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MEDICAL TEAM STR CAL NEEDIL ITIES STRATA CRITICAL MEDICAL SOLUTIONS + LOGISTICS Investor Presentation August 2026 STRATAC MEMES CUS AL
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2 FORWARD LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and may be identified by the use of words such as "will", “anticipate”, “believe”, “could”, “continue”, “expect", “estimate”, “may”, “plan”, “outlook”, “future”, "target", and “project” and other similar expressions and the negatives of those terms. These statements, which involve risks and uncertainties, are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Strata’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning the impact and anticipated benefits of the acquisition of Keystone Perfusion LLC (“Keystone”), the impact of such acquisition on Strata’s financial performance and liquidity outlook, Strata’s future plans and business strategies, financial and operating performance (including the discussion of financial and liquidity outlook and guidance for 2026 and beyond), the composition and performance of its fleet, acquisition opportunities, results of operations, industry environment and growth opportunities and new product lines and partnerships. These statements are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Strata’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include: our continued net losses or failure to achieve or maintain profitability; our ability to realize the anticipated benefits of strategic transactions, including the recently completed divestment of the Passenger business and acquisition and integration of Keystone; any future acquisitions or partnerships; harm to our reputation and brand; negative publicity, litigation, claims or regulatory scrutiny; our ability to provide high-quality customer support and maintain trusted relationships with customers; our reliance on contractual relationships with transplant centers, hospitals, Organ Procurement Organizations and strategic partners; adoption and effective utilization of our integrated clinical and logistics offerings by medical customers; competition; our dependence on the availability and utilization of organ donors and transplant volumes; insufficient reimbursement or funding for organ transport and related services; risks inherent in organ transportation operations; risks associated with ground transportation operations; advancements in preservation technology or alternative transport methods; aviation safety risks; the effects of climate change, extreme weather events or environmental developments affecting our operations; terrorist attacks, geopolitical conflict or security events affecting aviation or healthcare infrastructure; the volatility in aircraft fuel availability or cost; our ability to obtain additional capital or financing; restrictions under our credit agreement; our ability to manage our growth; insurance market conditions; our dependence on key personnel and our ability to attract and retain qualified professionals; employment-related claims, workforce litigation or labor market challenges; our ability to maintain our company culture as we grow; fluctuations in financial results and the non-comparability of historical financial statements; risks associated with purchasing aircraft or evolving from an asset-light model; risks associated with directly operating aircraft; our reliance on maintaining efficient aircraft utilization to manage costs, operating efficiency and margins; changes in regulatory frameworks; our reliance on third-party aircraft operators; the availability of sufficient third-party aircraft capacity; workforce disruptions, operations interruptions or financial difficulties affecting third-party operators or service workers; risks arising from illegal, improper, or otherwise inappropriate operation of branded aircraft by third-party operators; our reliance on third-party cloud infrastructure, hosting providers and other technology vendors; interruptions, defects, failures or vulnerabilities in our technology systems or those of third-party providers; cybersecurity incidents, data breaches or misuse of artificial intelligence technologies; our ability to protect and enforce intellectual property rights; risks associated with our use of open-source software; our operations within highly regulated environments; the impact of any litigation or regulatory investigations that we may be subject to; our ability to comply with privacy, data protection, consumer protection and security laws; the expansion of environmental regulations; our ability to remediate any material weaknesses and maintain effective disclosure controls and procedures; and other factors beyond our control. Additional factors can be found in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each as filed with the U.S. Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Strata undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
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3 Strata Critical is a national provider of time-critical logistics and clinical services to the U.S. healthcare industry. We operate one of the largest air transport and surgical services networks for hospitals, transplant centers, and organ procurement organizations, offering an integrated “one-call” solution for donor organ recovery. Red (239, 34, 42) Black (0, 0, 0) Gray (158, 158, 158) Blue (0, 151, 167) Beige (236, 226, 208) Financial Snapshot Revenue Adj. EBITDA 2026E(1) $285 - $295mm $33 - $35mm Q2 2026 $72.5mm $7.9mm Note: See “Use of Non-GAAP Information” in the Appendix of this presentation for an explanation of Non-GAAP measures used and reconciliations to the most directly comparable GAAP financial measure (1) We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock -based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potential ly significant, impact on our future GAAP financial results (2) As estimated in Strata's medium-term value creation framework presented at the Company’s Investor Day in November 2025 ✓Leader in non-correlated market with life-saving mission ✓Multiple catalysts driving industry volume growth ✓Differentiated model poised to outgrow the market ✓Q2 2026 organic year-on-year revenue growth rate 7% ✓Significant roll-up opportunity in fragmented industry with strong balance sheet to execute ✓Annualized Adj. EBITDA(1) growth rate of high-teens organically, and 30%+ inclusive of acquisitions, over the medium term(2) About Us Strata Critical is a national provider of time-critical logistics and clinical services to the U.S. healthcare industry. We operate one of the largest air transport and surgical services networks for hospitals, transplant centers, and organ procurement organizations, offering an integrated “one call” solution for donor organ recovery. Our core services span transplant and cardiac surgical care. We provide air and ground logistics, surgical organ recovery, organ placement and normothermic regional perfusion for the transplant industry. We also deliver perfusion staffing, equipment solutions, and clinical support for cardiovascular surgery centers across the country. We build on more than a decade of experience through our predecessor companies, Trinity Medical Solutions, Keystone Perfusion, and Blade Air Mobility. In 2025, we streamlined our operations to focus 100% on healthcare—divesting our passenger aviation arm and unifying all our services under the Strata Critical Medical name. Our Mission Our mission is to deliver expert clinical and logistics services that help our partners save more lives. We work alongside hospitals, OPOs, and surgical teams to increase the number of successful organ transplants and enable more efficient cardiovascular procedures, supported by a nationwide network of surgeons, perfusionists, logistics teams, aircraft, vehicles, and medical equipment. Our goals are aligned with those of our partners in the healthcare ecosystem: working with Strata, industry participants spend less money and save more lives. When our partners achieve better outcomes, patients and families benefit. We are driven by this human impact, and it is what fuels our work.
