SRTA earnings analysis
What we found in SRTA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.12
- Gross margin
- 21.0%
- Operating margin
- -7.5%
- Segment
- Logistics revenue: $48.240 million, up 6.9% year over year
- Segment
- Transplant Clinical revenue: $12.521 million (no prior-year comparable segment revenue)
- Segment
- Other Clinical revenue: $11.745 million (no prior-year comparable segment revenue)
- Segment
- Total Clinical revenue: $24.266 million (no prior-year comparable segment revenue)
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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