LiveChatThin moat

Text (TXT) — moat facet

The seat-priced product that automation undercuts; its fall was nearer 5% in dollars, and repricing lifted it once.

LiveChat brought in 275,5 million złoty in the year to March 2026, 83,7% of Text's revenue, down 12,4% from 314,3 million123. It is the product the company was named after until the 2023 rebrand to Text4.

Capitalised development, LiveChat (zl m)39,8Mar 202349,4Mar 202456,5Mar 202544,6Mar 2026Text consolidated statements FY2023/24 and FY2025/26, R&D by application
Development capitalised on LiveChat peaked in 2025; the new Text suite held 21,2m zł by March 2026.

What it sells is a chat window embedded in a customer's website, with integrations into CRM tools and other channels5, priced per agent seat: 19, 49 or 79 dollars a month on annual billing6. The customer pays for the people answering the chats, which is why automation that answers them without people is a threat to this line.

The history is growth that stopped. LiveChat revenue was 272,5 million złoty in the year to March 2023, 305,4 million a year later and 314,3 million in the year to March 202578: growth of 12,1% and then 2,9%, before the 12,4% fall9. Part of the fall is currency. Text bills in dollars and the average rate used to convert revenue was 8,0% lower10, so in dollars the decline was nearer 5%11.

Text does not report profit by product, but LiveChat is most of the company's 38,6% operating margin12. It is also where the development money went: 44,6 million złoty of capitalised development at March 2026, down from 56,5 million a year earlier13.

The customers leave quickly: 4% of LiveChat customers a month14. Price has been the lever. Text ended the grandfathering of old LiveChat prices in the quarter from April 202615, and group monthly recurring revenue rose 7,6% in the quarter to 7,46 million dollars16. Customers on annual plans move to the new prices only as their subscriptions expire17.

The price rise can be done once per customer. The number to watch is LiveChat's revenue in dollars once the repricing has passed through: if it falls again after the annual customers have migrated, the seat is losing to the automation Text is also selling.

Moat trajectory: Narrowing

LiveChat revenue fell 12,4% in FY2026 to 275,5m zł; repricing lifted group MRR 7,6% in the June 2026 quarter.

The number that tests this moat
Reported
LiveChat revenue, financial year
275,5m zł in FY2026, -12,4%

After the repricing passes through, a further fall would show seats losing to automation.