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4 Our mission is to deliver expert clinical and logistics services that help our partners save more lives. We work alongside hospitals, organ procurement organizations, and surgical teams to increase the number of successful organ transplants and enable more efficient cardiovascular procedures, supported by a nationwide network of surgeons, perfusionists, logistics teams, aircraft, vehicles, and medical equipment. Our goals are aligned with those of our partners in the healthcare ecosystem: working with Strata, industry participants spend less money and save more lives. When our partners achieve better outcomes, patients and families benefit. We are driven by this human impact, and it is what fuels our work.
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5 16% 18% 10% 56% Strata’s Diversified Healthcare Offerings Q2 2026 Revenue Mix Business Lines Transplant Air Logistics Largest air transporter of hearts, livers, and lungs in America with 35+ owned & dedicated aircraft nationwide Transplant Ground Logistics & Other Ground logistics network with 11 hubs and 55+ vehicles nationwide, organ placement services Transplant Clinical Services Normothermic Regional Perfusion (NRP), local third-party surgical recovery services Other Clinical Services Cardiac perfusion, autotransfusion & blood management, ECMO, temporary staffing, equipment rental ~84% transplant related Red (239, 34, 42) Black (0, 0, 0) Gray (158, 158, 158) Blue (0, 151, 167) Beige (236, 226, 208) Strata is a market leader in the fastest-growing parts of the organ transplant industry
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6 Strata’s Role in the Organ Transplant Process Donor Identification Organ Placement Recovery / Perfusion Logistics Transplant Red (239, 34, 42) Black (0, 0, 0) Gray (158, 158, 158) Blue (0, 151, 167) Beige (236, 226, 208) • Donor identification and evaluation • Family authorization • Organ offered to recipients based on regulated allocation policies • Surgical recovery of organs • Perfusion technology increasingly utilized • Transport of transplant team to donor hospital, return with organ to transplant center • Transplantation procedure Strata Service Offerings(1) Mission-critical role in life-saving transplant industry, built on trust and long-term partnerships with customers Strata Market Share(2) ~5% <10% ~30% in Air ~15% in Ground 2025 TAM(2) ~$100mm ~$850mm ~$650mm 1. Process applies to the heart, liver, and lungs; however, there are notable differences when it comes to the kidneys 2. Management’s estimate of Strata’s market share is calculated by dividing Strata’s 2025 revenue by a management-derived estimate of the total addressable market. The total addressable market is based on a bottom-up analysis incorporating the estimated number of transplant center and organ procurement organization customers, transplant volumes, donors, and average spend per customer, per transplant, or per donor, as applicable. This represents management’s estimate of Strata’s market share for 2025.
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Key Investment Highlights
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8 Strata Investment Highlights Strata is Positioned to Outgrow the Market While Expanding Margins ✓ Continued share gains in fragmented market ✓ Longer, more complex trips increase revenue per transplant ✓ Leading position in market segments seeing rising penetration including NRP & third-party recovery ✓ Limited customer overlap across service offerings creates cross-sell opportunity ✓ Low-risk margin expansion through fixed cost leverage Market Leader with Differentiated Model ✓ Only end-to-end, one-call solution for organ recovery supporting all perfusion options ✓ Nationwide scale with locally-based service model reduces cost and improves reliability for customers ✓ Trusted partner to customers aligned on growing transplants versus pushing an aircraft or device specific agenda ✓ Strata aligned with customers and regulators to increase transplants, a cost effective and life saving therapy Multiple Catalysts Driving Growth in Transplant Volumes ✓ New technology is expanding the pool of eligible donors ✓ Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes M E D I C A L Strong Balance Sheet Enables Attractive Roll-Up Opportunity ✓ Fragmented industry made up largely of local incumbents unable to compete in evolving national system ✓ Strata has significant liquidity to deploy in low-risk roll-up strategy ✓ Track record of successful acquisitions in adjacent cardiac care marketplace
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9 Strata’s Integrated, Full-Service Organ Services Offering Company A Company B Company C Company D Company E Company F Company G Company H Company I Organ Placement Organ Recovery Normothermic Regional Perfusion (NRP) Machine Perfusion or Preservation Device Supports All Third-Party Devices Supports All Third-Party Devices Logistics Formal Partnership Offering via Third Party with no Formal PartnershipCaptive Strata is the only full-stack, technology agnostic organ services provider Strata is the only end-to-end organ services platform, offering a one-call solution that simplifies an increasingly complex industry for customers, with multiple avenues to outgrow the broader market Source: Management Estimates
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10 Strata’s Transplant Services Nationwide Footprint Aviation Bases Perfusion & NRP Hubs Ground Bases Surgical Recovery Resources Locally-based service model saves money and improves efficiency. Assets strategically positioned near the nation’s largest transplant centers and population hubs Note: Surgical recovery resources represent locations of surgeons who have completed a minimum case threshold qualifying them as recurring providers. The Company maintains access to a broader network of surgeons who have performed cases below this threshold and remain available on an ad hoc basis. Figure excludes surgeons adde d through acquisitions completed in Q2 2026. Note: Surgical recovery resources represent locations of surgeons who have completed a minimum case threshold qualifying them as recurring providers. The Company maintains access to a broader network of surgeons who have performed cases below this threshold and remain available on an ad hoc basis.
