| Concepto | 2024 | 2025 | Δ % | Q1 26 real | 2026 proy. | Δ % |
|---|---|---|---|---|---|---|
| Ventas netas | $526,739 | $682,761 | +29.6% | $168,507 | $854,064 | +25.1% |
| Tarifa 12% | $274,347 | $423,735 | +54.5% | $105,575 | $535,097 | +26.3% |
| Tarifa 0% | $224,798 | $264,394 | +17.6% | $74,604 | $378,123 | +43.0% |
| Exportaciones | $31,504 | $25,782 | -18.2% | $5,429 | $27,516 | +6.7% |
| (–) Descuentos | −$3,909 | −$31,150 | ×8.0 | −$17,100 | −$86,672 | ×2.8 |
| (–) Costo de ventas | (362,197) | (467,513) | +29.1% | (122,939) | (623,106) | +33.3% |
| Utilidad bruta | $164,543 | $215,248 | +30.8% | $45,568 | $230,958 | +7.3% |
| % Margen bruto | 31.2% | 31.5% | 27.0% | 27.0% | ||
| (–) Gastos de ventas | (46,325) | (50,578) | +9.2% | (13,070) | (66,244) | +31.0% |
| (–) Gastos administrativos | (133,696) | (138,690) | +3.7% | (41,321) | (209,434) | +51.0% |
| Utilidad operativa | −$15,478 | $25,980 | Δ +$41.5K | −$8,823 | −$44,720 | — |
| % Margen operativo | -2.9% | 3.8% | -5.2% | -5.2% |
| Concepto | Q1 2024 | Q1 2025 | Q1 2026 | Δ 25→26 |
|---|---|---|---|---|
| Ventas netas | $131,190 | $134,709 | $168,507 | +25.1% |
| Tarifa 12% | $55,980 | $76,249 | $105,575 | +38.5% |
| Tarifa 0% | $43,707 | $59,983 | $74,604 | +24.4% |
| Exportaciones | $31,504 | — | $5,429 | — |
| (–) Descuentos | $0 | −$1,523 | −$17,100 | ×11.2 |
| (–) Costo de ventas | (91,718) | (86,104) | (122,939) | +42.8% |
| Utilidad bruta | $39,472 | $48,605 | $45,568 | -6.2% |
| % MB | 30.1% | 36.1% | 27.0% | |
| (–) Gastos operativos | (29,959) | (40,386) | (54,391) | +34.7% |
| Utilidad operativa | $9,513 | $8,220 | −$8,823 | Δ $-17.0K |
| Concepto | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|---|---|---|
| Ventas | 131,190 | 124,002 | 140,532 | 131,014 | 134,709 | 172,626 | 195,115 | 180,312 | 168,507 |
| Utilidad bruta | 39,472 | 39,538 | 44,894 | 40,638 | 48,605 | 53,169 | 58,334 | 55,140 | 45,568 |
| % MB | 30.1% | 31.9% | 31.9% | 31.0% | 36.1% | 30.8% | 29.9% | 30.6% | 27.0% |
| Utilidad operativa | 9,513 | −7,080 | 140 | −18,050 | 8,220 | 6,403 | 7,323 | 4,034 | −8,823 |
| % MO | 7.3% | -5.7% | 0.1% | -13.8% | 6.1% | 3.7% | 3.8% | 2.2% | -5.2% |
| Concepto | Ene 24 | Feb 24 | Mar 24 | Abr 24 | May 24 | Jun 24 | Jul 24 | Ago 24 | Sep 24 | Oct 24 | Nov 24 | Dic 24 | Ene 25 | Feb 25 | Mar 25 | Abr 25 | May 25 | Jun 25 | Jul 25 | Ago 25 | Sep 25 | Oct 25 | Nov 25 | Dic 25 | Ene 26 | Feb 26 | Mar 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ventas | 34,679 | 34,944 | 61,567 | 42,933 | 41,175 | 39,894 | 35,676 | 50,478 | 54,378 | 48,363 | 43,559 | 39,092 | 39,068 | 49,088 | 46,553 | 33,866 | 55,202 | 83,558 | 61,536 | 66,614 | 66,965 | 51,896 | 62,302 | 66,114 | 53,491 | 62,187 | 52,830 |
| Util. bruta | 10,756 | 14,288 | 14,428 | 16,272 | 12,295 | 10,970 | 11,412 | 18,063 | 15,419 | 14,499 | 15,589 | 10,550 | 12,900 | 19,169 | 16,536 | 7,423 | 16,279 | 29,466 | 25,246 | 20,300 | 12,788 | 16,042 | 23,879 | 15,219 | 7,426 | 22,457 | 15,685 |
| MB % | 31.0% | 40.9% | 23.4% | 37.9% | 29.9% | 27.5% | 32.0% | 35.8% | 28.4% | 30.0% | 35.8% | 27.0% | 33.0% | 39.1% | 35.5% | 21.9% | 29.5% | 35.3% | 41.0% | 30.5% | 19.1% | 30.9% | 38.3% | 23.0% | 13.9% | 36.1% | 29.7% |
