Interest expense and deferred cost of financing decreased $1.0 million, or 14.4%, to $5.9 million during the nine months ended September 30, 2024, from $6.9 million during the nine months ended September 30, 2023, as the Company voluntarily prepaid $47.0 million to reduce its debt balance and benefited from having a favorable interest rate hedge in place for 100% of its outstanding debt.

Income Taxes

The effective income tax rate of 27.6% and 30.1% for the nine months ended September 30, 2024, and 2023, respectively, are below the average statutory rates of 31.1% and 33.1% during each of those periods, respectively, as the proportion of our taxable income shift jurisdictions resulting from new developments of our product designs, trademarks and other intellectual property rights.

As a result of the foregoing, the Company recorded a net income for the nine months ended September 30, 2024 of $114.3 million compared to $147.0 million for the nine months ended September 30, 2023.

Liquidity

As of September 30, 2024 and December 31, 2023, we had cash and cash equivalents of approximately $122.1 million and $129.5 million, respectively. Additionally, we currently have approximately $175.0 million available under different lines of credit.

We anticipate that the Company will continue to generate positive cashflow from operating activities through the remainder of the year, which we believe, in addition to our current liquidity position, provides ample flexibility to service our obligations through the next twelve months.

Capital Resources

We transform glass and aluminum into high specification architectural glass and custom-made aluminum profiles which require significant investments in state-of-the-art technology. During the nine months ended September 30, 2024 and 2023, we made investments primarily in building and construction and machinery and equipment in the amounts of $59.4 million and $73.8 million, respectively. These investments across our vertically-integrated operations include further automating our glass and window assembly production lines, adding glass production lines, expanding our aluminum facilities, putting new vinyl windows lines to penetrate this new product segment and purchasing land to grow beyond current installed capacity. The Company estimates that current manufacturing operating capacity has reached approximately $1.2 billion which does not account for incremental installation revenue capacity. Additionally, the Company expects the resulting increase in output to improve efficiency throughout its operations while reducing material waste and overall lead times.

Cash Flow from Operations, Investing and Financing Activities

	Nine months ended September 30,
	2024			2023
Cash Flow provided by Operating Activities	$	109,406		$	94,486
Cash Flow used in Investing Activities		(51,486	)		(62,497	)
Cash Flow used in Financing Activities		(63,400	)		(20,931	)
Effect of exchange rates on cash and cash equivalents		(1,938	)		4,243
Cash Balance - Beginning of Period		129,508			103,672
Cash Balance - End of Period	$	122,090		$	118,973

During the nine months ended September 30, 2024, and 2023, operating activities generated approximately $109.4 million and $94.5 million, respectively. The main sources of operating cash during the nine months ended September 30, 2024, were driven by contract assets and liabilities, and trade accounts payable. Contract assets and liabilities generated $15.9 million during the nine months ended September 30, 2024, mostly due to an increase in billings in excess of costs, as main projects are being executed, and large projects from our backlog are starting operations; compared to $13.1 million generated during the nine months ended September 30, 2023, as we executed on our growing backlog. In addition, trade accounts payable generated $10.1 million during the nine months ended September 30, 2024 mainly as a result of our growing operation, while our days payable outstanding remain moderately stable and decreasing year over year, compared with $8.4 million generated during the nine months ended September 30, 2023. The largest use of cash in operating activities was trade accounts payable, which used $38.8 million in the nine months ended September 30, 2024, compared with a use of $10.4 million during the prior year period, driven by a pick up in pace of large commercial installation jobs during the third quarter of 2024, which entail longer cash cycles. Additionally, taxes payable used $22.2 million during the nine months ended September 30, 2024, resulted from taxes being paid during the period, as the Colombian subsidiaries fully paid their 2023 income tax during the second quarter of 2024.

We used $51.5 million and $62.5 million in investing activities during the nine months ended September 30, 2024, and 2023, respectively. The main use of cash in investing activities during the nine months ended September 30, 2024 was related to scheduled payments on previous investments to increase capacity and efficiency as well as new investments in land and equipment. During the nine months ended September 30, 2024, we paid $53.9 million to acquire property plant and equipment, which in combination with $5.5 million acquired under credit or debt, amount to total capital expenditures of $59.4 million. During the nine months ended September 30, 2023, we used $62.2 million for the acquisition of property and equipment. Including assets acquired with debt or supplier credit, total capital expenditures during the period were $73.8 million.

Financing activities used $63.4 million and $20.9 million during the nine months ended September 30, 2024 and 2023, respectively. On April 10, 2024, we paid $2,500 to Incantesimo SAS, related to the acquisition of the remaining 30% equity interest of ES Metals. We paid $14.6 million and $12.2 million of dividends to holders of our ordinary shares during the nine months ended September 30, 2024 and 2023, respectively. Additionally, during the nine months ended September 30, 2024, we used $49.0 million to repay debt from our Senior Secured Line of Credit and other smaller facilities.

Off-Balance Sheet Arrangements

None

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are exposed to ongoing market risk related to changes in foreign currency exchange rates and commodity market prices.

Previously, a rise in interest rates could negatively affect the cost of financing for a significant portion of our debt with variable interest rates. However, following recent repayments in 2024 only an immaterial portion of our debt is exposed to market risk, net of the effect from interest rate hedging derivative financial instruments further described in the footnotes to the financial statements, and fluctuations in interest rates would not have a significant impact on our cost of financing.

We are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. Some of our subsidiaries’ operations are based in Colombia, and primarily transact business in local currency. Approximately 2.5% of our consolidated revenues and 25.7% of our costs and expenses are effectively incurred in Colombian pesos, thereby mitigating some of the risk associated with changes in foreign exchange rates. This portion of costs and expenses denominated in Colombian Peso excludes certain items which are transacted in Colombia using Colombian Peso but are priced in U.S. Dollars or are otherwise indexed to U.S. Dollar rates. Thus5% appreciation of the Colombian Peso relative to the US Dollar would result in our quarter revenues increasing by $0.9 million and our costs and expenses increasing by approximately $7.3 million, resulting in a $6.4 million decrease to net earnings based on results for the nine months ended September 30, 2024.

