Telegram reported operating revenue of $870 million in the first half of 2025, marking a 65% increase from $525 million a year earlier, according to the Financial Times.
The messaging platform’s strong revenue growth comes as it explores a potential initial public offering despite mounting financial and regulatory pressure.
Roughly $300 million of H1 revenue came from so-called exclusivity agreements linked to activities tied to the Telegram-connected cryptocurrency Toncoin (CRYPTO:TON).
Telegram posted a net loss of more than $220 million in H1 2025, reversing a $334 million profit recorded in the same period last year.
The company attributed the loss largely to a sharp write-down in the value of its Toncoin holdings.
Toncoin lost around 69% of its value 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 about 10% of the token’s $4.6 billion market capitalisation at the time of publication.
Telegram is targeting $2 billion in full-year revenue for 2025 despite the weak performance of its crypto-linked assets.
The Financial Times also reported that $500 million worth of Telegram bonds have been frozen in Russia’s central securities depository due to Western sanctions.
Those frozen bonds reportedly relate to a bond issue launched by Telegram in 2021.
Addressing the issue, a Telegram spokesperson said the company is not exposed to sanctions-related risks.
Telegram is not dependent on Russia or Russian capital and does not face bond-related issues due to sanctions.
The spokesperson said.
Sanctions do not create risks for Telegram: under standard practice, funds for bond repayment are transferred to an international intermediary, and subsequent payments to bondholders are outside the company’s responsibility, even if some holders are unable to receive them.
The spokesperson added.
Telegram said its latest bond issuance in 2025 excluded Russian investors.
In May 2025, the company launched a $1.7 billion convertible bond offering backed by existing investors.
The bond sale reportedly included participation from BlackRock and Abu Dhabi-based investment firm Mubadala.
Financial Times sources said Telegram has already bought back most of the bonds set to mature in 2026.
The report comes as Telegram chief executive Pavel Durov remains under formal investigation in France.
French authorities are probing the platform’s alleged failure to address criminal activity, including child abuse material.
During a recent call with bondholders, Telegram reportedly said it continues to cooperate with authorities.
The company also said greater clarity around Durov’s case is needed before moving ahead with any public listing plans.
Telegram declined to comment directly on its 2025 financial performance and Toncoin exposure when contacted by Cointelegraph.
At the time of reporting, Toncoin price was $1.93.