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Blue Dolphin Energy Company (BDCO) reported third‑quarter 2025 results. Revenue from operations was $70.4 million, with a net loss of $4.7 million (basic and diluted EPS $(0.31)). Year‑to‑date revenue was $210.6 million with a nine‑month net loss of $4.2 million.
Liquidity remains tight. Cash and cash equivalents were $2.3 million and restricted cash $1.0 million. Current liabilities totaled $72.4 million, including $32.5 million of long‑term debt classified as current due to defaults. Total long‑term debt principal was $36.5 million as of September 30, 2025. Management noted historical working capital deficits and significant debt in default, while stating an expectation to meet obligations through operating cash flows and liquidation of working capital.
The company disclosed covenant defaults on the LE Term Loan Due 2034 and LRM Term Loan Due 2034, and non‑financial covenant defaults on the NPS Term Loan Due 2031. Q3 included a $3.0 million impairment of fixed assets and an increase in asset retirement obligations to a $6.0 million current liability. Shares outstanding were 14,921,968 as of September 30, 2025.
Jonathan P. Carroll, who is CEO & President, a director and a >10% owner of Blue Dolphin Energy Company (BDCO), reported an open-market acquisition on a Form 4. On 09/11/2025 he purchased 4,221 shares of common stock at $1.42 per share, and the form shows 4,125,000 shares beneficially owned following the transaction in a direct capacity. The filing also discloses that Mr. Carroll indirectly owns 8,475,000 shares through his ownership interest in Lazarus Energy Holdings, LLC. The Form 4 is signed by Mr. Carroll on 09/15/2025.