8-K
Tecnoglass Inc. (TGLS)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 7, 2025
TECNOGLASS
INC.
(Exact Name of Registrant as Specified in Charter)
| Cayman<br> Islands | 001-35436 | 98-1271120 |
|---|---|---|
| (State or Other Jurisdiction | (Commission | (IRS Employer |
| of Incorporation) | File Number) | Identification No.) |
3550 NW 49th Street, Miami, Florida 33142
Avenida Circunvalar a 100 mts de la Via 40, Barrio Las Flores Barranquilla, Colombia
(Address of Principal Executive Offices) (Zip Code)
(57)(5) 3734000
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications<br> pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant<br> to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications<br> pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications<br> pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title<br> of each class | Trading<br> Symbol(s) | Name<br> of each exchange on which registered |
|---|---|---|
| Ordinary Shares | TGLS | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item2.02. Results of Operations and Financial Condition.
On August 7, 2025, Tecnoglass Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2025. The press release is included as Exhibit 99.1 hereto.
The information furnished under this Item 2.02, including the exhibit related thereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.
Item9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit<br> No. | Description |
|---|---|
| 99.1 | Press release dated August 7, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the<br> Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: August 7, 2025
| TECNOGLASS INC. | |
|---|---|
| By: | /s/ Jose M. Daes |
| Name: | Jose M. Daes |
| Title: | Chief Executive Officer |
Exhibit99.1
TecnoglassReports Record Second Quarter 2025 Results
-Record Quarterly Revenue of $255.5 Million, Up 16.3% Year-Over-Year with Double Digit Organic Growth in Both Single-Family Residentialand Multi-Family/Commercial Businesses -
-Single-Family Residential Revenue Achieved a Second Quarter Record of $109.6 Million, Up 14.5% Year-Over-Year -
-Single-Family Residential Orders Grew 29.0% Sequentially, Marking the Second-Highest Quarter on Record with Strong Momentum Into theSecond Half of 2025 -
-Gross Margin of 44.7% Expanded 400 Basis Points Year-Over-Year -
-Net Income of $44.1 Million, or $0.94 Per Diluted Share -
-Adjusted Net Income^1^ of $48.5 Million, or $1.03 Per Diluted Share -
-Adjusted EBITDA^1^ of $79.8 Million, Up 24.5% Year-Over-Year, Representing 31.2% of Total Revenues -
-Strong Balance Sheet for Disciplined Deployment with Total Liquidity of $310 Million -
-Backlog Expanded 17.2% Year-Over-Year to a Record $1.2 Billion -
-Signed Lease for West Coast Showroom to Help Promote New “Legacy” Aluminum Product Line, Designed to Support Ongoing GeographicalExpansion -
-Completed Asset Acquisition of Continental Glass Systems, a Premier Provider of Architectural Glass and Glazing Solutions, DiversifyingProduction into the U.S. –
- Continues Feasibility Study toBuild Out a New Fully Automated State of the Art Facility in Florida -
-Strengthens Full Year 2025 Financial Guidance -
Miami,FL – August 7, 2025 – Tecnoglass, Inc. (NYSE: TGLS) (“Tecnoglass” or the“Company”), **** a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, today reported financial results for the second quarter ended June 30, 2025.
José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “We are extremely proud of our results with record quarterly performance across many of our key metrics. Our ability to consistently generate robust growth and share gains while significantly expanding margins demonstrates the power of our vertically integrated platform. Successful pricing actions in our residential business validate the strong demand for our high-quality, innovative products even during this dynamic market environment. The completion of the Continental Glass asset acquisition further solidifies our market presence in key geographies and provides additional avenues for growth as we continue to execute on our strategic vision. With our strong balance sheet, substantial cash position, and growing backlog, we are capitalizing on market opportunities while maintaining our commitment to pursue additional value-enhancing initiatives.”