Similarly, a significant portion of the monetary assets and liabilities of these subsidiaries are generally denominated in US Dollars, while their functional currency is the Colombian peso, thereby resulting in gains or losses from remeasurement of assets and liabilities using the end of period spot exchange rate. These subsidiaries have both monetary assets and monetary liabilities denominated in US Dollars, thereby mitigating some of the risk associated with changes in foreign exchange rate. Furthermore, we record a portion of the non-cash foreign currency transaction gains and losses from remeasurement of certain intercompany loans as other comprehensive income. Net of this, the Colombian subsidiaries’ US Dollar denominated monetary liabilities exceed their monetary assets by $20.5 million, such that a 1% devaluation of the Colombian peso will result in a loss of $0.2 million recorded in the Company’s Consolidated Statement of Operations as of September 30, 2024.

Additionally, the results of the foreign subsidiaries must be translated into US Dollars, our reporting currency, in the Company’s consolidated financial statements. The currency translation of the financial statements using different exchange rates, as appropriate, for different parts of the financial statements generates a translation adjustment, which is recorded within other comprehensive income on the Company’s Consolidated Statement of Comprehensive Income and Consolidated Balance Sheet.

We are also subject to market risk exposure related to volatility in the prices of aluminum, one of the principal raw materials used for our manufacturing. The commodities markets, which include the aluminum industry, are highly cyclical in nature, and as a result, prices can be volatile. Commodity costs are influenced by numerous factors beyond our control, including general economic conditions, the availability of raw materials, competition, labor costs, freight and transportation costs, production costs, import duties and other trade restrictions. Our selling prices are also impacted by changes in commodity costs base our pricing of aluminum products based on the quoted price on the London Metals Exchange plus a manufacturing premium with the intention of aligning cost of our raw materials with selling prices to attempt to pass commodity price changes through to our customers.

We cannot accurately estimate the impact a one percent change in the commodity costs of would have on our results of operation, as the change in commodity costs would both impact the cost to purchase materials and our selling prices. The impact to our results of operations depends on the conditions of the market for our products, which could impact our ability to pass commodities costs to our customers.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We performed an evaluation required by Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934, as amended, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of Tecnoglass Inc.´s design and operating effectiveness of the internal controls over financial reporting as of the end of the period covered by this Quarterly Report. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, were effective as of September 30, 2024 in order to provide reasonable assurance that the information disclosed in our reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and to provide reasonable assurance that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

For the quarter ended September 30, 2024, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, the Company is involved in legal matters arising in the ordinary course of business. While management believes that such matters are currently not material, there can be no assurance that matters arising in the ordinary course of business for which the Company is, or could be, involved in litigation, will not have a material adverse effect on its business, financial condition or results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Our share repurchase activity for each of the three months in the period ended September 30, 2024, was as follows:

Period	Total Number of Shares Purchased (1)		Average Price Paid Per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
July 1-31, 2024		-	$	-		-	$	-
August 1-31, 2024		-	$	-		-	$	-
September 1-30, 2024		200	$	51.7		-	$	26,527,637
		200	$	51.7		-

(1)

On June 27, 2024, the Company repurchased 100 ordinary shares in a transaction not completed under the Company’s stock buyback program.

Item 5. Other Information

During the three months ended September 30, 2024, no director or officer adopted or terminated any (i) “Rule 10b5-1 trading arrangement,” as defined in Item 408(a) of Regulation S-K intending to satisfy the affirmative defense conditions of Rule 10b5–1(c) or (ii) “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits

Exhibit No.		Description

31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32		Certification of Chief Executive Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Financial statements from the Quarterly Report on Form 10-Q of Tecnoglass Inc. for the quarter ended September 30, 2024, formatted in XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statement of Changes in Stockholders’ Equity, (iv) Condensed Consolidated Statement of Cash Flows and (v) Notes to Unaudited Condensed Consolidated Financial Statements, as blocks of text and in detail.

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TECNOGLASS INC.

	By:	/s/ Jose M. Daes
		Jose M. Daes
		Chief Executive Officer
		(Principal executive officer)

	By:	/s/ Santiago Giraldo
		Santiago Giraldo
		Chief Financial Officer
		(Principal financial and accounting officer)

Date: November 7, 2024

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jose M. Daes, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Tecnoglass Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)	Disclosed in this quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2024

	/s/ Jose M. Daes
	Jose M. Daes
	Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Santiago Giraldo, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Tecnoglass Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2024

	/s/ Santiago Giraldo
	Santiago Giraldo
	Chief Financial Officer
	(Principal financial and accounting officer)

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Tecnoglass Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2024 as filed with the Securities and Exchange Commission (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated November 7, 2024

	By:	/s/ Jose M. Daes
		Jose M. Daes
		Chief Executive Officer
		(Principal executive officer)

	By:	/s/ Santiago Giraldo
		Santiago Giraldo
		Chief Financial Officer
		(Principal financial and accounting officer)

Cover - $ / shares	9 Months Ended
Cover - $ / shares	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
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		46,995,298
Entity Listing, Par Value Per Share	$ 0.0001

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 122,090	$ 129,508
Investments	2,688	2,907
Trade accounts receivable, net	208,980	166,498
Inventories	142,942	159,070
Contract assets – current portion	19,330	17,800
Other current assets	49,036	58,590
Total current assets	546,835	535,760
Long-term assets:
Property, plant and equipment, net	341,469	324,591
Deferred income taxes	283	169
Contract assets – non-current	12,968	8,797
Intangible assets	3,882	3,475
Goodwill	23,561	23,561
Long-term investments	61,544	60,570
Other long-term assets	5,731	5,794
Total long-term assets	449,438	426,957
Total assets	996,273	962,717
Current liabilities:
Short-term debt and current portion of long-term debt	1,819	7,002
Trade accounts payable and accrued expenses	99,569	82,784
Dividends payable	5,198	4,265
Contract liability – current portion	94,848	72,543
Total current liabilities	247,321	235,886
Long-term liabilities:
Deferred income taxes	12,808	15,793
Contract liability – non-current		14
Long-term debt	122,837	163,004
Total long-term liabilities	135,645	178,811
Total liabilities	382,966	414,697
SHAREHOLDERS’ EQUITY
Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 46,996,408 and 46,996,708 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	5	5
Legal Reserves	1,458	1,458
Additional paid-in capital	192,369	192,385
Retained earnings	498,821	400,035
Accumulated other comprehensive loss	(79,346)	(45,863)
Total shareholders’ equity	613,307	548,020
Total liabilities and shareholders’ equity	996,273	962,717
Related Party [Member]
Current assets:
Due from related parties	1,769	1,387
Current liabilities:
Other current liabilities	7,354	7,498
Nonrelated Party [Member]
Current liabilities:
Other current liabilities	$ 38,533	$ 61,794

