Major ClientsNarrow moat

Text (TXT) — moat facet

No customer reaches ten percent of revenue, and Text does not name a single one of them.

Text has no customer concentration to disclose and discloses no customers.

Largest customer as a share of revenue67%CoreWeave22%Nvidia20,4%Kioxia~1%TextNo Text customer reaches a reportable threshold; the largest new contract was ~1%
Concentration risk in reverse - and not one of those customers is named.

Its clients are companies, universities and institutions in around 150 countries1, and the filings contain no concentration table because nothing reaches a reportable threshold. The largest new contract of the year was described as an increase in the value of a contract to seven figures with an American online retail company2 — against revenue of 88,2 million dollars3, roughly one percent.

That diversification is real and it is the strongest part of this company's risk profile. Set against Nvidia's 22% single-customer disclosure4, Kioxia's 20,4%5 or CoreWeave's 67%6, a base where the largest account is about a hundredth of revenue is a materially safer place to stand.

What is unusual is the anonymity. Text lists more than twenty material wins and extensions in its annual report and identifies none of them: a company providing postal services in the British Isles, an Asian industrial automation company, a Japanese corporation in optical and digital technologies, a Chicago-based industrial metals processor, an international corporation based in Kyoto, prestigious universities in the United States, New Zealand and Singapore7. Every one is a category rather than a name. An investor can count the wins and verify none of them.

The concentration Text does have is in what it sells rather than to whom. The company states the risk plainly: it generates almost all revenue from the sale of LiveChat products, and a significant decline in demand for live chat — through loss of competitive advantage, market failure or other events — would expose it to falling revenue8. LiveChat was 83,7% of the total and fell 12,4% in the year9.

So the customer register is about as diversified as it gets and the product register is about as concentrated as it gets, and only one of those is disclosed as a risk factor. Both are correct.

One statistic measures this base: the share of recurring revenue from accounts paying more than 500 dollars a month. It passed 50% this year10 — meaning close to half of Text's money still comes from customers smaller than that.

Moat trajectory: Holding steady

No customer approaches ten percent and the largest new contract of the year was around one percent of revenue. The diversification is unchanged and so is the anonymity.

The number that tests this moat
Reported
Largest customer share of revenue
none above 10% - the largest new contract was around 1%

There is no concentration note in the financial statements because nothing reaches a reportable threshold, across customers in around 150 countries. Set against Nvidia's 22% or CoreWeave's 67%, that is a materially safer base. The concentration Text does have is in what it sells: it discloses that almost all revenue comes from LiveChat products, and LiveChat fell 12,4% in the year. Watch the share of recurring revenue from accounts above $500 a month.

