SRTA

Strata (formerly Blade Air Mobility) has reinvented itself into a focused organ-transplant logistics and clinical services provider, exiting the passenger business via the August 2025 Joby sale (~$76M gross, $70.2M net proceeds, plus up to $45M in contingent earn-out/holdback). That transaction — not the underlying business — is what turned FY2025 net income positive at $41.3M (+251%) and produced the seductive 10.8x P/E on $0.50 EPS. Strip it out and the picture inverts: operating income is -$22.4M (operating margin -11.3%) and operating cash flow is deeply negative at -$48.9M. A 21% net margin sitting on top of a -11.3% operating margin is the tell — the profit is non-operating. The core is not yet self-funding.

Quality is mixed. The balance sheet is genuinely clean: liabilities/equity of 0.17x, $279M equity, effectively no long-term debt, and current assets ($126M) dwarfing current liabilities ($19.8M). That cushions the -$146M accumulated deficit and the cash burn. But gross margin is thin at 20.9% for what is still an asset-heavy logistics operation, and the revenue line is volatile and lumpy — $50M→$146M→$225M→$147M→$197M across FY21-25 — hardly the consistent, durable growth the rubric rewards. The 34% FY2025 growth is off a segment-reshaped base, not a clean like-for-like trend.