⚠ A Transcript Archive Is Just TextModerate threat

Text (TXT) — threat to the moat

The deepest asset in the product is plain language, and plain language moves.

Text's name is also the description of its lock-in problem: what customers store inside the product is plain language, and plain language moves.

LiveChat customers left after, at 4% monthly churn (%)61,3%12 months37,5%24 months23,0%36 monthsCalculated from the 4% monthly churn in Text management report FY2025/26
The archive stays with the customer; three-quarters of customers leave within three years.

A support archive is not a general ledger. It has no schema to reconcile, no regulator requiring its retention in place, no double-entry integrity to preserve. It is conversations. Any competitor motivated to win an account can offer to ingest it, and the models that make the archive valuable are the same models that make ingesting it easy.

That matters more now than it did five years ago, because the archive's whole purpose has changed. It used to be a record somebody occasionally searched. It is now training material, and Text leans on it explicitly — reporting a 74% resolution rate that it says will improve as customers train the models on their own data1. An asset whose value is that it teaches a model is an asset a rival can copy by asking for a file.

Text's protection here is contractual and practical rather than technical: the customer has to want to move, has to rebuild the integrations, and has to accept a gap in service while it happens.

For most of the base that protection is evidently thin. The disclosed customer loss rate on LiveChat was 4% a month2, which does not describe a customer body held in place by accumulated data.

What would demonstrate real accumulation is expansion revenue outrunning departures for a sustained period. Net revenue churn is the measure and Text describes it only as "significantly lower" than the logo rate3 — it has never put a number on it.

References
  1. ReportedIt is now training material, and Text leans on it explicitly - reporting a 74% resolution rate that it says will improve as customers 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. ReportedThe disclosed customer loss rate on LiveChat was 4% a month, which does not describe a customer body held in place by accumulated data.
    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. ReportedNet revenue churn is the measure and Text describes it only as "significantly lower" than the logo rate - it has never put a number on it.
    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