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11 Strata’s Organ Recovery Platform Enables Operational Efficiencies and Cost Savings Non-Local Recovery Local Recovery Donor Hospital Surgeon & Equipment at Local Hub Transplant Center (Recipient Location) Donor Hospital Surgeon & Equipment Transplant Center (Recipient Location)Equipment ▪ Strata’s network of organ recovery and logistics hubs including surgical teams, perfusionists, equipment and logistics infrastructure enables operational efficiencies and cost savings for the transplant community ▪ Strata’s organ recovery platform potential cost savings versus select competitors: ~30% per completed case and ~40% on dry runs ▪ Strata’s network & cost savings potential for dry runs in particular can unlock higher organ supply: Concerns about delayed progression to circulatory arrest after life support withdrawal is a key reason for organ non-utilization. Note: Management estimates and Journal of Heart and Lung Transplantation
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12 Business Model Integrated Solution Geographic Footprint Fleet Strategy Surgical Quality Differentiated Model Poised for Outsized Growth Strata is a true partner to our customers, delivering a “one-call” solution with end-to-end capabilities while also supporting any combination of vendors a customer may choose to effectuate a life-saving organ transplant Industry Norm Strata Approach Staff and equipment flown in for all trips Locally-based equipment and staffing model Trips largely flown on captive fleet of same type, irrespective of distance or geography Distributed, asset-light model provides flexibility in terms of aircraft size and basing location Profit driven primarily by increased use of captive assets (aircraft or medical devices) “Open-source” model, economically aligned with customers and driven by a partnership approach to expand transplants without bias for aircraft or device Mix of US licensed surgeons and individuals who have been credentialed for organ recovery, but are not US licensed physicians All recoveries performed by licensed physicians, vetted by Organ Recovery Clinical Services Medical Director Narrow focus on one element of transplant (e.g. – logistics, matching, recovery) with onus on customer to coordinate other elements “One call” solution supported by 24/7 control center coordinating end-to-end, regardless of whether services are provided internally or by other vendors
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13 Strata Investment Highlights Strata is Positioned to Outgrow the Market While Expanding Margins ✓ Continued share gains in fragmented market ✓ Longer, more complex trips increase revenue per transplant ✓ Leading position in market segments seeing rising penetration including NRP & third-party recovery ✓ Limited customer overlap across service offerings creates cross-sell opportunity ✓ Low-risk margin expansion through fixed cost leverage Market Leader with Differentiated Model ✓ Only end-to-end, one-call solution for organ recovery supporting all perfusion options ✓ Nationwide scale with locally-based service model reduces cost and improves reliability for customers ✓ Trusted partner to customers aligned on growing transplants versus pushing an aircraft or device specific agenda ✓ Strata aligned with customers and regulators to increase transplants, a cost effective and life saving therapy Multiple Catalysts Driving Growth in Transplant Volumes ✓ New technology is expanding the pool of eligible donors ✓ Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes M E D I C A L Strong Balance Sheet Enables Attractive Roll-Up Opportunity ✓ Fragmented industry made up largely of local incumbents unable to compete in evolving national system ✓ Strata has significant liquidity to deploy in low-risk roll-up strategy ✓ Track record of successful acquisitions in adjacent cardiac care marketplace
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14 18.0 17.8 17.6 18.5 18.9 19.0 19.9 20.5 21.1 21.4 20.3 21.9 21.8 23.7 25.1 26.2 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Heart Liver Lung 10.2 10.3 10.2 10.7 11.1 11.6 13.0 13.4 13.8 14.7 14.7 15.1 15.8 17.6 18.8 19.8 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Heart Liver Lung Attractive Growth in Organ Transplant Volumes U.S. Heart, Liver, Lung Transplants by Organ Type (000s) U.S. Heart, Liver, Lung Recipient Waiting List Additions (000s) • Organ transplantation faces a significant supply-demand imbalance, with rising demand and a limited donor pool • In recent years, growth in organ transplant volumes has accelerated to the mid to high single-digits enabled by new technology and regulatory change • Perfusion technologies, including both machine perfusion and Normothermic Regional Perfusion (NRP), are increasing organ supply by enabling more transplants from Donation after Circulatory Death (DCD) donors • Regulatory changes have removed geographic barriers on organ matching while increasing transparency, accountability, and competitive pressure on organ procurement organizations, encouraging them to be more aggressive in pursuing all potential donors Organ preservation technologies and policy reforms have increased industry growth rate Source: Organ Procurement and Transplantation Network (OPTN) 3.7% CAGR 1.6% CAGR7.8% CAGR 6.3% CAGR
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15 New Technology is Increasing the Supply of Donor Hearts, Livers and Lungs Machine Perfusion Multiple new technologies are emerging that allow utilization of organs that would otherwise not be suitable for transplant. Strata is contracted by our customers to provide all logistics regardless of what preservation technology, if any, they may choose to utilize for an individual case Other Preservation Devices Normothermic Regional Perfusion (NRP) Key Providers Key Providers Third-Party Providers Equipment Manufacturers • Machine Perfusion devices circulate oxygenated blood through donor organs after procurement • Machine Perfusion can serve to reanimate organs that are damaged after a donor’s heart stops (DCD or Donation after Circulatory Death), which might otherwise go to waste • Machine Perfusion can also preserve organs for longer than traditional cold storage after procurement, enabling longer- distance flights as well as additional time to complete the matching process • Advanced preservation devices store organs at controlled temperatures reducing the risk of damage from using traditional cold storage • Traditional cold storage (i.e. – a cooler or box packed with ice) is still utilized for many organ transports. Though this can be sufficient for shorter distances, hearts, livers and lungs typically remain viable for only 4-12 hours when preserved this way, while damage to the organ can occur from freezing • NRP is a recovery process whereby, after circulatory death, oxygenated blood is circulated through a portion of the donor’s body, perfusing the organs • NRP can serve to reanimate organs that are damaged after a donor’s heart stops (DCD or Donation after Circulatory Death), which might otherwise go to waste • NRP can also help preserve organs after circulatory death, enabling additional time to complete the matching process • This is a fast-growing area among Strata’s transplant center customers
