Revenue: As of FY2025 Q4, the actual value is USD 66.79 M.

EBIT: As of FY2025 Q4, the actual value is USD -7.043 M.

Fourth Quarter 2025 Financial Highlights

Segment Revenue

• Logistics Revenue rose 35.3% year-over-year to $49.2 million in Q4 2025, from $36.4 million in Q4 2024. Clinical Revenue totaled $17.6 million in Q4 2025, comprising $7.8 million from Transplant Clinical Revenue and $9.8 million from Other Clinical Revenue .

Operational Metrics

• Total Gross Profit increased 90.0% to $14.4 million in Q4 2025, up from $7.6 million in Q4 2024, with the Total Gross Margin increasing by approximately 80 basis points year-over-year to 21.6% in Q4 2025 from 20.8% in Q4 2024 .
• Logistics Gross Profit grew 39.5% to $10.6 million in Q4 2025, versus $7.6 million in Q4 2024, and Logistics Gross Margin increased by approximately 70 basis points to 21.5% in Q4 2025 from 20.8% in Q4 2024 .
• Clinical Gross Profit was $3.833 million in Q4 2025, with a Clinical Gross Margin of 21.8% .
• Selling, General and Administrative (SG&A) Expenses increased to $19.341 million in Q4 2025, from $13.167 million in Q4 2024 .
• Amortization of Intangible Assets rose to $1.476 million in Q4 2025, from $0.322 million in Q4 2024 .
• Total Operating Expenses increased to $20.817 million in Q4 2025, from $13.489 million in Q4 2024 .
• Operating Loss from Continuing Operations was - $6.405 million in Q4 2025, compared to - $5.904 million in Q4 2024 .
• Net Loss from Continuing Operations decreased by $2.0 million year-over-year to - $5.4 million in Q4 2025, from - $7.4 million in Q4 2024 .
• Adjusted EBITDA increased by $5.9 million year-over-year to $7.0 million in Q4 2025, compared to $1.1 million in Q4 2024, representing 10.4% of revenue in Q4 2025, up from 3.0% in Q4 2024 .

Cash Flow

• Operating Cash Flow was - $8.3 million in Q4 2025 .
• Free Cash Flow from Continuing Operations, before aircraft and engine acquisitions, was - $8.7 million in Q4 2025 .
• Capital Expenditures totaled $2.0 million in Q4 2025, primarily for aircraft maintenance and ground logistics vehicles .

Unique Metrics

• Cash and Short-Term Investments ended FY 2025 with $61.2 million .

Full Year 2025 Financial Highlights

Segment Revenue

• Logistics Revenue was $176.793 million for the full year 2025, an increase of 20.4% year-over-year from $146.817 million in 2024 .
• Clinical Revenue totaled $20.348 million for the full year 2025 .

Operational Metrics

• Net Loss from Continuing Operations was $20.1 million for the full year 2025 .
• Adjusted EBITDA was $14.1 million for the full year 2025, exceeding the high end of guidance .
• Adjusted EBITDA as a percentage of revenue was 7.1% for the full year 2025, up from 2.6% in 2024 .

Financial Outlook for Full Year 2026

• The company is raising its full year 2026 guidance, expecting Adjusted EBITDA between $29 million and $33 million, an increase from the previously projected $28-32 million . It also forecasts Free Cash Flow, before aircraft and engine acquisitions, to be between $15 million and $22 million .