What does Strata do and what are its main business segments?

What factors drove the changes in Strata's revenue and profit?

What is the market's earnings forecast for Strata next quarter?

What is the revenue and EPS growth rate for Strata year over year?

What were the key takeaways from Strata's earnings call?

What were the key takeaways from Strata’s earnings call?

What is Strata's latest dividend and current dividend yield?

What is Strata's gross profit margin?

- **Record Growth**: Q4 2025 organic revenue up 35.3%, full-year EBITDA beat high-end guidance. 2026 guidance raised to $260M-$275M revenue and $29M-$33M EBITDA.
- **M&A Acceleration**: 30%+ annualized EBITDA growth target via mid-single-digit EBITDA multiple acquisitions. $30M credit facility supports deal pipeline.
- **Regulatory Advantage**: 20% of revenue from Tier 1 OPOs, well-positioned for CMS DCD donor rules. New business from decertified OPOs.
- **Fleet Expansion**: Adding 2-3 new aircraft in 2026 for new geographies, maintaining 80% asset-light strategy.
- **Operational Resilience**: Weather-related Q1 2026 delays offset by post-storm volume surges; fuel costs pass-through above thresholds.


**【CEO Summary Section】**
- **Q4 2025 Results**: Organic revenue growth of 35.3%, exceeding expectations. Full-year 2025 revenue and adjusted EBITDA of $197.1M and $14.1M, respectively, beat high-end guidance. Q4 revenue $66.8M, driven by 35% logistics growth and new customer wins.
- **M&A Strategy**: Acquired Keystone in Q3 2025, adding clinical services. 40% of Q4 logistics growth from Keystone customers. Pipeline includes mid-single-digit EBITDA multiple deals, targeting 30%+ annualized EBITDA growth.
- **Regulatory Positioning**: Aligned with CMS rules incentivizing DCD donors. 20% of revenue from Tier 1 OPOs, 5% from Tier 3 (at risk of consolidation). New business from decertified OPOs.
- **Aircraft Fleet**: 30 owned aircraft. Lost $1.7M book value (economic loss $400K) on 1 corroded aircraft. Adding 2-3 new aircraft in 2026 for new geographies. Asset-light strategy with 3rd-party aircraft dominates 80% of flying.

**【CFO Financial Commentary】**
- **Q4 2025 Financials**: Logistics gross profit up 39.5% to $10.6M, clinical gross profit $3.8M. Adjusted EBITDA $7M (10.4% margin). Operating cash flow negative $8.3M due to working capital build and one-time costs.
- **2026 Guidance**: Raised revenue to $260M-$275M (previous $255M-$270M) and EBITDA to $29M-$33M (prev $28M-$32M). Free cash flow guidance $15M-$22M. Q1 2026 expects modest revenue decline due to shorter trips, sequential EBITDA margin decline of 100bps.
- **Balance Sheet**: $61M cash, no debt. $30M asset-based credit facility with JPMorgan, undrawn. Earn-out payments from Blade sale up to $45M, $17.5M due in August 2026.

**【Q&A Key Highlights】**
- **Regulatory Updates**: Continuous distribution for lungs approved; hearts and livers deprioritized due to media scrutiny. Strata uniquely positioned to handle longer trips for DCD donors.
- **Service Margins**: Logistics and clinical gross margins ~21.5%, clinical services higher due to Keystone integration. 40% of Q4 logistics growth from clinical customers.
- **Operational Resilience**: Weather-related Northeast closures in Q1 2026 caused temporary flight delays but case volumes surged post-storms. Fuel costs pass-through above negotiated thresholds.
- **Adjacent Markets**: Radiopharmaceuticals flown weekly, using existing assets. No immediate plans for dedicated infrastructure or acquisitions in this space.


