Telegram’s revenue rose 65% year-on-year to $870 million in the first half of 2025, according to unaudited financial statements cited by the Financial Times.
The cryptocurrency-friendly messaging platform is targeting $2 billion in full-year revenue as it explores the possibility of a future initial public offering.
Around $300 million of H1 revenue came from exclusivity agreements linked to earnings associated with Toncoin, the report said.
Telegram recorded a net loss of more than $220 million in H1 2025, compared with a $334 million profit in the same period last year.
The loss was largely attributed to a write-down in the value of Toncoin holdings after the token fell 69% during 2025, according to CoinGecko data.
The company told investors it had sold more than $450 million in Toncoin in the year to date.
The report said.
The reported Toncoin sales would represent roughly 10% of the token’s $4.6 billion market capitalisation at the time of publication.
The Financial Times also reported that $500 million of Telegram’s bonds have been frozen in Russia’s central securities depository due to Western sanctions.