✦ Selling Through the AssistantThin moat

Text (TXT) — the future bets

If buyers stop using search engines, Text intends to be inside whatever replaces them.

Text's response to the disruption of its own acquisition channel is to move into the thing doing the disrupting.

From search result to assistantSearch engineBeing replacedby LLMsList insidethe assistantChatGPT storeAug 2026Text disclosed the threat to its own SEO channel, then moved into the assistants
The instinct was right and fast; the tables belong to other people.

The company discloses that traditional search engines are being replaced by language models and assistants, that leading players are changing their algorithms, and that this may negatively affect the search-optimisation activities of Text and its affiliate partners1 — the channel that supplied customers for twenty years and made a 38,6% operating margin possible2.

Its answer has been to obtain placement wherever the new buying happens. Products went into the Microsoft marketplace in February 2026, onto Google Cloud Marketplace as "Text - Enterprise AI Agent" in July, and into the ChatGPT marketplace as an official application in August3. Meta Business Partner status came in January4.

That is the correct instinct, executed quickly, and it is also a bet placed on other people's tables. Text names partner policy change as a risk capable of significantly reducing customer growth over a period5, and each of these platforms sells agent software of its own.

There is a second, subtler prize. An assistant that can invoke Text on a user's behalf makes Text part of an automated commerce chain rather than a website widget — which is the direction its Service on Offense positioning points6.

All of it is judged on whether it produces customers. Text publishes no revenue or customer count by acquisition source, so the observable test remains recurring revenue growth in a quarter with no price change in it.

Moat trajectory: Widening

Text moved into the Microsoft, Google Cloud and ChatGPT marketplaces within seven months of disclosing that assistants are replacing the search channel it depends on. The response was fast; the return is unproven.

The number that tests this moat
Reported
Monthly recurring revenue growth, year on year
4,0%, to $7,46m at 30 June 2026

Text is placing its products in AI marketplaces as search traffic shifts to assistants. New customers from those channels would show up here; growth driven mainly by price rises would not count.

Source: Text Group Q1 2026/27 results release ↗
References
  1. ReportedThe company discloses that traditional search engines are being replaced by language models and assistants, that leading players are changing their algorithms, and that this may negatively affect the search-optimisation activities of Text and its affiliate partners - the channel that supplied customers for twenty years and made a 38,6% operating margin possible.
    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 ↗
  2. ReportedThe company discloses that traditional search engines are being replaced by language models and assistants, that leading players are changing their algorithms, and that this may negatively affect the search-optimisation activities of Text and its affiliate partners - the channel that supplied customers for twenty years and made a 38,6% operating margin possible.
    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 ↗
  3. ReportedProducts went into the Microsoft marketplace in February 2026, onto Google Cloud Marketplace as "Text - Enterprise AI Agent" in July, and into the ChatGPT marketplace as an official application in August.
    Text Group results for the first quarter of the 2026/27 financial year, published 28 August 2026 (revenue of PLN 83,20m, down 1,9% year on year and up 4,1% on the previous quarter; net profit PLN 29,11m down 6,2%; operating profit PLN 31,36m down 11,0%; EBITDA PLN 38,56m down 7,4%; revenue in US dollars of 22,61m up 2,1%; MRR of USD 7,46m at 30 June 2026, up 4,0% year on year and 7,6% on the previous quarter, giving ARR of USD 89,52m against the USD 100m goal, with the chief executive attributing the growth largely to the completion of price grandfathering for LiveChat customers; a record PLN 77,2m of deferred revenue and net operating cash flow up 22,2% to PLN 41,5m on a high share of annual payments; margins of 69,6% gross, 37,7% operating, 46,4% EBITDA and 35,0% net; SOC 2 Type 2 attestation in May 2026; the new visual identity and Go-To-Market start in May 2026; purchase of the livechat.ai domain and a seventh US patent in June 2026; a Klaviyo integration and Google Cloud Marketplace listing in July; a MarTech Breakthrough award and an official ChatGPT marketplace listing in August; and the annual general meeting of 6 August 2026 allocating PLN 109,7m to dividends, PLN 4,26 per share) — Q1 2026/27 · publ. 28 August 2026 · source ↗
  4. ReportedMeta Business Partner status came in January.
    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. ReportedText names partner policy change as a risk capable of significantly reducing customer growth over a period, and each of these platforms sells agent software of its own.
    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 ↗
  6. ReportedAn assistant that can invoke Text on a user's behalf makes Text part of an automated commerce chain rather than a website widget - which is the direction its Service on Offense positioning points.
    Text Group Management Board report for 2025/26, strategy, products and market (the Service on Offense goal of turning customer service teams into revenue-generating centres, with the suite monitoring live traffic, recognising visitor intent, identifying returning visitors, enabling proactive outreach and tracking steps to monetisation or a qualified lead; a Go-To-Market period expected to be a long-term process requiring marketing expenditure with effects observed gradually; over 20 years of experience; competing solutions named as Fin, previously Intercom, Zendesk and Freshworks; the live-chat market valued at USD 1,06-1,17bn in 2024 growing 8-11%, the chatbot market at USD 0,7-6,95bn and the helpdesk market at USD 9,82-12,5bn; and Datanyze counting more than 210 different live-chat technologies, a substantial number offered freemium, with monetisation of free users judged difficult and ineffective) — FY2025/26 · publ. June 2026 · source ↗
Sources
Generated September 24, 2026