On Friday, Kooth (AIM: KOO), a prominent player in youth digital mental health, responded to a sudden change in its share price. The fluctuation occurred on Thursday afternoon following the release of a newsletter that featured obsolete data regarding Kooth's Soluna service in California. In response, the Company issued a detailed statement addressing the inaccuracies, which is available on its website.
Kooth's existing contract with the State of California, announced on 4 July 2023, and worth $188 million over four years, remains unchanged. Since the introduction of Kooth's services in California in January 2024, there has been a marked increase in engagement across all 58 counties. The Company has also enhanced Soluna by integrating a care navigation support feature, further establishing it as a crucial digital gateway for accessing broader mental health and welfare services.
The impact of Soluna is evident in California, where it serves as an essential resource for children and young people facing mental health challenges. A significant portion of Soluna users, 53%, come from communities that are disproportionately impacted by health and economic disparities. Additionally, the platform has received positive feedback, with 95% of young users who have interacted with coaching expressing a willingness to recommend Soluna to peers. The service has also shown substantial clinical benefits, with 70% of those who have accessed single-session therapy reporting favorable outcomes.
Kooth has expressed pride in the positive effects of its services in California and remains committed to its mission of fostering better mental health among populations, ensuring inclusivity and leaving no one behind.
The Board of Kooth has reaffirmed its financial outlook, stating that its expectations for the fiscal years 2024 and 2025 are consistent with previous projections.
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