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BLUE DOLPHIN ENERGY CO (BDCO)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 showed mixed execution: revenue improved sequentially to $70.36M (+24% QoQ) but fell YoY, gross profit was essentially breakeven ($0.03M), and a $3.03M impairment drove a consolidated EBITDA loss of $4.38M and net loss of $4.68M (−$0.31 EPS) .
  • Tolling & terminaling EBITDA remained solid at $1.29M and improved vs QoQ, but corporate & other EBITDA swung sharply negative (−$4.18M), consistent with the impairment flowing through EBITDA by the company’s definition (adds back D&A and interest, but not impairment) .
  • Liquidity increased (cash + restricted cash $3.3M) but working capital deficit widened to $23.1M as of 9/30/25 (from $16.8M at 6/30/25 and $19.1M at 12/31/24), highlighting balance sheet strain despite cost actions .
  • No Q3 earnings call transcript or formal guidance; Wall Street consensus (S&P Global) was unavailable for Q3 2025, limiting beat/miss analysis [GetEstimates: Q3 2025 returned no data].
  • Management emphasized ongoing cost management and operational efficiencies; however, the impairment and negative EBITDA are near‑term narrative drivers to monitor alongside seasonal/product slate and macro margin dynamics .

What Went Well and What Went Wrong

  • What Went Well

    • Sequential revenue recovery with positive gross profit vs a gross deficit in the prior-year quarter; Q3 revenue $70.36M vs $56.58M in Q2 2025 and $82.11M in Q3 2024; gross profit $0.03M vs $(3.32)M in Q3 2024 .
    • Tolling & terminaling EBITDA remained resilient at $1.29M in Q3 (vs $1.15M in Q2), supporting overall operations despite refinery and corporate headwinds .
    • Management message consistency on efficiency and cost control: “continued to extract operational efficiencies where possible and manage costs” (CEO Jonathan Carroll) .

  • What Went Wrong

    • Consolidated EBITDA turned to a $(4.38)M loss (vs $0.09M in Q2), mainly due to a $3.03M fixed asset impairment recognized in Q3 and a sharp deterioration in corporate & other EBITDA (−$4.18M) .
    • Net loss widened to $(4.68)M (−$0.31 EPS) vs $(1.72)M (−$0.12) in Q2, reflecting the impairment, ongoing interest expense, and still-thin gross margins .
    • Working capital deficit increased to $(23.1)M at 9/30/25 from $(16.8)M at 6/30/25 and $(19.1)M at 12/31/24, elevating liquidity risk despite cash improving to $3.3M .

Financial Results

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Revenue ($USD Millions)$82.11 $83.69 $56.58 $70.36
Gross Profit ($USD Millions)$(3.32) $6.07 $0.55 $0.03
Gross Margin (%)−4.0% 7.3% 1.0% 0.0%
Net Income ($USD Millions)$(5.00) $2.24 $(1.72) $(4.68)
Diluted EPS ($)$(0.34) $0.15 $(0.12) $(0.31)
Consolidated EBITDA ($USD Millions)$(4.09) $5.06 $0.09 $(4.38)
EBITDA Margin (%)−5.0% 6.0% 0.2% −6.2%

Notes: Margins are calculated from reported figures; citations reference the source line items.

Segment EBITDA breakdown (Non-GAAP)

Segment EBITDA ($USD Millions)Q3 2024Q1 2025Q2 2025Q3 2025
Refinery Operations$(4.54) $4.92 $(0.88) $(1.50)
Tolling & Terminaling$1.29 $1.18 $1.15 $1.29
Corporate & Other$(0.84) $(1.05) $(0.18) $(4.18)
Total$(4.09) $5.06 $0.09 $(4.38)

Liquidity and working capital KPIs

KPI12/31/20243/31/20256/30/20259/30/2025
Cash & Restricted Cash ($USD Millions)$1.10 $2.30 $1.80 $3.30
Working Capital Deficit ($USD Millions)$(19.10) $(14.50) $(16.80) $(23.10)
Impairment of Fixed Assets ($USD Millions, quarterly)———$3.03

Estimate comparison (S&P Global)