Christian Daes, Chief Operating Officer of Tecnoglass, added, “Our strong results are a direct reflection of our competitive advantages, which continue to enable us to gain market share while delivering best-in-class solutions to customers. We achieved robust growth across both our residential and commercial businesses, driven by market share gains, strategic diversification initiatives and further expansion of our vinyl product lines. Our backlog grew to a record $1.2 billion, providing visibility into our multi-family and commercial project pipeline extending well into 2026. The solid uptick in single-family residential orders puts us on even sturdier footing into the back half of the year. Combined with our proven execution capabilities and expanding geographic footprint, including our upcoming California showroom launch, we are confident in delivering continued growth and additional share gains.”
SecondQuarter 2025 Results
Total revenues for the second quarter of 2025 increased 16.3% to a record $255.5 million, compared to $219.7 million in the prior year quarter. Multi-family/commercial revenues grew 17.8% year-over-year driven by strong organic activity within key markets and, to a lesser extent, from the Continental Glass asset acquisition. Single-family residential revenues increased 14.5% year-over-year, with a portion of the growth estimated to be driven by customers accelerating orders ahead of anticipated tariff-related price adjustments and the majority attributable to market share gains from geographic expansion and broader product offerings. Changes in foreign currency exchange rates had an adverse impact of $0.5 million on total revenues in the quarter.
Gross profit for the second quarter of 2025 was $114.3 million, representing a 44.7% gross margin, compared to gross profit of $89.6 million, representing a 40.8% gross margin, in the prior year quarter. The year-over-year increase in gross margin reflected the benefits from stronger pricing, stable raw material costs, operating leverage and a higher vertical integration during the quarter.
Selling, general and administrative expense (“SG&A”) was $53.1 million for the second quarter of 2025 compared to $38.4 million in the prior year quarter, with the increase primarily attributable to incremental selling expenses associated with approximately $5.9 million in aluminum tariffs paid in April, ahead of adjustments made in our supply chains in order to mitigate the impact. Additionally, we incurred higher transportation expenses associated with the revenue growth in the quarter and higher personnel expenses associated with annual salary adjustments at the beginning of the year. As a percent of total revenues, SG&A was 20.8% for the second quarter of 2025 compared to 17.5% in the prior year quarter, primarily due to the aforementioned factors. Price adjustments implemented in May began offsetting these incremental expenses toward the end of June, once newly priced orders started being invoiced.
Net income was $44.1 million, or $0.94 per diluted share, in the second quarter of 2025 compared to net income of $35.0 million, or $0.75 per diluted share, in the prior year quarter, including a non-cash foreign exchange transaction gain of $0.8 million in the second quarter of 2025 and a $5.6 million loss in the second quarter of 2024. These non-cash gains and losses are related to the accounting re-measurement of U.S. Dollar denominated assets and liabilities against the Colombian Peso as functional currency.
Adjusted net income^1^ was $48.5 million, or $1.03 per diluted share, in the second quarter of 2025 compared to adjusted net income^1^ of $40.5 million, or $0.86 per diluted share, in the prior year quarter. Adjusted net income^1^, as reconciled in the table below, excludes the impact of non-cash foreign exchange transaction gains or losses and other non-core items, along with the tax impact of adjustments at statutory rates, to better reflect core financial performance.
Adjusted EBITDA^1^, as reconciled in the table below, was $79.8 million, or 31.2% of total revenues, in the second quarter of 2025, compared to $64.1 million, or 29.2% of total revenues, in the prior year quarter. The improvement was driven by higher revenues and improved gross margins, which more than offset the incremental expenses previously described. Adjusted EBITDA^1^ in the second quarter of 2025 included a $0.5 million contribution from the Company’s joint venture with Saint-Gobain, compared to $1.4 million in the prior year quarter.
CashGeneration, Capital Allocation and Liquidity
Cash provided by operating activities for the second quarter of 2025 was $17.9 million, primarily driven by increased profitability on higher revenues and efficient working capital management, despite the seasonal impact of income tax payments getting paid during the second quarter of the year. Capital expenditures of $32.5 million in the quarter included scheduled payments on previous investments, along with $15.1 million from the Continental Glass asset acquisition classified as capital expenditures.
