Kooth (LSE:KOO) reported audited results for 2025 that highlight its shift toward long-term, scalable growth, supported by the rapid rollout of its Soluna digital mental health platform in the United States. By the end of the year, more than 144,000 young people had signed up to the service in California, supported by over 1,400 partnerships with community organisations and institutions. The programme has also received backing from state agencies, while independent studies have shown improvements in users’ psychological wellbeing and a reduction in urgent-care usage.
The company continued expanding its US presence, extending operations to three states after renewing a contract in New Jersey and securing a new $2.6 million agreement in Michigan. At the same time, Kooth maintained a strong position in the UK digital mental health market and broadened its funding base with initiatives such as services delivered for the Department for Work and Pensions. Revenue declined slightly to £63.3 million from the record levels seen in 2024, mainly due to foreign exchange movements, reduced California development fees and delayed revenue recognition in Michigan. Despite this, the company delivered adjusted EBITDA of £11.3 million—exceeding expectations—and finished the year with £21.6 million in net cash. The group also continued to invest in expansion initiatives, including plans to launch Soluna in the UK, develop ethical AI capabilities and pursue selective acquisitions.
Kooth’s investment outlook is largely supported by strong financial performance during 2024, including growth, profitability and robust free cash flow alongside very low leverage. However, technical indicators introduce some caution, with the stock showing overbought signals and still trading below its 200-day moving average. Valuation appears moderately supportive, with a mid-range price-to-earnings multiple, though there is currently no dividend data.
More about Kooth
Kooth plc is a global provider of digital mental and behavioural health services, offering platforms such as Kooth, Qwell and Soluna to more than 20 million people across the UK and the United States. Its services combine self-guided wellbeing tools, moderated peer communities and access to professional therapeutic support. The company’s platforms hold independent accreditations from URAC in the United States and the British Association for Counselling and Psychotherapy in the UK, with a strong focus on youth mental health and evidence-based outcomes.
Kooth is a leading digital access point for mental health support for under-18s in England and operates Soluna as California’s first statewide digital behavioural health solution for individuals aged 13 to 25. The company aims to expand its reach through partnerships with public sector clients and state-level programmes, supported by acquisitions, strategic collaborations and responsible AI-driven product development.
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