Messaging giant targets $2B full-year revenue as crypto exposure and frozen bonds weigh on profits
Telegram reported a strong rise in operating revenue in the first half of 2025, even as cryptocurrency-related write-downs and frozen bonds pushed the company into a net loss. The figures highlight Telegram’s growing monetization efforts ahead of a potential public listing.
Telegram’s operating revenue reached $870 million in H1 2025 marking a 65% year-on-year increase from $525 million in the same period last year. Around $300 million of that revenue came from exclusivity agreements, largely tied to activities connected with Toncoin (TON).
The company has set an ambitious _ $2 billion full-year revenue target for 2025, signaling confidence in its advertising, premium subscriptions, and ecosystem partnerships.
Despite higher revenue, Telegram posted a net loss of over $220 million in H1 2025. The loss was driven mainly by a write-down of Toncoin holdings, after TON declined 69% in value during 2025. Telegram disclosed it had sold more than $450 million worth of Toncoin so far this year.
About _ $500 million in bonds_ issued in 2021 remain frozen due to sanctions-related restrictions. Telegram stated it is not dependent on Russian capital and that sanctions do not pose operational risks.
While Telegram continues exploring an IPO, management has indicated that regulatory clarity remains essential before moving forward.
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