Kooth shares jump after winning $1.45 mln pilot contract with New Jersey schools

Investing.com -- Shares of Kooth (LON:KOO ) jumped over 9% on Tuesday after the digital mental health service company said it had secured a new pilot contract with the state of New Jersey, valued at $1.45 million for its first year.

Under the terms of the contract, Kooth will provide mental health support through its Soluna platform to school districts across New Jersey, reaching an estimated 50,000 students aged 13 to 18.

The services are set to launch in mid-January 2025 and will provide students with round-the-clock access to mental health tools, content, and support.

The pilot program will leverage Kooth’s existing infrastructure in the US, alongside in-state marketing expertise and licensed behavioral health professionals, to deliver services effectively. 

The Soluna platform will offer students access to self-guided tools, educational content, and peer support communities, with pre-moderation by trained professionals. 

Additionally, students will have the opportunity to engage in confidential counseling and coaching services, available seven days a week, offering flexibility to access support after school hours and on weekends.

This pilot contract with New Jersey comes on the heels of Kooth’s growing presence in the US, including its contract with California and its private sector partnership with Aetna Better Health in Illinois. 

The company is also in discussions regarding a second pilot contract, expected to be finalized in the first quarter of 2025.

Source: Investing.com