Strata Critical Medical completes Passenger business divestiture to Joby Aviation.

Strata Critical Medical has completed the divestiture of its Passenger business to Joby Aviation, receiving up-front consideration in stock. The company may receive up to $35 million in additional consideration based on employee retention and financial performance targets, as well as up to $10 million in indemnity holdbacks. Strata will now trade under the ticker symbol SRTA.

Strata Critical Medical (NASDAQ: SRTA), formerly known as Blade Air Mobility (NASDAQ: BLDE), has successfully completed the sale of its Passenger business to Joby Aviation (NYSE: JOBY). The transaction, which closed on August 29, 2025, includes an upfront payment in stock, with potential additional consideration of up to $35 million tied to employee retention and financial performance targets, plus up to $10 million in indemnity holdbacks [1].

Strata Critical Medical has rebranded to focus exclusively on organ logistics and medical services, leveraging its coast-to-coast asset-light aircraft network. The company projects revenue of $160-170 million for FY2025, with double-digit Adjusted EBITDA margins, and expects quarterly corporate expenses to decrease to $3.5 million by Q4 2025 [1].

The divestiture marks a strategic pivot for Strata, moving from a mixed passenger mobility/medical logistics operation to a pure-play in the high-growth, contractual medical logistics sector. The transaction structure, with Joby paying the upfront consideration in stock, aligns Joby's interests with the smooth transition of the passenger business [1].

Strata's new focus on specialized medical logistics provides three key advantages: contractual revenue stability, reduced cyclicality, and the ability to leverage its asset-light aircraft network specifically for high-value medical transport. The company's "one-call" logistics solution positions it as a coordinator rather than an asset owner, suggesting a capital-efficient growth model focused on service integration [1].

Strata is planning an investor day to take place this fall, with more information about the event to be provided over the coming weeks. The company provides time-critical logistics solutions and specialized medical services to healthcare providers across the United States, strategically expanding its portfolio of services through acquisition and organic growth [1].

References:
[1] https://www.stocktitan.net/news/SRTA/blade-completes-sale-of-passenger-business-and-planned-name-change-ge735kfasdik.html