The massive earnings beat and EBITDA step-change signal a potential inflection in the refining cycle for BDCO. Monitor the 10-Q for working capital details and any commentary on sustainability of product differentials. The cash burn from $2.0M to $1.4M is a watch item, but the operating cash generation from this quarter should more than cover it.
Price Chart
Executive Summary
Blue Dolphin Energy reported a transformative Q1 2026: net income of $14.7M ($0.99/share) vs $2.2M ($0.15) a year ago, with gross profit surging to $20.6M from $6.1M and consolidated EBITDA of $20.7M vs $5.1M. The massive improvement reflects favorable product differentials and inventory impacts in a volatile refined products market, though revenue slipped slightly to $81.5M from $83.7M. No guidance was provided, but the sequential and year-over-step-change in profitability is the key takeaway for traders.
Key Financial Metrics
Key Facts
- Net income of $14.7M ($0.99/share) vs $2.2M ($0.15) in Q1 2025 — a 556% increase
- Gross profit of $20.6M vs $6.1M YoY, driven by improved product differentials and favorable inventory impacts
- Consolidated EBITDA of $20.7M vs $5.1M YoY, a 305% increase
- Revenue of $81.5M vs $83.7M YoY, a slight decline of 2.6%
- Cash and restricted cash of $1.4M at March 31, 2026 vs $2.0M at Dec 31, 2025
- Working capital deficit not disclosed for current period; prior year-end deficit was $24.4M
Financial Impact
Net income improved by $12.5M YoY; EBITDA improved by $15.6M YoY; gross profit margin expanded from ~7.3% to ~25.2%
Risk Factors
- Revenue declined 2.6% YoY despite massive profit improvement — top-line weakness could re-emerge if product differentials normalize
- Cash position declined to $1.4M from $2.0M, though this quarter's earnings should provide operating cash flow
- No forward guidance provided; sustainability of Q1 results depends on continued favorable market conditions
- Working capital deficit was $24.4M at year-end 2025 — current quarter details not yet available
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-017548 |
| Document: bdco20260513_8k.htm | 0001437749-26-017548 |
| Document: 0001437749-26-017548-index-headers.html | 0001437749-26-017548 |
| Document: 0001437749-26-017548-index.html | 0001437749-26-017548 |
| Document: 0001437749-26-017548.txt | 0001437749-26-017548 |
| 8-K Data (Synthetic) | 0001437749-26-017548 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $12.90 $12.74 | ▼ −1.24% | ▼ −0.72% | $13.00 (+0.78%) |
Aug 17, 2026 10w ago | 8-K | $5.62 $6.45 | ▲ +14.77% | ▲ +15.44% | $13.00 (+131.32%) |
May 18, 2026 23w ago | 8-K | $4.11 $4.23 | ▲ +2.92% | ▲ +3.57% | $13.00 (+216.30%) |
Apr 2, 2026 29w ago | 8-K | $2.70 $2.71 | ▲ +0.37% | ▼ −0.11% | $13.00 (+381.48%) |
US Market Status
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