Strata Critical Medical, Inc. (SRTA) Q4 2025 Earnings Call Transcript

- **Revenue Surge**: 36.7% YoY growth to $49.3M, with 29% organic growth excluding Keystone. Adjusted EBITDA up 80% to $4.2M.
- **Strategic Wins**: Added 1 new OPO and 1 organ placement customer, outpacing industry by 11x. FDA approves in-flight liver perfusion, enhancing service offerings.
- **Profitability Boost**: EBITDA margin jumps to 15.1%, free cash flow of $2M, and $76M cash post-transactions.
- **Growth Catalysts**: Keystone's 40% YoY revenue growth, new DCD dry run services, and 250+ diverse customers drive resilience against seasonal volume declines.
- **Future Outlook**: Raised 2025 revenue guidance to $185-$195M, targeting solid free cash flow generation and EBITDA margin expansion.

**【Management Opening Remarks】**
- **Revenue Growth**: Q3 2025 revenue rose 36.7% YoY to $49.3 million, with 29% growth excluding Keystone Perfusion. Adjusted EBITDA increased 80% YoY to $4.2 million, driven by improved fleet performance and new services.
- **Strategic Transactions**: Divestiture of passenger business and Keystone acquisition completed, repositioning as a medical-focused, end-to-end organ recovery platform. Free cash flow of $2 million generated in Q3.

**【CEO Commentary】**
- **Market Share Expansion**: Added 1 new OPO air logistics customer and 1 organ placement customer, outpacing industry transplant volume growth (4% YoY vs. 15% revenue growth). Sequential revenue growth of 3% despite seasonal decline in transplant volumes.
- **Service Innovation**: Introduced cost-saving DCD dry run recoveries and integrated Keystone's surgical recovery services, reducing customer expenses and increasing transplant accessibility. FDA approval for OrganOx liver perfusion in-flight supports device-agnostic strategy.
- **Profitability**: Medical segment EBITDA margin improved to 15.1% (vs. 12.5% H1 2025), with Keystone contributing $2.8 million in 0.5 months of operations.

**【CFO Commentary】**
- **Financial Highlights**: Adjusted EBITDA of $4.2 million (80% YoY growth), free cash flow of $2 million, and $76 million in cash post-Keystone and Joby transactions. Unallocated corporate expenses reduced 40% to $3.3 million.
- **One-Time Costs**: $44.3 million Keystone acquisition impact on operating cash flow, offset by $70 million from Joby share monetization. Capital expenditures of $3.2 million for aircraft maintenance and software.
- **Outlook**: Raised 2025 revenue guidance to $185-$195 million (from $175-$185 million) and reaffirmed EBITDA guidance of $13-$14 million. Expect sequential EBITDA margin expansion in Q4 due to Keystone mix.

**【Q&A Highlights】**
- **Growth Drivers**: New customer acquisition (250+ Keystone customers), market share gains, and industry growth (NRP adoption up 100% YoY). Diversified customer base with <10% overlap between legacy and Keystone transplant customers.
- **Fleet Performance**: Scheduled maintenance completed, enabling margin improvement. Free cash flow generation expected to continue.
- **Integration Benefits**: Keystone's local resources reduce costs, and new services like DCD dry runs address customer pain points. No material SG&A impact from relocation efforts.
- **Seasonality**: Q3 industry transplant volumes down 6%, but Strata outperformed with 3% sequential revenue growth, driven by market share gains and new services.

Strata Critical Medical, Inc. (SRTA) Q3 2025 Earnings Call Transcript

- **$125M Blade Passenger Sale to Joby**: Transforms Blade into a pure-play Medical company (Strata) with $200M+ cash to pursue M&A and organic growth.
- **Medical Growth**: Q2 2025 revenue up 17.6% YoY to $45.1M, targeting 15% EBITDA margin post-maintenance costs.
- **Passenger Divestiture**: Neutral to EBITDA and cash flow, with Q3 2025 as peak season for Passenger business.
- **Strategic Partnership**: Joby eVTOL aircraft to reduce costs and enhance service for Medical customers.

**【Management Opening Remarks】**
- Announced the sale of Blade Passenger business to Joby Aviation for up to $125 million, with $35 million contingent on employee retention and financial metrics.
- The Medical division will become a standalone entity, Strata Critical Medical, focusing on high-growth, non-correlated markets.
- The transaction is expected to be adjusted EBITDA and free cash flow neutral on a go-forward basis.