| Util. operativa | 1,568 | 5,188 | 2,757 | 3,846 | −9,600 | −1,326 | −4,539 | 3,411 | 1,268 | −7,548 | −2,261 | −8,242 | −159 | 4,069 | 4,310 | −10,180 | 3,630 | 12,953 | 1,521 | 6,590 | −788 | −5,265 | 11,679 | −2,380 | −11,287 | 4,399 | −1,935 |
| Indicador | 2024 | 2025 | Q1 26 real | 2026 proy. |
|---|---|---|---|---|
| Tarifa 12% ($) | $274,347 | $423,735 | $105,575 | $535,097 |
| Tarifa 12% (%) | 52.1% | 62.1% | 62.7% | 62.7% |
| Tarifa 0% ($) | $224,798 | $264,394 | $74,604 | $378,123 |
| Tarifa 0% (%) | 42.7% | 38.7% | 44.3% | 44.3% |
| Exportaciones ($) | $31,504 | $25,782 | $5,429 | $27,516 |
| Exportaciones (%) | 6.0% | 3.8% | 3.2% | 3.2% |
| Descuentos ($) | −$3,909 | −$31,150 | −$17,100 | −$86,672 |
| Descuentos (%) | -0.7% | -4.6% | -10.1% | -10.1% |
| Ventas netas | $526,739 | $682,761 | $168,507 | $854,064 |
| Indicador | 2024 | 2025 | Q1 26 real | 2026 proy. |
|---|---|---|---|---|
| Ventas | $526,739 | $682,761 | $168,507 | $854,064 |
| Costo de ventas | (362,197) | (467,513) | (122,939) | (623,106) |
| % Costos / Ventas | 68.8% | 68.5% | 73.0% | 73.0% |
| Utilidad bruta | $164,543 | $215,248 | $45,568 | $230,958 |
| % MB | 31.2% | 31.5% | 27.0% | 27.0% |
| Gastos operativos | (180,020) | (189,269) | (54,391) | (275,678) |
| % Gtos / Ventas | 34.2% | 27.7% | 32.3% | 32.3% |
| Utilidad operativa | −$15,478 | $25,980 | −$8,823 | −$44,720 |
| % MO | -2.9% | 3.8% | -5.2% | -5.2% |
| Indicador | Q1 2024 | Q1 2025 | Q1 2026 |
|---|---|---|---|
| Tarifa 12% ($) | $55,980 | $76,249 | $105,575 |
| Tarifa 12% (%) | 42.7% | 56.6% | 62.7% |
| Tarifa 0% ($) | $43,707 | $59,983 | $74,604 |
| Tarifa 0% (%) | 33.3% | 44.5% | 44.3% |
| Exportaciones ($) | $31,504 | $0 | $5,429 |
| Exportaciones (%) | 24.0% | 0.0% | 3.2% |
| Descuentos ($) | $0 | −$1,523 | −$17,100 |
| Descuentos (%) | 0.0% | -1.1% | -10.1% |
| Ventas netas | $131,190 | $134,709 | $168,507 |
| Indicador | Q1 2024 | Q1 2025 | Q1 2026 |
|---|---|---|---|
| Ventas | $131,190 | $134,709 | $168,507 |
| Costo de ventas | (91,718) | (86,104) | (122,939) |
| % Costos / Ventas | 69.9% | 63.9% | 73.0% |
| Utilidad bruta | $39,472 | $48,605 | $45,568 |
| % MB | 30.1% | 36.1% | 27.0% |
| Gastos operativos | (29,959) | (40,386) | (54,391) |
| % Gtos / Ventas | 22.8% | 30.0% | 32.3% |
| Utilidad operativa | $9,513 | $8,220 | −$8,823 |
| % MO | 7.3% | 6.1% | -5.2% |
| Indicador | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|---|---|---|
| Tarifa 12% ($) | $55,980 | $67,588 | $72,872 | $77,907 | $76,249 | $104,172 | $126,489 | $116,825 | $105,575 |
| Tarifa 12% (%) | 42.7% | 54.5% | 51.9% | 59.5% | 56.6% | 60.3% | 64.8% | 64.8% | 62.7% |
| Tarifa 0% ($) | $43,707 | $56,546 | $67,973 | $56,572 | $59,983 | $52,083 | $75,306 | $77,023 | $74,604 |
| Tarifa 0% (%) | 33.3% | 45.6% | 48.4% | 43.2% | 44.5% | 30.2% | 38.6% | 42.7% | 44.3% |
| Exportaciones ($) | $31,504 | $0 | $0 | $0 | $0 | $20,641 | $5,142 | $0 | $5,429 |
| Exportaciones (%) | 24.0% | 0.0% | 0.0% | 0.0% | 0.0% | 12.0% | 2.6% | 0.0% | 3.2% |
| Descuentos ($) | $0 | −$132 | −$313 | −$3,464 | −$1,523 | −$4,270 | −$11,821 | −$13,536 | −$17,100 |
