The Customer Who Wants Fewer SeatsThin moat

Text (TXT) — moat facet

The person who signs Text's invoice is the person tasked with reducing it.

The person who signs Text's invoice is usually the person tasked with reducing it.

What the buyer optimises against what Text bills74%Conversations resolved without a human-12,4%LiveChat revenue change, FY2026The buyer is measured on cost per contact; Text is paid $49-79 per person per month
The person who signs the invoice is the person tasked with reducing it.

A customer-support leader is measured on cost per contact and on resolution speed. Text's automation delivers both — 74% of conversations resolved without a human against an industry average of 59%1 — and LiveChat charges 49 to 79 dollars per person per month2. Success for the buyer is a smaller support team, and a smaller support team is fewer seats.

This is not a theoretical misalignment. LiveChat revenue fell 12,4% in the year while HelpDesk nearly doubled and ChatBot grew3, and monthly recurring revenue fell 2,7% in dollars4. Some of that is competition and some is currency, and some of it is customers doing precisely what the product was sold to help them do.

Text's response is to change which outcome it bills for. The Service on Offense positioning aims to make customer service a revenue-generating function, with the chief executive stating that success will be measured in dollars earned rather than dollars saved on support5, and the new suite is built to track visitor intent through to monetisation or a qualified lead6. If the buyer becomes a commercial manager rather than a cost manager, the incentive inverts.

That would be a different customer inside the same company, and persuading an organisation to move budget between departments is slower than persuading it to switch vendors.

The measurable version of this is the one Text has chosen for itself: revenue generated for customers. It publishes no figure for it, so the available proxy stays LiveChat's revenue line, which has now fallen below its level of three years ago7.

Moat trajectory: Narrowing

LiveChat revenue fell 12,4% while the automation improved, which is what a seat-priced product looks like when it succeeds at reducing seats. The repositioning that would fix it has produced no revenue yet.

The number that tests this moat
Reported
LiveChat revenue
275,5m zł, down 12,4% and below its FY2023 level

The buyer is a support manager measured on cost per contact, and Text's automation resolves 74% of conversations without a human while LiveChat charges $49-79 per person per month. Success for the customer is a smaller team, and a smaller team is fewer seats. Some of the decline is competition and currency; some of it is customers doing exactly what the product was sold to help them do. This line is the honest measure of the repositioning.