Source: Text consolidated statements FY2025/26 ↗
References
  1. ReportedLiveChat brought in 275,5 million złoty in the year to March 2026, 83,7% of Text's revenue, down 12,4% from 314,3 million.
    Text Group consolidated financial statements for the year ended 31 March 2026 (revenue of PLN 329 073 thousand against 354 178; operating profit 126 931 against 177 367; profit before tax 126 680; net profit 116 608 against 164 418; earnings per share 4,53; 25 750 thousand shares; operating cash flow 161 552 against 179 489; revenue by product line of LiveChat 275,495, ChatBot 28,694, HelpDesk 23 466 and KnowledgeBase 1 418; revenue in US dollars of 88 162 thousand against 88 595; approximately 95% of consolidated revenue generated through the group's subsidiary in the United States and Polish sales of 4 837; costs by type including depreciation 26,396, third-party services 159 821 against 140,300, employee benefits 6 458 and total operating costs 201 291 against 176,876, split as cost of goods sold 106 753 against 85,588, selling expenses 68 457 and administrative expenses 26 081; total assets 195 923 against 226 705; equity 109 965 against 136 418; cash 62 780 against 77 704; current contract liabilities 65 502 and non-current 1 539; trade payables 10 284; no credits or loans; and income tax at 19% on other income and 5% on qualifying intellectual property rights under the IP Box regime, with the deferred portion computed at 6,87% against 7,43%) — FY2025/26 · publ. June 2026 · source ↗
  2. ReportedLiveChat brought in 275,5 million złoty in the year to March 2026, 83,7% of Text's revenue, down 12,4% from 314,3 million.
    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. Moat Explorer calcLiveChat brought in 275,5 million złoty in the year to March 2026, 83,7% of Text's revenue, down 12,4% from 314,3 million.
    Moat Explorer calculations from Text's filed revenue by product (consolidated statements FY2023/24 and FY2025/26) — FY2023 - FY2026 · publ. 2026 · source ↗
    Method: Growth = year / prior year - 1; CAGR = (FY2026/FY2023)^(1/3) - 1; dollar decline = złoty change adjusted by the 8,0% lower average USD/PLN rate
  4. ReportedIt is the product the company was named after until the 2023 rebrand to Text.
    Text management report FY2025/26 - company history and product descriptions (sections 5.2.1-5.2.6): LiveChat, ChatBot (released August 2017), HelpDesk (2019, competitors Zendesk, FreshDesk, ZOHO Desk, HappyFox, HelpScout), KnowledgeBase, OpenWidget (free); rebrand from LiveChat Software to Text in September 2023 — FY2025/26 · publ. June 2026 · source ↗
  5. ReportedWhat it sells is a chat window embedded in a customer's website, with integrations into CRM tools and other channels, priced per agent seat: 19, 49 or 79 dollars a month on annual billing.
    Text management report FY2025/26 - company history and product descriptions (sections 5.2.1-5.2.6): LiveChat, ChatBot (released August 2017), HelpDesk (2019, competitors Zendesk, FreshDesk, ZOHO Desk, HappyFox, HelpScout), KnowledgeBase, OpenWidget (free); rebrand from LiveChat Software to Text in September 2023 — FY2025/26 · publ. June 2026 · source ↗
  6. ReportedWhat it sells is a chat window embedded in a customer's website, with integrations into CRM tools and other channels, priced per agent seat: 19, 49 or 79 dollars a month on annual billing.
    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 ↗
  7. ReportedLiveChat revenue was 272,5 million złoty in the year to March 2023, 305,4 million a year later and 314,3 million in the year to March 2025: growth of 12,1% and then 2,9%, before the 12,4% fall.
    Text Group consolidated financial statements for the year ended 31 March 2024, revenue by product line (LiveChat 305 368 thousand złoty against 272 507 restated for the year to 31 March 2023, ChatBot 21 912 against 18,008, HelpDesk 7 100 against 5,170, KnowledgeBase 969 against 32, and total revenue 335 349 against 295 717) — FY2023/24 · publ. June 2024 · source ↗
  8. ReportedLiveChat revenue was 272,5 million złoty in the year to March 2023, 305,4 million a year later and 314,3 million in the year to March 2025: growth of 12,1% and then 2,9%, before the 12,4% fall.
    Text Group consolidated financial statements for the year ended 31 March 2026 (revenue of PLN 329 073 thousand against 354 178; operating profit 126 931 against 177 367; profit before tax 126 680; net profit 116 608 against 164 418; earnings per share 4,53; 25 750 thousand shares; operating cash flow 161 552 against 179 489; revenue by product line of LiveChat 275,495, ChatBot 28,694, HelpDesk 23 466 and KnowledgeBase 1 418; revenue in US dollars of 88 162 thousand against 88 595; approximately 95% of consolidated revenue generated through the group's subsidiary in the United States and Polish sales of 4 837; costs by type including depreciation 26,396, third-party services 159 821 against 140,300, employee benefits 6 458 and total operating costs 201 291 against 176,876, split as cost of goods sold 106 753 against 85,588, selling expenses 68 457 and administrative expenses 26 081; total assets 195 923 against 226 705; equity 109 965 against 136 418; cash 62 780 against 77 704; current contract liabilities 65 502 and non-current 1 539; trade payables 10 284; no credits or loans; and income tax at 19% on other income and 5% on qualifying intellectual property rights under the IP Box regime, with the deferred portion computed at 6,87% against 7,43%) — FY2025/26 · publ. June 2026 · source ↗
  9. Moat Explorer calcLiveChat revenue was 272,5 million złoty in the year to March 2023, 305,4 million a year later and 314,3 million in the year to March 2025: growth of 12,1% and then 2,9%, before the 12,4% fall.
    Moat Explorer calculations from Text's filed revenue by product (consolidated statements FY2023/24 and FY2025/26) — FY2023 - FY2026 · publ. 2026 · source ↗
    Method: Growth = year / prior year - 1; CAGR = (FY2026/FY2023)^(1/3) - 1; dollar decline = złoty change adjusted by the 8,0% lower average USD/PLN rate
  10. ReportedText bills in dollars and the average rate used to convert revenue was 8,0% lower, so in dollars the decline was nearer 5%.
    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 ↗
  11. Moat Explorer calcText bills in dollars and the average rate used to convert revenue was 8,0% lower, so in dollars the decline was nearer 5%.
    Moat Explorer calculations from Text's filed revenue by product (consolidated statements FY2023/24 and FY2025/26) — FY2023 - FY2026 · publ. 2026 · source ↗
    Method: Growth = year / prior year - 1; CAGR = (FY2026/FY2023)^(1/3) - 1; dollar decline = złoty change adjusted by the 8,0% lower average USD/PLN rate
  12. ReportedText does not report profit by product, but LiveChat is most of the company's 38,6% operating margin.
    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 ↗
  13. ReportedIt is also where the development money went: 44,6 million złoty of capitalised development at March 2026, down from 56,5 million a year earlier.
    Text Group consolidated financial statements for the year ended 31 March 2026 (revenue of PLN 329 073 thousand against 354 178; operating profit 126 931 against 177 367; profit before tax 126 680; net profit 116 608 against 164 418; earnings per share 4,53; 25 750 thousand shares; operating cash flow 161 552 against 179 489; revenue by product line of LiveChat 275,495, ChatBot 28,694, HelpDesk 23 466 and KnowledgeBase 1 418; revenue in US dollars of 88 162 thousand against 88 595; approximately 95% of consolidated revenue generated through the group's subsidiary in the United States and Polish sales of 4 837; costs by type including depreciation 26,396, third-party services 159 821 against 140,300, employee benefits 6 458 and total operating costs 201 291 against 176,876, split as cost of goods sold 106 753 against 85,588, selling expenses 68 457 and administrative expenses 26 081; total assets 195 923 against 226 705; equity 109 965 against 136 418; cash 62 780 against 77 704; current contract liabilities 65 502 and non-current 1 539; trade payables 10 284; no credits or loans; and income tax at 19% on other income and 5% on qualifying intellectual property rights under the IP Box regime, with the deferred portion computed at 6,87% against 7,43%) — FY2025/26 · publ. June 2026 · source ↗
  14. ReportedThe customers leave quickly: 4% of LiveChat customers a month.
    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 ↗
  15. ReportedText ended the grandfathering of old LiveChat prices in the quarter from April 2026, and group monthly recurring revenue rose 7,6% in the quarter to 7,46 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 ↗
  16. ReportedText ended the grandfathering of old LiveChat prices in the quarter from April 2026, and group monthly recurring revenue rose 7,6% in the quarter to 7,46 million dollars.
    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 ↗
  17. ReportedCustomers on annual plans move to the new prices only as their subscriptions expire.
    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