Telegram Posts $870M Revenue in H1 2025 as Toncoin Losses Mount

Telegram significantly increased its operating revenue in 2025, underscoring growing monetization momentum as the company continues to weigh a potential initial public offering.

According to reporting by the Financial Times, Telegram generated approximately $870 million in revenue during the first half of 2025, marking a 65% year-over-year increase from $525 million in the same period last year. The figures are based on unaudited internal financial statements reviewed by the publication.

A notable share of that revenue – roughly $300 million, or about one-third – was attributed to so-called “exclusivity agreements,” which the report linked to arrangements connected to Toncoin, the native digital asset associated with Telegram’s ecosystem.

Crypto Exposure Weighs on Profitability

Despite the strong top-line growth, Telegram’s profitability deteriorated sharply. The company recorded a net loss exceeding $220 million in the first half of 2025, reversing a $334 million profit posted a year earlier. The loss was largely driven by a substantial write-down in the value of its Toncoin holdings after the token declined by approximately 69% over the course of the year, according to data from CoinMarketCap.

The Financial Times report also revealed that Telegram has sold more than $450 million worth of Toncoin so far in 2025. At current prices, that figure represents roughly 10% of Toncoin’s estimated $4.6 billion market capitalization, highlighting the scale of the company’s exposure to the asset.

Beyond token-related volatility, the report noted that $500 million worth of Telegram bonds are currently frozen within Russia’s central securities depository due to Western sanctions. Telegram, however, disputed any operational risk tied to the issue. A company spokesperson clarified that the affected bonds were issued in 2021 and said that Telegram’s more recent bond offerings explicitly excluded Russian investors. The firm added that it does not rely on Russian capital and does not face repayment risks stemming from sanctions-related restrictions.

Telegram has leaned heavily on debt financing in recent years. In May 2025, it completed a $1.7 billion convertible bond issuance that reportedly attracted existing backers, including BlackRock and Abu Dhabi-based investment firm Mubadala. Sources cited by the Financial Times said the company has since repurchased most bonds set to mature in 2026.

The improving revenue picture comes as Telegram continues to face external pressures that could influence its IPO timeline. Chief executive Pavel Durov remains under formal investigation in France related to allegations that the platform failed to adequately address criminal activity. In discussions with bondholders, Telegram reportedly indicated that further clarity on the case would be needed before pursuing a public listing.

Taken together, the figures paint a mixed picture: Telegram is rapidly expanding revenue and deepening monetization, but remains exposed to crypto market volatility, regulatory scrutiny, and legal uncertainty – all key factors likely to shape whether and when the company ultimately enters public markets.

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