10-Q · May 6, 2026
Strata Critical Medical posted a strong Q1 2026 with revenue of $67.4 million, significantly surpassing prior estimates and up 87.4% year-over-year. Gross margins improved to 21.0%, driven by the Clinical segment, which…
Earnings analysis · 10-Q
SRTA earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Strata delivered strong Q2 top-line growth, with revenue up 60.7% year over year to $72.506 million and adjusted EBITDA rising to $7.887 million, driven principally by the acquired Clinical segment. Consolidated gross…
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Strata delivered strong Q2 top-line growth, with revenue up 60.7% year over year to $72.506 million and adjusted EBITDA rising to $7.887 million, driven principally by the acquired Clinical segment. Consolidated gross margin improved to 21.0%, but Logistics margin declined to 18.4% and the company reported a $10.516 million continuing-operations loss, including a $5.510 million fair-value charge and $6.627 million of amortization. Operating cash flow turned positive at $9.572 million for the first half, although liquidity declined to $22.8 million after acquisition investment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.12
What stood out
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Revenue growth materially exceeded consensus
Q2 revenue rose $27.398 million, or 60.7% year over year, to $72.506 million; it also increased approximately $5.506 million from $67.0 million in Q1 2026. The result exceeded the $66.870 million consensus estimate by $5.636 million.
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Clinical mix lifted consolidated gross margin
Total gross margin expanded 1.0 percentage point year over year to 21.0% from 20.0%, as $6.327 million of Clinical gross profit at a 26.1% margin more than offset Logistics margin pressure. Gross profit increased 68.9% to $15.215 million.
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Clinical acquisitions drove most growth
Clinical generated $24.266 million of Q2 revenue, including $12.521 million in Transplant Clinical and $11.745 million in Other Clinical, following Keystone and the 2026 acquisitions. Logistics still grew 6.9% to $48.240 million.
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Adjusted EBITDA margin expanded sharply
Adjusted EBITDA increased 219.8% to $7.887 million from $2.466 million, and adjusted EBITDA margin rose to 11% from 5%. The improvement reflected a $6.208 million increase in gross profit, partly offset by higher fixed costs.
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Operating cash flow turned positive
Six-month operating cash flow improved to an inflow of $9.572 million from an outflow of $3.310 million. Less $7.700 million of property-and-equipment purchases and $0.600 million of capitalized software, implied free cash flow was approximately $1.272 million.
What to watch
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GAAP loss and EPS deteriorated sequentially
GAAP profitability weakened sequentially: Q2 net loss from continuing operations was $10.516 million and operating loss was $5.408 million, equal to a -7.5% operating margin. Diluted EPS was $(0.12), versus $0.03 in Q1 2026 and below the $(0.04) consensus estimate.
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Logistics margin compressed despite growth
Logistics gross margin fell 1.6 percentage points year over year to 18.4% from 20.0%, reducing segment gross profit 1.3% to $8.888 million despite 6.9% revenue growth. Management cites higher fuel and owned-fleet costs, customer mix, and lower ground margins.
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Liquidity declined following acquisition spending
Total liquidity fell $38.4 million to $22.8 million at June 30, 2026 from $61.2 million at December 31, 2025, including cash of $16.3 million and short-term investments of $6.4 million. The company has no ABL borrowings, but acquisition cash consideration drove $34.8 million of six-month investing outflow.
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Fair-value and amortization charges pressure GAAP
Non-operating fair-value remeasurement produced a $5.510 million Q2 expense, contributing to the $10.516 million continuing-operations loss. Amortization also rose $6.271 million to $6.627 million, including $5.0 million of accelerated trade-name amortization through September 2026.
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No formal risk-factor changes; capacity commitments remain
Item 1A states there were no material changes to 10-K risk factors. Existing capacity exposure remains tangible: minimum flight-purchase guarantees under aircraft CPAs total $3.9 million for the remainder of 2026.
Management's outlook
The 10-Q MD&A does not provide a quantitative company revenue, EPS, EBITDA, or free-cash-flow outlook. Management states that $22.8 million of liquid funds and the undrawn ABL facility support operating needs for at least the next 12 months; the previously announced earnings-release outlook is not restated in this filing.
Earlier filings 4
10-K · March 3, 2026
Strata describes a two‑segment strategy (Logistics and Clinical) combining an asset‑light air logistics business with clinical perfusion and organ recovery services and proprietary technology (TOPS). The company is…
10-Q · May 12, 2025
Blade reported revenue of $54,306 for the quarter ended March 31, 2025, up $2,792 (5.4%) versus the prior-year quarter (Q1 2024 revenue $51,514). Gross margin improved to ~22.1% (Revenue $54,306 less Cost of revenue…
10-K · March 12, 2024
Blade Air Mobility, Inc. continues to strengthen its role in the air transportation sector by leveraging an asset-light model and proprietary technology to enhance its service offerings in both passenger and medical…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.