TXT
Text (dawniej LiveChat Software )
Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. August 28, 2026
Q1 2027 report
Text (dawniej LiveChat Software) to wysokomarżowa spółka SaaS B2B z portfolio LiveChat/ChatBot/HelpDesk/KnowledgeBase i nowym produktem Text, generująca ponad 95% przychodów w USD przez spółkę zależną Text Inc.
Sentiment
●●●●●●
TXT
Q1 2027 report
Revenue
84.8 m PLN
— YoY
Net income
31.02 m PLN
— YoY
EBITDA
41.63 m PLN
— YoY
Gross margin
68.92%
— YoY
Summary
Investment thesis
- Zakończenie ochrony cenowej (grandfatheringu) dla klientów LiveChat przyspieszyło MRR (+7,6% kw/kw, +4,0% r/r) i podniosło zobowiązania z tytułu kontraktów z klientami do rekordowych 77,2 mln zł, choć krótkoterminowo przytłumiło efekt podwyżki na księgowych przychodach.
- Rentowność pozostaje bardzo wysoka (marża brutto 69,6%, operacyjna 37,7%, netto 35,0%) mimo jednorazowych kosztów restrukturyzacji zespołu sprzedaży (ok. 2 mln zł) i umocnienia złotówki wobec dolara.
- Bilans jest praktycznie bezdłużny: 93,9 mln zł gotówki, zero kredytów/pożyczek/obligacji, zero przeterminowanych należności — ale 42,5 mln zł (ok. 18% aktywów) to należność podatkowa CIT+VAT oczekująca na zwrot pod kontrolą skarbową.
- Kontynuowana jest polityka maksymalizacji dywidendy (4,26 zł/akcję za FY 25/26); pozostała część (2,13 zł/akcję, 54,8 mln zł) zostanie wypłacona w październiku 2026, co obniży bufor gotówkowy widoczny na 30.06.2026.
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Financials
BETA
TXT · Q1 2027
| Metric | Q1 2027 | Q1 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 84,798 | — | — | reported | — | 1.00 |
|
Revenue
LiveChat
|
69,286 | — | — | reported | LiveChat | 1.00 |
|
Revenue
ChatBot
|
7,268 | — | — | reported | ChatBot | 1.00 |
|
Revenue
HelpDesk
|
6,311 | — | — | reported | HelpDesk | 1.00 |
|
Revenue
KnowledgeBase
|
332 | — | — | reported | KnowledgeBase | 1.00 |
| Gross profit | 58,444 | — | — | reported | — | 1.00 |
| EBITDA | 41,628 | — | — | reported | — | 1.00 |
|
EBITDA
standalone
|
42,345 | — | — | reported | standalone | 1.00 |
|
EBIT
standalone
|
35,960 | — | — | reported | standalone | 1.00 |
| EBIT | 35,243 | — | — | reported | — | 1.00 |
| EBT | 34,404 | — | — | reported | — | 1.00 |
| Net income | 31,024 | — | — | reported | — | 1.00 |
|
Net income
standalone
|
30,849 | — | — | reported | standalone | 1.00 |
| EPS (basic) (PLN) | 1.2 | — | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 1.13 | — | — | reported | — | 1.00 |
| D&A | 6,385 | — | — | reported | — | 1.00 |
| Interest expense | 913 | — | — | reported | — | 0.90 |
| Income tax | 3,380 | — | — | reported | — | 1.00 |
| Shares (basic) (m units) | 25.75 | — | — | reported | — | 1.00 |
| Gross margin | 68.92% | — | — | reported | — | 0.95 |
| EBITDA margin | 49.09% | — | — | reported | — | 0.95 |