During the quarter, the Company returned capital to shareholders through an aggregate of $7.0 million in cash dividends. As of August 7, 2025, the Company has approximately $76.5 million remaining under its current share repurchase program.
Given the Company’s strong cash generation, it ended the second quarter of 2025 with total liquidity of approximately $310 million, including $137.9 million of cash and cash equivalents and $170.0 million of availability under its revolving credit facilities, and total debt of $109.2 million.
As previously announced, the Company continues to work through a feasibility study to build out a new state of the art facility in the U.S., narrowing its search to two potential locations in Florida. The plant will be fully automated and expected to address all future growth needs beyond current installed capacity. In addition to diversifying the Company´s operational footprint, the new plant is expected to yield advantages in lead-times, transportation costs and supply chain efficiencies.
ContinentalGlass Asset Acquisition
In April 2025, Tecnoglass acquired certain assets of Florida-based Continental Glass Systems, a premier provider of innovative architectural glass and glazing solutions in the Southeast U.S., for approximately $30 million. This acquisition included a manufacturing plant, various intangibles, and a substantial project backlog in both execution and pipeline phases. It is anticipated that the acquisition will strengthen Tecnoglass’ U.S. market presence, broaden its client reach, and create synergies that reinforce Tecnoglass’ leadership position in the architectural glass industry. Additionally, the Company anticipates operational benefits as it integrates Continental Glass’s supply chains into its existing manufacturing operations.
FullYear 2025 Guidance
Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “Our robust performance through the first half of 2025 and the continued strength we are seeing across our business support an increase to our previously provided full year guidance. We now expect revenues to be in the range of $980 million to $1.02 billion, reflecting growth of approximately 12% at the midpoint. We are narrowing our Adjusted EBITDA¹ guidance to a range of $310 million to $325 million, representing approximately 15% growth at the midpoint. This updated outlook maintains our assumption that our pricing initiatives and other mitigation efforts will more than compensate for a projected $25 million full year impact from elevated input costs and tariffs on select products. In our single-family residential business, we estimate the significant majority of accelerated customer orders during the second quarter were pulled from the third quarter. Given our strong order momentum, an expanding backlog that extends well into 2026, and our sustained record of outperformance in nearly all market climates, we are poised to achieve another year of robust profitability and cash generation.”
Webcast and Conference Call
Management will host a webcast and conference call on August 7, 2025, at 10:00 a.m. Eastern time to review the Company’s results. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass’ website at www.tecnoglass.com. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those unable to access the webcast, the conference call will be accessible by dialing 1-844-676-5131 (domestic) or 1-412-634-6589 (international). Upon dialing in, please request to join the Tecnoglass Second Quarter 2025 Earnings Conference Call.
If you are unable to listen live, a replay of the webcast will be archived on the website. You may also access the conference call playback by dialing 1-844-512-2921 (Domestic) or 1-412-317-6671 (International) and entering passcode: 10200906.
AboutTecnoglass
Tecnoglass Inc. is a leading producer of high-end aluminum and vinyl windows and architectural glass serving the multi-family, single-family, and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the Company’s 5.8 million square foot, vertically integrated, and state-of-the-art manufacturing complex provide efficient access to nearly 1,000 customers in North, Central and South America, with the United States accounting for 95% of total revenues. Tecnoglass’ tailored, high-end products are found on some of the world’s most distinctive properties, including One Thousand Museum (Miami), Paramount (Miami), Salesforce Tower (San Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de Cristal (Barranquilla). For more information, please visit www.tecnoglass.com or view our corporate video at https://vimeo.com/134429998.
ForwardLooking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass’ filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law.
^^
^1^ Adjusted net income (loss) and Adjusted EBITDA in both periods are reconciled in the table below.
