Tecnoglass Inc. announced record first quarter 2025 results, with total revenues increasing 15.4% year-over-year to $222.3 million. This growth was driven by double-digit organic expansion in both single-family residential revenues, up 21.6% to $88.9 million, and multi-family/commercial revenues, which grew 11.6%.
The company achieved a gross margin of 43.9%, an increase of 510 basis points year-over-year, benefiting from stronger pricing and a favorable product mix. Adjusted EBITDA rose 37.5% year-over-year to $70.2 million, representing 31.6% of total revenues. Net income was $42.2 million, or $0.90 per diluted share, with adjusted net income at $43.1 million, or $0.92 per diluted share.
Tecnoglass reported strong free cash flow of $28.8 million and ended the quarter with a record cash position of $157.3 million, achieving a new record net cash position. The company's backlog expanded 24.9% year-over-year to a record $1.14 billion.
In April 2025, Tecnoglass acquired certain assets of Florida-based Continental Glass Systems for approximately $30 million. This acquisition includes a manufacturing plant, intangibles, and a substantial project backlog, with Continental having annualized revenues of approximately $30 million. This move diversifies U.S. production capabilities and expands the commercial project portfolio.
Additionally, Tecnoglass launched a feasibility analysis to develop a fully automated, vertically integrated manufacturing operation in the U.S. over the coming years. This long-term strategy aims to complement its Colombian operations, enhance logistics, and improve lead time efficiencies in new target markets.
The company updated its full year 2025 outlook, raising the low end of its revenue guidance to a range of $960 million to $1.02 billion, representing approximately 11% growth at the midpoint. Adjusted EBITDA guidance was narrowed to $305 million to $330 million, representing approximately 15% growth at the midpoint, with mitigation strategies expected to largely offset an estimated $25 million full-year tariff impact.
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