Blue Dolphin Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Blue Dolphin has an operating margin of -1.4%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 9.2% the prior year.
Blue Dolphin's revenue declined 19.8% year-over-year, from $396.0M to $317.5M. This contraction results in a growth score of 0/100.
Blue Dolphin has a moderate D/E ratio of 2.09. This balance of debt and equity financing earns a leverage score of 34/100.
Blue Dolphin's current ratio of 0.70 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 8/100, which could limit financial flexibility.
While Blue Dolphin generated -$15.7M in operating cash flow, capex of $46K consumed most of it, leaving -$15.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Blue Dolphin passes 1 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Blue Dolphin generates $1.81 in operating cash flow (-$15.7M OCF vs -$8.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Blue Dolphin earns $-0.7 in operating income for every $1 of interest expense (-$4.3M vs $6.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Blue Dolphin (BDCO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Blue Dolphin generated $317.5M in revenue in fiscal year 2024. This represents a decrease of 19.8% from the prior year.
Blue Dolphin's EBITDA was -$1.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 103.8% from the prior year.
Blue Dolphin generated -$15.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 179.0% from the prior year.
Blue Dolphin reported -$8.6M in net income in fiscal year 2024. This represents a decrease of 127.8% from the prior year.
Blue Dolphin earned $-0.58 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 127.9% from the prior year.
Blue Dolphin held $81K in cash against $0 in long-term debt as of fiscal year 2024.
Blue Dolphin had 15M shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Blue Dolphin's operating margin was -1.4% in fiscal year 2024, reflecting core business profitability. This is down 10.5 percentage points from the prior year.
Blue Dolphin's net profit margin was -2.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 10.5 percentage points from the prior year.
Blue Dolphin invested $46K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 54.9% from the prior year.
BDCO Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $70.4M+24.3% | $56.6M-32.4% | $83.7M+12.0% | $74.7M+7.3% | $69.7M-23.5% | $91.0M-15.7% | $108.0M+5.3% | $102.6M |
| Cost of Revenue | $70.3M+25.5% | $56.0M-27.8% | $77.6M+4.9% | $74.0M-0.5% | $74.4M-6.9% | $79.8M-19.7% | $99.4M+8.8% | $91.4M |
| Gross Profit | N/A | N/A | N/A | N/A | -$4.1M-134.3% | $11.8M+6.4% | $11.1M-0.4% | $11.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.6M+132.0% | $704K-48.0% | $1.4M-54.0% | $2.9M+100.4% | $1.5M+49.6% | $983K+1124.0% | -$96K-108.6% | $1.1M |
| Operating Income | -$5.1M-710.3% | -$629K-114.5% | $4.3M+260.1% | -$2.7M+59.1% | -$6.6M-167.4% | $9.8M+8.9% | $9.0M+0.9% | $8.9M |
| Interest Expense | $850K-45.3% | $1.6M+6.1% | $1.5M-2.8% | $1.5M+1.6% | $1.5M-2.0% | $1.5M-1.0% | $1.5M-2.8% | $1.6M |
| Income Tax | -$1.3M-176.7% | -$459K-172.3% | $635K+306.2% | -$308K+82.1% | -$1.7M-193.2% | $1.8M+267.8% | -$1.1M-423.6% | $339K |
| Net Income | -$4.7M-171.5% | -$1.7M-176.7% | $2.2M+157.4% | -$3.9M+38.4% | -$6.3M-195.9% | $6.6M-24.3% | $8.8M+23.9% | $7.1M |
| EPS (Diluted) | $-0.31-158.3% | $-0.12-180.0% | $0.15+160.0% | $-0.25+41.9% | $-0.43-197.7% | $0.44-25.4% | $0.59+25.5% | $0.47 |
BDCO Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $105.1M-5.1% | $110.8M+5.0% | $105.6M+3.6% | $101.9M-3.8% | $105.9M-2.3% | $108.5M+2.3% | $106.1M+4.0% | $102.0M |
| Current Assets | $49.4M-11.7% | $55.9M+10.8% | $50.5M+12.7% | $44.8M-9.8% | $49.6M-6.1% | $52.8M+7.2% | $49.3M+9.5% | $45.0M |
| Cash & Equivalents | $2.3M+183.8% | $819K-36.6% | $1.3M+1493.8% | $81K-17.3% | $98K-99.1% | $11.1M-40.6% | $18.7M+63.1% | $11.5M |
| Inventory | $33.9M-17.8% | $41.2M+9.1% | $37.8M+5.9% | $35.7M-10.5% | $39.9M+39.1% | $28.7M+16.6% | $24.6M-10.2% | $27.4M |
| Accounts Receivable | $9.2M+2.3% | $9.0M+6.0% | $8.5M+42.6% | $6.0M-7.1% | $6.4M-45.8% | $11.8M+175.0% | $4.3M+1828.3% | $223K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $76.3M-1.3% | $77.3M+9.9% | $70.4M+2.1% | $68.9M+7.6% | $64.1M+6.3% | $60.3M-6.5% | $64.5M-6.8% | $69.2M |
| Current Liabilities | $72.4M-0.4% | $72.7M+11.9% | $65.0M+1.7% | $63.9M+99.8% | $32.0M-39.1% | $52.5M-5.2% | $55.4M+0.2% | $55.3M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $5.2M |
