Kooth Plc (“Kooth”, the “Company” or the “Group”) 2025 Full Year Results

Strong execution on strategy to deliver long-term and sustainable growth with a positive outlook for 2026

Exceeded performance targets in California with over 144,000 young people registered on Soluna by the end of 2025 with emerging evidence demonstrating real-world impact

US footprint now extends across three States, with UK market position maintained 

Kooth (AIM: KOO), a leading provider of digital mental health services, announces audited results for the twelve months ended 31 December 2025. All figures relate to this period unless otherwise stated.

Strategic and post-period end highlights

• Soluna is becoming embedded in California’s behavioural health system, demonstrating strong uptake and real-world impact
• Exceeded performance targets with over 144,000 young people registered on Soluna by the end of 2025, representing 1-in-41 of the State’s eligible youth population
• Established over 1,400 institutional and community partnerships with crucial youth-facing services across the State
• Los Angeles County Board of Supervisors has now directed youth-serving county departments to integrate Soluna
• A joint letter from California’s Health and Human Services Agency (CalHHS), Department of Health Care Services (DHCS) and Department of Education was sent to all Local Education Agencies (LEAs) underscoring Soluna’s vital role
• Independent research demonstrates value: 90% of users say Soluna has helped them get the support they wanted; 88% who previously used urgent care reported fewer visits after using Soluna; almost 90% of youth-facing professionals perceived that Soluna had improved youth concentration in school
• Evaluation of Soluna by The Lab for Scalable Mental Health at Northwestern University found significant and sustained improvements in psychological wellbeing   
  
  
• US contract wins show growing recognition and value of Kooth’s services
• Renewed New Jersey contract
• New $2.6m contract with the State of Michigan, signed post-period
  
  
• Laid foundations for long-term sustainable growth
• Embedded clear and ambitious strategy to drive long-term sustainable growth through State Alliance model, drawing on unique expertise, real-world dataset and proven ability to deliver at scale, with impact
• Expanded service and technology capabilities to access a wider range of funding opportunities through the acquisition of Kismet Health
• Further strengthened evidence base, with independent accreditation from highly-respected organisations, URAC in the US and the British Association for Counselling and Psychotherapy (BACP), and forthcoming regulatory approval offering independent validation of the safety, quality and efficacy of Kooth services 
  
  
• Maintained market-leading position in the UK
• Continues to be one of the largest individual national contributors to the NHS Mental Health Services Dataset access figures in commissioned areas
• Secured several new services funded by diversified customers such as the Department of Work and Pensions

Financial Highlights

• 2025 revenue was £63.3m (2024: £66.7m), following a record year in 2024 in which revenues doubled. This figure reflects the impact of FX movements, a reduction in California product development revenues and delays in signing a contract with the State of Michigan, for which revenues will now be recognised in the current financial year
• Annual recurring revenue in 2025 was £60.6m (2024: £66.4m) falling £3.3m due to FX movements and a £1.7m reduction in product development revenue from California
• Group net revenue retention on a constant currency basis was 96% in 2025 (2024:100%)
• Adjusted EBITDA was ahead of expectations at £11.3m in 2025 (2024: £15.8m) and reflects continued investment in key growth drivers, including investment in direct user marketing in California in H1 2025
• Strong balance sheet with £21.6m of cash (£21.8m in 2024) following the completion of a £1.5m share buyback in February 2025 and no debt. Kooth maintains an undrawn working capital facility of $9.5m

Outlook

• Scaling US footprint with a sustained focus on embedding Soluna in California, New Jersey and Michigan, delivering proven impact at scale
• Driving growth of a strong, diverse and bipartisan state pipeline while leveraging the State Alliance model to build on trusted reputation and extend and diversify Kooth’s service offering and funders within State ecosystems
• Launching Soluna in the UK (expected in H2 2026), enabling closer alignment with user and customer requirements and driving economies of scale
• Continued investment in ethical AI strategy and product development, rooted in clinical best practice, benefiting from the structural advantage Kooth has in the current AI regulatory environment
• Remaining future-focused when seeking opportunities to strengthen service offer and capabilities through strategic partnership or acquisition

Kate Newhouse, Chief Executive Officer of Kooth, commented:

“As we mark Kooth’s 25th anniversary, I am incredibly proud of our strong execution in 2025 – and our continued commitment to making safe and effective mental health support more accessible. With over a quarter-century of evidence and experience, we now provide access to mental health support to over 20 million people across the US and UK.

“Following a record year in 2024, we evolved our strategy in 2025 and have been successfully executing against this. We exceeded performance targets in California, with Soluna reaching over 144,000 young people; delivered strong system integration; and now have independent, real-world evidence that demonstrates Soluna’s positive impact for individuals and their communities. These achievements have enabled the Group to secure additional promising wins – our first US contract renewal in New Jersey and a new contract with the State of Michigan. Meanwhile, in the UK, we are expanding our services to capture new funding opportunities, as demonstrated by our work with the Department of Work and Pensions to help young people with mental health needs secure and sustain employment.

“We remain resolutely focused on delivering against our strategy, alongside ensuring that our customers and the people that use our services receive the highest level of support. We will continue to execute on our pipeline and seek to access new funders. With our robust balance sheet and evidence-based approach, Kooth is well positioned to make a tangible difference to the lives of millions more people across the UK and US for years to come.”