0001493152-26-021974
SEC filingTecnoglass Q1 2026营收增长12%但毛利率大幅下滑，净利下降24%，成本压力与费用上升侵蚀盈利。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total operating revenues | $249,012K | $222,288K | +12.0% |
| Gross profit | $95,834K | $97,525K | -1.7% |
| Gross margin | 38.5% | 43.9% | -540 bps |
| Operating income | $44,941K | $59,329K | -24.3% |
| Operating margin | 18.0% | 26.7% | -870 bps |
| Net income | $31,891K | $42,189K | -24.4% |
| Diluted EPS | $0.71 | $0.90 | -21.1% |
| Operating cash flow | $6,715K | $46,898K | -85.7% |
增长桥：Total operating revenues同比增长12.0%至$249,012K。分收入确认方式看，Fixed price contracts $76,108K（去年同期$52,974K，+43.7%）为主要增量来源，Product sales $172,904K（去年同期$169,314K，+2.1%）基本持平。分终端市场看，Commercial收入$160,542K（+20.4%），Residential $88,470K（-0.5%）。分地区看，United States $237,140K（+11.6%），Colombia $7,519K（+17.2%）。
Margin归因：Gross margin由43.9%降至38.5%，下降约540bps；Cost of sales $153,178K，同比+22.8%，增速远超收入增速，成本压力是核心拖累。Operating margin由26.7%降至18.0%，下降约870bps，除毛利压缩外，G&A expense同比+48.5%至$27,993K进一步侵蚀经营利润；Selling expense $22,900K（-3.0%）部分对冲。去年同期含Other operating income $4,276K，本期为零，亦构成同比逆风。
盈利质量：Net income $31,891K，同比-24.4%；Operating cash flow仅$6,715K，远低于Net income，主因Inventories增加$34,279K（去年同期$8,678K）及Trade accounts receivable增加$16,469K。本期含IEEPA关税退款回收$1,876K（冲减selling expenses），属一次性收益，剔除后run-rate盈利更低。Effective tax rate 27.2%（去年同期29.5%）。
公司仅有一个报告分部（Architectural Glass and Windows），无分部级经营利润披露。按终端市场拆分收入如下：
| 市场 | 营收 | 同比 |
|---|---|---|
| Commercial | $160,542K | +20.4% |
| Residential | $88,470K | -0.5% |
| Total | $249,012K | +12.0% |
| 项目 | 本期(2026-03-31) | 上期(2025-12-31) |
|---|---|---|
| Cash and cash equivalents | $91,116K | $100,901K |
| Total debt (short-term + long-term) | $200,259K | $171,629K |
| Inventories, net | $253,279K | $213,524K |
| Contract liabilities (current + non-current) | $162,637K | $151,430K |
| Operating cash flow (Q1) | $6,715K | $46,898K（去年同期） |
| Capex (Q1) | $17,264K | $30,424K（去年同期） |
Total debt由$171,629K升至$200,259K，主因本期新增借款$39,352K、偿还$15,330K。Capex $17,264K超过Operating cash flow $6,715K，Free Cash Flow为负。Remaining performance obligations $878.3M，其中$432.3M预计2026年内确认。