| Total Equity | $28.8M-14.0% | $33.5M-4.9% | $35.2M+6.8% | $33.0M-21.3% | $41.9M-13.2% | $48.2M+15.9% | $41.6M+26.6% | $32.8M |
| Retained Earnings | -$11.1M-72.8% | -$6.4M-36.6% | -$4.7M+32.3% | -$6.9M-453.2% | $2.0M-76.4% | $8.3M+391.5% | $1.7M+124.0% | -$7.1M |
BDCO Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $818K+150.4% | -$1.6M+6.1% | -$1.7M-309.1% | $826K+108.2% | -$10.1M-62.1% | -$6.3M-193.4% | $6.7M-40.3% | $11.2M |
| Capital Expenditures | $307K | N/A | N/A | $46K | N/A | N/A | $0 | $0 |
| Free Cash Flow | $511K | N/A | N/A | $780K | N/A | N/A | $6.7M-40.3% | $11.2M |
| Investing Cash Flow | -$307K-958.6% | -$29K | $0+100.0% | -$46K | $0 | $0 | $0 | $0 |
| Financing Cash Flow | $994K-15.7% | $1.2M-59.9% | $2.9M+312.5% | -$1.4M-54.9% | -$892K-158.6% | -$345K+22.6% | -$446K-46.2% | -$305K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BDCO Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | -5.8%-18.8pp | 13.0%+2.7pp | 10.3%-0.6pp | 10.9% |
| Operating Margin | -7.2%-6.1pp | -1.1%-6.3pp | 5.2%+8.8pp | -3.6%+5.9pp | -9.5%-20.3pp | 10.8%+2.4pp | 8.4%-0.4pp | 8.7% |
| Net Margin | -6.7%-3.6pp | -3.0%-5.7pp | 2.7%+7.9pp | -5.2%+3.9pp | -9.1%-16.4pp | 7.3%-0.8pp | 8.1%+1.2pp | 6.9% |
| Return on Equity | N/A | N/A | 6.4% | N/A | N/A | 13.7%-7.3pp | 21.0%-0.5pp | 21.5% |
| Return on Assets | -4.5%-2.9pp | -1.6%-3.7pp | 2.1%+6.0pp | -3.8%+2.2pp | -6.0%-12.1pp | 6.1%-2.1pp | 8.3%+1.3pp | 6.9% |
| Current Ratio | 0.68-0.1 | 0.770.0 | 0.78+0.1 | 0.70-0.9 | 1.55+0.5 | 1.01+0.1 | 0.89+0.1 | 0.81 |
| Debt-to-Equity | 2.65+0.3 | 2.31+0.3 | 2.00-0.1 | 2.09+0.6 | 1.53+0.3 | 1.25-0.3 | 1.55+1.4 | 0.16 |
| FCF Margin | 0.7% | N/A | N/A | 1.0% | N/A | N/A | 6.2%-4.7pp | 10.9% |
Note: The current ratio is below 1.0 (0.70), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Blue Dolphin's annual revenue?
Blue Dolphin (BDCO) reported $317.5M in total revenue for fiscal year 2024. This represents a -19.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Blue Dolphin's revenue growing?
Blue Dolphin (BDCO) revenue declined by 19.8% year-over-year, from $396.0M to $317.5M in fiscal year 2024.
Is Blue Dolphin profitable?
No, Blue Dolphin (BDCO) reported a net income of -$8.6M in fiscal year 2024, with a net profit margin of -2.7%.
What is Blue Dolphin's earnings per share (EPS)?
Blue Dolphin (BDCO) reported diluted earnings per share of $-0.58 for fiscal year 2024. This represents a -127.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Blue Dolphin's EBITDA?
Blue Dolphin (BDCO) had EBITDA of -$1.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Blue Dolphin's operating margin?
Blue Dolphin (BDCO) had an operating margin of -1.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Blue Dolphin's net profit margin?
Blue Dolphin (BDCO) had a net profit margin of -2.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Blue Dolphin's free cash flow?
Blue Dolphin (BDCO) generated -$15.7M in free cash flow during fiscal year 2024. This represents a -179.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Blue Dolphin's operating cash flow?
Blue Dolphin (BDCO) generated -$15.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Blue Dolphin's total assets?
Blue Dolphin (BDCO) had $101.9M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Blue Dolphin's capital expenditures?
Blue Dolphin (BDCO) invested $46K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Blue Dolphin have outstanding?
Blue Dolphin (BDCO) had 15M shares outstanding as of fiscal year 2024.
What is Blue Dolphin's current ratio?
Blue Dolphin (BDCO) had a current ratio of 0.70 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Blue Dolphin's debt-to-equity ratio?
Blue Dolphin (BDCO) had a debt-to-equity ratio of 2.09 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Blue Dolphin's return on assets (ROA)?
Blue Dolphin (BDCO) had a return on assets of -8.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Blue Dolphin's cash runway?
Based on fiscal year 2024 data, Blue Dolphin (BDCO) had $81K in cash against an annual operating cash burn of $15.7M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Blue Dolphin's Piotroski F-Score?
Blue Dolphin (BDCO) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Blue Dolphin's earnings high quality?
Blue Dolphin (BDCO) has an earnings quality ratio of 1.81x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Blue Dolphin cover its interest payments?
Blue Dolphin (BDCO) has an interest coverage ratio of -0.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Blue Dolphin?
Blue Dolphin (BDCO) scores 8 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.