| Descuentos (%) | 0.0% | -0.1% | -0.2% | -2.6% | -1.1% | -2.5% | -6.1% | -7.5% | -10.1% |
| Ventas netas | $131,190 | $124,002 | $140,532 | $131,014 | $134,709 | $172,626 | $195,115 | $180,312 | $168,507 |
| Indicador | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|---|---|---|
| Ventas | $131,190 | $124,002 | $140,532 | $131,014 | $134,709 | $172,626 | $195,115 | $180,312 | $168,507 |
| Costo de ventas | (91,718) | (84,464) | (95,638) | (90,376) | (86,104) | (119,457) | (136,780) | (125,172) | (122,939) |
| % Costos / Ventas | 69.9% | 68.1% | 68.1% | 69.0% | 63.9% | 69.2% | 70.1% | 69.4% | 73.0% |
| Utilidad bruta | $39,472 | $39,538 | $44,894 | $40,638 | $48,605 | $53,169 | $58,334 | $55,140 | $45,568 |
| % MB | 30.1% | 31.9% | 31.9% | 31.0% | 36.1% | 30.8% | 29.9% | 30.6% | 27.0% |
| Gastos operativos | (29,959) | (46,618) | (44,754) | (58,689) | (40,386) | (46,766) | (51,011) | (51,106) | (54,391) |
| % Gtos / Ventas | 22.8% | 37.6% | 31.8% | 44.8% | 30.0% | 27.1% | 26.1% | 28.3% | 32.3% |
| Utilidad operativa | $9,513 | −$7,080 | $140 | −$18,050 | $8,220 | $6,403 | $7,323 | $4,034 | −$8,823 |
| % MO | 7.3% | -5.7% | 0.1% | -13.8% | 6.1% | 3.7% | 3.8% | 2.2% | -5.2% |
| Indicador | Ene 24 | Feb 24 | Mar 24 | Abr 24 | May 24 | Jun 24 | Jul 24 | Ago 24 | Sep 24 | Oct 24 | Nov 24 | Dic 24 | Ene 25 | Feb 25 | Mar 25 | Abr 25 | May 25 | Jun 25 | Jul 25 | Ago 25 | Sep 25 | Oct 25 | Nov 25 | Dic 25 | Ene 26 | Feb 26 | Mar 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tarifa 12% ($) | $20,524 | $16,896 | $18,560 | $22,654 | $22,189 | $22,745 | $22,982 | $28,329 | $21,561 | $24,487 | $26,610 | $26,809 | $21,355 | $29,275 | $25,619 | $31,565 | $33,935 | $38,672 | $40,074 | $42,129 | $44,286 | $32,602 | $43,522 | $40,701 | $30,970 | $39,237 | $35,368 |
| Tarifa 12% (%) | 59.2% | 48.4% | 30.1% | 52.8% | 53.9% | 57.0% | 64.4% | 56.1% | 39.6% | 50.6% | 61.1% | 68.6% | 54.7% | 59.6% | 55.0% | 93.2% | 61.5% | 46.3% | 65.1% | 63.2% | 66.1% | 62.8% | 69.9% | 61.6% | 57.9% | 63.1% | 66.9% |
| Tarifa 0% ($) | $14,155 | $18,048 | $11,503 | $20,279 | $18,986 | $17,280 | $12,772 | $22,275 | $32,926 | $25,866 | $16,958 | $13,749 | $17,853 | $20,360 | $21,770 | $3,743 | $23,527 | $24,814 | $24,096 | $20,652 | $30,557 | $23,796 | $19,073 | $34,153 | $27,270 | $28,684 | $18,650 |
| Tarifa 0% (%) | 40.8% | 51.6% | 18.7% | 47.2% | 46.1% | 43.3% | 35.8% | 44.1% | 60.6% | 53.5% | 38.9% | 35.2% | 45.7% | 41.5% | 46.8% | 11.1% | 42.6% | 29.7% | 39.2% | 31.0% | 45.6% | 45.9% | 30.6% | 51.7% | 51.0% | 46.1% | 35.3% |
| Exportaciones ($) | $0 | $0 | $31,504 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $20,641 | $0 | $4,204 | $938 | $0 | $0 | $0 | $897 | $0 | $4,532 |
| Exportaciones (%) | 0.0% | 0.0% | 51.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 24.7% | 0.0% | 6.3% | 1.4% | 0.0% | 0.0% | 0.0% | 1.7% | 0.0% | 8.6% |
| Descuentos ($) | $0 | $0 | $0 | $0 | $0 | −$132 | −$78 | −$126 | −$109 | −$1,990 | −$8 | −$1,466 | −$140 | −$547 | −$835 | −$1,442 | −$2,260 | −$569 | −$2,634 | −$371 | −$8,816 | −$4,502 | −$293 | −$8,741 | −$5,646 | −$5,735 | −$5,720 |