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16 Matching is Prioritizing Sicker Patients over Closer Ones • Organs allocated first to patients within a Donor Services Area (DSA) • Boundaries drawn decades ago – arbitrary and encouraged local donation • Replaced DSAs with concentric circles around the donor hospital — patients in the nearest circle get priority • Points-based system prioritizes patient sickness and de-emphasizes geographic proximity, leading to organs traveling longer distances Donor Service Areas (1984-2017) Acuity Circles (2017-present) Continuous Distribution (2023-present) Miles (Diameter) 250 500 1000 Lung Hearts and Livers have not yet transitioned to continuous distribution Organ Allocation Transition Status Heart & Liver Source: Organ Procurement & Transplantation Network
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17 Strata Investment Highlights Strata is Positioned to Outgrow the Market While Expanding Margins ✓ Continued share gains in fragmented market ✓ Longer, more complex trips increase revenue per transplant ✓ Leading position in market segments seeing rising penetration including NRP & third-party recovery ✓ Limited customer overlap across service offerings creates cross-sell opportunity ✓ Low-risk margin expansion through fixed cost leverage Market Leader with Differentiated Model ✓ Only end-to-end, one-call solution for organ recovery supporting all perfusion options ✓ Nationwide scale with locally-based service model reduces cost and improves reliability for customers ✓ Trusted partner to customers aligned on growing transplants versus pushing an aircraft or device specific agenda ✓ Strata aligned with customers and regulators to increase transplants, a cost effective and life saving therapy Multiple Catalysts Driving Growth in Transplant Volumes ✓ New technology is expanding the pool of eligible donors ✓ Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes M E D I C A L Strong Balance Sheet Enables Attractive Roll-Up Opportunity ✓ Fragmented industry made up largely of local incumbents unable to compete in evolving national system ✓ Strata has significant liquidity to deploy in low-risk roll-up strategy ✓ Track record of successful acquisitions in adjacent cardiac care marketplace
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18 New Customer Acquisition Opportunity Across Business Lines Air Logistics Services Cardiac Care Clinical Services Strata is well positioned to acquire new customers across business lines given our integrated solutions, partnership approach, dedication to safety & clinical excellence and strong value proposition, in fragmented markets Ground Logistics Services 30% 70% 15% 85% Note: Management’s estimate of Strata’s market share is calculated by dividing Strata’s 2025 revenue by a management-derived estimate of the total addressable market. The total addressable market is based on a bottom-up analysis incorporating the estimated number of transplant center and organ procurement organization customers, transplant volumes, donors, and average spend per customer, per transplant, or per donor, as applicable. This represents management’s estimate of Strata’s market share for 2025. 7% 93% Transplant Clinical ■ Strata Market Share ■ Remaining Market Share 10% 90%
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19 Organs Are Traveling Longer Distances • Strata sells organ transportation by the flight hour, benefiting from both increased transplant volumes and longer transplant distances • Average transplant distances have risen significantly due to organ allocation policy reforms and new technology, leading to a 68% increase in heart, liver, and lung transplant distances from 2018 – 2025 • Regulatory changes have expanded organ allocation areas and prioritized sicker patients, even if further away, resulting in a shift to broader geographic distribution and reducing the emphasis on proximity in organ allocation criteria • Unlike traditional cold storage, perfusion technologies keep organs healthier for longer by simulating natural body conditions, which reduces the risk of damage from prolonged cold ischemia and enables longer transplant distances 1. Change in distance calculated using mean straight-line distance between organ procurement organizations (OPOs) and transplant ce nters for heart, liver & lung transplants. Data sourced from the Scientific Registry of Transplant Recipients (SRTR) Acuity Circles Model used concentric circles of 250, 500, then 1,000 miles to allocate organs, prioritizing the sickest patients rather than geographic proximity Select U.S. Organ Allocation Regulatory Changes Industry-Wide U.S. Heart, Liver & Lung Transplant Distance(1) 2023 onwards Pre-2017 Organs were prioritized within arbitrarily drawn Donor Service Areas, some smaller than 50 miles across 2017 – 2023 Continuous Distribution Framework replaced Acuity Circles; distance now constitutes only about 10% of criteria, further reducing the emphasis on proximity. Continuous distribution for lungs was implemented in March 2023 and hearts and livers are expected to follow 12% 26% 32% 33% 52% 64% 68% 0% 10% 20% 30% 40% 50% 60% 70% 80% 2018 2019 2020 2021 2022 2023 2024 2025 Cumulative % Change in Transplant Distance Graph represents cumulative change from 2018 - 2025 Organ allocation policy reforms and new technologies enable organs to travel longer distances to reach recipients resulting in more successful matches with increased flight hours per trip
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20 Compelling Benefits of Normothermic Regional Perfusion Improve Organ Utilization Improved Clinical Outcomes 1.7 2.6 DCD without NRP DCD with NRP Organs Transplanted per Donor 1. Outcomes after DCD Cardiac Transplantation: An International Multicenter Retrospective Study 2. Thoracoabdominal Normothermic Regional Perfusion: Real-world Experience and Outcomes of DCD Liver Transplantation 3. Normothermic regional perfusion performed by a united states organ procurement organization for nonthoracic organ donors Thoracic: Heart(1) TA-NRP Primary Graft Dysfunction Rate 7.6% vs. 19.2% for Direct Procurement Abdominal: Liver(2) 6-Month Ischemic Cholangiopathy Rate: 1.2% in NRP vs. 9.5% for Direct Procurement Abdominal: Kidneys(3) NRP Kidney Primary Graft Dysfunction 29% vs. 47% for Direct Procurement
