SRTA Filings — Strata Critical Medical, Inc. - FilingSpy
SRTA
Strata Critical Medical, Inc.
A healthcare services company that rushes donor organs to transplant centers via air and ground, under the Trinity brand, and provides surgical recovery, preservation, and cardiac perfusion staffing under Keystone. Born in 2014 as Blade Air Mobility, the helicopter passenger app, it pivoted during the pandemic to organ transport and rebranded as Strata in 2025. Fun fact: its old name "Blade" honored helicopter rotor blades.
Strata Critical Medical Q2 2026 revenue up 60.7% to $72.5M; raises 2026 guidance
Total revenue increased 60.7% year-over-year to $72.5 million in Q2 2026, driven by organic Logistics growth and Clinical acquisitions.
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Net loss from continuing operations was $(10.5) million, or (14.5)% of revenue, in Q2 2026.
Adjusted EBITDA was $7.9 million in Q2 2026, with Adjusted EBITDA margin of 10.9%.
Cash flow from operating activities was $5.7 million and Free Cash Flow was $2.9 million in Q2 2026.
Company updated 2026 guidance: revenue of $285-295 million, Adjusted EBITDA of $33-35 million, and free cash flow before aircraft and engine acquisitions of $15-22 million.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Strata Critical Medical Q1 2026 revenue up 87.4% to $67.4 million, net income $2.4 million
Total revenue increased 87.4% year-over-year to $67.4 million in Q1 2026, driven by organic Logistics growth and the addition of the Clinical business.
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Net income from continuing operations was $2.4 million in Q1 2026, compared to a net loss of $1.6 million in Q1 2025.
Adjusted EBITDA was $6.4 million in Q1 2026, up from $0.4 million in Q1 2025.
Completed the bolt-on acquisition of Ohio Valley Perfusion Associates for approximately $1 million.
Reiterated full year 2026 guidance: revenue of $260-275 million, Adjusted EBITDA of $29-33 million, and free cash flow before aircraft and engine acquisitions of $15-22 million.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Strata Critical Medical closes $30M ABL credit facility with JPMorgan to fund acquisitions
On January 30, 2026, Strata Critical Medical, Inc. and subsidiaries entered into a Credit Agreement with JPMorgan Chase Bank, N.A. for a secured asset-based revolving credit facility of up to $30 million.
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The ABL Facility can be increased by up to $20 million, for a total of $50 million, subject to conditions in the Credit Agreement.
The facility matures on January 30, 2029, with interest based on SOFR plus a 2.00% margin and a 0.25% per annum commitment fee on unused amounts.
Proceeds will be used for working capital and general corporate purposes, and the facility is undrawn at closing.
The company's owned aircraft are excluded from the collateral package and remain unencumbered, preserving future financing optionality.
1.01 Entry into a Material Definitive Agreement · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Strata Critical Medical appoints William L. Cook III to its Board of Directors
On December 2, 2025, the Board expanded from eight to nine directors and appointed William L. Cook III as a Class I director, effective immediately, with a term expiring at the 2027 annual meeting.
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Mr. Cook was deemed independent under Nasdaq rules and appointed to the Compensation and Nominating and Corporate Governance Committees.
He received an initial grant of 33,157 restricted stock units vesting fully at the 2027 annual meeting, with compensation per the company's non-employee director policies.
Mr. Cook is President and CEO of Vail Health, a nonprofit healthcare system in Vail, Colorado.
The company issued a press release on December 3, 2025, announcing the appointment.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Strata Critical Medical completes $124M acquisition of Keystone Perfusion Services
The aggregate consideration is $124 million, subject to adjustment, payable 80% in cash and 20% in Strata common stock, plus up to $23 million in contingent consideration tied to financial performance targets.
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Strata Critical Medical, Inc. completed the acquisition of Keystone Perfusion Services, LLC, an organ recovery and normothermic regional perfusion service provider, on September 16, 2025.
The purchase price may be adjusted up or down by up to $12.4 million based on Keystone's 2025 adjusted EBITDA performance relative to a range of $13,348,402 to $14,753,497.
Strata issued 3,434,607 shares of common stock in the transaction, relying on exemptions under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D.
Keystone is expected to generate approximately $65 million in revenue and approximately $13 million in Adjusted EBITDA for full-year 2025, with revenue expected to grow more than 50% versus 2024.
1.01 Entry into a Material Definitive Agreement · 2.01 Completion of Acquisition or Disposition of Assets · 3.02 Unregistered Sales of Equity Securities · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits