Blue Dolphin (OTCQX: BDCO) swings from loss to profit in Q2 2026

Rhea-AI Filing Summary

Blue Dolphin Energy Company reported sharply improved results for the three and six months ended June 30, 2026. For the second quarter, net income was $17.7 million ($1.19 per share) compared with a net loss of $1.7 million ($0.12 loss per share) a year earlier. Total revenue from operations was $144.3 million versus $56.6 million, and gross profit rose to $25.1 million from $0.6 million. Second-quarter consolidated EBITDA was $24.4 million, up from $0.1 million.

For the first half of 2026, net income was $32.5 million ($2.18 per share) versus $0.5 million ($0.03 per share) in the prior-year period. Revenue was $225.7 million compared with $140.3 million, and gross profit was $45.7 million versus $6.6 million. First-half consolidated EBITDA reached $45.1 million, up from $5.1 million. As of June 30, 2026, the company had $31.7 million in cash, cash equivalents and restricted cash, compared with $2.0 million at December 31, 2025. Management attributed the results to disciplined operational execution amid geopolitical and market volatility.

Positive

• Net income swung to $17.7 million in Q2 2026 from a net loss of $1.7 million in Q2 2025, with EPS improving to $1.19 from a loss of $0.12, indicating a major turnaround in profitability.
• Revenue grew to $144.3 million in Q2 2026 from $56.6 million in Q2 2025, and first-half 2026 revenue rose to $225.7 million from $140.3 million, showing substantial top-line expansion.
• Consolidated EBITDA increased to $24.4 million in Q2 2026 from $0.1 million a year earlier, with first-half EBITDA rising to $45.1 million from $5.1 million, reflecting significantly stronger operating performance.
• Cash, cash equivalents and restricted cash rose to $31.7 million as of June 30, 2026, from $2.0 million at December 31, 2025, materially strengthening the company’s liquidity position.

Negative

• None.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Revenue: $144,255 (in thousands) Q2 2025 Revenue: $56,583 (in thousands) Q2 2026 Net Income: $17,736 (in thousands) +5 more

8 metrics

Q2 2026 Revenue $144,255 (in thousands) Total revenue from operations for the three months ended June 30, 2026

Q2 2025 Revenue $56,583 (in thousands) Total revenue from operations for the three months ended June 30, 2025

Q2 2026 Net Income $17,736 (in thousands) Net income for the three months ended June 30, 2026

Q2 2026 Diluted EPS $1.19 Diluted income per common share for the three months ended June 30, 2026

Q2 2026 Consolidated EBITDA $24,446 (in thousands) Consolidated EBITDA for the three months ended June 30, 2026

Six Months 2026 Net Income $32,466 (in thousands) Net income for the six months ended June 30, 2026

Six Months 2026 Consolidated EBITDA $45,108 (in thousands) Consolidated EBITDA for the six months ended June 30, 2026

Cash and Restricted Cash $31.7 million Cash, cash equivalents and restricted cash as of June 30, 2026

Key Terms

EBITDA, forward-looking statements, tolling & terminaling, restricted cash, +1 more

5 terms

EBITDA financial

"Consolidated EBITDA totaled $24.4 million in the second quarter of 2026"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

forward-looking statements regulatory

"This press release contains forward-looking statements relating to Blue Dolphin’s operations"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

tolling & terminaling technical

"Refinery Operations | Tolling & Terminaling | Corporate & Other | Total"

restricted cash financial

"had $31.7 million in cash and cash equivalents and restricted cash"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

OTCQX market

"trades on the OTCQX under the ticker symbol “BDCO.”"

OTCQX is the highest tier of the over‑the‑counter (OTC) marketplaces where shares of companies that aren’t listed on major stock exchanges trade. Think of it as a “premium shelf” for OTC stocks: companies must meet stricter financial and disclosure standards, which can mean clearer information, potentially better investor confidence and somewhat easier trading than lower OTC tiers. Investors watch OTCQX listings as a signal of relative transparency and credibility among OTC-traded firms.

Earnings Snapshot

Q2 2026 Revenue: $144,255 (in thousands)

Three and six months ended June 30, 2026

Q2 2026 Revenue $144,255 (in thousands) Up from $56,583 (in thousands) in Q2 2025

Q2 2026 Net Income $17,736 (in thousands) Improved from a net loss of $1,722 (in thousands) in Q2 2025

Q2 2026 Diluted EPS $1.19 Improved from a loss of $0.12 per share in Q2 2025

Q2 2026 Consolidated EBITDA $24,446 (in thousands) Increased from $88 (in thousands) in Q2 2025

Six Months 2026 Net Income $32,466 (in thousands) Up from $522 (in thousands) for the six months ended June 30, 2025

Six Months 2026 Consolidated EBITDA $45,108 (in thousands) Increased from $5,145 (in thousands) in the prior-year period

FAQ

How did Blue Dolphin Energy (BDCO) perform financially in the second quarter of 2026?

