Tecnoglass Updates 2026 Revenue Outlook After Record Quarter

The Tip Desk · November 7, 2026 · 4 min read

Third-quarter revenue reached a record $310.6 million as multi-family and commercial sales accelerated, and the company set its full-year sales range at $1.10 billion to $1.14 billion.

Tecnoglass Holdings Inc. (TGLS), a producer of high-end aluminum and vinyl windows and architectural glass, reported record third-quarter revenue of $310.6 million, up 19.2% from a year earlier, as multi-family and commercial sales accelerated and the company updated its full-year 2026 revenue outlook.

The year-over-year growth rate picked up from 15.6% in the second quarter. Chief Executive Officer José Manuel Daes said the results were all-organic, driven by market-share gains and geographic expansion.

Multi-family and commercial revenue, the larger of the two reportable lines, rose 30.9% to a record $192.4 million, faster than the 15.7% increase in the prior quarter. The company attributed the step-up to execution on a record backlog as projects moved into more advanced stages.

Single-family residential revenue was $118.1 million, up 4.1% from a year earlier after 15.4% growth in the second quarter. Tecnoglass said the slower year-over-year rate reflected timing of orders placed in the second quarter ahead of May pricing actions; excluding that previously disclosed pre-buy activity, single-family residential revenue grew 17% year-over-year. The company said May pricing was beginning to flow through single-family invoicing.

Gross margin compressed to 34.1% from 37.3% in the second quarter. A stronger Colombian peso, which appreciated about 20% year-over-year and 12% sequentially, drove about 580 basis points of the 860-basis-point year-over-year decline. Roughly 250 basis points of that foreign-exchange impact was an $8.4 million non-cash inventory revaluation on units bought when the peso was weaker and sold after it strengthened. Gross margin also reflected U.S. aluminum purchased at peak prices earlier in the year, a higher share of installation revenue, and a Colombian minimum-wage increase. Excluding the non-cash inventory effect, the company said gross margin was roughly in line with the second quarter.

Adjusted EBITDA was $47.7 million, or 15.3% of revenue, down from $51.7 million, or 17.5% of revenue, in the second quarter. Excluding the $8.4 million inventory revaluation, Adjusted EBITDA would have been about $8.4 million higher. Daes said that, excluding the revaluation, Adjusted EBITDA was ahead of internal expectations given the top line.

Net income was $22.8 million, or $0.51 a share, down from $24.6 million, or $0.55 a share, in the second quarter. Adjusted net income was $27.3 million, or $0.61 a share.

Selling, general and administrative expense was $74.0 million, or 23.8% of revenue, including about $15.5 million of Section 232 tariff expenses on finished aluminum window imports, plus higher transportation and commission costs.

Backlog expanded 13.2% year-over-year to a record $1.43 billion, from a record $1.38 billion in the second quarter. Chief Operating Officer Christian Daes said the company continued to book large luxury lodging and condo projects and, after quarter-end, signed its largest project to date. He said May pricing would reach multi-family and commercial revenue as later-booked projects move through the backlog, starting with shorter-cycle jobs late this year and larger projects in 2027.

Cash provided by operating activities was about $21.5 million. Capital expenditures were about $66.1 million, including a $23 million purchase of land in St. Lucie County, Florida, for a potential new manufacturing facility. The feasibility study remains active and is not a commitment to build. The company paid $6.7 million in cash dividends and had about $92.5 million remaining under its share-repurchase program.

Total liquidity was about $380 million, including $97.7 million of cash and $280 million of revolver availability, with total debt of $293.6 million and leverage of about 0.9 times net debt to last-twelve-months Adjusted EBITDA.

Chief Financial Officer Santiago Giraldo said the company set full-year 2026 revenue guidance at $1.10 billion to $1.14 billion and Adjusted EBITDA guidance at $210 million to $220 million. He said the EBITDA outlook mainly reflected the $8.4 million non-cash inventory revaluation; excluding that effect, the outlook would have been about $8.4 million higher. Higher-than-expected revenues, he said, are helping offset elevated raw-material costs and a stronger peso. The company said it is committed to fully offsetting the impact of tariffs in 2027 as automation savings and full-year pricing are realized.