Kooth plc
Kooth plc is a digital mental health provider delivering free, open-access online counselling, coaching, peer-support and self-help services to children, young people and adults. It operates under the Kooth and Qwell brands in the UK (funded by the NHS and local authorities) and the Soluna brand for youth in the US (funded by state government contracts, principally California, with New Jersey and Michigan added in 2025/26). Services are contracted on a population-wide annual subscription basis with public-sector commissioners rather than charged to individual users.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 7 Apr 2026 · 132 pages · Companies House
Kooth plc provides free online mental health support for young people and adults in the UK and US, paid for by public bodies rather than users. Revenue for the year to 31 December 2025 fell to £63.3m from £66.7m the year before, and profit after tax dropped to £2.6m from £8.0m.
The report puts the lower revenue down to currency movements and less development work on its California contract, plus the loss of some adult contracts as NHS budgets tightened. Profit was squeezed by higher marketing spend in California, which rose to £8.1m, and by a much higher tax rate.
Kooth ended the year with £21.6m in cash and no borrowings. It raised no money from shareholders, spent £1.5m buying back its own shares and paid no dividend. Management expects 2026 revenue and profit before one-off costs to be in line with market expectations. The auditor's opinion was clean and no going-concern doubt was raised, but the report warns that a single California contract, running to mid-2027, provides 71% of revenue.
State/government population-wide contracts priced on annual subscription per population covered ('State Alliance Model')
Contracts are priced on an annual subscription basis, determined by the population a commissioner wishes to serve; seed and grow pricing approach
page 12Increased direct user marketing investment in California
Gross margin fell 4.8pp to 73.1% (2024: 77.9%); direct marketing costs rose to £8.1m (2024: £3.9m)
page 25As we maintain our focus on long-term growth, we anticipate that revenue and adjusted EBITDA for 2026 will be in line with current market expectations.
page 11The Board has not recommended a dividend for the year ended 31 December 2025 (2024: £nil); short-to-medium-term intention is to invest for capital growth, but the Board may declare a dividend in future years
page 317 years on one page · FY2019–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 169 confirmed, 10 differ.
No figure has been restated: every figure a later report printed again, it printed the same.