Source: Text Group consolidated financial statements for the year ended 31 March 2026 ↗
References
  1. ReportedText's automation delivers both - 74% of conversations resolved without a human against an industry average of 59% - and LiveChat charges 49 to 79 dollars per person per month.
    Text Group Management Board report for 2025/26, the chief executive's letter (the statement that on the financial results the past fiscal year was not a successful one, with dollar revenue similar to the prior year but lower after conversion to złoty and costs incurred in both currencies; an artificial-intelligence resolution rate of 74% against an industry average of 59%, a figure said to include customers who have not yet trained the models on their own data; the intention to measure success in dollars earned rather than dollars saved on customer support, building an ecosystem that becomes a growth engine for customers rather than a cost centre; and the assessment that Text operates in a market with strong competitors, many with enormous resources they can and sometimes must allocate to customer acquisition, that Text must be smarter, more creative, harder-working and more efficient, and that success is not guaranteed) — FY2025/26 · publ. June 2026 · source ↗
  2. ReportedText's automation delivers both - 74% of conversations resolved without a human against an industry average of 59% - and LiveChat charges 49 to 79 dollars per person per month.
    Text Group Management Board report for 2025/26, the chief executive's letter (the statement that on the financial results the past fiscal year was not a successful one, with dollar revenue similar to the prior year but lower after conversion to złoty and costs incurred in both currencies; an artificial-intelligence resolution rate of 74% against an industry average of 59%, a figure said to include customers who have not yet trained the models on their own data; the intention to measure success in dollars earned rather than dollars saved on customer support, building an ecosystem that becomes a growth engine for customers rather than a cost centre; and the assessment that Text operates in a market with strong competitors, many with enormous resources they can and sometimes must allocate to customer acquisition, that Text must be smarter, more creative, harder-working and more efficient, and that success is not guaranteed) — FY2025/26 · publ. June 2026 · source ↗
  3. ReportedLiveChat revenue fell 12,4% in the year while HelpDesk nearly doubled and ChatBot grew, and monthly recurring revenue fell 2,7% in dollars.
    Text Group Management Board report for 2025/26, key performance indicators (monthly recurring revenue of USD 6,93m at 31 March 2026, down 2,7% year on year and 0,7% on December, giving annual recurring revenue of USD 83,12m; revenue in US dollars of 88,2m against 88,6m, down 0,5%; payments received of USD 87,9m, down 0,7%; Q4 dollar revenue of 22,56m, the highest since Q2 2024/25; a LiveChat customer churn rate of 4% on a monthly basis with net MRR churn described as significantly lower; LiveChat at 83,7% of group revenue with ChatBot 8,7% and HelpDesk with KnowledgeBase 7,5%; and an average USD/PLN translation rate 8,0% lower than the prior period) — FY2025/26 · publ. June 2026 · source ↗
  4. ReportedLiveChat revenue fell 12,4% in the year while HelpDesk nearly doubled and ChatBot grew, and monthly recurring revenue fell 2,7% in dollars.
    Text Group Management Board report for 2025/26, key performance indicators (monthly recurring revenue of USD 6,93m at 31 March 2026, down 2,7% year on year and 0,7% on December, giving annual recurring revenue of USD 83,12m; revenue in US dollars of 88,2m against 88,6m, down 0,5%; payments received of USD 87,9m, down 0,7%; Q4 dollar revenue of 22,56m, the highest since Q2 2024/25; a LiveChat customer churn rate of 4% on a monthly basis with net MRR churn described as significantly lower; LiveChat at 83,7% of group revenue with ChatBot 8,7% and HelpDesk with KnowledgeBase 7,5%; and an average USD/PLN translation rate 8,0% lower than the prior period) — FY2025/26 · publ. June 2026 · source ↗
  5. ReportedThe Service on Offense positioning aims to make customer service a revenue-generating function, with the chief executive stating that success will be measured in dollars earned rather than dollars saved on support, and the new suite is built to track visitor intent through to monetisation or a qualified lead.
    Text Group Management Board report for 2025/26, strategy, products and market (the Service on Offense goal of turning customer service teams into revenue-generating centres, with the suite monitoring live traffic, recognising visitor intent, identifying returning visitors, enabling proactive outreach and tracking steps to monetisation or a qualified lead; a Go-To-Market period expected to be a long-term process requiring marketing expenditure with effects observed gradually; over 20 years of experience; competing solutions named as Fin, previously Intercom, Zendesk and Freshworks; the live-chat market valued at USD 1,06-1,17bn in 2024 growing 8-11%, the chatbot market at USD 0,7-6,95bn and the helpdesk market at USD 9,82-12,5bn; and Datanyze counting more than 210 different live-chat technologies, a substantial number offered freemium, with monetisation of free users judged difficult and ineffective) — FY2025/26 · publ. June 2026 · source ↗
  6. ReportedThe Service on Offense positioning aims to make customer service a revenue-generating function, with the chief executive stating that success will be measured in dollars earned rather than dollars saved on support, and the new suite is built to track visitor intent through to monetisation or a qualified lead.
    Text Group Management Board report for 2025/26, strategy, products and market (the Service on Offense goal of turning customer service teams into revenue-generating centres, with the suite monitoring live traffic, recognising visitor intent, identifying returning visitors, enabling proactive outreach and tracking steps to monetisation or a qualified lead; a Go-To-Market period expected to be a long-term process requiring marketing expenditure with effects observed gradually; over 20 years of experience; competing solutions named as Fin, previously Intercom, Zendesk and Freshworks; the live-chat market valued at USD 1,06-1,17bn in 2024 growing 8-11%, the chatbot market at USD 0,7-6,95bn and the helpdesk market at USD 9,82-12,5bn; and Datanyze counting more than 210 different live-chat technologies, a substantial number offered freemium, with monetisation of free users judged difficult and ineffective) — FY2025/26 · publ. June 2026 · source ↗
  7. ReportedIt publishes no figure for it, so the available proxy stays LiveChat's revenue line, which has now fallen below its level of three years ago.
    Text Group consolidated financial statements for the year ended 31 March 2024, revenue by product line (LiveChat 305 368 thousand złoty against 272 507 restated for the year to 31 March 2023, ChatBot 21 912 against 18,008, HelpDesk 7 100 against 5,170, KnowledgeBase 969 against 32, and total revenue 335 349 against 295 717) — FY2023/24 · publ. June 2024 · source ↗
Sources
Generated September 24, 2026