  • Wall Street consensus for Q3 2025 EPS and revenue was unavailable via S&P Global at the time of review; beat/miss vs estimates cannot be determined. (Consensus unavailable via S&P Global for Q3 2025.)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY/Q4 2025None issued None issued Maintained (no guidance)
Margins/EBITDAFY/Q4 2025None issued None issued Maintained (no guidance)
OpEx/LEH feeFY/Q4 2025None issued None issued Maintained (no guidance)
OI&E/InterestFY/Q4 2025None issued None issued Maintained (no guidance)
Tax rateFY/Q4 2025None issued None issued Maintained (no guidance)
DividendsFY/Q4 2025None announced None announced Maintained (no dividend)

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was found; themes are inferred from press releases.

TopicPrevious Mentions (Q2 and Q1)Current Period (Q3)Trend
Operations/maintenanceFocus on completing maintenance/turnaround in H1 to maximize efficiencies ; “optimizing operations through maintenance activities, product slate selections” Continued focus on extracting operational efficiencies and managing costs Stable emphasis on efficiency
Macro/pricing/margins“Margin and pricing pressure continues due to policy uncertainty and geopolitical tensions” Gross profit near breakeven with negative EBITDA; impairment weighed on results Pressures persisted QoQ
Cost structurePlan to streamline/simplify organization to enhance cost structure Corporate & other EBITDA sharply negative (includes impairment impact) Near-term setback from impairment despite continued cost focus
Liquidity/working capitalWC deficit improved in Q1 and Q2 vs YE’24 WC deficit widened to $(23.1)M; cash improved to $3.3M Liquidity mixed: cash better, WC worse

Management Commentary

  • “Blue Dolphin continued to extract operational efficiencies where possible and manage costs. As a result, we achieved a gross profit of $6.7 million and consolidated EBITDA of $0.8 million for the nine months ended September 30, 2025.” — Jonathan P. Carroll, CEO .
  • “In the first half of the year Blue Dolphin focused on completing maintenance and turnaround activities to maximize operational efficiencies… we will continue to streamline and simplify our organization to enhance our cost structure and improve profitability.” — Jonathan P. Carroll (Q2 release) .
  • “While the current macroeconomic environment remains cloudy and volatile, we will continue to focus on the fundamentals – optimizing operations through maintenance activities, product slate selections, and cost vigilance – to maximize refining margins.” — Jonathan P. Carroll (Q1 release) .

Q&A Highlights

  • No Q3 2025 earnings call transcript or Q&A was available; no additional clarifications beyond the 8‑K press release [ListDocuments showed no earnings-call-transcript for Q3 2025].

Estimates Context

  • S&P Global Wall Street consensus for Q3 2025 EPS and revenue was not available; there were no target price or recommendation datapoints either at the time of retrieval. Consequently, we cannot assess beats/misses or estimate dispersion. (Consensus unavailable via S&P Global for Q3 2025.)

Key Takeaways for Investors

  • Q3 sequential revenue recovery with breakeven gross profit but negative consolidated EBITDA driven by a $3.03M impairment; watch for impairment‑related effects and any follow‑on asset actions .
  • Tolling & terminaling remains a steady contributor (EBITDA ~$1.29M), partially offsetting refinery and corporate swings; segment balance matters for near‑term cash generation .
  • Corporate & other EBITDA deterioration (−$4.18M) was a major swing factor QoQ, aligning with the impairment; stabilizing overhead and asset base is key to restoring positive EBITDA .
  • Liquidity is mixed: cash improved to $3.3M, but working capital deficit widened to $(23.1)M; vendor terms and inventory management remain important operational levers .
  • No guidance and no call reduce visibility; absent external estimates, trading could key off reported margins, asset charges, and any subsequent filings or operational updates [GetEstimates: no data].
  • Watch refinery EBITDA trajectory (−$1.50M in Q3 vs −$0.88M in Q2 and $4.92M in Q1) and product slate/margin commentary for signs of stabilization into Q4 seasonality .
  • Continued cost discipline and operational efficiencies are central to the medium‑term thesis; confirmation would include sustained positive gross profit and improved consolidated EBITDA absent one‑offs .