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 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	46,996,408	46,996,708
Ordinary shares, shares outstanding	46,996,408	46,996,708

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating revenues:
Total operating revenues	$ 238,327	$ 210,743	$ 650,608	$ 638,662
Cost of sales	(129,094)	(120,216)	(377,138)	(330,710)
Gross profit	109,233	90,527	273,470	307,952
Operating expenses:
Selling expense	(23,190)	(15,724)	(60,773)	(52,531)
General and administrative expense	(18,348)	(13,791)	(52,846)	(46,228)
Total operating expenses	(41,538)	(29,515)	(113,619)	(98,759)
Operating income	67,695	61,012	159,851	209,193
Non-operating income, net	1,365	605	5,176	3,517
Equity method income	1,394	1,108	3,677	3,676
Foreign currency transactions gains (loss)	870	1,142	(4,858)	931
Interest expense and deferred cost of financing	(1,811)	(2,325)	(5,923)	(6,919)
Income before taxes	69,513	61,542	157,923	210,398
Income tax provision	(19,978)	(15,447)	(43,630)	(63,366)
Net income	49,535	46,095	114,293	147,032
Income attributable to non-controlling interest		(232)		(489)
Income attributable to parent	$ 49,535	$ 45,863	$ 114,293	$ 146,543
Basic income per share	$ 1.05	$ 0.96	$ 2.43	$ 3.08
Diluted income per share	$ 1.05	$ 0.96	$ 2.43	$ 3.08
Basic weighted average common shares outstanding	46,996,554	47,599,339	46,996,655	47,649,037
Diluted weighted average common shares outstanding	46,996,554	47,599,339	46,996,655	47,649,037
Other comprehensive income:
Foreign currency translation adjustments	$ (2,657)	$ 8,227	$ (30,948)	$ 43,276
Change in fair value of derivative contracts	(3,229)	601	(2,535)	587
Other comprehensive income	(5,886)	8,828	(33,483)	43,863
Comprehensive income	43,649	54,923	80,810	190,895
Comprehensive income attributable to non-controlling interest		(232)		(489)
Comprehensive income attributable to parent	43,649	54,691	80,810	190,406
External Customers [Member]
Operating revenues:
Total operating revenues	237,439	210,268	648,456	637,362
Related Party [Member]
Operating revenues:
Total operating revenues	$ 888	$ 475	$ 2,152	$ 1,300

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 114,293	$ 147,032
Adjustments to reconcile net income to net cash provided by operating activities:
Allowance for credit losses	714	2,537
Depreciation and amortization	19,730	15,841
Deferred income taxes	(992)	7,565
Equity method income	(3,677)	(3,676)
Deferred cost of financing	938	929
Other non-cash adjustments	113	157
Unrealized currency translation loss (gains)	3,045	(23,280)
Changes in operating assets and liabilities:
Trade accounts receivable	(38,789)	(10,351)
Inventories	2,680	(15,271)
Prepaid expenses	(2,930)	(2,028)
Other assets	5,050	(25,535)
Trade accounts payable and accrued expenses	10,063	8,371
Taxes payable	(22,179)	(21,670)
Labor liabilities	2,949	2,425
Other liabilities	11	245
Contract assets and liabilities	15,921	13,066
Related parties	2,466	(1,871)
CASH PROVIDED BY OPERATING ACTIVITIES	109,406	94,486
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received	2,703
Purchase of investments	(316)	(303)
Acquisition of property and equipment	(53,873)	(62,194)
CASH USED IN INVESTING ACTIVITIES	(51,486)	(62,497)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividend	(14,575)	(12,158)
Non-controlling interest purchase	(2,500)
Stock buyback	(16)	(8,882)
Proceeds from debt	2,657	109
Repayments of debt	(48,966)
CASH USED IN FINANCING ACTIVITIES	(63,400)	(20,931)
Effect of exchange rate changes on cash and cash equivalents	(1,938)	4,243
NET (DECREASE) INCREASE IN CASH	(7,418)	15,301
CASH - Beginning of period	129,508	103,672
CASH - End of period	122,090	118,973
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest	8,049	8,543
Income Tax	77,953	94,914
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Assets acquired under credit or debt	$ 5,571	$ 11,626

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, 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)
Share 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)
Share 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
Balance at Dec. 31, 2023	$ 5	192,385	1,458	400,035	(45,863)	548,020		548,020
Balance, shares at Dec. 31, 2023	46,996,708
Dividend				(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
Balance at Mar. 31, 2024	$ 5	192,385	1,458	424,596	(44,797)	573,647		573,647
Balance, shares at Mar. 31, 2024	46,996,708
Balance at Dec. 31, 2023	$ 5	192,385	1,458	400,035	(45,863)	548,020		548,020
Balance, shares at Dec. 31, 2023	46,996,708
Net income								114,293
Balance at Sep. 30, 2024	$ 5	192,369	1,458	498,821	(79,346)	613,307		613,307
Balance, shares at Sep. 30, 2024	46,996,408
Balance at Mar. 31, 2024	$ 5	192,385	1,458	424,596	(44,797)	573,647		573,647
Balance, shares at Mar. 31, 2024	46,996,708
Dividend				(5,168)		(5,168)		(5,168)
Derivative financial instruments					(342)	(342)		(342)
Foreign currency translation					(28,321)	(28,321)		(28,321)
Net income				35,028		35,028		35,028
Share Repurchase		(5)				(5)		(5)
Share Repurchase, shares	(100)
Balance at Jun. 30, 2024	$ 5	192,380	1,458	454,456	(73,460)	574,839		574,839
Balance, shares at Jun. 30, 2024	46,996,608
Dividend				(5,170)		(5,170)		(5,170)
Derivative financial instruments					(3,229)	(3,229)		(3,229)
Foreign currency translation					(2,657)	(2,657)		(2,657)
Net income				49,535		49,535		49,535
Share Repurchase		(11)				(11)		(11)
Share Repurchase, shares	(200)
Balance at Sep. 30, 2024	$ 5	$ 192,369	$ 1,458	$ 498,821	$ (79,346)	$ 613,307		$ 613,307
Balance, shares at Sep. 30, 2024	46,996,408

