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Related Parties
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Parties

Note 11. Related Parties

 

The following is a summary of assets, liabilities, and income transactions with all related parties:

 

  

June 30,

2025

  

December 31,

2024

 
Due from related parties:          
Fundación Tecnoglass-ESWindows   921    809 
Prisma-Glass LLC   808    375 
Alutrafic Led SAS   594    629 
Studio Avanti SAS   409    301 
Due from other related parties   613    560 
Total due from related parties  $3,345   $2,674 
           
Due to related parties:          
Vidrio Andino   6,619    5,660 
Due to other related parties   3,095    4,204 
Total due to related parties  $9,714   $9,864 

 

 

   2025   2024   2025   2024 
   Three months ended
June 30,		   Six months ended
June 30,		 
   2025   2024   2025   2024 
Sales to related parties:                    
Prisma Glass LLC   785    315    1,168    508 
Alutrafic Led SAS   230    239    587    378 
Studio Avanti SAS   294    149    532    345 
Sales to other related parties   93    23    131    33 
Sales to related parties  $1,401   $726   $2,417   $1,264 

 

 

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 six months ended June 30, 2025, we sold $230 and $587 to Alutrafic, respectively, compared to $239 and $378 during the three and six months ended June 30, 2024, respectively. Additionally, we had outstanding accounts receivable from Alutrafic of $594 and $629 as of June 30, 2025, and December 31, 2024, respectively.

 

Fundacion Tecnoglass-ESWindows

 

Fundacion Tecnoglass-ESWindows is a non-for-profit entity 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 six months ended June 30, 2025, of $998 and $2,046, respectively, compared to $821 and $1,570 during the three and six months ended June 30, 2024, respectively. Additionally, Fundación Tecnoglass-ESWindows received $921 and $809 from us as of June 30, 2025, and December 31, 2024, respectively, from advances on future contributions we made to them for the construction of a school in the local community where we operate.

 

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 $785 and $1,168 to Prisma-Glass LLC during the three and six months ended June 30, 2025, respectively, compared to $315 and $508 during the three and six months ended June 30, 2024, respectively. The Company had outstanding accounts receivable from Prisma-Glass of $808 and $375 as of June 30, 2025, and December 31, 2024, 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 six months ended June 30, 2025, we purchased $131 and $719, respectively, compared to $110 and $261 purchased during the three and six months ended June 30, 2024, respectively. Additionally, we finalized the purchase of a lot of land adjacent to our manufacturing facilities for $334 during the three months ended March 31, 2025.

 

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 June 30, 2025, and December 31, 2024, the Company had outstanding accounts receivable from Avanti of $409 and $301, respectively. During the three and six months ended June 30, 2025, we sold $294 and $532 of products to Avanti, respectively, compared to $149 and $345 during the three and six months ended June 30, 2024, 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 $10,633 and $19,678 of materials from Vidrio Andino during the three and six months ended June 30, 2025, respectively, compared to $7,214 and $14,095 during the three and six months ended June 30, 2024, respectively. We also had outstanding payables to Vidrio Andino of $6,619 and $5,660 as of June 30, 2025, and December 31, 2024, respectively. We recorded equity method income of $941 and $2,285 on our Consolidated Statement of Operations during the three and six months ended June 30, 2025, compared to $1,120 and $2,568 recorded during the three and six months ended June 30, 2024, 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 $748 and $690 as of June 30, 2025, and December 31, 2024, respectively. Affiliates of Jose Daes and Christian Daes have a majority ownership stake in Zofracosta SA.