---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-011052"
form_type: "8-K"
ticker: "BDCO"
cik: "0000793306"
company_name: "BLUE DOLPHIN ENERGY CO"
filed_at: "2026-04-02T23:59:59+00:00"
generated_at: "2026-05-15T07:54:31.353644+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Blue Dolphin FY2025 gross profit $8.7M, net loss narrows; EBITDA turns positive

## Summary
- Gross profit $8.7M (up 123% from $3.9M in FY2024); net loss $5.6M ($0.38/share) vs $8.6M ($0.58/share).
- Consolidated EBITDA $1.3M (vs -$1.5M); refinery operations EBITDA $2.9M (vs -$0.4M).
- Cash and equivalents $2.0M (up $0.9M); working capital deficit $24.4M (up from $19.1M).
- Revenue $279.4M vs $317.5M; impairment of fixed assets $3.0M recognized in FY2025.

## SEC filing metadata
- accession: 0001437749-26-011052
- form_type: 8-K
- ticker: BDCO
- cik: 0000793306
- company_name: BLUE DOLPHIN ENERGY CO
- filed_at: 2026-04-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/793306/000143774926011052/0001437749-26-011052-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/793306/000143774926011052/bdco20251119_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-011052
- JSON: https://secwatch.observer/filing/0001437749-26-011052.json
- Plain text: https://secwatch.observer/filing/0001437749-26-011052.txt

## Key facts
- Earnings Releases
  BLUE DOLPHIN ENERGY CO reported the twelve months ended December 31, 2025 results: net income Net loss of $5.6 million, or a loss of $0.38 per share.
  - Period: the twelve months ended December 31, 2025
  - Net income: Net loss of $5.6 million, or a loss of $0.38 per share
  - Result: reported results
  source text: Blue Dolphin reported total gross profit of $8.7 million and a net loss of $5.6 million, or a loss of $0.38 per share, for Full Year 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/793306/000143774926011052/0001437749-26-011052-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.