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21 Where NRP Fits in the Donation After Circulatory Death (DCD) Process Source: Health Resources & Services Administration (HRSA) The decision to withdraw care is made independently of donation; NRP, if used at all, only comes at the final step of the donation process Patient's family decides to withdraw life sustaining therapies. Authorization for organ donation is discussed. Life sustaining therapies are withdrawn and death is declared. Organ is recovered, preserved, and transplanted. Patient's doctor determines that continued life sustaining therapies will not improve the patient's status Patient's family decides to withdraw life sustaining therapies Organ procurement organization (OPO) team discusses organ donation with the family Patient and/or family do not provide authorization to donate, as per state laws Patient and/or family do provide authorization to donate, as per state laws. Life sustaining therapies are withdrawn Death is declared Life sustaining therapies are withdrawn; OPO works to identify a good match for the organs Death is declared Organs are recovered and preserved to increase the chances of a successful transplant. Normothermic regional perfusion (NRP) may be used If suitable recipients accept the organs, the organs are transported and transplanted
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22 Rising Penetration of Normothermic Regional Perfusion Source: Historical data derived from the Scientific Registry of Transplant Recipients (SRTR). Future estimates are based on management analysis incorporating current adoption trends and discussions with industry experts. 4.4% 7.3% 20.8% 38.1% 51.6% 56.8% 58.7% 2022 2023 2024 2025 Jan-Aug 2025 Sep-Dec Q1 2026 Q2 2026 2028E Proportion of DCD Donors Undergoing Normothermic Regional Perfusion Compelling benefits are driving rising NRP penetration rates of DCD donors, with mid -single-digit growth in DCD donors and NRP penetration reaching the low-60% range by 2028. We continue to believe NRP will become the industry standard in DCD donation over time and see significant multi-year upside from current levels, resulting in a ~55% increase in NRP donors from 2025 to 2028 Low 60% Range Note: SRTR, the data provider for the US organ transplant system, revised NRP donor counts upward by ~15% from September 2025 forward, reflecting improved data collection mandated by OPTN; pre-September 2025 figures were not restated and likely remain undercounted. Medium-term guidance previously assumed ~55% NRP penetration; we are updating this to the low-60% range to reflect the methodology change SRTR Data – Prior Methodology SRTR Data – Current Methodology
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23 Transplant Centers Increasingly Capacity Constrained, Relying More on Third- Party Recovery ▪ Recoveries completed by transplant surgeon ▪ Transplant centers are increasingly capacity constrained due to higher case volumes, rising complexity and changes in fellowship rules ▪ Cultural/generational shift in transplant surgeon openness to third party recoveries ▪ OPO led abdominal recoveries are common today for DBD cases ▪ Third party recoveries for DCD donors are common today ▪ Third party recovery penetration % expected to continue to rise as the underlying driving forces persist and transplant center capacity constraints worsen ▪ Results in a ~50% projected increase in the number of third- party recoveries Traditional Third-party recovery penetration: Low Current Status Third-party recovery penetration : ~40% Future Third-party recovery penetration: ~50%
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24 Strata Investment Highlights Strata is Positioned to Outgrow the Market While Expanding Margins ✓ Continued share gains in fragmented market ✓ Longer, more complex trips increase revenue per transplant ✓ Leading position in market segments seeing rising penetration including NRP & third-party recovery ✓ Limited customer overlap across service offerings creates cross-sell opportunity ✓ Low-risk margin expansion through fixed cost leverage Market Leader with Differentiated Model ✓ Only end-to-end, one-call solution for organ recovery supporting all perfusion options ✓ Nationwide scale with locally-based service model reduces cost and improves reliability for customers ✓ Trusted partner to customers aligned on growing transplants versus pushing an aircraft or device specific agenda ✓ Strata aligned with customers and regulators to increase transplants, a cost effective and life saving therapy Multiple Catalysts Driving Growth in Transplant Volumes ✓ New technology is expanding the pool of eligible donors ✓ Policy reforms matching available organs to sickest patients first, increasing trip distances and volumes M E D I C A L Strong Balance Sheet Enables Attractive Roll-Up Opportunity ✓ Fragmented industry made up largely of local incumbents unable to compete in evolving national system ✓ Strata has significant liquidity to deploy in low-risk roll-up strategy ✓ Track record of successful acquisitions in adjacent cardiac care marketplace
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25 Capital Deployment Philosophy Established, profitable businesses in our core service lines Verifiable track records of regional excellence Mid-single-digit multiples with synergy buy-down opportunity Prioritizing low-risk roll-up opportunities with known industry participants that have demonstrated the highest quality service delivery in a specific region Adds power to the Strata platform Active pipeline with line of sight to near-term opportunities
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26 Capital Deployment Priorities Transplant Clinical Logistics Other Clinical ▪ Subscale, regional providers of NRP , surgical recovery organ placement or preservation. Targets number in the single digits ▪ Builds Strata’s local-service availability footprint while adding new customers ▪ Targets have limited logistics capabilities, upside from customers engaging with our lower cost, end-to-end logistics offering ▪ Typically, Part 135 aircraft operators with two to three transplant customers and no national scale. Targets number in the teens, but many come with retail jet charter ▪ Targets do not have clinical capabilities, creating upside from our broader offering ▪ Potential to increase utilization of target’s aircraft from our larger customer base ▪ Regional cardiac perfusion services businesses, targets number in the mid-double digits ▪ Strata’s clinical team has a long track record of successful, low-single digit acquisitions in this space as Keystone. ▪ Increased national scale of perfusionist recruiting and training also bolsters NRP offering in transplant Attractive roll-up opportunity at mid-single-digit EBITDA multiples will help improve local-service footprint and improve shareholder returns
