⚠ A Resolution Rate Is Not a PriceHigh threat

Text (TXT) — threat to the moat

Being fifteen points better than the industry has not yet appeared anywhere in Text's revenue.

Text's product advantage and Text's financial results point in opposite directions, which is the problem worth sitting with.

Annual recurring revenue, latest disclosed ($m)$400mFin, whole company$100m+Fin agent product alone$89,5mText, whole companyFin's agent grows ~350% a year; Text's total recurring revenue grew 4,0%
One competitor's newest product line is larger than all of Text, on a lower resolution rate.

The company reports resolving 74% of conversations automatically against an industry average of 59%1 — a wide lead on the capability buyers are currently paying for. In the same year, revenue in dollars fell 0,5%, monthly recurring revenue fell 2,7%, and net profit fell 29,1%2.

Meanwhile the rival whose resolution rate is reported at 67%3 took its agent product past 100 million dollars of annual recurring revenue growing at 350% a year, inside a company at roughly 400 million dollars of ARR growing 27%4. Fin's newest product line alone is larger than the whole of Text, whose annualised recurring revenue is 89,5 million dollars5.

The gap between being better and being bought has an explanation, and it is not technical. Fin sells the resolution and charges 99 cents for each one6. Text sells seats, and has only just built the meter7. A superior resolution rate inside a seat licence is a feature that helps the customer save money; the same rate inside outcome pricing is a revenue line.

A second explanation is reach. Text's chief executive describes competitors with enormous resources that they can, and sometimes must, allocate to customer acquisition, and says the task ahead is demanding and success is not guaranteed8.

Recurring revenue from the new Text product would show the advantage converting, and Text has not yet broken it out — the revenue note still lists only LiveChat, ChatBot, HelpDesk and KnowledgeBase9.

References
  1. ReportedThe company reports resolving 74% of conversations automatically against an industry average of 59% - a wide lead on the capability buyers are currently paying for.
    Text Group Management Board report for 2025/26, the chief executive's letter (the statement that on the financial results the past fiscal year was not a successful one, with dollar revenue similar to the prior year but lower after conversion to złoty and costs incurred in both currencies; an artificial-intelligence resolution rate of 74% against an industry average of 59%, a figure said to include customers who have not yet trained the models on their own data; the intention to measure success in dollars earned rather than dollars saved on customer support, building an ecosystem that becomes a growth engine for customers rather than a cost centre; and the assessment that Text operates in a market with strong competitors, many with enormous resources they can and sometimes must allocate to customer acquisition, that Text must be smarter, more creative, harder-working and more efficient, and that success is not guaranteed) — FY2025/26 · publ. June 2026 · source ↗
  2. ReportedIn the same year, revenue in dollars fell 0,5%, monthly recurring revenue fell 2,7%, and net profit fell 29,1%.
    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. Third-party estimateMeanwhile the rival whose resolution rate is reported at 67% took its agent product past 100 million dollars of annual recurring revenue growing at 350% a year, inside a company at roughly 400 million dollars of ARR growing 27%.
    Sacra research note on Intercom, now trading as Fin (approximately USD 400m of annual recurring revenue as of April 2026, up from 382m at the end of 2025 and growing 27%; the Fin AI agent surpassing USD 100m of ARR and expanding at about 350% a year across roughly 8 000 businesses, resolving close to two million support queries a week - equivalent to more than 6 500 human agents - at a 67% average resolution rate; usage-based pricing at USD 0,99 per resolved outcome, a shift that improved net revenue retention from 112% to 146%; a valuation of USD 1,3bn in 2024 with March 2026 venture debt discussions at USD 2bn or higher; and Zendesk at roughly 170 000 customers, about 30% of the global customer-service market, on a USD 9,1bn market capitalisation, with Freshworks around USD 3,7bn) — April 2026 · publ. 2026 · source ↗
  4. Third-party estimateMeanwhile the rival whose resolution rate is reported at 67% took its agent product past 100 million dollars of annual recurring revenue growing at 350% a year, inside a company at roughly 400 million dollars of ARR growing 27%.
    Sacra research note on Intercom, now trading as Fin (approximately USD 400m of annual recurring revenue as of April 2026, up from 382m at the end of 2025 and growing 27%; the Fin AI agent surpassing USD 100m of ARR and expanding at about 350% a year across roughly 8 000 businesses, resolving close to two million support queries a week - equivalent to more than 6 500 human agents - at a 67% average resolution rate; usage-based pricing at USD 0,99 per resolved outcome, a shift that improved net revenue retention from 112% to 146%; a valuation of USD 1,3bn in 2024 with March 2026 venture debt discussions at USD 2bn or higher; and Zendesk at roughly 170 000 customers, about 30% of the global customer-service market, on a USD 9,1bn market capitalisation, with Freshworks around USD 3,7bn) — April 2026 · publ. 2026 · source ↗
  5. Third-party estimateFin's newest product line alone is larger than the whole of Text, whose annualised recurring revenue is 89,5 million dollars.
    Sacra research note on Intercom, now trading as Fin (approximately USD 400m of annual recurring revenue as of April 2026, up from 382m at the end of 2025 and growing 27%; the Fin AI agent surpassing USD 100m of ARR and expanding at about 350% a year across roughly 8 000 businesses, resolving close to two million support queries a week - equivalent to more than 6 500 human agents - at a 67% average resolution rate; usage-based pricing at USD 0,99 per resolved outcome, a shift that improved net revenue retention from 112% to 146%; a valuation of USD 1,3bn in 2024 with March 2026 venture debt discussions at USD 2bn or higher; and Zendesk at roughly 170 000 customers, about 30% of the global customer-service market, on a USD 9,1bn market capitalisation, with Freshworks around USD 3,7bn) — April 2026 · publ. 2026 · source ↗
  6. ReportedFin sells the resolution and charges 99 cents for each one.
    Text pricing (Essential at USD 19 per user per month billed annually, or 25 monthly, including 10 AI Agent resolutions a month; Growth at USD 79 per user per month, or 99 monthly, including 200 resolutions a month; Enterprise on custom pricing; additional resolutions at USD 49,50 for a package of 50, or 0,99 each; a resolution counted when the AI Agent provides an answer that directly solves at least one customer question; and a 14-day free trial with full platform access and no credit card required) — September 2026 · publ. September 2026 · source ↗
  7. ReportedText sells seats, and has only just built the meter.
    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 ↗
  8. ReportedText's chief executive describes competitors with enormous resources that they can, and sometimes must, allocate to customer acquisition, and says the task ahead is demanding and success is not guaranteed.
    Text Group Management Board report for 2025/26, the chief executive's letter (the statement that on the financial results the past fiscal year was not a successful one, with dollar revenue similar to the prior year but lower after conversion to złoty and costs incurred in both currencies; an artificial-intelligence resolution rate of 74% against an industry average of 59%, a figure said to include customers who have not yet trained the models on their own data; the intention to measure success in dollars earned rather than dollars saved on customer support, building an ecosystem that becomes a growth engine for customers rather than a cost centre; and the assessment that Text operates in a market with strong competitors, many with enormous resources they can and sometimes must allocate to customer acquisition, that Text must be smarter, more creative, harder-working and more efficient, and that success is not guaranteed) — FY2025/26 · publ. June 2026 · source ↗
  9. ReportedRecurring revenue from the new Text product would show the advantage converting, and Text has not yet broken it out - the revenue note still lists only LiveChat, ChatBot, HelpDesk and KnowledgeBase.
    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