InvestorRelations:
Santiago Giraldo / CFO
305-503-9062
investorrelations@tecnoglass.com
TecnoglassInc. and Subsidiaries
ConsolidatedBalance Sheets
(Inthousands, except share and per share data)
| December 31, 2024 | |||||
|---|---|---|---|---|---|
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 137,907 | $ | 134,882 | ||
| Investments | 2,947 | 2,645 | |||
| Trade accounts receivable, net | 227,589 | 202,915 | |||
| Due from related parties | 3,345 | 2,674 | |||
| Inventories | 176,521 | 139,642 | |||
| Contract assets – current portion | 30,768 | 22,920 | |||
| Other current assets | 60,322 | 54,332 | |||
| Total current assets | 639,399 | $ | 560,010 | ||
| Long-term assets: | |||||
| Property, plant and equipment, net | 421,954 | $ | 344,433 | ||
| Long-term account receivables | 1,597 | - | |||
| Deferred income taxes | 475 | 285 | |||
| Contract assets – non-current | 12,405 | 15,208 | |||
| Intangible assets | 12,775 | 4,389 | |||
| Goodwill | 30,178 | 23,561 | |||
| Long-term investments | 56,635 | 63,264 | |||
| Other long-term assets | 5,791 | 5,498 | |||
| Total long-term assets | 541,810 | 456,638 | |||
| Total assets | 1,181,209 | $ | 1,016,648 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Short-term debt and current portion of long-term debt | 587 | $ | 1,087 | ||
| Trade accounts payable and accrued expenses | 138,608 | 98,843 | |||
| Due to related parties | 9,714 | 9,864 | |||
| Dividends payable | 7,068 | 7,074 | |||
| Contract liability – current portion | 128,306 | 97,979 | |||
| Other current liabilities | 36,198 | 50,979 | |||
| Total current liabilities | 320,481 | $ | 265,826 | ||
| Long-term liabilities: | |||||
| Deferred income taxes | 15,945 | $ | 11,419 | ||
| Contract liability – non-current | 140 | - | |||
| Long-term debt | 108,642 | 108,220 | |||
| Total long-term liabilities | 124,727 | 119,639 | |||
| Total liabilities | 445,208 | $ | 385,465 | ||
| SHAREHOLDERS’ EQUITY | |||||
| Preferred shares, 0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | - | $ | - | ||
| Ordinary shares, 0.0001 par value, 100,000,000 shares authorized, 46,987,148 and 46,991,558 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 5 | 5 | |||
| Legal Reserves | 1,458 | 1,458 | |||
| Additional paid-in capital | 191,755 | 192,094 | |||
| Retained earnings | 610,960 | 538,787 | |||
| Accumulated other comprehensive loss | (68,179 | ) | (101,161 | ) | |
| Total shareholders’ equity | 736,001 | 631,183 | |||
| Total liabilities and shareholders’ equity | 1,181,209 | $ | 1,016,648 |
All values are in US Dollars.
TecnoglassInc. and Subsidiaries
ConsolidatedStatements of Operations and Comprehensive Income
(Inthousands, except share and per share data)
(Unaudited)
| Three months ended | Six months ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Operating revenues: | ||||||||||||
| External customers | $ | 254,145 | $ | 218,928 | $ | 475,417 | $ | 411,017 | ||||
| Related parties | 1,401 | 726 | 2,417 | 1,264 | ||||||||
| Total operating revenues | 255,546 | 219,654 | 477,834 | 412,281 | ||||||||
| Cost of sales | (141,211 | ) | (130,077 | ) | (265,974 | ) | (248,044 | ) | ||||
| Gross profit | 114,335 | 89,577 | 211,860 | 164,237 | ||||||||
| Operating expenses: | ||||||||||||
| Selling expense | (29,730 | ) | (20,000 | ) | (53,347 | ) | (37,583 | ) | ||||
| General and administrative expense | (23,405 | ) | (18,443 | ) | (42,260 | ) | (34,498 | ) | ||||
| Total operating expenses | (53,135 | ) | (38,443 | ) | (95,607 | ) | (72,081 | ) | ||||
