WillItSurvive
BPO and customer operations firms · Poland

LiveChat Software

livechat.com ↗

Polish maker of LiveChat and Text.com support software, per-seat chat pivoting to AI agents.

Losing its protection
Assessed 22 July 2026 · Evidence as of 22 July 2026
The structural protection is eroding.
On the recordSince 22 July 2026 · Checkable from Aug 28, 2026 · Every call on the record Checkpoint: Q2 FY2026/27 earnings, first report to break out AI/Text product revenue separately
The call

Text is still profitable and paying dividends, but its first-ever revenue decline lands just as AI agents from Intercom and others start doing the job its human-agent seats used to sell.

LiveChat Software (owned by parent company Text S.A.) sells tools that let businesses have conversations with customers through live chat. For years, the company charged per person using the software, and that model worked well, they have 30,000+ customers and still make money. The problem: AI chatbots are getting so good that industry experts think they will handle 80 percent of routine customer questions by 2029, which means far fewer businesses will need to pay for human agents. Intercom, a much bigger competitor, already released their own AI chatbot called Fin in 2023, and they have deep resources to improve it. LiveChat does not have any special advantage that competitors cannot copy, like exclusive data or a locked-in customer base. The company's only chance is to shift its entire business to charge for AI agents instead of people, but so far that has not worked: revenue actually fell 7 percent last year, and the stock price has dropped 68 percent since the rebrand started. What matters most is whether LiveChat's next earnings report in late August 2026 shows that their new AI business is genuinely bringing in fresh money or just renaming money they already had.

Why
01
AI pressure: Intercom Fin AI agent. Fin has run since 2023 and AI is set to handle most routine tickets by 2029, squeezing the per-seat pricing Text still relies on. Could AI do the core job? Yes, likely.
02
Bigger players: Zendesk and Shopify's own AI tooling. Zendesk's scale and Shopify's push into native AI selling agents could box out Text's newer AI-agent products before they gain traction. Could a giant copy it? Yes, easily.
03
What protects it. A 30,000+ paying customer base and self-funded profits buy time, but nothing stops rivals from copying the AI features.
What would change this call
Text discloses separate AI/Text-product revenue line in Q2 FY2026/27 earnings (est. Aug 28, 2026). Shows whether AI pivot creates new revenue or just relabels existing LiveChat seats.
FY2026/27 total revenue trend (year ending March 2027) versus FY2025/26's 7.1% decline. Shows whether the revenue decline is arresting or accelerating.
Any Shopify announcement of native AI selling-agent features built into its own platform. Would remove the Shopify integration angle Text is counting on for growth.
Key numbers
  • FY2025/26 revenue fell 7.1% to PLN 329.07M (2026-03-31)
  • Stock down ~68% from PLN 157.60 peak (2026-07-21)
  • LiveChat now 83.7% of product revenue, down from 88.7% (2026-03-31)
Named risks
  • First-ever annual revenue decline (-7.1%) in FY2025/26 signals core seat-based model losing ground. Severity: high
  • Core human-agent chat revenue is the exact workflow agentic AI is projected to replace (80% by 2029, Gartner). Severity: high
  • AI pivot relies on unverified vendor-claimed metrics (e.g. 266% conversion lift) with no independent confirmation. Severity: medium
  • Stock down about 68% from March 2023 all-time high, reflecting market skepticism of the AI pivot. Severity: medium
  • No regulatory or data-exclusive moat; Intercom already shipped comparable AI agent feature in 2023. Severity: high
Rivals, as read in July 2026
RivalDirectionEvidence
Intercomlosing toFin AI agent shipped 2023, three years before Text's AI launch; 4.5/5 G2 rating, 3,600+ reviews (Oct 2025)
ZendeskcontestingEnterprise incumbent cited as serving 85,000+ businesses, ahead of Text's SMB installed base
Tidio, LiveAgent, CrispcontestingFrequently listed as LiveChat alternatives for SMB/mid-market conversational support, 2026
Drift (Salesloft)gaining onText marketed itself as safer alternative after 2025 Salesloft-Drift OAuth breach reports
Questions people ask
Is LiveChat Software (Text S.A.) profitable in 2026?
Yes. For FY2025/26 (ended March 31, 2026) Text S.A. posted net income of PLN 116.61M, though this was down 29% year-over-year as revenue fell 7.1% to PLN 329.07M, the company's first-ever annual revenue decline.
Could AI replace LiveChat's core chat product?
LiveChat's original value, human agents answering chats, is exactly what agentic AI displaces industry-wide; Gartner projects 80% of routine support issues handled by AI without humans by 2029, and rival Intercom already shipped its Fin AI agent in 2023, three years before Text's own AI launch.
Who owns LiveChat Software / Text S.A.?
Text S.A. is public on the Warsaw Stock Exchange (ticker TXT, formerly LVC) since its April 2014 IPO. Founders Mariusz Cieply, Jakub Sitarz and Maciej Jarzebowski hold roughly 60% following a September 2011 management buyout, with PE firm Tar Heel Capital holding about 40%.
Who is LiveChat's/Text's biggest competitor?
Intercom is the named direct threat: its Fin AI agent shipped in 2023, three years ahead of Text's May 2026 AI product launch, and Intercom holds a 4.5/5 G2 rating across 3,600+ reviews as of October 2025, giving it a clear head start in AI-agent support.
Did LiveChat Software change its name?
Yes. In September 2023 LiveChat Software S.A. rebranded as Text S.A., switching its Warsaw Stock Exchange ticker from LVC to TXT, while keeping 'LiveChat' as one product brand within its suite alongside ChatBot, HelpDesk and the new Text AI platform.
Is Text's revenue growing again in 2026?
Signs are mixed. FY2025/26 total revenue fell 7.1% to PLN 329.07M, but Q1 FY2026/27 (April-June 2026) monthly recurring revenue hit a record $7.46M, up 7.6% quarter-over-quarter, largely due to completing a pricing migration of legacy customers rather than confirmed new AI revenue.
Timeline
  • 2026-08-28Estimated next earnings date; first report to separately disclose Text/AI product revenue
  • 2026-07-29Second advance dividend payment scheduled
  • 2026-07-21Ex-dividend date; stock trading near PLN 51, down 68% from 2023 peak
  • 2026-06-30Q1 FY2026/27: record MRR $7.46M, ARR exceeds $89.5M
  • 2026-05-31SOC 2 Type 2 attestation completed
  • 2026-05-01Launched 'Text' AI product and new red visual identity
  • 2025-12-31SOC 2 Type 1 certification achieved
  • 2023-12-31Intercom launches Fin AI agent, ahead of Text's AI pivot
  • 2023-09-01Rebranded from LiveChat Software to Text; ticker changed LVC to TXT
  • 2014-04-01IPO on Warsaw Stock Exchange
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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