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.