**【CEO (Rob Wiesenthal) Commentary】**
- The Medical business has grown from 12% of revenue in 2020 to ~60% in 2024, with 85% of segment EBITDA, justifying separation.
- Strata will leverage $200 million in cash proceeds to pursue organic growth and M&A, targeting a 15% adjusted EBITDA margin.
- Blade Passenger will transition to Joby's eVTOL aircraft, enhancing operational efficiency and reducing costs.

**【CFO (Will Heyburn) Financial Commentary】**
- Q2 2025 Medical revenue: $45.1 million (+17.6% YoY), driven by new customers and TOPS service.
- Medical EBITDA margin: 13.4% (Q2 2025) vs. 14.4% (Q2 2024), impacted by $1.8 million in scheduled maintenance costs.
- Passenger segment adjusted EBITDA: $2.4 million (+275% YoY), with flight margins improving to 30.5%.
- Cash balance: $113.4 million, with no debt and plans to add 1-2 aircraft over the next 1-2 years.

**【Q&A Highlights】**
- **Capital Allocation**: Prioritize M&A in Medical, with a focus on organ preservation tech and adjacent markets.
- **Earnout Achievability**: 50% tied to employee retention (e.g., CEO Rob Wiesenthal), 50% tied to maintaining current performance.
- **Operational Impact**: No disruption to Medical operations; Joby partnership enhances service with quieter, cost-effective eVTOL aircraft.
- **Tax Implications**: $125 million sale proceeds offset by NOLs, resulting in minimal cash tax impact (~$2 million).

Blade Air Mobility, Inc. (BLDE) Q2 2025 Earnings Call Transcript

- **Passenger Breakthrough**: 42% YoY growth, first EBITDA-profitable quarter since IPO, driven by Europe restructuring and Canada exit.
- **Medical Momentum**: April trip volume record, 2025 double-digit revenue growth, 15% EBITDA margin target despite Q1 11.4% margin.
- **eVTOL Vision**: Late 2025 deployment to unlock quiet, emission-free routes near hospitals and airports.
- **Cash Flexibility**: $120M for strategic Medical M&A and aircraft acquisitions, with disciplined cost control across segments.

**【CEO Summary Section】**
- Passenger segment revenue grew 42% YoY (excluding Canada), achieving first EBITDA-profitable quarter since IPO.
- Medical segment saw flat Q1 revenue ($35.9M) but set April trip volume record with two new hospital launches.
- Europe restructuring drove 28.1% YoY short-distance revenue growth, with 840bps flight margin improvement.
- $120M cash on hand for strategic aircraft acquisitions and Medical M&A.
- EVTOL deployment expected late 2025/early 2026, targeting quiet, emission-free routes.

**【CFO Financial Commentary】**
- Q1 2025: Passenger segment EBITDA improved $2.7M YoY, Medical EBITDA margin 11.4% (down 80bps vs prior year).
- Medical revenue growth constrained by 50% increase in dedicated aircraft (reducing repositioning), but improving profitability per trip.
- 2025 outlook: Medical revenue double-digit growth, EBITDA margin ~15%; Passenger to benefit from cost rationalization through Q4 2025.
- Q1 2025: $3.2M capex (aircraft maintenance, acquisitions), $0.2M cash from operations.

**【Q&A Key Themes】**
- Europe bookings strong for Q3/Q4, with 2025 Ryder Cup partnership to boost awareness.
- Capital allocation: prioritize Medical M&A (single-digit multiples), organic growth, and share buybacks via withhold-to-cover program.
- eVTOL strategy: focus on Joby aircraft, targeting quiet, emission-free routes near hospitals and airports.
- Newark airport issues seen as transient, with JFK utilization improving.
- Medical repositioning revenue headwind ~low-single digits, but strategic aircraft positioning benefits long-term profitability.