| Descuentos (%) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -0.3% | -0.2% | -0.2% | -0.2% | -4.1% | -0.0% | -3.7% | -0.4% | -1.1% | -1.8% | -4.3% | -4.1% | -0.7% | -4.3% | -0.6% | -13.2% | -8.7% | -0.5% | -13.2% | -10.6% | -9.2% | -10.8% |
| Ventas netas | $34,679 | $34,944 | $61,567 | $42,933 | $41,175 | $39,894 | $35,676 | $50,478 | $54,378 | $48,363 | $43,559 | $39,092 | $39,068 | $49,088 | $46,553 | $33,866 | $55,202 | $83,558 | $61,536 | $66,614 | $66,965 | $51,896 | $62,302 | $66,114 | $53,491 | $62,187 | $52,830 |
| Indicador | Ene 24 | Feb 24 | Mar 24 | Abr 24 | May 24 | Jun 24 | Jul 24 | Ago 24 | Sep 24 | Oct 24 | Nov 24 | Dic 24 | Ene 25 | Feb 25 | Mar 25 | Abr 25 | May 25 | Jun 25 | Jul 25 | Ago 25 | Sep 25 | Oct 25 | Nov 25 | Dic 25 | Ene 26 | Feb 26 | Mar 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ventas | $34,679 | $34,944 | $61,567 | $42,933 | $41,175 | $39,894 | $35,676 | $50,478 | $54,378 | $48,363 | $43,559 | $39,092 | $39,068 | $49,088 | $46,553 | $33,866 | $55,202 | $83,558 | $61,536 | $66,614 | $66,965 | $51,896 | $62,302 | $66,114 | $53,491 | $62,187 | $52,830 |
| Costo de ventas | (23,923) | (20,656) | (47,139) | (26,661) | (28,880) | (28,923) | (24,264) | (32,416) | (38,959) | (33,863) | (27,970) | (28,542) | (26,168) | (29,919) | (30,017) | (26,443) | (38,923) | (54,092) | (36,289) | (46,314) | (54,176) | (35,854) | (38,423) | (50,895) | (46,064) | (39,730) | (37,145) |
| % Costos / Ventas | 69.0% | 59.1% | 76.6% | 62.1% | 70.1% | 72.5% | 68.0% | 64.2% | 71.6% | 70.0% | 64.2% | 73.0% | 67.0% | 60.9% | 64.5% | 78.1% | 70.5% | 64.7% | 59.0% | 69.5% | 80.9% | 69.1% | 61.7% | 77.0% | 86.1% | 63.9% | 70.3% |
| Utilidad bruta | $10,756 | $14,288 | $14,428 | $16,272 | $12,295 | $10,970 | $11,412 | $18,063 | $15,419 | $14,499 | $15,589 | $10,550 | $12,900 | $19,169 | $16,536 | $7,423 | $16,279 | $29,466 | $25,246 | $20,300 | $12,788 | $16,042 | $23,879 | $15,219 | $7,426 | $22,457 | $15,685 |
| % MB | 31.0% | 40.9% | 23.4% | 37.9% | 29.9% | 27.5% | 32.0% | 35.8% | 28.4% | 30.0% | 35.8% | 27.0% | 33.0% | 39.1% | 35.5% | 21.9% | 29.5% | 35.3% | 41.0% | 30.5% | 19.1% | 30.9% | 38.3% | 23.0% | 13.9% | 36.1% | 29.7% |
| Gastos operativos | (9,188) | (9,100) | (11,671) | (12,427) | (21,895) | (12,297) | (15,952) | (14,651) | (14,152) | (22,047) | (17,850) | (18,792) | (13,058) | (15,101) | (12,226) | (17,604) | (12,649) | (16,514) | (23,726) | (13,709) | (13,576) | (21,307) | (12,200) | (17,599) | (18,713) | (18,058) | (17,620) |
| % Gtos / Ventas | 26.5% | 26.0% | 19.0% | 28.9% | 53.2% | 30.8% | 44.7% | 29.0% | 26.0% | 45.6% | 41.0% | 48.1% | 33.4% | 30.8% | 26.3% | 52.0% | 22.9% | 19.8% | 38.6% | 20.6% | 20.3% | 41.1% | 19.6% | 26.6% | 35.0% | 29.0% | 33.4% |
| Utilidad operativa | $1,568 | $5,188 | $2,757 | $3,846 | −$9,600 | −$1,326 | −$4,539 | $3,411 | $1,268 | −$7,548 | −$2,261 | −$8,242 | −$159 | $4,069 | $4,310 | −$10,180 | $3,630 | $12,953 | $1,521 | $6,590 | −$788 | −$5,265 | $11,679 | −$2,380 | −$11,287 | $4,399 | −$1,935 |
| % MO | 4.5% | 14.8% | 4.5% | 9.0% | -23.3% | -3.3% | -12.7% | 6.8% | 2.3% | -15.6% | -5.2% | -21.1% | -0.4% | 8.3% | 9.3% | -30.1% | 6.6% | 15.5% | 2.5% | 9.9% | -1.2% | -10.1% | 18.7% | -3.6% | -21.1% | 7.1% | -3.7% |