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27 Logistics
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28 Logistics Segment Overview Ground LogisticsAir Logistics ▪ 55+ ground vehicles located at 11 ground hubs across the country ▪ Access broad network of third-party ground capacity Key Stats ▪ 24/7 logistics operations center ▪ 35+ owned / dedicated aircraft at ~20 bases nationwide ▪ Access to broad network of third-party aircraft ▪ Diversified aircraft types (turbo props, light, mid-size jets) ▪ Hand carry and Next Flight Out (NFO) service Aircraft Fleet (Owned + Dedicated) 35+ Ground Vehicles (Owned) 55+ Logistics Operations Center 24/7 Proprietary Tech Platform “TAC” Missions Completed >90k
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29 Scale, Infrastructure and Fleet Diversity Enables Customer Cost Savings Repositioning savings: ~$5K / Trip Florida Based Customer Example Gainesville Regional (KGNV) Jacksonville International (KJAX) Customer Location Alternate Air Base Strata Air Base Nationwide Logistics Network
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30 Aircraft Ownership Return and Growth Opportunity Aircraft Ownership Rationale Strategic Benefits • Enables Gross Margin expansion in regions with contracted customer density • Participate fully in the benefits of high aircraft utilization by spreading fixed costs across additional flight hours • Low risk of aircraft underutilization due to customer contracts, limited industry cyclicality • Enhance reliability and uptime by pre-purchasing parts for overhauls and common issues • Owned aircraft target gross margin and target ROIC(1) for new customers are both 30%+ 1. Return on Invested Capital; does not include income taxes. • Aircraft ownership has become an increasingly important competitive factor • New customer RFPs and subsequent contract awards required aircraft ownership • Aircraft ownership enables us to position aircraft closer to customers reducing repositioning hours and cost for our customers, thereby improving service
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31 Strata’s Aircraft Capacity Low HighOperating Leverage Owned Aircraft Capacity Mix: ~30% Target Gross Margin: 30%+ ▪ Strata-owned aircraft; operated and maintained by third-parties overseen by Strata ▪ Strata pays direct variable costs with fixed costs (pilot & maintenance, insurance, etc.) paid as incurred ▪ Significant fixed cost leverage from incremental flying Dedicated Third-Party Aircraft Capacity Mix: ~50% Target Gross Margin: ~20% ▪ Owned and operated by third- parties overseen by Strata ▪ Fixed hourly rates with annual volume guarantees – rate reductions after meeting guarantee ▪ Dedicated aircraft with enhanced crew availability and lower costs Non-Dedicated Third Party Aircraft Capacity Mix: ~20% Target Gross Margin: ~13% ▪ Owned and operated by third- parties overseen by Strata ▪ Pay only for hours flown; no volume guarantee to operator ▪ Flexible capacity to accommodate demand spikes but lacks fixed cost leverage
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32 Target Gross Margin Logistics Services Unit Economics & Contract Structure COGS Revenue Significant fixed cost leverage from incremental flying Fixed Cost Leverage Block Hours Revenue per Hour Flight Hours Flown Cost per Hour 30%+ ~25%+ Some fixed cost leverage from third-party aircraft with Capacity Purchase Agreements; no fixed cost leverage from third-party aircraft with no commitment Minimal 1. There are several costs included in SG&A for owned aircraft, including insurance, hangar, training and Wi-Fi 2. Applicable to owned ground vehicles Owned Aircraft(1) Third-Party & Dedicated Aircraft Ground(2) Block Hours Revenue per Hour ~13-20% Billable Hours Revenue per Hour Fuel consumed Driver salaries Maintenance Depreciation Fuel consumed Pilot salaries Maintenance Depreciation Management fees
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33 Transplant Clinical
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34 Transplant Clinical Services Overview NRP Cases(1) Surgical Cases(1) >1,500>3,600 Regional Hubs 14 Surgeons(2) 14 NRP Perfusionists 35+ (1) Cases include dry runs and represent lifetime-to-date statistics (2) Surgeons who have completed a minimum case threshold qualifying them as recurring providers. The Company maintains access to a broader network of surgeons who have performed cases below this threshold and remain available on an ad hoc basis. Figure excludes surgeons added through acquisitions completed in Q2 2026 Key Stats NRP Surgical Recovery Machine Perfusion Support Logistics Data & Reporting Network of Regional Organ Recovery Hubs with Dedicated Perfusion Teams • Transplant Centers: NRP for DCD cases • OPOs: Consider NRP for every DCD donation opportunity • Thoracic: Heart (DBD), Lungs (DBD, DCD) • Abdominal: Liver, Kidneys, Pancreas (DBD, DCD) • Machine operation (Perfusionist) • Surgical Support (Surgeon) • Integrated air and ground logistics offering • Cost savings from national network of air and ground bases • Comprehensive data capture & analysis allows for compliance, accuracy and transparency
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35 Partnership Approach & Dedication to Clinical Quality Clinical Quality • All Strata surgeons are listed in the Association of Organ Procurement Organizations (AOPO) Credentials Information Network (ACIN) • Each surgeon is vetted by our Chief Medical Officer • Perfusionist certification, training and continuing education requirements Partnership Approach • Collaborative, team-based approach over transactional engagements • Quality-driven with a focus on cost efficiency
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36 Organ Recovery Regional Hubs – Medium Term Future Hub Candidates Current Hubs OPO / Transplant Center Partner States
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37 Transplant & Other Clinical Services Unit Economics & Contract Structure COGS Revenue Contract Terms Perfusion (Retainer) Surgical Recovery Monthly Take or Pay retainer fee Disposables Cost of disposables Cost of labor Cost of labor, per case fee Cost of labor, medical directors and administrators NRP (Retainer) Monthly retainer fee Per case fee Disposables Cost of Standby Labor (Covered by retainer) Cost of labor, per case fee Cost of disposables Hours billed Locum Tenens Rate per hour Cost of labor per hour Per case Fee • Average Term: 1-3 years • CPI escalators (typical contract) • Average Term: 1-3 years • CPI escalators (typical contract) • Short or long term in nature depending on customer requirements • Typical contract is fee for service
