Highlights

  • Kooth expects FY2025 revenues of GBP 63.3m, broadly in line with market expectations.
  • The company secured a one-year US State contract valued at USD 2.6m, reaching up to 100,000 students.
  • Over 144,000 young people in California have registered with Kooth’s Soluna platform since its launch, with more than 51,000 coaching sessions completed.

Kooth PLC (LSE:KOO), a provider of digital mental health services, has announced a trading update for the financial year ended 31 December 2025. The update details revenue performance, contract wins in the US, and operational progress in California and the UK, while outlining expectations ahead of its full-year results in March 2026.

Revenue and Financial Performance

For FY2025, Kooth expects revenues of GBP 63.3m, compared with GBP 66.7m in 2024 (GBP 65.1m in constant currency). The revenue outcome is broadly in line with expectations and takes into account foreign exchange movements and a delay to the signing of a new US State contract, which has since been completed.

Adjusted EBITDA is anticipated to be ahead of market expectations. The improvement reflects the planned weighting of marketing expenditure in California towards H1 2025 and careful management of costs. Kooth’s unaudited cash position remains at GBP 21.5m (GBP 21.8m as at 31 December 2024, GBP 20.9m constant currency), supported by the completion of a GBP 1.5m share buyback. The company also retains an undrawn working capital facility of USD 9.5m.

US State Contract and Operational Progress

On 22 January 2026, Kooth signed a new one-year contract with a US State valued at USD 2.6m. Under this agreement, Kooth will provide mental health support through its Soluna platform to school districts, covering up to 100,000 students aged 13 to 18. This follows the renewal of the contract with the State of New Jersey in October 2025.

In California, the platform has registered over 144,000 young people since Soluna’s launch in January 2024. To date, more than 51,000 coaching sessions have been completed, and over 1.6 million messages have been exchanged between users and practitioners. User surveys indicate that 98% would recommend coaching to a friend, and 85% meet at least one need during a session. These figures contributed to Los Angeles County requiring all youth-facing services to report on Soluna integration.

UK Market and Product Development

Kooth’s presence in the UK continues to expand, with new services funded by the Department of Work and Pensions launching across South Yorkshire, Cambridgeshire, and the Peterborough Combined Authority. The introduction of Soluna in the UK in 2026 aims to improve product agility and economies of scale. Product and engineering development is well advanced, alongside the securing of necessary regulatory approvals.

Outlook

Kooth expects to announce its full-year results at the end of March 2026. The company continues to monitor growth in both US and UK markets, while maintaining a cash position and operational pipeline for future expansion.

Market Update

Kooth shares were trading at 134 GBX on 28 January 2026, up 8.50% on the day but down 15.99% over the past year.