No Customer Above Ten Percent, and None With a NameWide moat
Text (TXT) — moat facet
Genuine diversification, disclosed in a way that lets nobody check it.
Text's customer base is the opposite of every concentration story in this collection, and its disclosure is the least verifiable.
There is no customer concentration note in the financial statements because no customer approaches a reportable share. The year's largest new contract was an increase to seven figures with an American online retail company1, which against 88,2 million dollars of revenue2 is around one percent. Customers sit in approximately 150 countries and across effectively every sector, and Text argues this diversity gives it resistance to crises affecting particular sectors or countries3.
That argument holds up better here than it usually does. Text's customers share a currency and a software category but not an industry, a geography or a business cycle: universities in New Zealand and Singapore, iGaming operators, a Scandinavian food company, a Texas dental group, biotechnology and Forex firms4.
The gap is that not one of them is named. Companies of Text's size normally publicise their marquee logos, because a recognisable customer is free marketing and independent validation. Text instead publishes a list of anonymised descriptions detailed enough to be tantalising and vague enough to be uncheckable.
There may be sound contractual reasons, and the disclosure is still weaker than it needs to be for a company asking the market to believe it can win enterprise accounts.
The falsifying event is simple and would be welcome: a named reference customer on the new Text product. The company has published awards and marketplace listings but no logos5.
The absence of concentration is structural rather than managed, and the disclosure practice has not changed: more than twenty material wins were reported in the year and none was named.
Text lists more than twenty material wins and extensions and identifies none of them: a postal service in the British Isles, a Kyoto industrial automation corporation, universities in three countries. The diversification is genuine and the disclosure is uncheckable. For a company asking the market to believe it can win enterprise accounts, a named reference customer on the new Text product would be worth more than the list.
Source: Text Group Management Board report for the financial year 2025/26 ↗- ReportedThe year's largest new contract was an increase to seven figures with an American online retail company, which against 88,2 million dollars of revenue is around one percent.Text Group Management Board report for 2025/26, clients and customer acquisition (customers in around 150 countries across effectively all sectors, with the USA, Great Britain, Australia, Canada and Indonesia the most important markets and Poland about 1,5% of revenue in twelfth place; customers using more than one product at 38,8% of MRR, up seven percentage points, and accounts above USD 500 a month passing 50% of MRR; and the year's largest new contracts including an increase to seven figures with an American online retail company, a postal service in the British Isles, an Asian industrial automation company, a Kyoto corporation, a Texas dental group, a Scandinavian food company and universities in the United States, New Zealand and Singapore) — FY2025/26 · publ. June 2026 · source ↗
- ReportedThe year's largest new contract was an increase to seven figures with an American online retail company, which against 88,2 million dollars of revenue is around one percent.Text Group Management Board report for 2025/26, clients and customer acquisition (customers in around 150 countries across effectively all sectors, with the USA, Great Britain, Australia, Canada and Indonesia the most important markets and Poland about 1,5% of revenue in twelfth place; customers using more than one product at 38,8% of MRR, up seven percentage points, and accounts above USD 500 a month passing 50% of MRR; and the year's largest new contracts including an increase to seven figures with an American online retail company, a postal service in the British Isles, an Asian industrial automation company, a Kyoto corporation, a Texas dental group, a Scandinavian food company and universities in the United States, New Zealand and Singapore) — FY2025/26 · publ. June 2026 · source ↗
- ReportedCustomers sit in approximately 150 countries and across effectively every sector, and Text argues this diversity gives it resistance to crises affecting particular sectors or countries.Text Group Management Board report for 2025/26, clients and customer acquisition (customers in around 150 countries across effectively all sectors, with the USA, Great Britain, Australia, Canada and Indonesia the most important markets and Poland about 1,5% of revenue in twelfth place; customers using more than one product at 38,8% of MRR, up seven percentage points, and accounts above USD 500 a month passing 50% of MRR; and the year's largest new contracts including an increase to seven figures with an American online retail company, a postal service in the British Isles, an Asian industrial automation company, a Kyoto corporation, a Texas dental group, a Scandinavian food company and universities in the United States, New Zealand and Singapore) — FY2025/26 · publ. June 2026 · source ↗
- ReportedText's customers share a currency and a software category but not an industry, a geography or a business cycle: universities in New Zealand and Singapore, iGaming operators, a Scandinavian food company, a Texas dental group, biotechnology and Forex firms.Text Group Management Board report for 2025/26, clients and customer acquisition (customers in around 150 countries across effectively all sectors, with the USA, Great Britain, Australia, Canada and Indonesia the most important markets and Poland about 1,5% of revenue in twelfth place; customers using more than one product at 38,8% of MRR, up seven percentage points, and accounts above USD 500 a month passing 50% of MRR; and the year's largest new contracts including an increase to seven figures with an American online retail company, a postal service in the British Isles, an Asian industrial automation company, a Kyoto corporation, a Texas dental group, a Scandinavian food company and universities in the United States, New Zealand and Singapore) — FY2025/26 · publ. June 2026 · source ↗
- ReportedThe company has published awards and marketplace listings but no logos.Text Group Management Board report for 2025/26, margins, costs and cash (gross profit margin on sales of 67,6%, operating margin 38,6% and net margin 35,4%; cloud infrastructure costs rising, the migration completing in July 2025 after more than a year of duplicated cost, and completion not translating into cost reductions because of price increases regardless of provider and a deliberately expanded scope of purchased services; increased consulting, legal and public relations costs; fourth-quarter costs falling on cloud optimisation; a warning that more intensive use of artificial intelligence may cause further cost increases and that rising AI costs should press hardest on competitors offering free or freemium products; operating cash flow of PLN 161,6m and PLN 62,8m of cash; and a dividend policy of allocating the highest possible part of profit to shareholders) — FY2025/26 · publ. June 2026 · source ↗