Blue Dolphin reported Q2 2026 net income of $17.7 million ($1.19 per share), compared with a net loss of $1.7 million ($0.12 loss per share) in Q2 2025. Revenue rose to $144.3 million from $56.6 million, and EBITDA increased to $24.4 million from $0.1 million.

What were Blue Dolphin Energy’s (BDCO) first-half 2026 results compared to 2025?

For the six months ended June 30, 2026, Blue Dolphin generated net income of $32.5 million ($2.18 per share), versus $0.5 million ($0.03 per share) in 2025. Revenue reached $225.7 million versus $140.3 million, and EBITDA grew to $45.1 million from $5.1 million.

How did Blue Dolphin Energy’s (BDCO) revenue and gross profit change in Q2 2026?

In Q2 2026, Blue Dolphin’s revenue from operations was $144.3 million, up from $56.6 million in Q2 2025. Gross profit increased to $25.1 million from $0.6 million, indicating much stronger margins and operating performance during the quarter.

What is Blue Dolphin Energy’s (BDCO) liquidity position as of June 30, 2026?

As of June 30, 2026, Blue Dolphin held $31.7 million in cash, cash equivalents and restricted cash, compared with $2.0 million at December 31, 2025. This substantial increase provides greater financial flexibility and support for ongoing operations and potential capital needs.

What operating segments contributed to Blue Dolphin Energy’s (BDCO) Q2 2026 EBITDA?

For Q2 2026, Blue Dolphin reported refinery operations EBITDA of $23.8 million, tolling & terminaling EBITDA of $1.2 million, and a corporate & other EBITDA loss of $0.6 million, resulting in total consolidated EBITDA of $24.4 million.

Where does Blue Dolphin Energy (BDCO) trade and what are its core operations?

Blue Dolphin trades on the OTCQX under the ticker “BDCO”. It operates a 15,000-barrel per day crude distillation tower and over 1.25 million barrels of storage capacity in Nixon, Texas, focusing on downstream refining and marketing in the Gulf Coast region.

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Understanding 8-K Material Events →

Available on EDGAR 08/17/2026 - 09:01 AM Accepted by SEC EDGAR 08/17/2026 - 09:01 AM Learn about SEC filing dates

false 0000793306 0000793306 2026-08-17 2026-08-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):

August 17, 2026

Blue Dolphin Energy Company

(Exact name of registrant as specified in its charter)

Delaware		0-15905		73-1268729
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

2301 Commerce St , Suite 140

Houston, TX 77002

(Address of principal executive office and zip code)

(713) 568-4725

(Registrant’s telephone number, including area code)

(Not Applicable)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:  None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

The information in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or otherwise subject to the liabilities of such section, and is not deemed incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 2.02 Results of Operations and Financial Condition.

On August 17, 2026 Blue Dolphin Energy Company issued a press release reporting its financial results for the three and six months ended June 30, 2026 and its financial condition as of June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Blue Dolphin Energy Company Press Release Issued August 17, 2026.
104	Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 17, 2026

Blue Dolphin Energy Company

/s/ JONATHAN P. CARROLL

Jonathan P. Carroll

Chief Executive Officer, President, Treasurer and Secretary 

(Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)

Exhibit Index

99.1	Blue Dolphin Energy Company Press Release Issued August 17, 2026.
104	Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).

3

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

BLUE DOLPHIN REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS

●  Total gross profit of $25.1 million and $45.7 million for the three and six months ended June 30, 2026, respectively

●  Net income of $17.7 million, or $1.19 per share, and $32.5 million, or $2.18 per share, for the three and six months ended June 30, 2026, respectively

●  Consolidated earnings before interest, income taxes, depreciation, and amortization (“EBITDA”) of $24.4 million and $45.1 million for the three and six months ended June 30, 2026, respectively

HOUSTON, TX / ACCESS Newswire / August 14, 2026 / Blue Dolphin Energy Company ("Blue Dolphin") (OTCQX:BDCO), an independent refiner and marketer of petroleum products in the Eagle Ford Shale region, announced its financial results for the three and six months ended June 30, 2026. 

Results of Operations

Blue Dolphin reported net income of $17.7 million, or $1.19 per share, for the three months ended June 30, 2026 compared to a net loss of  $1.7 million, or a loss of $ 0.12 per share, for the three months ended June 30, 2025.  Gross profit totaled $25.1 million for the second quarter of 2026 compared to gross profit of $0.6 million for the same period in 2025. Consolidated EBITDA totaled $24.4 million in the second quarter of 2026 compared to consolidated EBITDA of $0.1 million in the second quarter of 2025.

Blue Dolphin reported net income of $32.5 million, or $2.18 per share, for the six months ended June 30, 2026 compared to net income of $0.5 million, or $ 0.03 per share, for the six months ended June 30, 2025.  Gross profit totaled $45.7 million for the six months ended June 30, 2026 compared to gross profit of $6.6 million for the same period in 2025. Consolidated EBITDA totaled $45.1 million for the six months ended June 30, 2026 compared to consolidated EBITDA of $5.1 million for the six months ended June 30, 2025.