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38 Other Clinical
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39 Attractive Industry Attributes Other Clinical Services Overview Comprehensive Outsourced Solution Clinical Excellence ✓ Recurring revenue ✓ High customer retention rate ✓ Multi year contracts ✓ Ability to pass through inflation ✓ Fragmented market Core Value Proposition Key Stats Active Clinicians Open Heart Cases Per Year Cardiac Care Customers National Presence Cardiac Care Historical Growth ~375 20K+ 250+ 31 States Mid-Teens CAGR
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40 Other Clinical Services Offerings Perfusion Services • Provides certified perfusionists to operate heart-lung machines during surgery procedures Autotransfusion & Blood Management • Recovers & reuses patient blood during surgery; reduces reliance on donor blood & infection risk Disposables • Supplies perfusion-related disposables Cardiac Care Additional Clinical Services ECMO Services Locum Tenens • Provides staff & equipment for ECMO programs – longer-term life- support systems that temporarily replace heart and lung function • Provides temporary perfusionist staffing coverage Equipment Leasing • Option for customers that don’t have their own equipment or don’t want to use Keystone equipment
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41 330,643 417,021 2015 2023 Other Clinical Services Growth Drivers – Rising Cardiovascular Disease Leading Causes of Cardiovascular Disease on The Rise(1) Cardiac Surgery Procedure Growth(2) 36% 42%Obesity 42% 48%Hypertension 11% 13%Diabetes (1) National Health and Nutrition Examination Survey. Latest available survey covers August 2021–August 2023; figures will be updated when NHANES 2025–2026 is published. (2) The Society of Thoracic Surgeons Adult Cardiac Surgery Database: 2024 Update on National Trends and Outcomes (published June 2025). Figures will be updated upon publication of the 2025 update (containing 2024 data) 2010 2022 Prevalence % in US Adults
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42 Other Clinical Services New Customer Acquisition Opportunity ▪ Large and fragmented market today – U.S. outsourced TAM is ~$350 million ▪ Strata currently has ~7% market share of the outsourced perfusion market ▪ We’ve consistently added new perfusion retainer customers over the last several years ▪ Considerations ▪ Locum Tenens is key feeder for perfusion retainer contracts ▪ RFPs win rate ~80% historically ▪ Hospitals moving to an outsourced model (~70% currently insourced) Opportunity Outsourced Cardiac Perfusion U.S. TAM 7% 93% Strata Market Share Remaining Market Note: Management’s estimate of Strata’s market share is calculated by dividing Strata’s 2025 revenue by a management-derived estimate of the total addressable market. The total addressable market is based on a bottom-up analysis incorporating the estimated number of transplant center and organ procurement organization customers, transplant volumes, donors, and average spend per customer, per transplant, or per donor, as applicable. This represents management’s estimate of outsourced cardiac perfusion TAM and Strata’s market share for 2025.
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43 Regulatory Update
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44 Continuous Distribution Lungs implemented in 2023, Livers and Hearts in public comment period Prioritize sickest candidates first to reduce waitlist deaths. Distance organs travel expected to increase Establish a more equitable system of allocating donor organs Transplant Regulatory Update Increased regulatory scrutiny has created near term uncertainty for transplant community. We believe regulatory initiatives are set to restore trust in the system and will be a broad medium to long term positive for Strata…and all who need life-saving organs Current Status Medium / Long Term Impact Regulator Goals Organ Procurement Safety Improve organ transplant system performance and patient safety Strengthen Organ Donation and Procurement Safety Continuous Distribution Lungs implemented in 2023, Livers and Hearts in public comment period Prioritize sickest candidates first to reduce waitlist deaths. Distance organs travel expected to increase Establish a more equitable system of allocating donor organs Note: Management estimates OPO performance scrutiny, OPO Safety Officers, Non-compliance reporting, DCD & NRP policies & procedures Improve allocation practices to strengthen public trust and patient outcomes Allocation Out of Sequence (AOOS) HRSA finalizing OPTN remediation plan Improve organ transplant system performance and patient safety
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45 Financial Performance and Outlook
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46 Q2 2026 Earnings Update Commentary Note: See "Use of Non-GAAP Financial Information" and "Key Metrics and Non-GAAP Financial Information" sections attached to this presentation for an explanation of Non-GAAP measures used and reconciliations to the most directly comparable GAAP financial measure. NM = Not Meaningful (1) Net of depreciation expense of $1,417K, $1,147K, and $852K for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025, respectively. (2) Net of depreciation expense of $370K and $360K for the three months ended June 30, 2026 and March 31, 2026, respectively. • Total revenue increased 60.7% year-over-year to $72.5 million driven by organic growth in Logistics, the addition of our Clinical business through the Keystone acquisition and the contribution from Clinical acquisitions completed during Q2 2026 • Logistics growth of 6.9% year-over-year driven primarily by higher Air revenue. Strength in OPO customers and softness in Transplant Center customers drove shorter trip distances, muting overall revenue growth in the period • Clinical grew 22.6% sequentially vs. Q1 2026. Excluding Clinical acquisitions completed during Q2 2026, Clinical revenue rose 15.1% in Q2 2026 vs Q1 2026 driven primarily by Transplant Clinical revenue, which rose 23.8%, with Other Clinical revenue up 6.5% • Gross profit increased 68.9% year-over-year to $15.2 million driven by the addition of our Clinical business and the contribution from Clinical acquisitions completed during Q2 2026, partially offset by a modest decline in Logistics gross profit • Gross margin increased 100 bps year-over-year to 21.0% driven primarily by the positive mix impact from our Clinical business, partially offset by a 160 basis point decline in Logistics gross margin driven by an increase in the fuel surcharge, fuel costs, customer mix, modestly lower owned fleet profitability and lower ground margins • On a sequential basis, Adj. SG&A decreased $0.1 million to $9.1 million • Adj. EBITDA margin of 10.9% increased 