| Indicador | 2024 | 2025 | Q1 26 real | 2026 proy. |
|---|---|---|---|---|
| Ventas | 526,739 | 682,761 | 168,507 | 854,064 |
| Utilidad bruta | 164,543 | 215,248 | 45,568 | 230,958 |
| MB % | 31.2% | 31.5% | 27.0% | 27.0% |
| Utilidad operativa | −15,478 | 25,980 | −8,823 | −44,720 |
| MO % | -2.9% | 3.8% | -5.2% | -5.2% |
| Indicador | Q1 2024 | Q1 2025 | Q1 2026 |
|---|---|---|---|
| Ventas | 131,190 | 134,709 | 168,507 |
| Utilidad bruta | 39,472 | 48,605 | 45,568 |
| MB % | 30.1% | 36.1% | 27.0% |
| Utilidad operativa | 9,513 | 8,220 | −8,823 |
| MO % | 7.3% | 6.1% | -5.2% |
| Indicador | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|---|---|---|
| Ventas | 131,190 | 124,002 | 140,532 | 131,014 | 134,709 | 172,626 | 195,115 | 180,312 | 168,507 |
| Utilidad bruta | 39,472 | 39,538 | 44,894 | 40,638 | 48,605 | 53,169 | 58,334 | 55,140 | 45,568 |
| MB % | 30.1% | 31.9% | 31.9% | 31.0% | 36.1% | 30.8% | 29.9% | 30.6% | 27.0% |
| Utilidad operativa | 9,513 | −7,080 | 140 | −18,050 | 8,220 | 6,403 | 7,323 | 4,034 | −8,823 |
| MO % | 7.3% | -5.7% | 0.1% | -13.8% | 6.1% | 3.7% | 3.8% | 2.2% | -5.2% |
| Indicador | Ene 24 | Feb 24 | Mar 24 | Abr 24 | May 24 | Jun 24 | Jul 24 | Ago 24 | Sep 24 | Oct 24 | Nov 24 | Dic 24 | Ene 25 | Feb 25 | Mar 25 | Abr 25 | May 25 | Jun 25 | Jul 25 | Ago 25 | Sep 25 | Oct 25 | Nov 25 | Dic 25 | Ene 26 | Feb 26 | Mar 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ventas | 34,679 | 34,944 | 61,567 | 42,933 | 41,175 | 39,894 | 35,676 | 50,478 | 54,378 | 48,363 | 43,559 | 39,092 | 39,068 | 49,088 | 46,553 | 33,866 | 55,202 | 83,558 | 61,536 | 66,614 | 66,965 | 51,896 | 62,302 | 66,114 | 53,491 | 62,187 | 52,830 |
| Utilidad bruta | 10,756 | 14,288 | 14,428 | 16,272 | 12,295 | 10,970 | 11,412 | 18,063 | 15,419 | 14,499 | 15,589 | 10,550 | 12,900 | 19,169 | 16,536 | 7,423 | 16,279 | 29,466 | 25,246 | 20,300 | 12,788 | 16,042 | 23,879 | 15,219 | 7,426 | 22,457 | 15,685 |
| MB % | 31.0% | 40.9% | 23.4% | 37.9% | 29.9% | 27.5% | 32.0% | 35.8% | 28.4% | 30.0% | 35.8% | 27.0% | 33.0% | 39.1% | 35.5% | 21.9% | 29.5% | 35.3% | 41.0% | 30.5% | 19.1% | 30.9% | 38.3% | 23.0% | 13.9% | 36.1% | 29.7% |
| Utilidad operativa | 1,568 | 5,188 | 2,757 | 3,846 | −9,600 | −1,326 | −4,539 | 3,411 | 1,268 | −7,548 | −2,261 | −8,242 | −159 | 4,069 | 4,310 | −10,180 | 3,630 | 12,953 | 1,521 | 6,590 | −788 | −5,265 | 11,679 | −2,380 | −11,287 | 4,399 | −1,935 |
| MO % | 4.5% | 14.8% | 4.5% | 9.0% | -23.3% | -3.3% | -12.7% | 6.8% | 2.3% | -15.6% | -5.2% | -21.1% | -0.4% | 8.3% | 9.3% | -30.1% | 6.6% | 15.5% | 2.5% | 9.9% | -1.2% | -10.1% | 18.7% | -3.6% | -21.1% | 7.1% | -3.7% |
| Cuenta | Dic 2023 | Dic 2024 | Dic 2025 | Feb 2026 | Mar 2026 |
|---|---|---|---|---|---|
| Activo corriente | $110,725 | $128,620 | $140,990 | $153,148 | $149,489 |
| Activo no corriente | $42,014 | $110,187 | $107,589 | $104,558 | $102,357 |
| Total activo | $152,739 | $238,807 | $248,579 | $257,707 | $251,847 |
| Pasivo corriente | $130,076 | $214,744 | $148,260 | $152,917 | $138,194 |
| Pasivo no corriente | $0 | $13,831 | $47,293 | $47,134 | $67,976 |
