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Acquisitions | 12 Months Ended
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Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions Acquisition of Keystone Perfusion Services, LLC. On September 16, 2025, the Company acquired 100% of the equity interests in Keystone, an organ recovery and normothermic regional perfusion service provider to the transplant industry, for the following upfront payments: cash $111,324 (comprised of $66,985 paid directly to the seller and $44,339 directed by the seller to other parties on the close date) and 3,434,609 shares (valued at $16,828 based on the closing date share price) of which 1,717,303 shares are held in escrow. The purchase price is subject to final adjustment, upward or downward by up to $12,400, based on Keystone’s actual 2025 adjusted EBITDA performance, with the adjustment to be determined by March 2026. In addition, total potential earn-out payments of up to $23,000 in the aggregate for the three-year period from 2026 through 2028 may be made, contingent upon Keystone’s achievement of gross profit targets (as defined in the Keystone Purchase Agreement). Acquisition-related costs totaling $2,049 were expensed as incurred and are included in selling, general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2025. Keystone is a wholly-owned subsidiary of the Company and the results of Keystone for the period from September 16, 2025 (“acquisition date”) to December 31, 2025 are included in the consolidated financial statements. Escrow Consideration $315 in cash and 1,717,303 shares (valued at $8,414 based on the closing date share price) of the Company’s common stock are held in escrow as of the acquisition date for a period of 12 months. The Company determined that there are two components to the escrow consideration related to purchase consideration and contingent consideration. The common stock balance in escrow is designated for indemnification obligations, net working capital adjustments, and a portion of the purchase price adjustment following the determination of Keystone’s 2025 adjusted EBITDA. The Company accounted for the $8,414 value of shares in escrow as a liability on the consolidated balance sheet. As of December 31, 2025 and the acquisition date, the contingent equity consideration was estimated to be $8,414. The shares in escrow are classified as a liability rather than equity because the Company remains the beneficial owner of the shares while they are held in escrow, with voting rights and dividends retained by the Company, and their release depends on Keystone’s future financial performance. The contingent equity consideration will be subsequently remeasured at each reporting date with changes in fair value recognized as a component of operating expense on the Company’s consolidated statements of operations, until settlement in the first quarter of 2026, when determination of the 2025 EBITDA earn-out will finalize the contingency and end remeasurement. Contingent Considerations The Company is required to calculate fair value of contingent considerations on each balance sheet date which will be subsequently remeasured at each reporting date with changes in fair value recognized in earnings on the Company’s consolidated statements of operations. Refer to Note 16 for additional information. As of the acquisition date, the net contingent considerations was estimated to be a liability of $700 comprised of the following: the fair value of the potential purchase adjustment (an upward or downward adjustment by up to $12,400 to be settled by March 2026) was determined to be a $2,725 receivable, and the fair value of the potential earn-out payments of up to $23,000, contingent upon Keystone’s achievement of gross profit targets in each of the years 2026 to 2028, was determined to be a $3,425 payable. As of December 31, 2025, the net contingent considerations was estimated to be a liability of $658 comprised of the following: the fair value of the potential purchase adjustment was determined to be a $3,967 receivable, and the fair value of the potential earn-out payments was determined to be a $4,625 payable. Net Assets Acquired The assets acquired and liabilities assumed have been included in the consolidated financial statements as of the acquisition date. Total assets acquired included a preliminary estimate of identifiable intangible assets of $41,700. At the time of acquisition, the Company recognized an asset for a preliminary estimate of goodwill, determined as the excess of the purchase price over the net fair value of the assets acquired and liabilities assumed that amounted to $72,670. Goodwill primarily reflects expected revenue and cost synergies from expansion into additional medical services, the strategic benefit of offering a comprehensive suite of transplant solutions, and the value of the assembled workforce and their industry expertise. The acquisition is considered a taxable business combination, and goodwill is deductible for tax purposes. The purchase price allocation is preliminary and, as additional information becomes available, the Company may further revise the preliminary purchase price allocation during the remainder of the measurement period, which will not exceed 12 months from the acquisition date. Measurement period adjustments will be recognized in the reporting period in which the adjustment amounts are determined. The purchase price was allocated on a preliminary basis as follows:
Cash paid directly to seller (1) | $ | 66,985 |
Equity consideration | 8,414 |
Equity consideration in escrow | 8,414 |
Contingent considerations (2) | 700 |
Total purchase consideration | $ | 84,513 |
Assets acquired: |
Cash | $ | 450 |
Accounts receivable | 10,611 |
Prepaid expenses and other current assets | 3,686 |
Property and equipment, net | 4,996 |
Identifiable intangible assets | 41,700 |
Other non-current assets | 10 |
Total identifiable assets acquired | 61,453 |
Liabilities assumed: |
