The Revenue LinesThin moat

Text (TXT) — moat facet

Four products: the one that is five-sixths of the company shrank 12,4%, and the two small ones grew.

Text reports its revenue by product, and the products are its operating segments1. In the financial year to March 2026 LiveChat brought in 275,5 million złoty, ChatBot 28,7 million, HelpDesk 23,5 million and KnowledgeBase 1,4 million, 329,1 million in all, down from 354,2 million2. About 95% of it is billed through the American subsidiary3.

Revenue change by product, FY2026 (zl m)LiveChat-38,8HelpDesk+11,2ChatBot+2,5KnowledgeBase-0,03Text consolidated statements FY2025/26, revenue by product line
The small products added 13,7m zł; LiveChat lost 38,8m zł.

The year moved in two directions at once. LiveChat lost 38,8 million złoty of revenue while ChatBot added 2,5 million and HelpDesk 11,2 million45. LiveChat was 83,7% of revenue for the year, after 84,1% in the first three quarters6, so its share was still falling at year end.

Growth runs in inverse order to size. From the year to March 2023 to the year to March 2026, HelpDesk grew about 66% a year, ChatBot about 17% and LiveChat about 0,4%789. KnowledgeBase, which had revenue of 32 thousand złoty in the year to March 2023, has stayed near 1,4 million złoty since1011 and is covered here rather than on its own page; OpenWidget is free12.

Text does not report profit by product. The company as a whole earned an operating margin of 38,6% and a gross margin of 67,6% in the year13, and LiveChat, at five-sixths of revenue, carries most of both. What Text does disclose by product is the development spending it has capitalised: 44,6 million złoty for LiveChat at March 2026, 3,9 million for HelpDesk, 1,8 million for ChatBot, and 21,2 million for the new Text suite14.

The number that would change the reading of these pages is LiveChat's share of revenue. If the smaller products keep growing and LiveChat keeps shrinking, the company is changing shape; if HelpDesk's jump stalls, Text is a one-product company with a declining product.

Moat trajectory: Narrowing

LiveChat fell from 84,1% of revenue in the first three quarters of FY2026 to 83,7% for the year while the smaller products grew.

The number that tests this moat
Reported
LiveChat's share of revenue
83,7% in FY2026, after 84,1% in the first three quarters

A falling share means the smaller products are growing or LiveChat is shrinking; the second is what happened in FY2026.

Source: Text management report FY2025/26 ↗
Dig deeper
DIG DEEPER 01
LiveChat
The seat-priced product that automation undercuts; its fall was nearer 5% in dollars, and repricing lifted it once.
DIG DEEPER 02
ChatBot
The automation product grew 9,7%, half its old pace, and much of its usage sits outside recurring revenue.
DIG DEEPER 03
HelpDesk
HelpDesk doubled to 23,5m zł in the year LiveChat lost 38,8m zł; the filings do not say how much was a transfer.
References
  1. ReportedText reports its revenue by product, and the products are its operating segments.
    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 ↗
  2. ReportedIn the financial year to March 2026 LiveChat brought in 275,5 million złoty, ChatBot 28,7 million, HelpDesk 23,5 million and KnowledgeBase 1,4 million, 329,1 million in all, down from 354,2 million.
    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 ↗
  3. ReportedAbout 95% of it is billed through the American subsidiary.
    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 ↗
  4. ReportedLiveChat lost 38,8 million złoty of revenue while ChatBot added 2,5 million and HelpDesk 11,2 million.
    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. Moat Explorer calcLiveChat lost 38,8 million złoty of revenue while ChatBot added 2,5 million and HelpDesk 11,2 million.
    Moat Explorer calculations from Text's filed revenue by product (consolidated statements FY2023/24 and FY2025/26) — FY2023 - FY2026 · publ. 2026 · source ↗
    Method: Growth = year / prior year - 1; CAGR = (FY2026/FY2023)^(1/3) - 1; dollar decline = złoty change adjusted by the 8,0% lower average USD/PLN rate
  6. ReportedLiveChat was 83,7% of revenue for the year, after 84,1% in the first three quarters, so its share was still falling at year end.
    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 ↗
  7. ReportedFrom the year to March 2023 to the year to March 2026, HelpDesk grew about 66% a year, ChatBot about 17% and LiveChat about 0,4%.
    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 ↗
  8. ReportedFrom the year to March 2023 to the year to March 2026, HelpDesk grew about 66% a year, ChatBot about 17% and LiveChat about 0,4%.
    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 ↗
  9. Moat Explorer calcFrom the year to March 2023 to the year to March 2026, HelpDesk grew about 66% a year, ChatBot about 17% and LiveChat about 0,4%.
    Moat Explorer calculations from Text's filed revenue by product (consolidated statements FY2023/24 and FY2025/26) — FY2023 - FY2026 · publ. 2026 · source ↗
    Method: Growth = year / prior year - 1; CAGR = (FY2026/FY2023)^(1/3) - 1; dollar decline = złoty change adjusted by the 8,0% lower average USD/PLN rate
  10. ReportedKnowledgeBase, which had revenue of 32 thousand złoty in the year to March 2023, has stayed near 1,4 million złoty since and is covered here rather than on its own page; OpenWidget is free.
    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 ↗
  11. ReportedKnowledgeBase, which had revenue of 32 thousand złoty in the year to March 2023, has stayed near 1,4 million złoty since and is covered here rather than on its own page; OpenWidget is free.
    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 ↗
  12. ReportedKnowledgeBase, which had revenue of 32 thousand złoty in the year to March 2023, has stayed near 1,4 million złoty since and is covered here rather than on its own page; OpenWidget is free.
    Text management report FY2025/26 - company history and product descriptions (sections 5.2.1-5.2.6): LiveChat, ChatBot (released August 2017), HelpDesk (2019, competitors Zendesk, FreshDesk, ZOHO Desk, HappyFox, HelpScout), KnowledgeBase, OpenWidget (free); rebrand from LiveChat Software to Text in September 2023 — FY2025/26 · publ. June 2026 · source ↗
  13. ReportedThe company as a whole earned an operating margin of 38,6% and a gross margin of 67,6% in the year, and LiveChat, at five-sixths of revenue, carries most of both.
    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 ↗
  14. ReportedWhat Text does disclose by product is the development spending it has capitalised: 44,6 million złoty for LiveChat at March 2026, 3,9 million for HelpDesk, 1,8 million for ChatBot, and 21,2 million for the new Text suite.
    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 ↗
Sources
Generated September 24, 2026