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividend per share	$ 0.11	$ 0.11	$ 0.11	$ 0.09	$ 0.09	$ 0.09

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 49,535	$ 45,863	$ 114,293	$ 146,543

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

Note 1. General

Business Description

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 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

Principles of Consolidation

Derivative Financial Instruments

Recently Issued Accounting Pronouncements

Inventories, net

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories, net

Note 3. - Inventories, net

Schedule of Inventories, net

	September 30, 2024			December 31, 2023
Raw materials	$	91,423		$	100,828
Work in process		20,538			19,738
Finished goods		6,539			9,941
Spares and accessories		23,444			27,057
Packing material		1,282			1,715
Total Inventories, gross		143,226			159,279
Less: Inventory allowance		(284	)		(209	)
Total inventories, net	$	142,942		$	159,070

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities

9 Months Ended

Sep. 30, 2024

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

Schedule of Disaggregation by Revenue

	2024		2023		2024		2023
	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Fixed price contracts	$	43,653	$	35,735	$	107,706	$	97,158
Product sales		194,674		175,008		542,902		541,504
Total Revenues	$	238,327	$	210,743	$	650,608	$	638,662

The following table presents revenues broken down by geographical location:

Schedule of Geographic Information

	2024		2023		2024		2023
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Colombia	$	5,473	$	7,218	$	16,542	$	18,920
United States		228,196		200,347		621,897		609,911
Panama		283		433		811		1,017
Other		4,375		2,745		11,358		8,814
Total Revenues	$	238,327	$	210,743	$	650,608	$	638,662

The following table presents revenues broken down by market:

	2024		2023		2024		2023
	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Residential	$	109,729	$	87,811	$	278,632	$	258,345
Commercial		128,598		122,932		371,976		380,317
Total Revenues	$	238,327	$	210,743	$	650,608	$	638,662

Trade Accounts Receivable

Trade accounts receivable consist of the following:

Schedule of Trade Accounts Receivable

	September 30, 2024			December 31, 2023
Trade accounts receivable		211,785			168,778
Less: Allowance for credit losses		(2,805	)		(2,280	)
Total	$	208,980		$	166,498

The changes in the allowance for credit losses for the nine months ended September 30, 2024 are:

	Nine months ended September 30, 2024
Balance at beginning of period	$	2,280
Provisions for credit losses		714
Deductions and write-offs, net of foreign currency adjustment		(189	)
Balance at end of period	$	2,805

Contract Assets and Liabilities

The table below presents the components of net contract assets (liabilities):

	September 30, 2024			December 31, 2023
Contract assets — current	$	19,330		$	17,800
Contract assets — non-current		12,968			8,797
Contract liabilities — current		(94,848	)		(72,543	)
Contract liabilities — non-current		-			(14	)
Net contract liability	$	(62,550	)	$	(45,960	)

The components of contract assets are presented in the table below:

	September 30, 2024		December 31, 2023
Unbilled contract receivables, gross	$	3,426	$	4,501
Retainage		28,872		22,096
Total contract assets		32,298		26,597
Less: current portion		19,330		17,800
Contract Assets – non-current	$	12,968	$	8,797

The components of contract liabilities are presented in the table below:

	September 30, 2024		December 31, 2023
Billings in excess of costs	$	52,714		35,949
Advances from customers on uncompleted contracts		42,134		36,608
Total contract liabilities		94,848		72,557
Less: current portion		94,848		72,543
Contract liabilities – non-current	$	-		14

Remaining Performance Obligations

Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 5. Intangible Assets

	September 30, 2024
	Gross		Acc. Amort.			Net
Notice of Acceptances (NOAs), product designs and other intellectual property		13,431		(9,549	)		3,882

	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 years.

The estimated aggregate amortization expense for each of the five succeeding years as of September 30, 2024, is as follows:

Year ending	(in thousands)
2024	$	356
2025		866
2026		698
2027		630
2028		516
Thereafter		816
Total	$	3,882

Supplier Finance Program

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Supplier Finance Program

Note 6. Supplier Finance Program

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Note 7. Debt

The Company’s debt is comprised of the following:

Schedule of Long Term Debt

	September 30, 2024			December 31, 2023
Revolving lines of credit	$	668		$	525
Finance lease		165			327
Other current debt		1,000			-
Senior Secured Credit Facility		125,000			172,500
Less: Deferred cost of financing		(2,177	)		(3,346	)
Total obligations under borrowing arrangements		124,656			170,006
Less: Current portion of long-term debt and other current borrowings		1,819			7,002
Long-term debt	$	122,837		$	163,004

Maturities of long-term debt and other current borrowings as of September 30, 2024, are as follows:


2025	$	1,819
2026		14
2027		125,000
Total	$	126,833

The Company’s loans have maturities ranging from several weeks to 4 years. Our credit facilities bore a weighted average interest rate of 6.23% as of September 30, 2024.

Hedging Activity and Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Activity and Fair Value Measurements

Note 8. Hedging Activity and Fair Value Measurements

Hedging Activity

The fair value of our interest rate swap hedges is classified in the accompanying consolidated balance sheets, as of September 30, 2024, are as follows:

Derivative Assets

Derivative Liabilities

September 30, 2024

Derivatives designated as hedging instruments under Subtopic 815-20:

Balance Sheet Location

Fair
Value

Balance Sheet Location

Fair Value

Derivative instruments:

Interest Rate Swap Contracts

Other current assets

3,918

Accrued liabilities

Total derivative instruments

Total derivative assets

3,918

Total derivative liabilities

The ending accumulated balance for the interest rate swap contracts included in accumulated other comprehensive income was $3,918 as of September 30, 2024.