Source: Text Group Management Board report for the financial year 2025/26 ↗
Dig deeper
DIG DEEPER 01
No Customer Above Ten Percent, and None With a Name
Genuine diversification, disclosed in a way that lets nobody check it.
DIG DEEPER 02
The Half That Pays Less Than Five Hundred Dollars a Month
Text's threshold for a large account is 6 000 dollars a year, and half its money comes from below it.
DIG DEEPER 03
The Enterprise Text Is Only Now Allowed to Sell To
A security attestation obtained in May 2026 is what stood between Text and the customers it needs.
DIG DEEPER 04
The Customer Who Wants Fewer Seats
The person who signs Text's invoice is the person tasked with reducing it.
References
  1. ReportedIts clients are companies, universities and institutions in around 150 countries, and the filings contain no concentration table because nothing reaches a reportable threshold.
    Text Group Management Board report for 2025/26, clients and customer acquisition (customers in around 150 countries across effectively all sectors, with the USA, Great Britain, Australia, Canada and Indonesia the most important markets and Poland about 1,5% of revenue in twelfth place; customers using more than one product at 38,8% of MRR, up seven percentage points, and accounts above USD 500 a month passing 50% of MRR; and the year's largest new contracts including an increase to seven figures with an American online retail company, a postal service in the British Isles, an Asian industrial automation company, a Kyoto corporation, a Texas dental group, a Scandinavian food company and universities in the United States, New Zealand and Singapore) — FY2025/26 · publ. June 2026 · source ↗
  2. Moat Explorer calcThe largest new contract of the year was described as an increase in the value of a contract to seven figures with an American online retail company - against revenue of 88,2 million dollars, roughly one percent.
    Moat Explorer calculation - arithmetic on figures Text reports: monthly churn of 4% compounded over twelve months (1 - 0,96^12 = 38,7% of logos a year); revenue per team member (329 073 thousand złoty over 271 people = 1,21m); third-party services as a share of operating costs (159 821 of 201 291 = 79%) and employee benefits as a share (6 458 of 201 291 = 3,2%); operating cash flow against net profit (161 552 over 116 608 = 1,39); the dividend payout ratio (109,7m over 116,6m = 94%); the gap to the ARR target (100,0 less 89,52 = USD 10,5m); the fall in operating margin (50,1% less 38,6% = 11,5 points); the tax saved under the IP Box (126 680 at 19% less the 10 072 charged = about 14m złoty); the market value in dollars (1,08bn złoty at 0,2688 = USD 0,29bn); Text's share of the live-chat market (89,52 over about 1 100 = a twelfth); the largest new contract against revenue (seven figures over USD 88,2m = about 1%); and 500 dollars a month expressed annually (6 000 dollars); the price-to-earnings multiple at each financial year end (market value over net profit: 3 687 over 155,261 = 23,8 times, and 967 over 116,608 = 8,3); cost of goods sold as a share of revenue (85 588 over 354 178 = 24,2%, and 106 753 over 329 073 = 32,4%); and the effective tax rate (12 323 over 178 876 = 6,89%, and 10 072 over 126 680 = 7,95%) — FY2025/26 · publ. September 2026 · source ↗
  3. Moat Explorer calcThe largest new contract of the year was described as an increase in the value of a contract to seven figures with an American online retail company - against revenue of 88,2 million dollars, roughly one percent.
    Moat Explorer calculation - arithmetic on figures Text reports: monthly churn of 4% compounded over twelve months (1 - 0,96^12 = 38,7% of logos a year); revenue per team member (329 073 thousand złoty over 271 people = 1,21m); third-party services as a share of operating costs (159 821 of 201 291 = 79%) and employee benefits as a share (6 458 of 201 291 = 3,2%); operating cash flow against net profit (161 552 over 116 608 = 1,39); the dividend payout ratio (109,7m over 116,6m = 94%); the gap to the ARR target (100,0 less 89,52 = USD 10,5m); the fall in operating margin (50,1% less 38,6% = 11,5 points); the tax saved under the IP Box (126 680 at 19% less the 10 072 charged = about 14m złoty); the market value in dollars (1,08bn złoty at 0,2688 = USD 0,29bn); Text's share of the live-chat market (89,52 over about 1 100 = a twelfth); the largest new contract against revenue (seven figures over USD 88,2m = about 1%); and 500 dollars a month expressed annually (6 000 dollars); the price-to-earnings multiple at each financial year end (market value over net profit: 3 687 over 155,261 = 23,8 times, and 967 over 116,608 = 8,3); cost of goods sold as a share of revenue (85 588 over 354 178 = 24,2%, and 106 753 over 329 073 = 32,4%); and the effective tax rate (12 323 over 178 876 = 6,89%, and 10 072 over 126 680 = 7,95%) — FY2025/26 · publ. September 2026 · source ↗
  4. ReportedSet against Nvidia's 22% single-customer disclosure, a base where the largest account is about a hundredth of revenue is a materially safer place to stand.
