BDCO on OTC
BLUE DOLPHIN ENERGY CO
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-0.5%Operating margin3
-2.0%Net margin3
-12.0%Revenue growth, 20253
-20.5%Return on equity3
-$779.0KFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Refinery Operations brought in 99% of the revenue BLUE DOLPHIN ENERGY CO broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| Refinery Operations | $313.6M | $276.2M |
| Tolling and Terminaling | $3.9M | $3.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue97¢$270.7M
- Other costs3¢$7.4M
- Income tax0¢$1.3M
Out of $279.4M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenues from operations | $279.4M | $317.5M |
| Crude oil, fuel use, and chemicals | $249.3M | $292.3M |
| Other conversion costs | $18.2M | $17.0M |
| Tolling and terminaling costs | $607.0K | $1.8M |
| Depreciation and amortization | $2.6M | $2.6M |
| Total cost of goods sold | $270.7M | $313.6M |
| LEH operating fee, related party | $1.0M | $811.0K |
| Other operating expenses | $554.0K | $640.0K |
| General and administrative expenses | $5.3M | $6.4M |
| Depreciation and amortization | $296.0K | $232.0K |
| Impairment of fixed assets | $3.0M | $0 |
| Bad debt expense | $0 | $70.0K |
| Total cost of operations | $280.9M | $321.8M |
| Loss from operations | -$1.5M | -$4.3M |
| Interest and other income | $3.0K | $205.0K |
| Interest and other expense | -$5.4M | -$6.1M |
| Total other expense | -$5.4M | -$5.9M |
| Loss before income taxes | -$6.9M | -$10.2M |
| Income tax benefit | $1.3M | $1.5M |
| Net loss | -$5.6M | -$8.6M |
| Basic (in dollars per share) | -$0.38 | -$0.58 |
| Diluted (in dollars per share) | -$0.38 | -$0.58 |
| Basic (in shares) | 14.9M shares | 14.9M shares |
| Diluted (in shares) | 14.9M shares | 14.9M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $1.0M | $81.0K | |
| Restricted cash, current | $1.0M | $1.0M | |
| Prepaid expenses and other current assets | $2.7M | $1.9M | |
| Deposits | $185.0K | $185.0K | |
| Inventory | $30.9M | $35.7M | |
| Total current assets | $44.2M | $44.8M | |
| Total property and equipment, net | $50.0M | $52.4M | |
| Operating lease right-of-use assets, net | $191.0K | $456.0K | |
| Surety bonds | $350.0K | $1.3M | |
| Deferred tax assets, net | $4.4M | $3.0M | |
| Total long-term assets | $54.9M | $57.1M | |
| TOTAL ASSETS | $99.1M | $101.9M | |
| Current portion of lease liabilities | $217.0K | $264.0K | |
| Income taxes payable | $56.0K | $18.0K | |
| Asset retirement obligations, current portion | $6.0M | $3.0M | |
| Accrued expenses and other current liabilities | $5.4M | $6.7M | |
| Total current liabilities | $68.6M | $63.9M | |
| Long-term lease liabilities, net of current | $0 | $191.0K | |
| Total long-term liabilities | $3.1M | $5.0M | |
| TOTAL LIABILITIES | $71.7M | $68.9M | |
| Common stock ($0.01 par value, 20,000,000 shares authorized; 14,921,968 shares issued and outstanding at December 31, 2025 and 2024, respectively)(1) | $149.0K | $149.0K | |
| Additional paid-in capital | $39.8M | $39.8M | |
| Retained deficit | -$12.5M | -$6.9M | |
| TOTAL STOCKHOLDERS' EQUITY | $27.4M | $33.0M | $41.6M |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $99.1M | $101.9M | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized (in shares) | 20.0M shares | 20.0M shares | |
| Common stock, shares issued (in shares) | 14.9M shares | 14.9M shares | |
| Common stock, shares outstanding (in shares) | 14.9M shares | 14.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$5.6M | -$8.6M |
| Depreciation and amortization | $2.9M | $2.8M |
| Deferred income tax | -$1.4M | -$1.6M |
| Amortization of debt issue costs | $204.0K | $203.0K |
| Bad debt | $0 | $70.0K |
| Impairment of fixed assets | $3.0M | $0 |
| Accounts receivable | $437.0K | -$667.0K |
| Accounts receivable, related party | -$2.8M | -$1.1M |
| Prepaid expenses and other current assets | $44.0K | -$358.0K |
| Inventory | $4.8M | -$11.1M |
| Long-term bond assets | $0 | -$1.0M |
| Asset retirement obligations | $0 | -$1.5M |
| Accounts payable, accrued expenses and other liabilities | -$2.3M | $8.0M |
| Accounts payable, related party | $0 | -$889.0K |
| Net cash used in operating activities | -$766.0K | -$15.7M |
| Capital expenditures | -$13.0K | -$46.0K |
| Net cash used in investing activities | -$13.0K | -$46.0K |
| Proceeds from related-party debt | $8.7M | $3.2M |
| Payments on related-party debt | -$2.6M | $0 |
| Net cash provided by (used in) financing activities | $1.7M | -$1.9M |
| Net change in cash, cash equivalents, and restricted cash | $960.0K | -$17.6M |
| Financing of capital expenditures via long-term note | $139.0K | $0 |
| Right of use assets financed via operating leases | $0 | $497.0K |
| Interest paid | $6.1M | $6.9M |
Recent filings
- Sep 14, 20264 FORM 4, 9-14-2026
- Sep 8, 20264 FORM 4, 9-8-2026
- Aug 17, 20268-K
- Aug 14, 202610-Q
- Jun 26, 20268-K
- Jun 16, 20264 FORM 4, 6-16-2026
- May 29, 20264 FORM 4, 5-29-2026
- May 21, 2026DEFA14A
- May 18, 20268-K
- May 15, 202610-Q
- May 11, 2026DEF 14A
- Apr 20, 20264 FORM 4, 4-20-2026
- Apr 2, 20268-K
- Mar 31, 202610-K
- Nov 14, 202510-Q
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
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