| EBIT margin | 41.56% | — | — | reported | — | 0.95 |
| EBT margin | 40.57% | — | — | reported | — | 0.95 |
| Net margin | 36.58% | — | — | reported | — | 0.95 |
| D&A margin | 7.53% | — | — | reported | — | 0.90 |
| Cash | 62,780 | — | — | reported | — | 1.00 |
| Total debt | 4,258 | — | — | derived | — | 0.95 |
| Net debt | -58,522 | — | — | derived | — | 0.95 |
| Equity | 109,965 | — | — | reported | — | 1.00 |
|
Equity
standalone
|
135,757 | — | — | reported | standalone | 1.00 |
| Total assets | 195,923 | — | — | reported | — | 1.00 |
|
Total assets
standalone
|
227,889 | — | — | reported | standalone | 1.00 |
| Working capital | 21,421 | — | — | reported | — | 0.95 |
| Current assets | 102,547 | — | — | reported | — | 1.00 |
| Current liabilities | 81,126 | — | — | reported | — | 1.00 |
| Non-current liabilities | 4,832 | — | — | reported | — | 1.00 |
| Trade receivables | 2,053 | — | — | reported | — | 1.00 |
| Trade payables | 10,284 | — | — | reported | — | 1.00 |
| Goodwill | 82,762 | — | — | reported | — | 1.00 |
| Tangible equity | 27,203 | — | — | reported | — | 0.90 |
| CFO | 33,976 | — | — | reported | — | 1.00 |
|
CFO
standalone
|
-223 | — | — | reported | standalone | 0.95 |
| CapEx | 8,209 | — | — | reported | — | 1.00 |
| FCF | 25,767 | — | — | derived | — | 0.95 |
| FCF conversion | 61.9% | — | — | reported | — | 0.90 |
| CFO conversion | 81.62% | — | — | reported | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 0.90 |
| Current ratio | 1.26x | — | — | reported | — | 0.95 |
| Quick ratio | 1.26x | — | — | reported | — | 0.90 |
| Cash ratio | 0.77x | — | — | reported | — | 0.95 |
| Interest coverage | 38.6x | — | — | reported | — | 0.60 |
| Debt / equity | 0.04x | — | — | reported | — | 0.90 |
| Debt / assets | 0.02x | — | — | reported | — | 0.90 |
| Net debt / equity | -0.53x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | -1.89% | — | — | reported | — | 0.95 |
| Revenue growth (QoQ) | 4.13% | — | — | reported | — | 0.70 |
| EBITDA growth (YoY) | -7.36% | — | — | reported | — | 0.95 |
| EBIT growth (YoY) | -11.02% | — | — | reported | — | 0.95 |
| Net income growth (YoY) | -6.17% | — | — | reported | — | 0.95 |
| EPS growth (YoY) | -6.2% | — | — | reported | — | 0.85 |
| FCF growth (YoY) | 21.74% | — | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 0.7 pp | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -2.74 pp | — | — | reported | — | 0.90 |
| EBIT margin Δ (YoY) | -3.87 pp | — | — | reported | — | 0.90 |
| Net margin Δ (YoY) | -1.59 pp | — | — | reported | — | 0.90 |
Q1 2027 · Δ YoY
Revenue
84,798
—
84,798
—
- Q1 2026
- —
Revenue
LiveChat
69,286
—
LiveChat
69,286
—
- Q1 2026
- —
Revenue
ChatBot
7,268
—
ChatBot
7,268
—
- Q1 2026
- —
Revenue
HelpDesk
6,311
—
HelpDesk
6,311
—
- Q1 2026
- —
Revenue
KnowledgeBase
332
—
KnowledgeBase
332
—
- Q1 2026
