Seventy-Four Percent Against Fifty-NineNarrow moat

Text (TXT) — moat facet

On the capability this market is currently buying, Text appears to be ahead of the best-funded specialist in it.

Text's chief executive puts the company's artificial-intelligence resolution rate at 74%, against an industry average of 59% — and notes the figure includes customers who have not yet had the opportunity to train the models on their own data1.

Automated resolution rateText74%Fin (Intercom)67%Industry average59%Text says its figure includes customers yet to train the models on their own data
On the capability this market buys, Text leads the best-funded specialist in it.

If that holds up it is the most important operating statistic Text publishes, because resolution rate is what this market now sells. The comparison available is favourable: Fin, the agent from the company formerly known as Intercom, is reported at a 67% average resolution rate across roughly 8 000 businesses, resolving close to two million queries a week2.

The claim is also self-reported and unaudited, and the definitions in this field are not standardised. Text's own pricing page defines a resolution as an answer that directly solves at least one customer question3, which is a reasonable definition and not necessarily the same one a competitor uses. A resolution rate can be raised by routing harder conversations away from the automation before it is measured.

What supports the claim indirectly is that Text has been accumulating the relevant training material for two decades and its customers' transcripts sit inside the product4, and that it built the current suite on infrastructure it migrated wholesale to Google's cloud in July 2025 specifically to gain new capabilities5.

The metric to want, and the one Text has not disclosed, is the resolution rate for accounts that have trained on their own data. The company's own framing implies it is materially higher than 74%, which would be worth quantifying.

Moat trajectory: Widening

The gap to the industry average is fifteen points and Text says the figure includes customers yet to train on their own data, implying it rises. It is the one measure on which Text leads its market.

The number that tests this moat
Reported
AI resolution rate
74%, against a 59% industry average

On the capability this market is currently buying, Text's disclosed figure beats both the industry average and the 67% reported for Fin, the best-funded specialist and a competitor Text names. The claim is self-reported and definitions are not standardised, and Text says it includes customers who have not yet trained on their own data. The metric worth wanting, and never disclosed, is the resolution rate for trained accounts specifically.

Source: Text Group Management Board report for the financial year 2025/26 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Resolution Rate Is Not a Price
Being fifteen points better than the industry has not yet appeared anywhere in Text's revenue.
References
  1. ReportedText's chief executive puts the company's artificial-intelligence resolution rate at 74%, against an industry average of 59% - and notes the figure includes customers who have not yet had the opportunity to train the models on their own data.
    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. Third-party estimateThe comparison available is favourable: Fin, the agent from the company formerly known as Intercom, is reported at a 67% average resolution rate across roughly 8 000 businesses, resolving close to two million queries a week.
    Sacra research note on Intercom, now trading as Fin (approximately USD 400m of annual recurring revenue as of April 2026, up from 382m at the end of 2025 and growing 27%; the Fin AI agent surpassing USD 100m of ARR and expanding at about 350% a year across roughly 8 000 businesses, resolving close to two million support queries a week - equivalent to more than 6 500 human agents - at a 67% average resolution rate; usage-based pricing at USD 0,99 per resolved outcome, a shift that improved net revenue retention from 112% to 146%; a valuation of USD 1,3bn in 2024 with March 2026 venture debt discussions at USD 2bn or higher; and Zendesk at roughly 170 000 customers, about 30% of the global customer-service market, on a USD 9,1bn market capitalisation, with Freshworks around USD 3,7bn) — April 2026 · publ. 2026 · source ↗
  3. ReportedText's own pricing page defines a resolution as an answer that directly solves at least one customer question, which is a reasonable definition and not necessarily the same one a competitor uses.
    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 ↗
  4. ReportedWhat supports the claim indirectly is that Text has been accumulating the relevant training material for two decades and its customers' transcripts sit inside the product, and that it built the current suite on infrastructure it migrated wholesale to Google's cloud in July 2025 specifically to gain new capabilities.
    Text Group Management Board report for 2025/26, corporate events (the Text App suite reaching first existing customers in June 2025 and opening on text.com in August, with the first new customers acquired organically in the following quarter; full migration of infrastructure to Google cloud servers in July 2025; SOC 2 Type 1 attestation in December 2025 and Type 2 in May 2026 audited by Sensiba, described as significant support in acquiring enterprise-class customers especially in the United States; Meta Business Partner status in January 2026; products introduced to the Microsoft marketplace in February 2026; a partnership with Golden Whale for the iGaming industry in April 2026; the closure of the traditional sales department with responsibilities assumed by the customer support team; the new visual identity and Go-To-Market campaign in May 2026; and the end of price grandfathering, with LiveChat Team and Business prices raised in September 2025, customers on older price lists notified in March 2026, monthly payers transferred from April 2026 and annual payers transferring as their subscription periods expire) — FY2025/26 · publ. June 2026 · source ↗
  5. ReportedWhat supports the claim indirectly is that Text has been accumulating the relevant training material for two decades and its customers' transcripts sit inside the product, and that it built the current suite on infrastructure it migrated wholesale to Google's cloud in July 2025 specifically to gain new capabilities.
    Text Group Management Board report for 2025/26, corporate events (the Text App suite reaching first existing customers in June 2025 and opening on text.com in August, with the first new customers acquired organically in the following quarter; full migration of infrastructure to Google cloud servers in July 2025; SOC 2 Type 1 attestation in December 2025 and Type 2 in May 2026 audited by Sensiba, described as significant support in acquiring enterprise-class customers especially in the United States; Meta Business Partner status in January 2026; products introduced to the Microsoft marketplace in February 2026; a partnership with Golden Whale for the iGaming industry in April 2026; the closure of the traditional sales department with responsibilities assumed by the customer support team; the new visual identity and Go-To-Market campaign in May 2026; and the end of price grandfathering, with LiveChat Team and Business prices raised in September 2025, customers on older price lists notified in March 2026, monthly payers transferred from April 2026 and annual payers transferring as their subscription periods expire) — FY2025/26 · publ. June 2026 · source ↗
Sources
Generated September 24, 2026