⚠ A Listing Is Not a ChannelModerate threat

Text (TXT) — threat to the moat

A distribution channel controlled by a competitor is a tenancy.

Text has announced marketplace placements in each of its last three reporting periods, and its recurring revenue has not yet responded to any of them.

MRR in the quarter each listing landed ($m)$6,93mMar 2026 (after Microsoft)$7,46mJun 2026 (before Google/OpenAI)The one quarter of growth was attributed to repricing, not to any marketplace
Three listings announced, and nothing yet visible in the number they were meant to move.

The Microsoft listing came in February 20261; monthly recurring revenue at the end of March was 6,93 million dollars, down 2,7% on the year2. Google Cloud Marketplace followed in July and the ChatGPT marketplace in August3, after the June quarter closed. The one quarter that did show recurring revenue growth, at 7,6%, was attributed by the chief executive not to any of this but to the completion of price grandfathering for LiveChat customers4.

That is not evidence the listings fail. It is evidence that nothing has yet been demonstrated, and the distinction matters because listings are cheap to obtain and cheap to report. Every marketplace in question wants a long catalogue.

What makes the caution reasonable is who owns the shelves. Microsoft, Google and OpenAI all sell customer-communication and agent tooling of their own, and Text's filings identify changes in partner policy — naming Google, Shopify and BigCommerce — as a risk capable of significantly reducing customer growth over a period5. A distribution channel controlled by a competitor is a tenancy.

Customers or recurring revenue by acquisition source would settle it, and Text has never published either. In their absence the observable test is simpler — whether monthly recurring revenue grows in a quarter with no repricing in it. The next such quarter is the first honest read.

References
  1. ReportedThe Microsoft listing came in February 2026; monthly recurring revenue at the end of March was 6,93 million dollars, down 2,7% on the year.
    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 ↗
  2. ReportedThe Microsoft listing came in February 2026; monthly recurring revenue at the end of March was 6,93 million dollars, down 2,7% on the year.
    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 ↗
  3. ReportedGoogle Cloud Marketplace followed in July and the ChatGPT marketplace in August, after the June quarter closed.
    Text Group results for the first quarter of the 2026/27 financial year, published 28 August 2026 (revenue of PLN 83,20m, down 1,9% year on year and up 4,1% on the previous quarter; net profit PLN 29,11m down 6,2%; operating profit PLN 31,36m down 11,0%; EBITDA PLN 38,56m down 7,4%; revenue in US dollars of 22,61m up 2,1%; MRR of USD 7,46m at 30 June 2026, up 4,0% year on year and 7,6% on the previous quarter, giving ARR of USD 89,52m against the USD 100m goal, with the chief executive attributing the growth largely to the completion of price grandfathering for LiveChat customers; a record PLN 77,2m of deferred revenue and net operating cash flow up 22,2% to PLN 41,5m on a high share of annual payments; margins of 69,6% gross, 37,7% operating, 46,4% EBITDA and 35,0% net; SOC 2 Type 2 attestation in May 2026; the new visual identity and Go-To-Market start in May 2026; purchase of the livechat.ai domain and a seventh US patent in June 2026; a Klaviyo integration and Google Cloud Marketplace listing in July; a MarTech Breakthrough award and an official ChatGPT marketplace listing in August; and the annual general meeting of 6 August 2026 allocating PLN 109,7m to dividends, PLN 4,26 per share) — Q1 2026/27 · publ. 28 August 2026 · source ↗
  4. ReportedThe one quarter that did show recurring revenue growth, at 7,6%, was attributed by the chief executive not to any of this but to the completion of price grandfathering for LiveChat customers.
    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. ReportedMicrosoft, Google and OpenAI all sell customer-communication and agent tooling of their own, and Text's filings identify changes in partner policy - naming Google, Shopify and BigCommerce - as a risk capable of significantly reducing customer growth over a period.
    Text Group Management Board report for 2025/26, risks and key factors (currency risk arising because revenue is generated in US dollars while a significant portion of costs is incurred in Polish złoty, affecting reported results and the dividend, with the company not hedging its open foreign exchange positions; competition risk from more innovative or cost-effective solutions and from rivals allocating far greater funds to development and promotion, and from AI changing how software is developed and marketed in a way that could erode the advantage derived from the company's technology and experience; distribution risk from the loss or reduced effectiveness of channels such as Google, Shopify or BigCommerce, and from traditional search engines being replaced by LLM models or AI assistants in a way that may harm the SEO activities of the company and its affiliate partners; product concentration risk, since Text generates almost all revenue from LiveChat products; and risk from entities using patents to enforce compensation) — FY2025/26 · publ. June 2026 · source ↗
Sources
Generated September 24, 2026