- —
Gross profit
58,444
—
58,444
—
- Q1 2026
- —
EBITDA
41,628
—
41,628
—
- Q1 2026
- —
EBITDA
standalone
42,345
—
standalone
42,345
—
- Q1 2026
- —
EBIT
standalone
35,960
—
standalone
35,960
—
- Q1 2026
- —
EBIT
35,243
—
35,243
—
- Q1 2026
- —
EBT
34,404
—
34,404
—
- Q1 2026
- —
Net income
31,024
—
31,024
—
- Q1 2026
- —
Net income
standalone
30,849
—
standalone
30,849
—
- Q1 2026
- —
EPS (basic)
(PLN)
1.2
—
1.2
—
- Q1 2026
- —
EPS (diluted)
(PLN)
1.13
—
1.13
—
- Q1 2026
- —
D&A
6,385
—
6,385
—
- Q1 2026
- —
Interest expense
913
—
913
—
- Q1 2026
- —
Income tax
3,380
—
3,380
—
- Q1 2026
- —
Shares (basic)
(m units)
25.75
—
25.75
—
- Q1 2026
- —
Gross margin
68.92%
—
68.92%
—
- Q1 2026
- —
EBITDA margin
49.09%
—
49.09%
—
- Q1 2026
- —
EBIT margin
41.56%
—
41.56%
—
- Q1 2026
- —
EBT margin
40.57%
—
40.57%
—
- Q1 2026
- —
Net margin
36.58%
—
36.58%
—
- Q1 2026
- —
D&A margin
7.53%
—
7.53%
—
- Q1 2026
- —
Cash
62,780
—
62,780
—
- Q1 2026
- —
Total debt
4,258
—
4,258
—
- Q1 2026
- —
Net debt
-58,522
—
-58,522
—
- Q1 2026
- —
Equity
109,965
—
109,965
—
- Q1 2026
- —
Equity
standalone
135,757
—
standalone
135,757
—
- Q1 2026
- —
Total assets
195,923
—
195,923
—
- Q1 2026
- —
Total assets
standalone
227,889
—
standalone
227,889
—
- Q1 2026
- —
Working capital
21,421
—
21,421
—
- Q1 2026
- —
Current assets
102,547
—
102,547
—
- Q1 2026
- —
Current liabilities
81,126
—
81,126
—
- Q1 2026
- —
Non-current liabilities
4,832
—
4,832
—
- Q1 2026
- —
Trade receivables
2,053
—
2,053
—
- Q1 2026
- —
Trade payables
10,284
—
10,284
—
- Q1 2026
- —
Goodwill
82,762
—
82,762
—
- Q1 2026
- —
Tangible equity
27,203
—
27,203
—
- Q1 2026
- —
CFO
33,976
—
33,976
—
- Q1 2026
- —
CFO
standalone
-223
—
standalone
-223
—
- Q1 2026
- —
CapEx
8,209
—
8,209
—
- Q1 2026
- —
FCF
25,767
—
25,767
—
- Q1 2026
- —
FCF conversion
61.9%
—
61.9%
—
- Q1 2026
- —
CFO conversion
81.62%
—
81.62%
—
- Q1 2026
- —
Dividends paid
0
—
0
—
- Q1 2026
- —
Current ratio
1.26x
—
1.26x
—
- Q1 2026
- —
Quick ratio
1.26x
—
1.26x
—
- Q1 2026
- —
Cash ratio
0.77x
—
0.77x
—
- Q1 2026
- —
Interest coverage
38.6x
—
38.6x
—
- Q1 2026
- —
Debt / equity
0.04x
—
0.04x
—
- Q1 2026
- —
Debt / assets
0.02x
—
0.02x
—
- Q1 2026
- —
Net debt / equity
-0.53x
—
-0.53x
—
- Q1 2026
- —
Revenue growth (YoY)
-1.89%
—
-1.89%
—
- Q1 2026
- —
Revenue growth (QoQ)
4.13%
—
4.13%
—
- Q1 2026
- —
EBITDA growth (YoY)
-7.36%
—
-7.36%
—
- Q1 2026
- —
EBIT growth (YoY)
-11.02%
—
-11.02%
—
- Q1 2026
- —
Net income growth (YoY)
-6.17%
—
-6.17%
—
- Q1 2026
- —
EPS growth (YoY)
-6.2%
—
-6.2%
—
- Q1 2026
- —
FCF growth (YoY)
21.74%
—
21.74%
—
- Q1 2026
- —
Gross margin Δ (YoY)
0.7 pp
—
0.7 pp
—
- Q1 2026
- —
EBITDA margin Δ (YoY)
-2.74 pp
—
-2.74 pp
—
- Q1 2026
- —
EBIT margin Δ (YoY)
-3.87 pp
—
-3.87 pp
—
- Q1 2026
- —
Net margin Δ (YoY)
-1.59 pp
—
-1.59 pp
—
- Q1 2026
- —