140 basis points versus Q1 2026 driven by the increase in Clinical gross margin and the mix shift to Clinical, partially offset by the reduction in Logistics gross margin Consolidated Results Three Months Ended Jun 30, Jun 30, YoY Change Mar 31, QoQ Change $000s, except as noted 2026 2025 % $ 2026 % $ Logistics Revenue 48,240 45,108 6.9% 3,132 47,599 1.3% 641 Transplant Clinical Revenue 12,521 – NM NM 9,839 27.3% 2,682 Other Clinical Revenue 11,745 – NM NM 9,946 18.1% 1,799 Total Clinical Revenue $24,266 – NM NM $19,785 22.6% $4,481 Total Revenue $72,506 $45,108 60.7% $27,398 $67,384 7.6% $5,122 Logistics Gross Profit ¹ 8,888 9,007 (1.3%) ($119) 9,165 (3.0%) (277) Clinical Gross Profit ² 6,327 – NM NM 4,952 27.8% 1,375 Total Gross Profit $15,215 $9,007 68.9% $6,208 $14,117 7.8% $1,098 Logistics Gross Margin 18.4% 20.0% NM (1.6%) 19.3% NM (0.8%) Clinical Gross Margin 26.1% – NM NM 25.0% NM 1.0% Total Gross Margin 21.0% 20.0% NM 1.0% 21.0% NM 0.0% Adj. SG&A $9,115 $7,393 23.3% $1,722 $9,214 (1.1%) ($99) Adj. SG&A as a % of Revenue 12.6% 16.4% NM (3.8%) 13.7% NM (1.1%) Adj. EBITDA $7,887 $2,466 219.8% $5,421 $6,410 23.0% $1,477 Adj. EBITDA Margin 10.9% 5.5% NM 5.4% 9.5% NM 1.4%
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47 2026 Financial Guidance Metric Range Revenue $285 million - $295 million Adjusted EBITDA $33 million - $35 million Free Cash Flow, Before Aircraft and Engine Acquisitions $15 million - $22 million ▪ Adjusted EBITDA Margin high 11% range at the midpoint of guidance ▪ Improving owned fleet utilization ▪ Impact of Keystone acquisition ▪ Industry transplant volumes ▪ Industry NRP donors ▪ Owned fleet utilization and profitability Revenue Drivers Adjusted EBITDA Drivers Free Cash Flow Drivers ▪ Capital expenditures (including capitalized software development but excluding aircraft and engine acquisitions): $8-9 million ▪ Trade working capital: ~10% of revenue Key Risks and Opportunities • High single digit organic revenue growth at the midpoint • Mid single digit transplant industry volume growth • Mid teens Industry NRP donor growth • New customer acquisitions Note: We have not reconciled the forward-looking Adjusted EBITDA, Free Cash Flow, Before Aircraft and Engine Acquisitions, and Adjuste d EBITDA margin included above to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain cos ts, the most significant of which are incentive compensation (including stock -based compensation), transaction-related expenses, certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results. Organic growth excludes the impact of revenue from acquisitions for the first twelve mo nths following the acquisition date. Beginning with the first full month after the one -year anniversary of an acquisition, the revenue from the acquired business is included in the organic base for growth comparisons.
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Appendix
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49 Management Team Biographies Louis Verdetto CEO, Clinical Services Dr. Scott Silvestry Chief Medical Officer Michael Hancock Vice President, Clinical Services Christie Campbell Vice President, Clinical Services Scott Wunsch CEO, Logistics Keith Trepanier Chief of Safety Mathew Schneider CFO, Clinical Services VP of Finance & Investor Relations Will Heyburn Co-CEO & CFO Melissa Tomkiel Co-CEO and General Counsel Amir Cohen Chief Accounting Officer Eric Moore VP, Technology Andrew Marreel Director of Business Development Jamie Bucio Director of Organ Placement
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50 Use Of Non-GAAP Information Strata believes that the non-GAAP measures discussed below, viewed in addition to and not in lieu of our reported U.S. generally accepted accounting principles ("GAAP") results, provide useful information to investors by providing a more focused measure of operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. Adjusted EBITDA, Adjusted SG&A, Free Cash Flow, Free Cash Flow before aircraft and engine acquisitions, and Clinical revenue, excluding acquisitions, have all been reconciled to the nearest GAAP measure in the tables within this presentation. Adjusted EBITDA – Strata reports Adjusted EBITDA, which is a non-GAAP financial measure. Strata defines Adjusted EBITDA as net income (loss) from continuing operations adjusted to exclude: (1) depreciation and amortization; (2) stock-based compensation; (3) change in fair value of warrant liabilities and other assets and liabilities; (4) interest income and expense; (5) income tax; (6) impairment of intangible assets or property and equipment; and (7) certain other non-recurring items that management does not believe are indicative of the Company's ongoing operating performance and would impact the comparability of results between periods. Adjusted SG&A – Strata defines Adjusted selling, general and administrative ("SG&A") expenses as SG&A adjusted to exclude: (1) depreciation; (2) stock- based compensation; (3) impairment of property and equipment; and (4) other non-cash items and certain other non-recurring items that management does not believe are indicative of the Company's ongoing operating performance that would impact the comparability of results between periods. Free Cash Flow, and Free Cash Flow before aircraft and engines acquisitions – Strata defines Free Cash Flow as net cash provided by / (used in) operating activities less capital expenditures and capitalized software development costs (net of proceeds from disposals). Free Cash Flow before aircraft and engines acquisitions is defined as Free Cash Flow excluding cash outflows related to aircraft and engines acquisitions. Strata believes these measures provide valuable insights into the Company's cash-generating capacity. In particular, Free Cash Flow before aircraft and engines acquisitions highlights the cash generated by Strata's continuing operations prior to the impact of aircraft and engines acquisitions, which are discretionary and strategic in nature. Clinical revenue, excluding Clinical acquisitions that closed in Q2 2026 – Strata defines Clinical revenue, excluding Clinical acquisitions that closed in Q2 2026, as total Clinical revenue, including Transplant Clinical and Other Clinical revenue, less revenue attributable to businesses acquired during the period presented. Strata believes this measure is useful to investors because it facilitates the evaluation of organic period-over-period growth in the Clinical segment by excluding growth attributable to acquired businesses.
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51 Use Of Non-GAAP Information
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52 Use Of Non-GAAP Information (Continued)
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57 Use Of Non-GAAP Information (Continued)