| Other Operating income | 4 | - | 4,280 | - | ||||||||
| Operating income | 61,204 | 51,134 | 120,533 | 92,156 | ||||||||
| Non-operating income, net | 588 | 2,731 | 1,604 | 3,811 | ||||||||
| Equity method income | 942 | 1,237 | 2,286 | 2,283 | ||||||||
| Foreign currency transactions (loss) gains | 847 | (5,575 | ) | 338 | (5,728 | ) | ||||||
| Interest expense and deferred cost of financing | (1,350 | ) | (2,006 | ) | (2,681 | ) | (4,112 | ) | ||||
| Income before taxes | 62,231 | 47,521 | 122,080 | 88,410 | ||||||||
| Income tax provision | (18,148 | ) | (12,493 | ) | (35,808 | ) | (23,652 | ) | ||||
| Net income | $ | 44,083 | $ | 35,028 | $ | 86,272 | $ | 64,758 | ||||
| Basic income per share | $ | 0.94 | $ | 0.75 | $ | 1.84 | $ | 1.38 | ||||
| Diluted income per share | $ | 0.94 | $ | 0.75 | $ | 1.84 | $ | 1.38 | ||||
| Basic weighted average common shares outstanding | 46,988,155 | 46,996,705 | 46,989,650 | 46,996,706 | ||||||||
| Diluted weighted average common shares outstanding | 46,988,155 | 46,996,750 | 46,989,650 | 46,996,706 | ||||||||
| Other comprehensive income: | ||||||||||||
| Foreign currency translation adjustments | 13,260 | (28,321 | ) | 32,836 | 28,291 | |||||||
| Change in fair value of derivative contracts | 785 | (342 | ) | 148 | 694 | |||||||
| Other comprehensive income | 14,045 | (28,663 | ) | 32,984 | 27,597 | |||||||
| Comprehensive income | $ | 58,128 | $ | 6,365 | $ | 119,256 | $ | 37,161 |
TecnoglassInc. and Subsidiaries
ConsolidatedStatements of Cash Flows
(Inthousands) / (Unaudited)
| Three<br>months ended June 30, | Six<br>months ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
| Net income | 44,083 | 35,028 | $ | 86,272 | $ | 64,758 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | - | - | ||||||||||
| Allowance for credit losses | 772 | 150 | 987 | 275 | ||||||||
| Depreciation and amortization | 9,140 | 6,475 | 16,479 | 12,788 | ||||||||
| Deferred income taxes | (468 | ) | (2,062 | ) | 2,002 | 1,456 | ||||||
| Equity method income | (942 | ) | (1,237 | ) | (2,286 | ) | (2,283 | ) | ||||
| Gain on disposal of assets | 19 | (3 | ) | (4,254 | ) | - | ||||||
| Deferred cost of financing | 273 | 318 | 556 | 640 | ||||||||
| Other non-cash adjustments | 168 | 32 | 391 | 32 | ||||||||
| Unrealized currency translation losses | (2,404 | ) | 4,968 | (8,718 | ) | 741 | ||||||
| Changes in operating assets and liabilities: | - | - | ||||||||||
| Trade accounts receivables | (1,383 | ) | (9,753 | ) | (20,376 | ) | (5,913 | ) | ||||
| Inventories | (15,318 | ) | 658 | (23,996 | ) | 14,395 | ||||||
| Prepaid expenses | (2,615 | ) | (1,443 | ) | (2,529 | ) | (1,743 | ) | ||||
| Other assets | 11,633 | 18,077 | (3,247 | ) | 8,827 | |||||||
| Trade accounts payable and accrued expenses | 10,143 | 20,754 | 21,802 | 12,695 | ||||||||
| Taxes payable | (34,166 | ) | (44,029 | ) | (18,513 | ) | (36,961 | ) | ||||
| Labor liabilities | 1,378 | 955 | 87 | (121 | ) | |||||||
| Other liabilities | 128 | (19 | ) | 14 | 42 | |||||||
| Contract assets and liabilities | (1,745 | ) | 4,837 | 21,387 | (3,192 | ) | ||||||
| Related parties | (834 | ) | 792 | (1,298 | ) | 1,509 | ||||||
| CASH PROVIDED BY OPERATING ACTIVITIES | 17,862 | 34,498 | $ | 64,760 | $ | 67,945 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
| Dividends received | 8,914 | 2,703 | 8,914 | 2,703 | ||||||||
| Business acquisition | (6,841 | ) | - | (6,841 | ) | |||||||
| Purchase of investments | 0 | (11 | ) | (73 | ) | (317 | ) | |||||
