Filing Flows › Blue Dolphin Energy (BDCO) › Q3 2025
Blue Dolphin Energy (BDCO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Blue Dolphin Energy (BDCO) reported revenue of $70.4M for the third quarter 2025 (Q3 2025), -14% from a year earlier and +24% from the quarter before. Operating margin was -7.2%, net loss $4.7M (6.6% of revenue).
Blue Dolphin Energy, Q3 2025: revenue $70.4M (-14% year over year), operating margin -7.2%, net loss $4.7M, operating cash flow $818K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $70.4M | +24% | -14% |
| Operating profit | −$5.1M | — | — |
| Net earnings | −$4.7M | — | — |
| Operating cash flow | $818K | — | — |
| Free cash flow | $511K | — | — |
What changed
Revenue was $70.4M in Q3 2025, down 14% year over year and up 24% from the previous quarter. Refinery Operations was the largest line at 99% of revenue. Refinery Operations lost $11.7M year over year (down 14%), 99% of the total change.
Operating costs exceeded revenue by $5.1M, an operating margin of -7.2%. Total costs fell 13% while revenue fell 14%. The fastest-growing cost line was Other operating costs (+695%). The quarter ended with a net loss of $4.7M, wider than the previous quarter's $1.7M loss.
Operating cash flow was $818K. Non-cash charges added back $718K of depreciation and amortization. Working capital and other items added $4.8M. Capital expenditures of $307K left free cash flow of $511K.
Questions
What was Blue Dolphin Energy's revenue in the third quarter 2025?
Blue Dolphin Energy (BDCO) reported revenue of $70.4M for the third quarter 2025 (Q3 2025), -14% from a year earlier and +24% from the quarter before.
Was Blue Dolphin Energy profitable in the third quarter 2025?
Operating loss was $5.1M (-7.2% of revenue) and net loss $4.7M.