Strata Critical Medical Inc (NASDAQ: SRTA) is a medical air logistics company that coordinates time-sensitive transportation of organs, medical personnel, and related clinical services for transplant centers, hospitals, and Organ Procurement Organizations. Revenue comes from fee-for-service billings for Logistics services and a combination of fee-for-service and retainer arrangements for Clinical services, with payments collected after service completion via checks and wires. The company operates an asset-light model, primarily utilizing aircraft owned and flown by third-party operators under pre-negotiated fixed hourly rates and capacity purchase agreements, rather than owning the fleet outright. In 2024, Strata acquired ten fixed-wing aircraft, adding owned capacity alongside its operator network. As of August 29, 2025, Strata sold its Passenger business to Joby Aero, Inc. for approximately $76.0 million in Joby Aviation stock, subsequently liquidated for net proceeds of $70.2 million, with up to $35.0 million in additional contingent consideration. Co-Chief Executive Officers Melissa M. Tomkiel and William A. Heyburn signed the 10-K filed March 3, 2026.

Revenue model

Fee-for-service billings for Logistics segment services, recognized upon service completion. Clinical segment billed on both fee-for-service and retainer basis, with retainer revenue recognized ratably over the contract term. Payments collected post-service via checks and wires.

Products and services

Medical air logistics coordination for organ transport, ground transportation coordination, Clinical services supporting transplant operations, proprietary technology platform for logistics coordination and data tracking, capacity purchase agreements with third-party aircraft operators.

Customers and end markets

Transplant centers, hospitals, and Organ Procurement Organizations (OPOs). End market is time-sensitive organ and medical logistics within the U.S. transplant ecosystem.

Value-chain role

Intermediary and coordinator between aircraft operators, ground transportation providers, surgical procurement teams, OPOs, and transplant centers. Manages booking, flight scheduling, passenger manifests, and real-time organ tracking through Medical Logistics Coordinators.

Geographic exposure

United States. No specific international geographic breakdown supported by the filing excerpts.

Source: SEC 10-K, filed 2026-03-03

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