| Total pasivo | $130,076 | $228,576 | $195,553 | $200,050 | $206,170 |
| Patrimonio | $34,560 | $9,839 | $26,554 | $26,554 | $26,554 |
| Cuenta | Mar 24 | Mar 25 | Mar 26 |
|---|---|---|---|
| Activo corriente | $187,529 | $124,436 | $149,489 |
| Activo no corriente | $52,533 | $110,592 | $102,357 |
| Total activo | $240,062 | $235,028 | $251,847 |
| Pasivo corriente | $201,799 | $185,953 | $138,194 |
| Pasivo no corriente | $0 | $13,831 | $67,976 |
| Total pasivo | $201,799 | $199,784 | $206,170 |
| Patrimonio | $34,560 | $9,839 | $26,554 |
| Cuenta | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|
| Activo corriente | $140,364 | $170,171 | $140,990 | $149,489 |
| Activo no corriente | $106,871 | $103,560 | $107,589 | $102,357 |
| Total activo | $247,236 | $273,731 | $248,579 | $251,847 |
| Pasivo corriente | $148,755 | $167,923 | $148,260 | $138,194 |
| Pasivo no corriente | $56,819 | $56,819 | $47,293 | $67,976 |
| Total pasivo | $205,574 | $224,741 | $195,553 | $206,170 |
| Patrimonio | $26,554 | $26,554 | $26,554 | $26,554 |
| Cuenta | Ene 24 | Feb 24 | Mar 24 | Abr 24 | May 24 | Jun 24 | Jul 24 | Ago 24 | Sep 24 | Oct 24 | Nov 24 | Dic 24 | Ene 25 | Feb 25 | Mar 25 | Abr 25 | May 25 | Jun 25 | Jul 25 | Ago 25 | Sep 25 | Oct 25 | Nov 25 | Dic 25 | Feb 26 | Mar 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Activo corriente | $144,077 | $188,946 | $187,529 | $152,212 | $142,253 | $158,322 | $152,102 | $159,580 | $148,357 | $130,832 | $143,456 | $128,620 | $122,520 | $140,852 | $124,436 | $120,069 | $167,177 | $140,364 | $154,256 | $170,485 | $170,171 | $143,537 | $142,623 | $140,990 | $153,148 | $149,489 |
| Activo no corriente | $41,254 | $40,493 | $52,533 | $114,329 | $112,940 | $115,178 | $114,454 | $113,015 | $113,284 | $113,126 | $111,656 | $110,187 | $108,718 | $107,571 | $110,592 | $109,429 | $108,370 | $106,871 | $105,373 | $104,736 | $103,560 | $110,829 | $109,241 | $107,589 | $104,558 | $102,357 |
| Total activo | $185,330 | $229,440 | $240,062 | $266,541 | $255,193 | $273,500 | $266,555 | $272,595 | $261,641 | $243,958 | $255,113 | $238,807 | $231,238 | $248,422 | $235,028 | $229,498 | $275,547 | $247,236 | $259,628 | $275,222 | $273,731 | $254,366 | $251,863 | $248,579 | $257,707 | $251,847 |
| Pasivo corriente | $161,098 | $200,019 | $201,799 | $236,650 | $234,902 | $246,969 | $227,083 | $228,805 | $216,584 | $206,448 | $219,862 | $214,744 | $188,697 | $197,463 | $185,953 | $200,903 | $222,702 | $148,755 | $159,627 | $168,630 | $167,923 | $153,831 | $139,644 | $148,260 | $152,917 | $138,194 |
| Pasivo no corriente | $0 | $0 | $0 | $0 | $0 | $0 | $17,480 | $16,778 | $16,778 | $16,778 | $16,778 | $13,831 | $13,831 | $13,831 | $13,831 | $3,526 | $24,137 | $56,819 | $56,819 | $56,819 | $56,819 | $56,819 | $56,819 | $47,293 | $47,134 | $67,976 |
| Total pasivo | $161,098 | $200,019 | $201,799 | $236,650 | $234,902 | $246,969 | $244,564 | $245,583 | $233,361 | $223,226 | $236,640 | $228,576 | $202,529 | $211,294 | $199,784 | $204,429 | $246,838 | $205,574 | $216,446 | $225,449 | $224,741 | $210,650 | $196,463 | $195,553 | $200,050 | $206,170 |
