Strata Critical Medical, Inc.SRTA

Strata Critical Medical, Inc. Leases Disclosure

10-KFiled Mar 3, 20262 min read
Operating Right-of-Use Asset and Operating Lease Liability
Strata’s operating leases consist of offices, vehicles and aircraft leases that are embedded within certain CPAs. Upon meeting certain criteria as stated in ASC 842 Leases (“ASC 842”), the lease component of a CPA would be accounted for as an embedded lease, with a corresponding balance included in the operating ROU asset and lease liability.
During the year ended December 31, 2025, lease activity under ASC 842 included the following:

Effective in April 2025, an existing CPA for one aircraft was restated and amended to provide for a three-year term ending April 30, 2028. As a result, the Company recorded an additional ROU asset and corresponding lease liability of $592. Under the amended CPA, if the agreement expires or is terminated for cause, the flight-hour guarantee is prorated through the termination date. Additionally, Strata has the right to immediately terminate the agreement without penalty if a governmental authority imposes travel restrictions.

See Note 14, “Commitments and Contingencies”, for additional information about our capacity purchase agreements.
Balance sheet information related to the Company’s leases is presented below:
December 31,
2025		December 31, 2024
Operating leases:
Operating right-of-use asset$3,107 $2,831 
Operating lease liability, current652 682 
Operating lease liability, long-term2,655 2,336 

The following provides details of the Company’s lease expense:
Year Ended December 31,
20252024
Lease cost:
Short-term lease cost
$338 $404 
Operating lease cost - Selling, general and administrative
849 584 
Operating lease cost - Cost of revenue (1)
274 717 
Total$1,461 $1,705 
(1) Operating lease costs related to aircraft leases that are embedded within CPAs.

Other information related to leases is presented below:
December 31, 2025
Weighted-average discount rate – operating lease
7.70 %
Weighted-average remaining lease term – operating lease (in years)
4.9
Year Ended December 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$897 $820 

As of December 31, 2025, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows:
For the Year Ended December 31
2026$880 
2027864 
2028677 
2029578 
2030595 
Thereafter392 
Total future minimum lease payments, undiscounted
3,986 
Less: Imputed interest for leases in excess of one year
(679)
Present value of future minimum lease payments
$3,307 
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Historical Timeline

Fiscal YearFiled
2025Mar 3, 2026Showing above
2024Mar 13, 2025
2023Mar 12, 2024
2022Mar 16, 2023
2021Dec 20, 2021

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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