| Sale of Property and equipment | 5 | - | 12,312 | - | ||||||||
| Acquisition of property and equipment | (32,516 | ) | (20,302 | ) | (62,939 | ) | (30,188 | ) | ||||
| CASH USED IN INVESTING ACTIVITIES | (30,438 | ) | (17,610 | ) | $ | (48,627 | ) | $ | (27,802 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
| Cash dividend | (7,047 | ) | (5,168 | ) | (14,095 | ) | (9,407 | ) | ||||
| Non controlling interest purchase | - | (2,500 | ) | - | (2,500 | ) | ||||||
| Stock buyback | (215 | ) | (5 | ) | (339 | ) | (5 | ) | ||||
| Proceeds from debt | (3 | ) | (195 | ) | 3,613 | 2,571 | ||||||
| Repayments of debt | (223 | ) | (15,773 | ) | (4,103 | ) | (30,986 | ) | ||||
| CASH USED IN FINANCING ACTIVITIES | (7,488 | ) | (23,641 | ) | $ | (14,924 | ) | $ | (40,327 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents | 667 | (2,322 | ) | $ | 1,816 | $ | (2,519 | ) | ||||
| NET (DECREASE) INCREASE IN CASH | (19,395 | ) | (9,075 | ) | 3,024 | (2,703 | ) | |||||
| CASH - Beginning of period | 157,302 | 135,881 | 134,882 | 129,508 | ||||||||
| CASH - End of period | 137,907 | 126,806 | $ | 137,907 | $ | 126,805 | ||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||
| Cash paid during the period for: | ||||||||||||
| Interest | 1,641 | 2,731 | $ | 3,343 | $ | 5,559 | ||||||
| Income Tax | 33,222 | 45,513 | $ | 47,360 | $ | 59,607 | ||||||
| NON-CASH INVESTING AND FINANCING ACTIVITES: | - | - | ||||||||||
| Assets acquired under credit or debt | (3,400 | ) | 3,267 | $ | 7,663 | $ | 4,572 |
Revenuesby Region
(Amountsin thousands)
(Unaudited)
| Three<br> months ended | Six<br> months ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June<br> 30, | June<br> 30, | |||||||||||||
| 2025 | 2024 | %<br> Change | 2025 | 2024 | %<br> Change | |||||||||
| Revenues<br> by Region | ||||||||||||||
| United States | 242,205 | 209,697 | 15.5 | % | 454,660 | 393,700 | 15.5 | % | ||||||
| Colombia | 6,620 | 5,831 | 13.5 | % | 13,034 | 11,070 | 17.7 | % | ||||||
| Other<br> Countries | 6,722 | 4,127 | 62.9 | % | 10,141 | 7,512 | 35.0 | % | ||||||
| Total<br> Revenues by Region | 255,546 | 219,654 | 16.3 | % | 477,834 | 412,281 | 15.9 | % |
Reconciliationof Non-GAAP Performance Measures to GAAP Performance Measures
(Inthousands)
(Unaudited)
The Company believes that total revenues with foreign currency held neutral, which are not performance measures under generally accepted accounting principles (“GAAP”), may provide users of the Company’s financial information with additional meaningful bases for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. Management uses such performance measures in managing and evaluating the Company’s business. However, these non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.
| Three months ended | Six months ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||
| Total<br> Revenues with Foreign Currency Held Neutral | 256,006 | 219,654 | 16.5 | % | 478,751 | 412,281 | 16.1 | % | ||||||||
| Impact<br> of changes in foreign currency | (460 | ) | - | (916 | ) | - | ||||||||||
| Total<br> Revenues, As Reported | 255,546 | 219,654 | 16.3 | % | 477,834 | 412,281 | 15.9 | % |
Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable.
Reconciliationof Adjusted EBITDA and Adjusted net (loss) income to net (loss) income
(Inthousands, except share and per share data) / (Unaudited)
^^
Adjusted EBITDA and adjusted net (loss) income are non-GAAP performance measures. Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.
Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. Items excluded to arrive at forward-looking non-GAAP measures may have a significant, and potentially unpredictable, impact on our future GAAP results.
| Three months ended | Six months ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, | Jun 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net (loss) income | 44,083 | 35,028 | 86,272 | 64,758 | ||||||||
| Less: Income (loss) attributable to non-controlling interest | - | - | - | - | ||||||||
| (Loss) Income attributable to parent | 44,083 | 35,028 | 86,272 | 64,758 | ||||||||
| Foreign currency transactions losses (gains) | (847 | ) | 5,575 | (338 | ) | 5,728 | ||||||
| Provision for bad debt | 772 | 150 | 987 | 275 | ||||||||
| Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items) | 6,660 | 968 | 7,297 | 1,639 | ||||||||
| Joint Venture VA (Saint Gobain) adjustments | (89 | ) | 1,409 | (142 | ) | 2,192 | ||||||
| Tax impact of adjustments at statutory rate | (2,079 | ) | (2,593 | ) | (2,497 | ) | (3,147 | ) | ||||
| Adjusted net (loss) income | 48,500 | 40,537 | 91,578 | 71,445 | ||||||||
| Basic income (loss) per share | 0.94 | 0.75 | 1.84 | 1.38 | ||||||||
| Diluted income (loss) per share | 0.94 | 0.75 | 1.84 | 1.38 | ||||||||
| Diluted Adjusted net income (loss) per share | 1.03 | 0.86 | 1.95 | 1.52 | ||||||||
| Diluted Weighted Average Common Shares Outstanding in thousands | 46,988 | 46,997 | 46,990 | 46,997 | ||||||||
| Basic weighted average common shares outstanding in thousands | 46,988 | 46,997 | 46,990 | 46,997 | ||||||||
| Diluted weighted average common shares outstanding in thousands | 46,988 | 46,997 | 46,990 | 46,997 | ||||||||
| Three months ended | Six months ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Jun 30, | Jun 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net (loss) income | 44,083 | 35,028 | 86,272 | 64,758 | ||||||||
| Less: Income (loss) attributable to non-controlling interest | - | - | - | - | ||||||||
| (Loss) Income attributable to parent | 44,083 | 35,028 | 86,272 | 64,758 | ||||||||
| Interest expense and deferred cost of financing | 1,350 | 2,006 | 2,681 | 4,112 | ||||||||
| Income tax (benefit) provision | 18,148 | 12,493 | 35,808 | 23,652 | ||||||||
| Depreciation & amortization | 9,145 | 6,463 | 16,483 | 12,779 | ||||||||
| Foreign currency transactions losses (gains) | (847 | ) | 5,575 | (338 | ) | 5,728 | ||||||
| Provision for bad debt | 772 | 150 | 987 | 275 | ||||||||
| Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items) | 6,660 | 968 | 7,297 | 1,639 | ||||||||
| Joint Venture VA (Saint Gobain) EBITDA adjustments | 468 | 1,409 | 789 | 2,192 | ||||||||
| Adjusted EBITDA | 79,779 | 64,092 | 149,979 | 115,135 |
Reconciliationof Free Cash Flow to Cash Provided by Operating Activities
(Inthousands, except share and per share data) / (Unaudited)
^^
The Company believes that free cash flow, which is not a performance measures under generally accepted accounting principles (“GAAP”), may provide users of the Company’s financial information with additional meaningful bases for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. Management uses such performance measures in managing and evaluating the Company’s business. However, these non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.
| Three months ended | Six months ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, | Jun 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Cash Provided by Operating Activities | 17,862 | 34,498 | 64,760 | 67,945 | ||||||||
| Acquisition of property and equipment | (32,515 | ) | (20,302 | ) | (62,939 | ) | (30,188 | ) | ||||
| Portion of Continental Glass Systems asset acquisiton included in acquisition of property and equipment | 15,127 | - | 15,127 | - | ||||||||
| Free Cash Flow | 474 | 14,196 | 16,948 | 37,757 |