	Derivatives in Cash Flow Hedging Relationships
	Amount of Gain or (Loss)					Location of Gain or (Loss) Reclassified from Accumulated	Amount of Gain or (Loss) Reclassified from
	Recognized in OCI (Loss) on					OCI (Loss) into	Accumulated
	Derivatives					Income	OCI (Loss) into Income
	Three Months Ended						Three Months Ended
	September 30,			September 30,			September 30,		September 30,
	2024			2023			2024		2023

Interest Rate Swap and foreign currency non-delivery forwards Contracts	$	(3,229	)	$	601	Interest Expense and Operating Revenues	$	1,131	$	1,065

	Derivatives in Cash Flow Hedging Relationships
	Amount of Gain or (Loss)					Location of Gain or (Loss) Reclassified from Accumulated	Amount of Gain or (Loss) Reclassified from
	Recognized in OCI (Loss) on					OCI (Loss) into	Accumulated
	Derivatives					Income	OCI (Loss) into Income
	Nine Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,		September 30,
	2024			2023			2024		2023

Interest Rate Swap and foreign currency non-delivery forwards Contracts	$	(2,535	)	$	587	Interest Expense and Operating Revenues	$	3,314	$	5,219

Fair Value Measurements

The following table summarizes the fair value and carrying amounts of our long-term debt:

	September 30, 2024		December 31, 2023
Fair Value		119,062		166,041
Carrying Value		122,837		163,004

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 9. Income Taxes

The components of income tax expense are as follows:

	2024			2023			2024			2023
	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Current income tax
United States	$	(5,781	)	$	(8,840	)	$	(14,388	)	$	(15,300	)
Colombia		(16,643	)		(3,167	)		(30,225	)		(40,490	)
Panama		(3	)		(5	)		(9	)		(11	)
Total current income tax		(22,427	)		(12,012	)		(44,622	)		(55,801	)

Deferred income Tax
United States		381			(433	)		132			(560	)
Colombia		2,068			(3,002	)		860			(7,005	)
Total deferred income tax		2,449			(3,435	)		992			(7,565	)
Total income provision	$	(19,978	)	$	(15,447	)	$	(43,630	)	$	(63,366	)

Effective tax rate		28.7	%		25.1	%		27.6	%		30.1	%

Related Parties

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Due from related parties:
Alutrafic Led SAS		460		322
Prisma Glass LLC		400		281
Studio Avanti SAS		387		460
Due from other related parties		522		324
Total due from related parties	$	1,769	$	1,387

Due to related parties:
Vidrio Andino		5,792		3,927
Incantesimo SAS		-		2,500
Due to other related parties		1,562		1,071
Total due to related parties	$	7,354	$	7,498

	2024		2023		2024		2023
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Sales to related parties:
Prisma Glass LLC		301		-		809		-
Alutrafic Led SAS		298		275		676		640
Studio Avanti SAS		272		64		617		349
Sales to other related parties		17		136		50		311
Sales to related parties	$	888	$	475	$	2,152	$	1,300

Alutrafic Led SAS

Fundacion Tecnoglass-ESWindows

Incantesimo SAS

Prisma-Glass LLC

Santa Maria del Mar SAS

Studio Avanti SAS

Vidrio Andino Joint Venture

Zofracosta SA

Shareholders’ Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Shareholders’ Equity

Note 11. Shareholders’ Equity

Dividends

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, 2024 and 2023:

	2024		2023		2024		2023
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Numerator for basic and diluted earnings per share
Net Income attributable to parent	$	49,535	$	45,863	$	114,293	$	146,543

Denominator
Denominator for basic earnings per ordinary share - weighted average shares outstanding		46,996,554		47,599,339		46,996,655		47,649,037
Effect of dilutive securities and stock dividend								-
Denominator for diluted earnings per ordinary share - weighted average shares outstanding		46,996,554		47,599,339		46,996,655		47,649,037
Basic earnings per ordinary share	$	1.05	$	0.96	$	2.43	$	3.08
Diluted earnings per ordinary share	$	1.05	$	0.96	$	2.43	$	3.08

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 12. Commitments and Contingencies

Commitments

General Legal Matters

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 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.
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)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, net

	September 30, 2024			December 31, 2023
Raw materials	$	91,423		$	100,828
Work in process		20,538			19,738
Finished goods		6,539			9,941
Spares and accessories		23,444			27,057
Packing material		1,282			1,715
Total Inventories, gross		143,226			159,279
Less: Inventory allowance		(284	)		(209	)
Total inventories, net	$	142,942		$	159,070

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Operating revenues:

Schedule of Disaggregation by Revenue

	2024		2023		2024		2023
	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Fixed price contracts	$	43,653	$	35,735	$	107,706	$	97,158
Product sales		194,674		175,008		542,902		541,504
Total Revenues	$	238,327	$	210,743	$	650,608	$	638,662

Schedule of Geographic Information

The following table presents revenues broken down by geographical location:

Schedule of Geographic Information

	2024		2023		2024		2023
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Colombia	$	5,473	$	7,218	$	16,542	$	18,920
United States		228,196		200,347		621,897		609,911
Panama		283		433		811		1,017
Other		4,375		2,745		11,358		8,814
Total Revenues	$	238,327	$	210,743	$	650,608	$	638,662

Schedule of Revenues Breakdown by Market

The following table presents revenues broken down by market:

	2024		2023		2024		2023
	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Residential	$	109,729	$	87,811	$	278,632	$	258,345
Commercial		128,598		122,932		371,976		380,317
Total Revenues	$	238,327	$	210,743	$	650,608	$	638,662

Schedule of Trade Accounts Receivable

Trade accounts receivable consist of the following:

Schedule of Trade Accounts Receivable

	September 30, 2024			December 31, 2023
Trade accounts receivable		211,785			168,778
Less: Allowance for credit losses		(2,805	)		(2,280	)
Total	$	208,980		$	166,498

Schedule of Changes in Allowance for Doubtful Accounts Receivable

The changes in the allowance for credit losses for the nine months ended September 30, 2024 are:

