⚠ Every Resolution Is a Seat Not SoldHigh threat

Text (TXT) — threat to the moat

The better the product performs, the faster Text's own billable unit shrinks inside its best customers.

The central tension in this company is that its product works.

Revenue by product line, FY2025 to FY2026 (zl m)314,3LiveChat FY25275,5LiveChat FY2623,5HelpDesk FY2628,7ChatBot FY26The declining product is the seat-priced one; the growing ones are smaller
The better the automation performs, the faster Text's own billable unit shrinks.

LiveChat generates 83,7% of revenue1 and is billed per agent per month — 19 dollars on Starter, 49 on Team, 79 on Business, discounted for annual payment2. The unit being sold is a human being with a login. Meanwhile Text reports that its automation resolves 74% of conversations without one3.

Those two facts pull against each other in every account. A support team that adopts the automation successfully needs fewer people on shift, and a customer who needs fewer people buys fewer seats. The better Text's product performs, the faster its own billable unit shrinks inside its best customers.

This is not hypothetical arithmetic; it is visible in the revenue line. LiveChat revenue fell 12,4% in the year, from 314,3 million złoty to 275,5 million, while HelpDesk nearly doubled and ChatBot grew4. The declining product is the seat-priced one.

Text's strategic answer is to change what it charges for rather than what it builds. The Service on Offense positioning holds that customer service should generate revenue rather than save cost, with the chief executive stating that Text will measure success in dollars earned rather than dollars saved on customer support5. If a support tool demonstrably increases a retailer's conversion, it can be priced against revenue instead of headcount.

That is the right answer and it is unproven. The measure is LiveChat revenue, which is still five-sixths of the company and has now fallen below its level of three years ago6.

References
  1. ReportedLiveChat generates 83,7% of revenue and is billed per agent per month - 19 dollars on Starter, 49 on Team, 79 on Business, discounted for annual payment.
    LiveChat pricing (Starter at USD 19 per person per month billed annually or 25 monthly; Team at USD 49 billed annually or 59 monthly; Business at USD 79 billed annually or 89 monthly; and Enterprise on custom pricing, all charged per agent per month with a discount for annual billing) — September 2026 · publ. September 2026 · source ↗
  2. ReportedLiveChat generates 83,7% of revenue and is billed per agent per month - 19 dollars on Starter, 49 on Team, 79 on Business, discounted for annual payment.
    LiveChat pricing (Starter at USD 19 per person per month billed annually or 25 monthly; Team at USD 49 billed annually or 59 monthly; Business at USD 79 billed annually or 89 monthly; and Enterprise on custom pricing, all charged per agent per month with a discount for annual billing) — September 2026 · publ. September 2026 · source ↗
  3. ReportedMeanwhile Text reports that its automation resolves 74% of conversations without one.
    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 ↗
  4. ReportedLiveChat revenue fell 12,4% in the year, from 314,3 million złoty to 275,5 million, while HelpDesk nearly doubled and ChatBot grew.
    Text Group consolidated financial statements for the year ended 31 March 2026 (revenue of PLN 329 073 thousand against 354 178; operating profit 126 931 against 177 367; profit before tax 126 680; net profit 116 608 against 164 418; earnings per share 4,53; 25 750 thousand shares; operating cash flow 161 552 against 179 489; revenue by product line of LiveChat 275,495, ChatBot 28,694, HelpDesk 23 466 and KnowledgeBase 1 418; revenue in US dollars of 88 162 thousand against 88 595; approximately 95% of consolidated revenue generated through the group's subsidiary in the United States and Polish sales of 4 837; costs by type including depreciation 26,396, third-party services 159 821 against 140,300, employee benefits 6 458 and total operating costs 201 291 against 176,876, split as cost of goods sold 106 753 against 85,588, selling expenses 68 457 and administrative expenses 26 081; total assets 195 923 against 226 705; equity 109 965 against 136 418; cash 62 780 against 77 704; current contract liabilities 65 502 and non-current 1 539; trade payables 10 284; no credits or loans; and income tax at 19% on other income and 5% on qualifying intellectual property rights under the IP Box regime, with the deferred portion computed at 6,87% against 7,43%) — FY2025/26 · publ. June 2026 · source ↗
  5. ReportedThe Service on Offense positioning holds that customer service should generate revenue rather than save cost, with the chief executive stating that Text will measure success in dollars earned rather than dollars saved on customer support.
    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 measure is LiveChat revenue, which is still five-sixths of the company and 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