The Half That Pays Less Than Five Hundred Dollars a MonthThin moat

Text (TXT) — moat facet

Text's threshold for a large account is 6 000 dollars a year, and half its money comes from below it.

Text reports its customer mix as an achievement, and read the other way it is the clearest statement of what kind of company this is.

Share of monthly recurring revenuejust over 50%Accounts above $500/monthjust under 50%Accounts below $500/month38,8%Accounts on 2+ products$500 a month is $6 000 a year - Text's threshold for what counts as a large account
Half the money comes from customers spending less than six thousand dollars a year.

Accounts generating more than 500 dollars a month passed 50% of monthly recurring revenue at the end of March 2026, a significant increase over the year1. Five hundred dollars a month is six thousand dollars a year. So slightly less than half of Text's recurring revenue comes from customers spending under six thousand dollars annually, and the threshold Text uses to mark a large account would not register as one at most enterprise software companies.

This explains a great deal that the financial statements do not. It explains the 4% monthly customer churn2, because small accounts leave when a business closes, a budget tightens or a founder changes their mind. It explains why the acquisition engine has to run continuously. It explains the pricing ladder — 19, 49 and 79 dollars a seat3 — and it explains why Text never needed a sales force.

The direction of travel is favourable and deliberate. The 500-dollar cohort is growing as a share, multi-product accounts reached 38,8% of recurring revenue4, and Text obtained SOC 2 Type 2 attestation in May 2026 specifically to support acquiring enterprise-class customers, especially in the United States5.

What has not happened is the total growing while the mix improves. Monthly recurring revenue fell 2,7% over the year to 6,93 million dollars6.

The number that decides whether Text becomes a larger company or merely a better one is that total, and it needs to rise in a quarter where price has not been changed.

Moat trajectory: Widening

Accounts above 500 dollars a month passed half of recurring revenue for the first time, and multi-product accounts reached 38,8%. The mix is improving even though the total is not.

The number that tests this moat
Reported
Share of MRR from accounts above $500 a month
over 50%, up significantly in the year

Five hundred dollars a month is six thousand dollars a year, so slightly less than half of Text's recurring revenue comes from customers spending below that. It explains the 4% monthly churn, the pricing ladder and why Text never needed a sales force. The mix is improving deliberately, alongside multi-product accounts at 38,8%. What has not happened is the total growing while the mix improves - MRR fell 2,7%.

Source: Text Group Management Board report for the financial year 2025/26 ↗
References
  1. ReportedAccounts generating more than 500 dollars a month passed 50% of monthly recurring revenue at the end of March 2026, a significant increase over 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. ReportedIt explains the 4% monthly customer churn, because small accounts leave when a business closes, a budget tightens or a founder changes their mind.
    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. ReportedIt explains the pricing ladder - 19, 49 and 79 dollars a seat - and it explains why Text never needed a sales force.
    LiveChat pricing (Starter at USD 19 per person per month billed annually or 25 monthly; Team at USD 49 billed annually or 59 monthly; Business at USD 79 billed annually or 89 monthly; and Enterprise on custom pricing, all charged per agent per month with a discount for annual billing) — September 2026 · publ. September 2026 · source ↗
  4. ReportedThe 500-dollar cohort is growing as a share, multi-product accounts reached 38,8% of recurring revenue, and Text obtained SOC 2 Type 2 attestation in May 2026 specifically to support acquiring enterprise-class customers, especially in the United States.
    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. ReportedThe 500-dollar cohort is growing as a share, multi-product accounts reached 38,8% of recurring revenue, and Text obtained SOC 2 Type 2 attestation in May 2026 specifically to support acquiring enterprise-class customers, especially in the United States.
    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 ↗
  6. ReportedMonthly recurring revenue fell 2,7% over the year to 6,93 million dollars.
    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