	Nine months ended September 30, 2024
Balance at beginning of period	$	2,280
Provisions for credit losses		714
Deductions and write-offs, net of foreign currency adjustment		(189	)
Balance at end of period	$	2,805

Schedule of Contract Assets and Liabilities

The table below presents the components of net contract assets (liabilities):

	September 30, 2024			December 31, 2023
Contract assets — current	$	19,330		$	17,800
Contract assets — non-current		12,968			8,797
Contract liabilities — current		(94,848	)		(72,543	)
Contract liabilities — non-current		-			(14	)
Net contract liability	$	(62,550	)	$	(45,960	)

The components of contract assets are presented in the table below:

	September 30, 2024		December 31, 2023
Unbilled contract receivables, gross	$	3,426	$	4,501
Retainage		28,872		22,096
Total contract assets		32,298		26,597
Less: current portion		19,330		17,800
Contract Assets – non-current	$	12,968	$	8,797

The components of contract liabilities are presented in the table below:

	September 30, 2024		December 31, 2023
Billings in excess of costs	$	52,714		35,949
Advances from customers on uncompleted contracts		42,134		36,608
Total contract liabilities		94,848		72,557
Less: current portion		94,848		72,543
Contract liabilities – non-current	$	-		14

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets, Net

	September 30, 2024
	Gross		Acc. Amort.			Net
Notice of Acceptances (NOAs), product designs and other intellectual property		13,431		(9,549	)		3,882

	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 September 30, 2024, is as follows:

Year ending	(in thousands)
2024	$	356
2025		866
2026		698
2027		630
2028		516
Thereafter		816
Total	$	3,882

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The Company’s debt is comprised of the following:

Schedule of Long Term Debt

	September 30, 2024			December 31, 2023
Revolving lines of credit	$	668		$	525
Finance lease		165			327
Other current debt		1,000			-
Senior Secured Credit Facility		125,000			172,500
Less: Deferred cost of financing		(2,177	)		(3,346	)
Total obligations under borrowing arrangements		124,656			170,006
Less: Current portion of long-term debt and other current borrowings		1,819			7,002
Long-term debt	$	122,837		$	163,004

Schedule of Maturities of Long Term Debt

Maturities of long-term debt and other current borrowings as of September 30, 2024, are as follows:


2025	$	1,819
2026		14
2027		125,000
Total	$	126,833

Hedging Activity and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024, are as follows:

Derivative Assets

Derivative Liabilities

September 30, 2024

Derivatives designated as hedging instruments under Subtopic 815-20:

Balance Sheet Location

Fair
Value

Balance Sheet Location

Fair Value

Derivative instruments:

Interest Rate Swap Contracts

Other current assets

3,918

Accrued liabilities

Total derivative instruments

Total derivative assets

3,918

Total derivative liabilities

Schedule of Gain loss on Derivative Financial Instruments

	Derivatives in Cash Flow Hedging Relationships
	Amount of Gain or (Loss)					Location of Gain or (Loss) Reclassified from Accumulated	Amount of Gain or (Loss) Reclassified from
	Recognized in OCI (Loss) on					OCI (Loss) into	Accumulated
	Derivatives					Income	OCI (Loss) into Income
	Three Months Ended						Three Months Ended
	September 30,			September 30,			September 30,		September 30,
	2024			2023			2024		2023

Interest Rate Swap and foreign currency non-delivery forwards Contracts	$	(3,229	)	$	601	Interest Expense and Operating Revenues	$	1,131	$	1,065

	Derivatives in Cash Flow Hedging Relationships
	Amount of Gain or (Loss)					Location of Gain or (Loss) Reclassified from Accumulated	Amount of Gain or (Loss) Reclassified from
	Recognized in OCI (Loss) on					OCI (Loss) into	Accumulated
	Derivatives					Income	OCI (Loss) into Income
	Nine Months Ended						Nine Months Ended
	September 30,			September 30,			September 30,		September 30,
	2024			2023			2024		2023

Interest Rate Swap and foreign currency non-delivery forwards Contracts	$	(2,535	)	$	587	Interest Expense and Operating Revenues	$	3,314	$	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:

	September 30, 2024		December 31, 2023
Fair Value		119,062		166,041
Carrying Value		122,837		163,004

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense are as follows:

	2024			2023			2024			2023
	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Current income tax
United States	$	(5,781	)	$	(8,840	)	$	(14,388	)	$	(15,300	)
Colombia		(16,643	)		(3,167	)		(30,225	)		(40,490	)
Panama		(3	)		(5	)		(9	)		(11	)
Total current income tax		(22,427	)		(12,012	)		(44,622	)		(55,801	)

Deferred income Tax
United States		381			(433	)		132			(560	)
Colombia		2,068			(3,002	)		860			(7,005	)
Total deferred income tax		2,449			(3,435	)		992			(7,565	)
Total income provision	$	(19,978	)	$	(15,447	)	$	(43,630	)	$	(63,366	)

Effective tax rate		28.7	%		25.1	%		27.6	%		30.1	%

Related Parties (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Due from related parties:
Alutrafic Led SAS		460		322
Prisma Glass LLC		400		281
Studio Avanti SAS		387		460
Due from other related parties		522		324
Total due from related parties	$	1,769	$	1,387

Due to related parties:
Vidrio Andino		5,792		3,927
Incantesimo SAS		-		2,500
Due to other related parties		1,562		1,071
Total due to related parties	$	7,354	$	7,498

Schedule of Sale to Related Parties

	2024		2023		2024		2023
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Sales to related parties:
Prisma Glass LLC		301		-		809		-
Alutrafic Led SAS		298		275		676		640
Studio Avanti SAS		272		64		617		349
Sales to other related parties		17		136		50		311
Sales to related parties	$	888	$	475	$	2,152	$	1,300

Shareholders’ Equity (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and 2023:

	2024		2023		2024		2023
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Numerator for basic and diluted earnings per share
Net Income attributable to parent	$	49,535	$	45,863	$	114,293	$	146,543