Blade Air Mobility (BLDE)-12 May 25-2025 Q1 Earnings call transcript

- **Record Profitability**: 2024 marked first full year of adjusted EBITDA profitability, with $17.8 million improvement.
- **Passenger Growth**: Q4 revenue (ex-Canada) up 22.1%, Flight Profit +40% YoY, Passenger EBITDA $3.6M vs. prior year.
- **Medical Momentum**: Q4 Medical EBITDA margin 15.1%, 2025 targeting 15%+ margin despite Q1 maintenance headwinds.
- **eVTOL Roadmap**: Middle East deployment Q1 2026, U.S. late 2027-2028, with New York terminal pilot underway.
- **Cash Position**: $127M cash for strategic investments, 2025 capex focused on medical fleet optimization.

**【CEO Summary Section】**
- Achieved first full year of adjusted EBITDA profitability in 2024, with a $17.8 million year-over-year improvement in adjusted EBITDA.
- Q4 2024 revenue (excluding Canada) increased 22.1%, while Flight Profit rose 40% YoY.
- Passenger segment adjusted EBITDA for 2024 reached $3.6 million, up $8.6 million from prior year.
- Medical segment adjusted EBITDA margin exceeded 15% in Q4, driven by owned fleet strategy and cost efficiencies.
- Launched new partnerships with Skyports and OrganOx, advancing eVTOL readiness and medical logistics innovation.

**【CFO Financial Commentary】**
- Passenger segment revenue (excluding Canada) grew 18% YoY in Q4, with Jet & Other revenue up 85% YoY.
- Passenger segment adjusted EBITDA margin expanded 16pts YoY to near breakeven, driven by Flight Margin improvement and SG&A cost reductions.
- Medical revenue increased 13.7% YoY to $36.4 million, with adjusted EBITDA margin at 15.1%.
- 2025 outlook: $245-265 million revenue, double-digit adjusted EBITDA growth.
- Medical segment expected to return to double-digit revenue growth in second half of 2025, with EBITDA margin targeting 15% for the year.
- Capital expenditures of $5 million in Q4, with $127 million cash on hand for strategic investments.

**【Q&A Key Highlights】**
- **eVTOL Deployment Timing**: First commercial flights in Middle East by Q1 2026, U.S. deployment expected late 2027-2028.
- **Europe Market Performance**: Restructured operations reduced costs by several million dollars, strong ski season revenue growth.
- **Medical Maintenance Impact**: Elevated scheduled maintenance in 2025 will cause Q1 EBITDA margin dip below 10%, but second half margins to exceed 15% target.
- **New York Heliport Strategy**: Piloting eVTOL readiness at Wall Street terminal, leveraging existing infrastructure for seamless transition.
- **Partnership Strategy**: Focusing on Medical M&A for high ROI, while Passenger remains profitable with no capital allocation conflict.


Actual	-0.0137	-0.47	-0.13		0.1	-0.1285	-0.22	-0.14	-0.17	0	-0.45	-0.06	-0.15	-0.03	-0.1273	-0.04	-0.05	-0.12	0.01
Forecast		-0.0819	-0.1243		-0.1797	-0.1398	-0.1644	-0.186	-0.1277	-0.0747	-0.116	-0.1024	-0.0306	-0.023	-0.1166	-0.1159	-0.0429	0.0348	0.01
Surprise	0.00%	-473.87%	-4.59%	0.00%	+155.65%	+8.08%	-33.82%	+24.73%	-33.12%	+100.00%	-287.93%	+41.41%	-390.20%	-30.43%	-9.18%	+65.49%	-16.55%	-444.83%	0.00%

SRTA

SRTA fundamentals

SRTA Q4 2025 Earnings

Earnings Call

You can ask Aime

SRTA

SRTA fundamentals

SRTA Q4 2025 Earnings

Earnings Call

SRTA Earnings Call Summary for Q4/20258:00 AM on Mar 3, 2026

SRTA Earnings Call Summary for Q3/20258:00 AM on Nov 10, 2025

SRTA Earnings Call Summary for Q2/20258:00 AM on Aug 5, 2025

SRTA Earnings Call Summary for Q1/20258:00 AM on May 12, 2025

SRTA Earnings Call Summary for Q4/20248:00 AM on Mar 13, 2025

You can ask Aime