Business
Trading Update
Kooth Plc expects 2025 revenues to be £63.3 million, a slight decrease from £66.7 million in 2024, primarily due to foreign exchange impacts and a delayed US State contract which has now been signed for $2.6 million. Despite lower revenue, adjusted EBITDA is anticipated to exceed market expectations due to disciplined cost management and strategic marketing spend in California, where the company has seen significant user registration and session completion. Kooth maintains a strong cash position of £21.5 million and an undrawn working capital facility of $9.5 million, with plans to launch its Soluna platform in the UK in 2026. Disclaimer*
About this update from Kooth Plc
[{"type":"text","content":"\n\n28 January 2026\n \nKooth Plc\n \n(\"Kooth\", the \"Company\" or the \"Group\")\nTrading Update\n \nKooth (AIM: KOO), a leading provider of digital mental health services, announces a trading update for the financial year ended 31 December 2025.\n \nTrading update\n2025 revenues are expected to be £63.3m (2024: £66.7m, £65.1m constant currency). This is broadly in line with expectations[1], reflecting the continued impact of foreign exchange movements and a delay to the signing of a new contract with a US State. This contract has now been signed in the current financial year (see below).\n \nAdjusted EBITDA is expected to be ahead of market expectations1, reflecting the intentional weighting of marketing expenditure in California towards H1 2025 (where we continue to make strong progress) and good discipline on costs. The Company's unaudited cash position remains strong at £21.5m (£21.8m as at 31 December 2024, £20.9m constant currency) following the completion of a £1.5m share buyback. Kooth maintains an undrawn working capital facility of $9.5m.\n \nUS State contract win and operational progress\nAs announced on 22 January 2026, Kooth is pleased to have signed a new one-year contract with a US State valued at $2.6m. Under the terms of the Contract, Kooth will provide mental health support via its Soluna platform to school districts within the State, reaching up to 100,000 students aged 13 to 18.\n \nThis contract follows the renewal of the contract with the State of New Jersey (as announced in October) and represents further progress as Kooth continues to deliver vital digital mental health services and provisions to young people across the US.\n \nIn California, the Company is showing significant progress with successful delivery and impressive traction, including exceeding the State's Department of Health Care Services' (DHCS) registration targets for 2025, with over 144k (some 1-in-40) young Californians having registered with the platform since Soluna's launch in January 2024. This reflects notable and rapid growth in awareness in just two years, with an excess of 51,000 coaching sessions completed and over 1.6m messages exchanged between users and practitioners. Most importantly, results prove that Soluna is providing valuable support; 98% of users would recommend coaching to a ...