Acquiree liabilities settled by the buyer in cash on close date (3) | 44,339 |
Accounts payable and accrued expenses | 4,630 |
Deferred revenue | 641 |
Total liabilities assumed | 49,610 |
Net assets acquired | 11,843 |
Goodwill | 72,670 |
Total consideration | $ | 84,513 |
(1) Includes a post-close net working capital and gross-up adjustment of $1,361 paid in the fourth quarter of 2025. (2) Comprised of the 2026 to 2028 gross profit earn-out payments of $3,425 net of purchase price final adjustment of $2,725 following the determination of Keystone’s final 2025 adjusted EBITDA. (3) Seller transaction expenses paid in cash by the Company at closing to third parties at the direction of the seller. A preliminary assessment of the fair value of identified intangible assets and their respective lives as of the acquisition date are as follows:
| Estimated Useful Life |  | Fair Value
Customer list | 10 |  | $ | 31,900 |
Trademarks | 10 |  | 8,800 |
Developed technology | 3 |  | 1,000 |
Total identifiable intangible assets |  |  | $ | 41,700 |
Identified intangible assets in the table above are amortized on a straight-line basis over the estimated useful lives. The Company believes that the straight-line method of amortization is the most appropriate methodology as it is supported by the pattern in which the economic benefits of the intangible assets are consumed. The fair value of the customer relationships was determined using the multi-period excess earnings method (“MPEEM”). MPEEM is an income approach methodology which measures economic benefits by calculating the cash flow attributable to an asset after deducting appropriate returns for contributory assets used by the business in generating the asset’s revenue and earnings. The fair value of the trademark and developed technology were determined using the relief-from-royalty approach. This approach is commonly used for measuring the fair value of intangible assets that are often the subject of licensing, such as trade names, patents, and proprietary technologies. The fundamental concept underlying this method is that in lieu of ownership, the acquirer can obtain comparable rights to use the subject asset via a license from a hypothetical third-party owner. The asset’s fair value is the present value of license fees avoided by owning it (i.e., the royalty savings). Unaudited Pro Forma Information The following unaudited pro forma financial information presents what our results would have been had Keystone been acquired on January 1, 2024. The pro forma results for the periods below include adjustments to amortization expense for the intangible assets and elimination of intercompany transactions between Strata and Keystone that were incurred prior to the acquisition. The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of our consolidated results of operations of the consolidated business had the Keystone acquisition actually occurred on January 1, 2024 or of the results of our future operations of the consolidated business.
|  |  | For the Years Ended
|  |  |  |  | December 31, 2025 |  | December 31, 2024 |
Reported revenue |  |  |  |  | $ | 197,141 |  |  | $ | 146,817 |  |
Impact of Keystone |  |  |  |  | 45,887 |  |  | 42,351 |  |
Pro forma revenue |  |  |  |  | $ | 243,028 |  |  | $ | 189,168 |  |
Reported loss from continuing operations before income taxes |  |  |  |  | $ | (20,066) |  |  | $ | (16,161) |  |
Impact of Keystone (1) |  |  |  |  | 4,064 |  |  | 326 |  |
Pro forma loss from continuing operations before income taxes |  |  |  |  | $ | (16,002) |  |  | $ | (15,835) |  |
(1) Includes $3,182 and $4,493 for the years ended December 31, 2025 and 2024, respectively, of amortization expense related to identifiable intangible assets recognized as part of the Keystone acquisition. Excludes, for the year ended December 31, 2025, $38,695 of transaction-related change-in-control bonuses and $3,044 of pre-acquisition profit-sharing arrangements, the transaction-related change-in-control bonuses were incurred by Keystone and funded with the acquisition proceeds. For the year ended December 31, 2024, excludes approximately Acquisitions 2024 Acquisition of CJK Enterprises, Inc. On September 26, 2024, the Company through its wholly-owned subsidiary, Trinity Air Medical, LLC (“Trinity”), completed an Asset Purchase Agreement (“APA”) to acquire certain assets and liabilities of CJK Enterprise, Inc. (“CJK”) for a total purchase price of $2,230 in cash. CJK specializes in providing ground transportation services for physicians and transplant organs in the New York Tri-State area. The acquisition was accounted for as a business combination as the assets acquired and liabilities assumed constituted a business in accordance with ASC 805. Acquisition-related costs totaling $37 were expensed as incurred and are included in selling, general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2024. The results of CJK from September 26, 2024 (“acquisition date”) to December 31, 2024 are included in the Logistics segment. Net Assets Acquired The assets acquired and liabilities assumed have been recorded in the consolidated financial statements as of the acquisition date. At acquisition, the Company recognized goodwill as the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed, totaling $2,212. The primary components of goodwill include operational synergies, service expansion in the New York Tri-State area, and the value attributed to key personnel relationships contributing to customer retention. The acquired goodwill is deductible for tax purposes. The purchase price was allocated as follows:
Property and equipment, net | $ | 18 |
Operating right-of-use asset | 137 |
Total identifiable assets acquired | 155 |
Operating lease liability | 137 |
Total liabilities assumed | 137 |
Net assets acquired | 18 |
Goodwill | 2,212 |
Total consideration | $ | 2,230 |
The pro forma impact of the acquisition was not material to our historical consolidated operating results and is therefore not presented.

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