See the tables below for a reconciliation of consolidated EBITDA.

"Blue Dolphin's disciplined operational execution within the continuing environment of geopolitical and market volatility drove strong financial results and significant cash generation in the second quarter and first half of 2026," said Jonathan P. Carroll, Chief Executive Officer of Blue Dolphin Energy Company.

Liquidity

As of June 30, 2026 Blue Dolphin had $31.7 million in cash and cash equivalents and restricted cash compared to $2.0 million at December 31, 2025.

For more information regarding Blue Dolphin's financial results for the three and six months ended June 30, 2026, see Blue Dolphin's Quarterly Report on Form 10-Q as filed with the U.S. Securities and Exchange Commission (the "SEC") on August 14, 2026.

Blue Dolphin Energy Company and Subsidiaries

Earnings Release Tables

Consolidated Results of Operations (Unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
		(in thousands, except per-share amounts)								(in thousands, except per-share amounts)
Total revenue from operations		$	144,255			$	56,583			$	225,745			$	140,275
Total cost of goods sold			119,155				56,033				180,075				133,652
Gross profit			25,100				550				45,670				6,623
LEH operating fee, related party			259				276				492				458
Other operating expenses			156				125				317				244
General and administrative expenses			885				704				2,057				2,059
Gain on regulatory settlement			-				-				(1,013	)			-
Depreciation and amortization			74				74				148				148
Interest, net			1,123				1,552				2,505				3,016
Total cost and expenses			2,497				2,731				4,506				5,925
Income (loss) before income taxes			22,603				(2,181	)			41,164				698
Income tax benefit (expense)			(4,867	)			459				(8,698	)			(176	)
Net income (loss)		$	17,736			$	(1,722	)		$	32,466			$	522
Income (loss) per common share
Basic		$	1.19			$	(0.12	)		$	2.18			$	0.03
Diluted		$	1.19			$	(0.12	)		$	2.18			$	0.03

		Three Months Ended June 30,
		2026																2025
		Refinery Operations				Tolling & Terminaling				Corporate & Other				Total				Refinery Operations				Tolling & Terminaling				Corporate & Other				Total
		(in thousands)
Income (loss) before income taxes		$	22,906			$	478			$	(781	)		$	22,603			$	(2,113	)		$	363			$	(431	)		$	(2,181	)
Add: depreciation and amortization			304				342				74				720				301				342				74				717
Add: interest, net			621				397				105				1,123				928				444				180				1,552
EBITDA		$	23,831			$	1,217			$	(602	)		$	24,446			$	(884	)		$	1,149			$	(177	)		$	88

		Six Months Ended June 30,
		2026																2025
		Refinery Operations				Tolling & Terminaling				Corporate & Other				Total				Refinery Operations				Tolling & Terminaling				Corporate & Other				Total
		(in thousands)
Income (loss) before income taxes		$	40,962			$	875			$	(673	)		$	41,164			$	1,676			$	725			$	(1,703	)		$	698
Add: depreciation and amortization			608				683				148				1,439				599				684				148				1,431
Add: interest, net			1,475				811				219				2,505				1,764				921				331				3,016
EBITDA		$	43,045			$	2,369			$	(306	)		$	45,108			$	4,039			$	2,330			$	(1,224	)		$	5,145

About Blue Dolphin

Blue Dolphin is an independent downstream energy company operating in the Gulf Coast region of the United States. Subsidiaries operate a light, sweet-crude, 15,000-barrel per day crude distillation tower with over 1.25 million barrels of petroleum storage tank capacity in Nixon, Texas. Blue Dolphin formed in 1986 as a Delaware corporation and trades on the OTCQX under the ticker symbol “BDCO.” For additional information, visit Blue Dolphin's corporate website at http://www.blue-dolphin-energy.com.

Contact:

Jonathan P. Carroll

Chief Executive Officer and President

713-568-4725

Cautionary Statements Relevant to Forward-Looking Information for the Purpose of “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements relating to Blue Dolphin’s operations based on management’s current expectations, estimates, and projections about the oil and gas industry. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursue,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from those expressed or forecasted in such forward-looking statements. The reader should not rely on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Blue Dolphin undertakes no obligation to update publicly any forward-looking statements, whether because of new information, future events, or otherwise.

For a discussion of risk factors that could cause actual results to differ materially from those in the forward-looking statements, please see the factors set forth under the heading “Risk Factors” in Blue Dolphin's 2025 Annual Report on Form 10-K as filed with the SEC on March 31, 2026 and in subsequent filings with the SEC. Other unpredictable or unknown factors not discussed in this press release could also adversely affect forward-looking statements.

# # #

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 BDCO EARNINGS RLS DATED AUGUST 17, 2026 159.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 10.5 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 14.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.5 KB