⚠ The Meter Is on the Product Without CustomersHigh threat

Text (TXT) — threat to the moat

Moving the base across means asking customers to accept a bill that rises when they automate.

Text's pricing innovation and Text's revenue are in different places.

Where the revenue is, and where the meter is (zl m)275,5m złLiveChat - per seat28,7m złChatBot23,5m złHelpDesknot disclosedText suite - meteredReported MRR also excludes pay-per-use charges entirely
The pricing innovation and the revenue are in different places.

The 99-cents-per-resolution meter sits on the new Text suite1. The revenue sits on LiveChat, which is 83,7% of the total and priced entirely by the seat2. Between those two facts is the whole execution risk of the company.

Moving the installed base across is not a price-list exercise. It is a migration of tens of thousands of accounts from a model where their bill falls when they automate to one where their bill rises when they automate, and customers do not usually volunteer for that. The one large pricing action Text has actually executed on the installed base went the other way and was a straightforward increase: prices on the Team and Business plans rose in September 2025, and existing customers were moved onto them from April 20263.

Text has also given itself an accounting reason to be slow. Reported recurring revenue excludes pay-per-use charges4, so a customer shifted from seats to resolutions would reduce the headline metric the market watches, even if total payments rose. Text says it intends to bring prepaid usage packages into the calculation5, which would fix the measurement but not the incentive.

The test is whether Text ever reports revenue for the Text product separately. Its revenue note lists four product lines and Text is not among them6; until it is, the pricing model that is meant to save the company is unmeasurable from outside.

References
  1. ReportedThe 99-cents-per-resolution meter sits on the new Text suite.
    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 ↗
  2. ReportedThe revenue sits on LiveChat, which is 83,7% of the total and priced entirely by the seat.
    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. ReportedThe one large pricing action Text has actually executed on the installed base went the other way and was a straightforward increase: prices on the Team and Business plans rose in September 2025, and existing customers were moved onto them from April 2026.
    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. ReportedReported recurring revenue excludes pay-per-use charges, so a customer shifted from seats to resolutions would reduce the headline metric the market watches, even if total payments rose.
    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 ↗
  5. ReportedText says it intends to bring prepaid usage packages into the calculation, which would fix the measurement but not the incentive.
    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 ↗
  6. ReportedIts revenue note lists four product lines and Text is not among them; until it is, the pricing model that is meant to save the company is unmeasurable from outside.
    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