    NVIDIA Form 10-K, FY2026 — "For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue"; FY2025: one at 12% and two at 11% each; FY2024: one at 13%. Direct customers include OEMs, ODMs, distributors and system integrators; indirect customers (CSPs, Neocloud builders, AI model makers, enterprises, public sector) buy through them, and NVIDIA "estimate[s] some individually representing 10% or more of our revenue". "Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue." — FY2026 (ended Jan 25, 2026) · publ. February 2026 · source ↗
  5. ReportedKioxia's largest customer was 20,4% of its revenue in the year to March 2026.
    Kioxia Holdings Corporation, Annual Securities Report for the year from 1 April 2025 to 31 March 2026 (8th Period) — revenue ¥2 337 628M against ¥1 706 460M, gross profit ¥1 012 904M, operating profit ¥869 013M, profit for the year ¥554 490M; research and development cost ¥141 052M against ¥132 798M; purchases of property, plant and equipment ¥281 062M against ¥223 847M; operating cash flow ¥616 540M; proceeds from government grants ¥56 396M against ¥43 748M, from an approved ceiling of ¥150,0bn for flash production at the Yokkaichi and Kitakami plants with about ¥31,8bn not yet received. Revenue by application: SSD & Storage ¥1 362 638M, Smart Devices ¥759 978M, Other ¥215 012M — 'Other' including retail products and sales to the Sandisk group recorded through the three manufacturing joint ventures. Revenue by geography: Japan ¥263 252M, North America and Europe ¥1 217 643M, Asia ¥856 733M, with the United States ¥1 098 832M, China ¥381 857M and Taiwan ¥300 932M. Non-current assets: Japan ¥1 658 950M, North America and Europe ¥1 986M, Asia ¥6 298M. Major customers: Apple group ¥476 014M (20,4%), with the Sandisk and Dell groups omitted for the year as each fell below 10% of sales. Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward LLC are accounted for as joint operations with 50,1% of the voting rights and equal decision-making rights shared with Sandisk. Net interest-bearing debt ¥552 085M against equity of ¥1 398 929M — a net debt-to-equity ratio of 0,39 times, from ¥931 035M against ¥737 565M and 1,26 times a year earlier; USD-denominated senior notes at 6,25% (2030) and 6,625% (2033); goodwill of ¥395 585M from the 1 June 2018 acquisition of the former Toshiba Memory Corporation. Bain Capital funds indirectly hold 21,87% and Toshiba Corporation 17,59% of outstanding common shares, both having sold substantial holdings during the year. Risk factors state that the Yokkaichi Plant is located in an area with a high risk of earthquakes and floods and the Kitakami Plant in an area severely damaged by the 2011 Tohoku Earthquake, and name US-China trade frictions and US tariff policy among factors that may materially affect the business. The company does not provide plans or progress reports for the overall fiscal year. — year to 31 March 2026 · publ. 2026-06 · source ↗
  6. ReportedCoreWeave took 67% of its revenue from a single customer, a base where the largest account is about a hundredth of revenue is a materially safer place to stand.
    CoreWeave Form 10-K, fiscal 2025 — revenue $5,13B (+168%), net loss ~−$1,2B; customer concentration disclosed (largest customer ~2/3 of revenue) — FY2025 · publ. early 2026 · source ↗
  7. ReportedText lists more than twenty material wins and extensions in its annual report and identifies none of them: a company providing postal services in the British Isles, an Asian industrial automation company, a Japanese corporation in optical and digital technologies, a Chicago-based industrial metals processor, an international corporation based in Kyoto, prestigious universities in the United States, New Zealand and Singapore.
    Text Group Management Board report for 2025/26, clients and customer acquisition (customers in around 150 countries across effectively all sectors, with the USA, Great Britain, Australia, Canada and Indonesia the most important markets and Poland about 1,5% of revenue in twelfth place; customers using more than one product at 38,8% of MRR, up seven percentage points, and accounts above USD 500 a month passing 50% of MRR; and the year's largest new contracts including an increase to seven figures with an American online retail company, a postal service in the British Isles, an Asian industrial automation company, a Kyoto corporation, a Texas dental group, a Scandinavian food company and universities in the United States, New Zealand and Singapore) — FY2025/26 · publ. June 2026 · source ↗
  8. ReportedThe company states the risk plainly: it generates almost all revenue from the sale of LiveChat products, and a significant decline in demand for live chat - through loss of competitive advantage, market failure or other events - would expose it to falling revenue.
    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 ↗
  9. ReportedLiveChat was 83,7% of the total and fell 12,4% in 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 ↗
  10. ReportedIt passed 50% this year - meaning close to half of Text's money still comes from customers smaller than that.
    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 ↗
Sources
Generated September 24, 2026