Strata exits passenger charter, acquires Keystone for $111M, pivots to transplant services

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Divested entire Passenger business to Joby Aviation for $76M in stock (liquidated for $70M cash), eliminating consumer helicopter/jet charter operations and refocusing exclusively on healthcare.

  MD&A: Passenger divestiture verify on EDGAR →
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  Acquired Keystone Perfusion for $111M cash plus 3.4M shares, launching Clinical segment (organ recovery, perfusion services) that contributed $19.8M revenue at 25% gross margin in Q1 2026.

  MD&A: Keystone acquisition verify on EDGAR →
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  Q1 2026 revenue jumped 87% to $67.4M driven by 32% Logistics growth and new Clinical segment; swung to $2.2M net income from $1.6M loss, Adjusted EBITDA improved from $0.4M to $6.4M.

  MD&A: Q1 2026 results verify on EDGAR →