The Widget That Is Already InstalledNarrow moat

Text (TXT) — moat facet

A line of code somebody pasted in years ago, surrounded by integrations and transcripts - installed in an afternoon, and replaceable in one.

Everything Text owns at the account level comes down to a snippet of JavaScript that somebody pasted into a website and then forgot about.

What holds a customer, and what does not38,8%Multi-product share of MRR>50%Accounts above $500/mo~38,7%LiveChat customers lost, per yearChurn of 4% a month compounds to roughly two-fifths of the logo list every year
The customers who stay buy more; two-fifths of them do not stay.

That is less trivial than it sounds. Around the snippet accumulates a help centre, a set of automations trained on the customer's own material, integrations into their shop and their customer records, and a searchable history of every conversation the business has had. Replacing it is not a purchase decision; it is a migration. Text has been assembling that apparatus for more than 20 years1 and has seven United States patents covering parts of it, the most recent granted in June 2026 for configuring a communication widget directly on a website2.

The evidence that it works is in the shape of the revenue rather than the level. Customers who stay buy more: accounts using more than one product rose to 38,8% of recurring revenue in the year, seven percentage points higher than the year before, and accounts paying above 500 dollars a month passed half of it3. Text says net revenue churn, which offsets that expansion against departures, is "significantly lower" than the customer-loss rate4.

The evidence that it does not work well enough is the customer-loss rate itself: 4% a month on LiveChat5. Nearly two-fifths of the logos go every year. A snippet is easy to install, which is the reason Text can sell without a salesperson, and easy to install cuts in exactly one direction — the next vendor's snippet installs just as fast.

Watch the multi-product share. It is the one number that measures whether the apparatus is thickening or just the price is.

Moat trajectory: Holding steady

Multi-product accounts rose seven points to 38,8% of recurring revenue and accounts above 500 dollars a month passed half of it, while customer churn stayed at 4% a month. The apparatus thickens around the customers who stay and holds nobody else.

The number that tests this moat
Reported
Multi-product share of recurring revenue
38,8%, up seven percentage points in the year

This is the measure of whether the apparatus around the installed widget is thickening. Customers on more than one product are the ones for whom the integrations, the help centre and the transcript archive have compounded, and they rose seven points in a year while accounts above $500 a month passed half of recurring revenue. Set against 4% monthly customer churn, it is the evidence that Text holds the customers who stay. If it stalls while churn does not fall, the switching costs are not real.

Source: Text Group Management Board report for the financial year 2025/26 ↗
Aspects of the moat
DIG DEEPER 01
Seven Patents and a Configuration Screen
Seven United States patents, spent where they belong and nowhere near the thing customers actually buy.
DIG DEEPER 02
Twenty Years of Integrations
Nothing here is impossible to copy; copying all of it at once is tedious, and tedium is a real barrier at 49 dollars a seat.
DIG DEEPER 03
The History Inside the Inbox
Six years of a customer's transcripts is what trains the automation - and the reason Text says its 74% resolution rate has further to run.
DIG DEEPER 04
Four Percent a Month
The single disclosed number that constrains every other claim about this moat.
⚠ Threats to the moat
⚠ THREAT 01
The Snippet the Next Vendor Also Ships
Everything that makes Text quick to adopt makes it quick to leave; those are one property, not two.
⚠ THREAT 02
The Integrations Belong to Somebody Else
The connective tissue that holds customers in place runs through Google, Shopify and Microsoft, who set their own terms.
References
  1. ReportedText has been assembling that apparatus for more than 20 years and has seven United States patents covering parts of it, the most recent granted in June 2026 for configuring a communication widget directly on a website.
    Text Group Management Board report for 2025/26, team, intellectual property and shareholders (a team of 271 people at 31 March 2026, up 6,7%, consisting of independent persons and sole proprietors called Partners on civil-law contracts, with the company having no employees under employment contracts, a rotation rate of 22% and turnover of 15%, mostly working from Wroclaw on a hybrid basis with 95% Polish citizens; the disclosed risk that because no team member works under an employment contract copyright does not vest automatically, transfers require individual agreements, Polish law forbids contracting for all future works of a given type, and an absent contract leaves the company dependent on the creator's will and open to dispute; a seventh United States patent granted in June 2026 for configuring a communication widget directly on a website; and 25 750 000 shares of 0,02 złoty each, one vote per share and none privileged, with a shareholders' consortium holding 10 625 752 shares or 41,27% of votes and two Polish pension funds above 5%) — FY2025/26 · publ. June 2026 · source ↗
  2. ReportedText has been assembling that apparatus for more than 20 years and has seven United States patents covering parts of it, the most recent granted in June 2026 for configuring a communication widget directly on a website.
    Text Group Management Board report for 2025/26, team, intellectual property and shareholders (a team of 271 people at 31 March 2026, up 6,7%, consisting of independent persons and sole proprietors called Partners on civil-law contracts, with the company having no employees under employment contracts, a rotation rate of 22% and turnover of 15%, mostly working from Wroclaw on a hybrid basis with 95% Polish citizens; the disclosed risk that because no team member works under an employment contract copyright does not vest automatically, transfers require individual agreements, Polish law forbids contracting for all future works of a given type, and an absent contract leaves the company dependent on the creator's will and open to dispute; a seventh United States patent granted in June 2026 for configuring a communication widget directly on a website; and 25 750 000 shares of 0,02 złoty each, one vote per share and none privileged, with a shareholders' consortium holding 10 625 752 shares or 41,27% of votes and two Polish pension funds above 5%) — FY2025/26 · publ. June 2026 · source ↗
  3. ReportedCustomers who stay buy more: accounts using more than one product rose to 38,8% of recurring revenue in the year, seven percentage points higher than the year before, and accounts paying above 500 dollars a month passed half of it.
    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 ↗
  4. ReportedText says net revenue churn, which offsets that expansion against departures, is "significantly lower" than the customer-loss rate.
    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. ReportedThe evidence that it does not work well enough is the customer-loss rate itself: 4% a month on LiveChat.
    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