| Patrimonio | $34,560 | $34,560 | $34,560 | $23,042 | $9,839 | $9,839 | $9,839 | $9,839 | $9,839 | $9,839 | $9,839 | $9,839 | $9,839 | $9,839 | $9,839 | $26,554 | $26,554 | $26,554 | $26,554 | $26,554 | $26,554 | $26,554 | $26,554 | $26,554 | $26,554 | $26,554 |
| Indicador | 2024 | 2025 | 2026 proy. |
|---|---|---|---|
| Descuento $ | $3,909 | $31,150 | $86,672 |
| % Ventas brutas | 0.7% | 4.6% | 9.8% |
El ratio se multiplicó por 14 en dos años. Cada punto porcentual sobre ventas brutas de ~$900K equivale a ~$9K. Es el tema de mayor impacto individual.
1. Mapeo de descuentos por cliente/canal. 2. Identificar top 5 clientes que concentran descuento. 3. Definir matriz de autorización (quién aprueba descuentos >X%). 4. Meta Q3: bajar ratio a 6%; Q4: a 5%.
| Indicador | 2024 | 2025 | 2026 proy. |
|---|---|---|---|
| Exportaciones $ | $31,504 | $25,782 | $27,516 |
| % Ventas netas | 6.0% | 3.8% | 0.8% |
En Marzo 2024 hubo un export de $31K que representó la mayoría del año. En 2025 bajó a ritmo estable; en 2026 prácticamente desapareció. Pregunta clave: ¿fue decisión de management, pérdida de cliente, o problema operativo/logístico?
1. Reunión con comercial: listar clientes de exportación activos, pausados, perdidos. 2. Diagnosticar por qué cayeron (precios, logística, cliente). 3. Priorizar 2-3 cuentas más recuperables. 4. Meta H2 2026: ≥4% export.
| Indicador | 2024 | 2025 (mejora) | 2026 proy. |
|---|---|---|---|
| Gastos administrativos | $133,696 | $138,690 | $209,434 |
| % Ventas | 25.4% | 20.3% | 24.5% |
En 2025 la dilución funcionó: admin creció menos que ventas. En 2026 YTD el ratio volvió al nivel de 2024 — está perdiendo el progreso de 2025. La pregunta es si es contratación estructural (que se amortizará con más ventas) o gasto controlable.
1. Desglose de gastos admin por subcategoría (sueldos, servicios, honorarios, otros). 2. Identificar contrataciones nuevas 2025-2026 y su ROI. 3. Freeze de contrataciones admin Q2-Q3 salvo excepciones aprobadas por directorio. 4. Revisar contratos de servicios con proveedores.
Q4 2024 fue el peor trimestre (UO −$18K). Q4 2025 mejoró pero fue el más flojo de los cuatro trimestres positivos (+2.2%). Patrón: ventas sostienen pero gastos de cierre de año se disparan.
Owner sugerido: CFO · reforzado en septiembre con plan de contención Q4.
Si la anomalía de Ene 2026 fue ajuste de inventario o timing, está bien — y Feb confirma. Pero implica tener un control de cierre mensual más estricto para detectar y corregir en el mes, no descubrirlo 3 meses después.
Owner sugerido: CFO · cierre de mes con análisis de desviación MB antes del día 10.
| Palanca | Moderado | Agresivo | Esfuerzo | Horizonte |
|---|---|---|---|---|
| 1 · Política de descuentos | +$48K | +$80K | Medio | 3-6 meses |
| 2 · Reactivar exportaciones | +$7K | +$15K | Alto | 6-12 meses |
| 3 · Disciplina admin | +$18K | +$36K | Medio | 3-9 meses |
| 4 · Optimizar Q4 | +$1K | +$3K | Bajo | 6-9 meses |
| 5 · MB ≥31% | +$19K | +$38K | Bajo | 1-3 meses |
| Total anualizado | +$93K | +$173K | — | — |
UO proyectada 2026 actual: −$53K. Con palancas moderadas: +$70K. Con palancas agresivas: +$160K.