Denominator
Denominator for basic earnings per ordinary share - weighted average shares outstanding		46,996,554		47,599,339		46,996,655		47,649,037
Effect of dilutive securities and stock dividend								-
Denominator for diluted earnings per ordinary share - weighted average shares outstanding		46,996,554		47,599,339		46,996,655		47,649,037
Basic earnings per ordinary share	$	1.05	$	0.96	$	2.43	$	3.08
Diluted earnings per ordinary share	$	1.05	$	0.96	$	2.43	$	3.08

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative)	9 Months Ended
	Sep. 30, 2024 Segment
Accounting Policies [Abstract]
Number of operating segments	1

Schedule of Inventories, net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 91,423	$ 100,828
Work in process	20,538	19,738
Finished goods	6,539	9,941
Spares and accessories	23,444	27,057
Packing material	1,282	1,715
Total Inventories, gross	143,226	159,279
Less: Inventory allowance	(284)	(209)
Total inventories, net	$ 142,942	$ 159,070

Schedule of Disaggregation by Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 238,327	$ 210,743	$ 650,608	$ 638,662
Fixed Price Contracts [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	43,653	35,735	107,706	97,158
Product Sales [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 194,674	$ 175,008	$ 542,902	$ 541,504

Schedule of Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 238,327	$ 210,743	$ 650,608	$ 638,662
COLOMBIA
Disaggregation of Revenue [Line Items]
Total Revenues	5,473	7,218	16,542	18,920
UNITED STATES
Disaggregation of Revenue [Line Items]
Total Revenues	228,196	200,347	621,897	609,911
PANAMA
Disaggregation of Revenue [Line Items]
Total Revenues	283	433	811	1,017
Other [Member]
Disaggregation of Revenue [Line Items]
Total Revenues	$ 4,375	$ 2,745	$ 11,358	$ 8,814

Schedule of Revenues Breakdown by Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Past Due [Line Items]
Total Revenues	$ 238,327	$ 210,743	$ 650,608	$ 638,662
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total Revenues	109,729	87,811	278,632	258,345
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total Revenues	$ 128,598	$ 122,932	$ 371,976	$ 380,317

Schedule of Trade Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating revenues:
Trade accounts receivable	$ 211,785	$ 168,778
Less: Allowance for credit losses	(2,805)	(2,280)
Total	$ 208,980	$ 166,498

Schedule of Changes in Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating revenues:
Balance at beginning of period	$ 2,280
Provisions for credit losses	714	$ 2,537
Deductions and write-offs, net of foreign currency adjustment	(189)
Balance at end of period	$ 2,805

Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating revenues:
Less: current portion	$ 19,330	$ 17,800
Contract Assets – non-current	12,968	8,797
Contract liabilities — current	(94,848)	(72,543)
Contract liabilities — non-current		(14)
Net contract liability	(62,550)	(45,960)
Unbilled contract receivables, gross	3,426	4,501
Retainage	28,872	22,096
Total contract assets	32,298	26,597
Billings in excess of costs	52,714	35,949
Advances from customers on uncompleted contracts	42,134	36,608
Total contract liabilities	94,848	72,557
Less: current portion	94,848	72,543
Contract liabilities – non-current		$ 14

Revenues, Trade Accounts Receivable, Contract Assets and Contract Liabilities (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Sales related to contract liabilities	$ 2,508	$ 472	$ 12,851	$ 6,375
Remaining performance obligation	$ 709,200		$ 709,200
Performance obligation, percentage	100.00%		100.00%
Forecast [Member]
Remaining performance obligation					$ 202,100	$ 340,600	$ 167,600

Schedule of Finite-Lived Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets net	$ 3,882
Notice of Acceptances [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets gross	13,431	$ 12,231
Accumulated Amortization	(9,549)	(8,756)
Finite lived intangible assets net	$ 3,882	$ 3,475

Schedule of Finite Lived Intangible Assets Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 356
2025	866
2026	698
2027	630
2028	516
Thereafter	816
Total	$ 3,882

Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average amortization period			4 years 8 months 12 days
Amortization expense	$ 391	$ 293	$ 1,075	$ 908

Supplier Finance Program (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Trade accounts payable and accrued expenses	$ 99,569	$ 82,784
Related Party [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Due to related parties	7,354	7,498
Supplier Finance Program [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Current liabilities	1,414	2,722
Trade accounts payable and accrued expenses	919	2,330
Supplier Finance Program [Member] \| Related Party [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Due to related parties	$ 495	$ 392

Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Revolving lines of credit	$ 668	$ 525
Finance lease	165	327
Other current debt	1,000
Senior Secured Credit Facility	125,000	172,500
Less: Deferred cost of financing	(2,177)	(3,346)
Total obligations under borrowing arrangements	124,656	170,006
Less: Current portion of long-term debt and other current borrowings	1,819	7,002
Long-term debt	$ 122,837	$ 163,004

Schedule of Maturities of Long Term Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 1,819
2026	14
2027	125,000
Total	$ 126,833

Debt (Details Narrative) - USD ($) $ in Thousands			1 Months Ended	9 Months Ended	12 Months Ended
Debt (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 01, 2023	Nov. 30, 2021	Sep. 30, 2024	Dec. 31, 2021	Nov. 29, 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	6.23%			6.23%
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 floor 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
Line of credit facility, maximum borrowing capacity			$ 150,000			$ 50,000
Debt instrument basis spread on variable rate	1.50%	1.50%
Line of credit interest rate			7.03%
Line of credit facility decrease forgiveness	$ 47,500
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

Schedule of Fair Value of Foreign Currency Hedges (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative assets	$ 3,918
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	3,918
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 Gain loss on Derivative Financial Instruments (Details) - Interest Rate Swap Contracts and Foreign Currency Non-delivery Forwards [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in OCI (Loss) on Derivatives	$ (3,229)	$ 601	$ (2,535)	$ 587
Amount of Gain or (Loss) Reclassified from Accumulated OCI (Loss) into Income	$ 1,131	$ 1,065	$ 3,314	$ 5,219

Summary of Fair Value and Carrying Amounts of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value	$ 119,062	$ 166,041
Carrying Value	$ 122,837	$ 163,004

