ChatBotThin moat

Text (TXT) — moat facet

The automation product grew 9,7%, half its old pace, and much of its usage sits outside recurring revenue.

ChatBot brought in 28,7 million złoty in the year to March 2026, 8,7% of Text's revenue, up 9,7%123. It was released in August 20174.

ChatBot revenue, financial years to March (zl m)18,0FY202321,9FY202426,2FY202528,7FY2026Text consolidated statements FY2023/24 and FY2025/26
Growth of 21,7%, 19,4% and 9,7%: steady, and slowing.

It is a platform for building AI chatbots that answer customers' questions from a company's own website and documents, without programming, and it connects to LiveChat and to channels such as Facebook Messenger5. A commercial version built on Text's own AI solutions was released in the third quarter of the year to March 20246.

Part of what customers pay is usage rather than subscription. Text's monthly recurring revenue excludes pay-per-use fees, such as additional ChatBot interactions7, so the headline recurring figure understates this line's contribution. Text says it intends to count upfront usage packages in recurring revenue in future8.

Growth has been steady and slowing. Revenue was 18,0 million złoty in the year to March 2023, 21,9 million a year later and 26,2 million in the year to March 2025910: growth of 21,7%, 19,4% and then 9,7%11, about 17% a year over three years12. Capitalised development on ChatBot fell to 1,8 million złoty, and it is amortised at 30% a year against 20% for LiveChat13, a shorter assumed life for the product that is most exposed to changes in AI.

Text does not report ChatBot's profit. Its costs include the language models it rents, and the company has said it cannot yet tell how much of the cost of heavier AI use customers will bear14; the Nobody Has Decided Who Pays for the Inference page covers that.

The number that would change this page is ChatBot's growth rate. It nearly halved in the year Text launched its own AI suite; another year below 10% would mean the product Text built for that shift is not the one capturing it.

Moat trajectory: Holding steady

ChatBot grew 9,7% in FY2026 after about 20% a year in the two years before.

The number that tests this moat
Moat Explorer calc
ChatBot revenue growth
+9,7% in FY2026, from +19,4% in FY2025

Another year below 10% would mean Text's automation product is not the one capturing the shift.

How it's calculated: ChatBot revenue FY2026 / FY2025 - 1
Source: Text consolidated statements FY2025/26 ↗
References
  1. ReportedChatBot brought in 28,7 million złoty in the year to March 2026, 8,7% of Text's revenue, up 9,7%.
    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. ReportedChatBot brought in 28,7 million złoty in the year to March 2026, 8,7% of Text's revenue, up 9,7%.
    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. Moat Explorer calcChatBot brought in 28,7 million złoty in the year to March 2026, 8,7% of Text's revenue, up 9,7%.
    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
  4. ReportedIt was released in August 2017.
    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 ↗
  5. ReportedIt is a platform for building AI chatbots that answer customers' questions from a company's own website and documents, without programming, and it connects to LiveChat and to channels such as Facebook Messenger.
    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 ↗
  6. ReportedA commercial version built on Text's own AI solutions was released in the third quarter of the year to March 2024.
    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 ↗
  7. ReportedText's monthly recurring revenue excludes pay-per-use fees, such as additional ChatBot interactions, so the headline recurring figure understates this line's contribution.
    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 ↗
  8. ReportedText says it intends to count upfront usage packages in recurring revenue 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 ↗
  9. ReportedRevenue was 18,0 million złoty in the year to March 2023, 21,9 million a year later and 26,2 million in the year to March 2025: growth of 21,7%, 19,4% and then 9,7%, about 17% a year over three years.
    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 ↗
  10. ReportedRevenue was 18,0 million złoty in the year to March 2023, 21,9 million a year later and 26,2 million in the year to March 2025: growth of 21,7%, 19,4% and then 9,7%, about 17% a year over three years.
    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 ↗
  11. Moat Explorer calcRevenue was 18,0 million złoty in the year to March 2023, 21,9 million a year later and 26,2 million in the year to March 2025: growth of 21,7%, 19,4% and then 9,7%, about 17% a year over three years.
    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
  12. Moat Explorer calcRevenue was 18,0 million złoty in the year to March 2023, 21,9 million a year later and 26,2 million in the year to March 2025: growth of 21,7%, 19,4% and then 9,7%, about 17% a year over three years.
    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
  13. ReportedCapitalised development on ChatBot fell to 1,8 million złoty, and it is amortised at 30% a year against 20% for LiveChat, a shorter assumed life for the product that is most exposed to changes in AI.
    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 ↗
  14. ReportedIts costs include the language models it rents, and the company has said it cannot yet tell how much of the cost of heavier AI use customers will bear; the Nobody Has Decided Who Pays for the Inference page covers that.
    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