En términos de valor empresa: cada $1 de UO recuperada vale ~$9 en EV. $93K/año de mejora operativa = ~$836K de valor empresa adicional. En términos de una participación del 49%: ~$410K de ganancia de valor.
Las cinco palancas son reales pero no son aditivas al 100%. Descuentos y MB se solapan parcialmente (si bajamos descuentos, también sube MB). Exportaciones pueden tener MB distinto al doméstico.
Estimación razonable: 60-75% del total teórico es capturable en 12 meses. Es decir, $56-70K/año en el escenario moderado. Aún así: diferencia material respecto a UO proyectada actual.
Q1 cerró con MB 27% vs 36% de Q1 2025 — compresión sostenida los tres meses. Pedir al contador detalle del costo de ventas mes a mes: ¿ajuste de inventario, timing de facturación, o aumento real de materias primas? Mar sigue bajo (MB 30%) — no es solo enero.
Entregable:
Memo 1 página con diagnóstico del mes.
Lista de clientes con descuentos >3%, monto mensual, quién lo autorizó, desde cuándo. Armar matriz por canal (T12%, T0%, export).
Entregable:
Spreadsheet con top 20 clientes × descuento × tendencia 12m.
Listar clientes de export 2023-2025, cuáles están activos/pausados/perdidos, razón de pérdida si aplica, potencial recuperación.
Entregable:
Cuadro con 5-10 cuentas y plan de acercamiento.
Basado en auditoría de abril, definir: matriz de autorización por monto y canal, meta trimestral de descuento/ventas, plan de renegociación con top 3 clientes.
Entregable:
Documento de política aprobado por directorio.
Q1 2026 ya está cerrado con datos de Ene+Feb+Mar. Consolidar análisis comparativo con Q1 2025 y actualizar tracker de palancas. La compresión de margen se sostuvo los tres meses (no fue solo enero).
Entregable:
Reporte trimestral directorio con actuales vs plan.
Ver cuenta 6.02 en detalle: sueldos (6.02.01), gastos generales (6.02.02), servicios, honorarios. Identificar líneas con mayor crecimiento 2025-2026.
Entregable:
Análisis de gastos con recomendaciones de freeze/recorte.
Entra en vigor la nueva matriz. Medir impacto semanal en descuentos/ventas. Kick-off con equipo comercial.
Entregable:
Dashboard semanal de descuentos por canal.
Reuniones con 2-3 clientes de exportación priorizados. Entender necesidades, pricing, logística. No necesariamente cerrar — entender si es reabrible.
Entregable:
Memo por cliente con viabilidad.
Cierre de mayo + primeras dos semanas de junio = ventana para evaluar si el turnaround 2025 continúa o necesita intervenciones mayores.
Entregable:
Sesión de directorio con vista H2 2026.
| Métrica | Actual (Feb 26) | Target 2026 (moderado) | Frecuencia |
|---|---|---|---|
| Ventas mensuales | $62K (Feb) | Run-rate ≥$65K/mes | Mensual |
| Margen bruto (MB %) | 36% (Feb) · 13.9% (Ene) | ≥31% mensual | Mensual |
| Margen operativo (MO %) | +7% (Feb) · −21% (Ene) | ≥+3% promedio | Mensual |
| Descuentos / Ventas bruta | 9.8% YTD | ≤7% Q2 · ≤5% Q4 | Semanal |
| Export / Ventas netas | 0.8% YTD | ≥3% H2 | Mensual |
| Gastos admin / Ventas | 25% YTD | ≤21% H2 | Mensual |
| Razón corriente | 1.00 | ≥1.0 | Trimestral |
El plan asume que el MB bajo en Enero se debió a timing o ajuste puntual. Si la auditoría de abril revela que es problema estructural (p.ej. aumento de costo de materias primas no repercutido a precio), el plan requiere ajuste mayor.
Asumimos que la política de descuentos se puede ajustar sin perder clientes clave. Si resulta que el 9.8% es estructural (cliente X condiciona pedidos a ese descuento), hay que negociar en paralelo con otras palancas.
El ritmo de ventas +44% YTD 2026 asume entorno macro estable en Ecuador. Cambios políticos o económicos mayores podrían frenar esa aceleración y cambiar todas las prioridades.
Todo este plan requiere colaboración entre los accionistas. La estructura de veto del directorio da poder de bloqueo, pero la implementación operativa requiere alineamiento con el accionista fundador.