Filing Flows › Blue Dolphin Energy (BDCO) › Q2 2025
Blue Dolphin Energy (BDCO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 14, 2025
Blue Dolphin Energy (BDCO) reported revenue of $56.6M for the second quarter 2025 (Q2 2025), -19% from a year earlier and -32% from the quarter before. Operating margin was -1.1%, net loss $1.7M (3.0% of revenue).
Blue Dolphin Energy, Q2 2025: revenue $56.6M (-19% year over year), operating margin -1.1%, net loss $1.7M, operating cash flow −$1.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $56.6M | -32% | -19% |
| Operating profit | −$629K | -114% | — |
| Net earnings | −$1.7M | -177% | — |
| Operating cash flow | −$1.6M | — | — |
What changed
Revenue was $56.6M in Q2 2025, down 19% year over year and down 32% from the previous quarter. Refinery Operations was the largest line at 99% of revenue. Refinery Operations lost $12.8M year over year (down 19%), 98% of the total change.
Operating costs exceeded revenue by $629K, an operating margin of -1.1%. Total costs fell 25% while revenue fell 19%. The quarter ended with a net loss of $1.7M, after a profit of $2.2M the previous quarter. Net interest and other expense of $1.6M was the main reason.
Operating cash flow was −$1.6M. Non-cash charges added back $717K of depreciation and amortization. Working capital and other items used $617K. Capital expenditures of $29K exceeded it, leaving free cash flow of −$1.7M.
Questions
What was Blue Dolphin Energy's revenue in the second quarter 2025?
Blue Dolphin Energy (BDCO) reported revenue of $56.6M for the second quarter 2025 (Q2 2025), -19% from a year earlier and -32% from the quarter before.
Was Blue Dolphin Energy profitable in the second quarter 2025?
Operating loss was $629K (-1.1% of revenue) and net loss $1.7M.