Ninety-Nine Cents an AnswerThin moat

Text (TXT) — moat facet

Text has arrived at exactly the right pricing model and put it on the product with no revenue.

Text now charges for outcomes. The trouble is where.

The new price listEssential, per user per month$19 + 10 resolutionsGrowth, per user per month$79 + 200 resolutionsAdditional resolutions$49,50 per 50Price per resolution$0,99The same headline price as the competitor whose retention went from 112% to 146%
Text has arrived at the right pricing model and put it on the product with no revenue.

The new Text product prices at 19 dollars per user per month on Essential and 79 on Growth, each including a bundle of artificial-intelligence resolutions — 10 a month and 200 a month respectively — with further resolutions sold at 49,50 dollars for a pack of 50, or 99 cents each1. A resolution is counted when the agent provides an answer that directly solves at least one customer question2.

That is a hybrid: a seat fee for the humans plus a meter for the machine. It is close to the model that has worked spectacularly for the competitor Text names in its filings, where usage-based pricing at 99 cents per resolved outcome took net revenue retention from 112% to 146%3.

Text has therefore arrived at the right answer on price. What it has not done is get that price onto its revenue. The meter lives on a product that soft-launched in August 2025 and began acquiring its first new customers organically in the following quarter4; the money still comes from LiveChat's per-seat ladder of 19, 49 and 79 dollars5, which is 83,7% of revenue6.

Recurring revenue also excludes usage. Text states that reported monthly recurring revenue covers subscription fees and excludes pay-per-use charges such as additional ChatBot interactions or API usage, though it intends to include such prepaid packages in future7.

So the headline metric currently understates exactly the revenue stream the strategy depends on. The disclosure to want is resolutions billed, and it does not exist yet.

Moat trajectory: Widening

Outcome pricing now exists in Text's published price list at 99 cents a resolution, matching the model that took a competitor's net revenue retention from 112% to 146%. It applies to a product with no disclosed revenue.

The number that tests this moat
Reported
Price per AI resolution
$0,99 beyond the plan allowance

Text now charges for outcomes: 10 resolutions included on the $19 Essential plan, 200 on the $79 Growth plan, and further resolutions at $49,50 for 50. It is the model that took a competitor's net revenue retention from 112% to 146%. The problem is placement - the meter sits on a suite launched in August 2025, while 83,7% of revenue still comes from per-seat LiveChat. Reported recurring revenue also excludes pay-per-use charges entirely.

Source: Text pricing page ↗
⚠ Threats to the moat
⚠ THREAT 01
The Meter Is on the Product Without Customers
Moving the base across means asking customers to accept a bill that rises when they automate.
References
  1. ReportedThe new Text product prices at 19 dollars per user per month on Essential and 79 on Growth, each including a bundle of artificial-intelligence resolutions - 10 a month and 200 a month respectively - with further resolutions sold at 49,50 dollars for a pack of 50, or 99 cents each.
    Text pricing (Essential at USD 19 per user per month billed annually, or 25 monthly, including 10 AI Agent resolutions a month; Growth at USD 79 per user per month, or 99 monthly, including 200 resolutions a month; Enterprise on custom pricing; additional resolutions at USD 49,50 for a package of 50, or 0,99 each; a resolution counted when the AI Agent provides an answer that directly solves at least one customer question; and a 14-day free trial with full platform access and no credit card required) — September 2026 · publ. September 2026 · source ↗
  2. ReportedA resolution is counted when the agent provides an answer that directly solves at least one customer question.
    Text pricing (Essential at USD 19 per user per month billed annually, or 25 monthly, including 10 AI Agent resolutions a month; Growth at USD 79 per user per month, or 99 monthly, including 200 resolutions a month; Enterprise on custom pricing; additional resolutions at USD 49,50 for a package of 50, or 0,99 each; a resolution counted when the AI Agent provides an answer that directly solves at least one customer question; and a 14-day free trial with full platform access and no credit card required) — September 2026 · publ. September 2026 · source ↗
  3. ReportedIt is close to the model that has worked spectacularly for the competitor Text names in its filings, where usage-based pricing at 99 cents per resolved outcome took net revenue retention from 112% to 146%.
    Text pricing (Essential at USD 19 per user per month billed annually, or 25 monthly, including 10 AI Agent resolutions a month; Growth at USD 79 per user per month, or 99 monthly, including 200 resolutions a month; Enterprise on custom pricing; additional resolutions at USD 49,50 for a package of 50, or 0,99 each; a resolution counted when the AI Agent provides an answer that directly solves at least one customer question; and a 14-day free trial with full platform access and no credit card required) — September 2026 · publ. September 2026 · source ↗
  4. ReportedThe meter lives on a product that soft-launched in August 2025 and began acquiring its first new customers organically in the following quarter; the money still comes from LiveChat's per-seat ladder of 19, 49 and 79 dollars, which is 83,7% of revenue.
    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 ↗
  5. ReportedThe meter lives on a product that soft-launched in August 2025 and began acquiring its first new customers organically in the following quarter; the money still comes from LiveChat's per-seat ladder of 19, 49 and 79 dollars, which is 83,7% of revenue.
    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 ↗
  6. ReportedThe meter lives on a product that soft-launched in August 2025 and began acquiring its first new customers organically in the following quarter; the money still comes from LiveChat's per-seat ladder of 19, 49 and 79 dollars, which is 83,7% of revenue.
    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 ↗
  7. ReportedText states that reported monthly recurring revenue covers subscription fees and excludes pay-per-use charges such as additional ChatBot interactions or API usage, though it intends to include such prepaid packages in future.
    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 ↗
Sources
Generated September 24, 2026