Strata Critical Medical, Inc.

Financial Statements

The consolidated financial statements of the Company for the fiscal years covered by this Annual Report are located beginning of page F-1 of this Annual Report on Form 10-K.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

To the shareholders and the Board of Directors of Strata Critical Medical, Inc. and subsidiaries

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Strata Critical Medical, Inc. (f/k/a Blade Air Mobility, Inc.) and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), stockholders' equity, and cash flows, for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 3, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Logistics revenue — Refer to Notes 2 and 3 to the financial statements

Critical Audit Matter Description

As disclosed in Notes 2 and 3, the Company recognized logistics revenue which was derived from air and ground transportation services for human organs, transplant teams, and related medical materials. The Company recognizes logistics revenue at a point in time upon completion of the transport, which is when control of the service transfers to the customer. Logistics revenue consists of a high volume of transactions, and the initiation, processing and recording of transactions relies upon multiple information technology (IT) systems and is dependent on the effective design and operation of multiple systems and controls. Because of these factors, performing audit procedures to evaluate whether logistics revenue was appropriately recorded required a high degree of auditor judgement and an increased extent of audit effort, including the need for us to involve professionals with expertise in Information Technology (IT) to identify, test, and evaluate the Company’s systems, applications, and user access.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the testing of logistics revenue recognition included the following, among others:

•We tested the design and operating effectiveness of internal controls over the Company’s recognition of logistics revenue.

•With the assistance of our IT specialists, we identified the significant systems used to process logistics revenue transactions and tested the effectiveness of general IT controls over each of these systems, including testing of user access controls, and change management controls.

•We created data visualizations to evaluate recorded logistics revenue and evaluate trends in the transactional logistics revenue data.

•We evaluated recorded activity for logistics revenue based on analytical procedures, including using regression and trend analyses to develop an expectation of the recorded logistics revenue balance.

•We tested a sample of logistics revenue transactions, where we compared the recorded logistics revenue to source documents and tested the accuracy of the recorded logistics revenue

•For logistics revenue, we tested the reconciliation of the recorded logistics revenue to the underlying system reports.

Fair value of Keystone Perfusion Services (“Keystone”) trademark and customer relationships intangible assets — Refer to Notes 2 and 4 to the financial statements

Critical Audit Matter Description

As disclosed in Notes 2 and 4, the Company completed the Keystone acquisition on September 16, 2025. The Company accounted for the acquisition under the acquisition method of accounting for business combinations. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their respective fair values, including trademark of $8.8 million and customer relationships of $31.9 million. Management estimated the fair value of the trademark using the relief-from-royalty approach, and estimated the fair value of the customer relationships using the multi-period excess earnings method, which is an income approach methodology.

We identified the fair value of the acquired trademark and customer relationships from the Keystone acquisition as a critical audit matter. A high degree of subjective auditor judgment was required to evaluate certain assumptions used in the valuation models, including the projected revenue growth rates and profitability margins, customer attrition rates, royalty rates, and the discount rates applied. Changes in these assumptions could have had a significant impact on the fair values of the trademark and customer relationships intangible assets. Specialized skills and knowledge were required to assess these significant assumptions and evaluate evidence obtained, including the need to involve our fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the above-noted assumptions used in estimating the fair value of the trademark and customer relationships intangible assets included the following, among others:

•We tested the design and operating effectiveness of certain internal controls over the Company's acquisition-date valuation process, including controls related to the development of the above assumptions.

•We performed sensitivity analyses over the assumptions noted above used to determine the acquisition-date fair values of the trademark and customer relationships intangible assets to assess the impact changes in those assumptions would have on the Company's determination of fair values.

•With the assistance of our fair value specialists, we evaluated the valuation methodologies, and the reasonableness of the customer attrition rates, useful lives, royalty rates and discount rates, including testing the underlying source information and the mathematical accuracy of the calculations, and developing a range of independent estimates and comparing those to the discount rates, customer attrition rates, useful lives and royalty rates selected by management.

•We assessed the reasonableness of management's future projected revenue and profitability by comparing the projections to historical results, certain peer companies, industry data, and Board of Directors presentations.

•We evaluated whether the future projected revenue was consistent with evidence obtained in other areas of the audit.

/s/Deloitte & Touche LLP

New York, New York

March 3, 2026

We have served as the Company’s auditor since 2024.

To the shareholders and the Board of Directors of Strata Critical Medical, Inc. and subsidiaries

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Strata Critical Medical, Inc. (f/k/a Blade Air Mobility, Inc.) and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated March 3, 2026, expressed an unqualified opinion on those financial statements.

As described in Management’s Annual Report on Internal Control over Financial Reporting, management excluded from its assessment the internal control over financial reporting at Keystone Perfusion Services, LLC, which was acquired on September 16, 2025, and whose financial statements constituted approximately 8% of total assets (excluding goodwill and intangible assets which were integrated into the Company’s system and control environment) as of December 31, 2025 and 10% of sales included within the Company’s consolidated financial statements as of and for the year ended December 31, 2025. Accordingly, our audit did not include the internal control over financial reporting at Keystone Perfusion Services, LLC.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

New York, New York

March 3, 2026