Hedging Activity and Fair Value Measurements (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) Integer	Dec. 31, 2023 USD ($)	Jun. 21, 2023	Jun. 20, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income net of tax	$ (79,346)	$ (45,863)
Accumulated Other Comprehensive Loss [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassified earnings, expected	2,400
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative fixed interest rate			1.87%	1.93%
Derivative assets	$ 3,900
Interest outstanding rate swap contract \| Integer	9
Debt outstanding amount	$ 125,000
Accumulated other comprehensive income net of tax	$ 3,918

Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total current income tax	$ (22,427)	$ (12,012)	$ (44,622)	$ (55,801)
Total deferred income tax	2,449	(3,435)	992	(7,565)
Total income provision	$ (19,978)	$ (15,447)	$ (43,630)	$ (63,366)
Effective tax rate	28.70%	25.10%	27.60%	30.10%
UNITED STATES
Total current income tax	$ (5,781)	$ (8,840)	$ (14,388)	$ (15,300)
Total deferred income tax	381	(433)	132	(560)
COLOMBIA
Total current income tax	(16,643)	(3,167)	(30,225)	(40,490)
Total deferred income tax	2,068	(3,002)	860	(7,005)
PANAMA
Total current income tax	$ (3)	$ (5)	$ (9)	$ (11)

Income Taxes (Details Narrative)	3 Months Ended		9 Months Ended
Income Taxes (Details Narrative)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Statutory income tax rate	28.70%	25.10%	27.60%
Weighted average statutory rate			31.10%	33.10%

Schedule of Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Total due from related parties	$ 1,769	$ 1,387
Total due to related parties	7,354	7,498
Alutrafic Led SAS [Member]
Related Party Transaction [Line Items]
Total due from related parties	460	322
Prisma Glass LLC [Member]
Related Party Transaction [Line Items]
Total due from related parties	400	281
Studio Avanti SAS [Member]
Related Party Transaction [Line Items]
Total due from related parties	387	460
Other [Member]
Related Party Transaction [Line Items]
Total due from related parties	522	324
Total due to related parties	1,562	1,071
Vidrio Andino [Member]
Related Party Transaction [Line Items]
Total due to related parties	5,792	3,927
Incantesimo SAS [Member]
Related Party Transaction [Line Items]
Total due to related parties		$ 2,500

Schedule of Sale to Related Parties (Details) - Related Party [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Sales to related parties	$ 888	$ 475	$ 2,152	$ 1,300
Prisma Glass LLC [Member]
Related Party Transaction [Line Items]
Sales to related parties	301		809
Alutrafic Led SAS [Member]
Related Party Transaction [Line Items]
Sales to related parties	298	275	676	640
Studio Avanti SAS [Member]
Related Party Transaction [Line Items]
Sales to related parties	272	64	617	349
Sales to Other Related Parties [Member]
Related Party Transaction [Line Items]
Sales to related parties	$ 17	$ 136	$ 50	$ 311

Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended		3 Months Ended		9 Months Ended
	Dec. 09, 2020	Oct. 28, 2020	May 03, 2019	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 10, 2024	Nov. 10, 2023	Oct. 27, 2020
Related Party Transaction [Line Items]
Equity method income								$ 3,677	$ 3,676
Vidrio Andino [Member]
Related Party Transaction [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		$ 7.00
Premium closing stock, percent												33.00%
Expected ownership percentage			25.80%					25.80%
Additional contribution amount			$ 12,500					$ 12,500
Purchase from related party						$ 8,925	$ 6,912	23,019	20,869
Equity method income						1,394	1,108	3,677	3,676
Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties						888	475	2,152	1,300
Related Party [Member] \| Vidrio Andino [Member]
Related Party Transaction [Line Items]
Payable outstanding				$ 3,927		5,792		5,792
Incantesimo SAS [Member] \| ESMetals [Member]
Related Party Transaction [Line Items]
Ownership percentage											30.00%
Aggregrate cost											$ 5,500
Payments to acquire equity				3,000	$ 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						298	275	676	640
Accounts receivable				322		460		460
Fundacion Tecnoglass [Member]
Related Party Transaction [Line Items]
Cash contributions for social causes						830	1,023	2,401	2,556
Prisma Glass LLC [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties						301		809
Accounts receivable				281		400		400
Santa Maria Del Mar SAS [Member] \| Related Party [Member] \| CEO and COO [Member]
Related Party Transaction [Line Items]
Purchases of fuel						474	268	736	973
Payment for acquisition, land						339
Studio Avanti SAS [Member] \| Related Party [Member]
Related Party Transaction [Line Items]
Revenue from related parties						272	$ 64	617	$ 349
Accounts receivable				460		387		387
Zofracosta SA [Member]
Related Party Transaction [Line Items]
Investments				$ 796		$ 731		$ 731

Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Net Income attributable to parent	$ 49,535	$ 45,863	$ 114,293	$ 146,543
Denominator for basic earnings per ordinary share - weighted average shares outstanding	46,996,554	47,599,339	46,996,655	47,649,037
Effect of dilutive securities and stock dividend
Denominator for diluted earnings per ordinary share - weighted average shares outstanding	46,996,554	47,599,339	46,996,655	47,649,037
Basic earnings per ordinary share	$ 1.05	$ 0.96	$ 2.43	$ 3.08
Diluted earnings per ordinary share	$ 1.05	$ 0.96	$ 2.43	$ 3.08

Shareholders’ Equity (Details Narrative) - $ / shares	Nov. 06, 2024	Sep. 30, 2024	Sep. 05, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price		$ 0.11		$ 0.11	$ 0.11	$ 0.09	$ 0.09	$ 0.09
Quarterly Rate [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price	$ 0.15		$ 0.11
Annual Basis [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price	$ 0.60		$ 0.44

Commitments and Contingencies (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands				9 Months Ended
	Dec. 09, 2020	Oct. 28, 2020	May 03, 2019	Sep. 30, 2024	Oct. 27, 2020
Vidrio Andino [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		$ 7.00
Premium closing stock, percent					33.00%
Expected ownership percentage			25.80%	25.80%
Additional contribution amount			$ 12,500	$ 12,500
Minimum [Member] \| November 30, 2030 [Member]
Loss Contingencies [Line Items]
Purchase of aggregate raw material				49,351
Minimum [Member] \| Through 2028 [Member]
Loss Contingencies [Line Items]
Purchase of aggregate raw material				$ 9,605

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