XML 30 R20.htm IDEA: XBRL DOCUMENT v3.26.1
Related Parties
 3 Months Ended
Mar. 31, 2026
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:

 

   March 31,   December 31, 
   2026   2025 
Due from related parties:          
Alutrafic Led SAS   599    525 
Studio Avanti SAS   442    403 
Prisma-Glass LLC   159    404 
Due from other related parties   715    670 
Total due from related parties  $1,915   $2,002 
           
Due to related parties:          
Vidrio Andino   5,678    5,717 
Due to other related parties   3,736    5,164 
Total due to related parties  $9,414   $10,881 

 

           
   Three months ended 
   March 31, 
   2026   2025 
Sales to related parties:
          
Alutrafic Led SAS   293    357 
Prisma Glass LLC   156    383 
Studio Avanti SAS   94    238 
Sales to other related parties   78    38 
Sales to related parties  $621   $1,016 

 

 

Alutrafic Led SAS

 

In the ordinary course of business, we sell products to Alutrafic Led SAS (“Alutrafic”), a fabricator of electrical lighting equipment. Affiliates of Jose Daes and Christian Daes, the Company’s Chief Executive Officer and Chief Operating Officer, respectively, have an ownership stake in Alutrafic. During the three months ended March 31, 2026, we sold $293 to Alutrafic, compared to $357 during the three months ended March 31, 2025. Additionally, we had outstanding accounts receivable from Alutrafic of $599 and $525 as of March 31, 2026, and December 31, 2025, 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 months ended March 31, 2026, of $1,183, compared to $998 during the three months ended March 31, 2025, respectively.

 

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 $156 to Prisma-Glass LLC during the three months ended March 31, 2026, compared to $383 during the three months ended March 31, 2025. The Company had outstanding accounts receivable from Prisma-Glass of $159 and $404 as of March 31, 2026, and December 31, 2025, 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 months ended March 31, 2026, we purchased $384, compared to $588 purchased during the three months ended March 31, 2025.

 

Storm Armour Solutions

 

In June 2025, the Company entered into a partnership with Storm Armour, LLC to create Storm Armour Solutions, LLC which has the purpose of participating in the sale, sublicensing, and distribution of licensed products in the areas of influence, under a licensing agreement. To join this business, Tecno Inc created a wholly owned subsidiary named Tecnoglass Armour, LLC, a Limited Liability Company based in the State of Florida. Tecnoglass Armour, LLC has a 60% capital contribution of Storm Armour Solutions, LLC. As of March 31, 2026, we had an investment of $973 recorded on our consolidated balance sheet.

 

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 Company’s largest shareholder. As of March 31, 2026, and December 31, 2025, the Company had outstanding accounts receivable from Avanti of $442 and $403, respectively. During the three months ended March 31, 2026, we sold $94 of products to Avanti, respectively, compared to $238 during the three months ended March 31, 2025, 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 $8,041 of materials from Vidrio Andino during the three months ended March 31, 2026, respectively, compared to $9,045 during the three months ended March 31, 2025, respectively. We also had outstanding payables to Vidrio Andino of $5,678 and $5,717 as of March 31, 2026, and December 31, 2025, respectively. We recorded equity method income of $162 on our Consolidated Statement of Operations during the three months ended March 31, 2026, compared to $1,344 recorded during the three months ended March 31, 2025, 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 $828 and $810 as of March 31, 2026, and December 31, 2025, respectively. Affiliates of Jose Daes and Christian Daes have a majority ownership stake in Zofracosta SA.