According to the Financial Times on Jan 6, messaging app Telegram has released unaudited financial data showing first-half 2025 revenue of $870 million, a 65% increase from $525 million a year earlier. The company targets $2 billion in full-year revenue. Yet net losses exceeded $220 million.
TON Ecosystem Drives One-Third of Revenue
Nearly $300 million in H1 revenue came from exclusive partnership agreements tied to the TON blockchain, including ad revenue sharing, wallet integrations, and payment applications — accounting for roughly 35% of total revenue. Telegram has deepened TON's role as the primary payment and ad settlement tool within its platform.
Operating Profit Near $400M, but TON Price Crash Erases Gains
Operating profit reached nearly $400 million in the first half. However, a massive impairment on its Toncoin holdings pushed the company into the red. TON’s price fell about 69% during 2025, with a current market cap of $4.6 billion and a token price around $1.9. Telegram has sold over $450 million worth of TON this year — roughly 10% of its current market cap — to mitigate risk.
Three Hurdles Before IPO: Frozen Bonds, Crypto Dependence, CEO Probe
Despite revenue growth, Telegram faces multiple uncertainties. First, around $500 million of Telegram bonds are frozen at Russia's National Settlement Depository due to Western sanctions, contradicting founder Pavel Durov's attempts to distance himself from Russia. Second, heavy reliance on crypto markets leaves the company vulnerable to prolonged bear cycles. Third, Durov remains under investigation in France over content moderation and illegal content distribution — a key obstacle to the IPO timeline.