Telegram’s revenue for the first half of 2025 surged to $870 million, marking a 65% increase from $525 million in the prior year, as reported by the Financial Times based on the latest financial statements. The company’s revenue is driven significantly by “exclusivity agreements,” which contributed about $300 million related to the cryptocurrency Toncoin.
However, Telegram faces financial pressures with $500 million of its bonds frozen by Russia’s central securities depository, amid ongoing Western sanctions against the country. Despite these challenges, the company aims for a revenue target of $2 billion for the entire year.
Financial Overview
Telegram registered a net loss exceeding $220 million during H1 2025, contrasting with a profit of $334 million during the same period last year. This loss is primarily attributed to a write-down of Toncoin, which experienced a significant depreciation in value, losing 69% of its worth in 2025.
Toncoin Price Chart
Toncoin (TON) price chart in 2025. Source: CoinGecko
According to reports, Telegram sold more than $450 million worth of Toncoin this year, accounting for approximately 10% of Toncoin’s market capitalization of $4.6 billion.
Response to Bond Freeze
In response to the bond freezing situation, a Telegram spokesperson clarified that the $500 million figure cited refers to a bond issue from 2021 and emphasized that their recent bond offering in 2025 excluded Russian investors. They stated:
“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.”
Telegram has pursued various bond offerings in recent years, including a $1.7 billion convertible bond offering launched in May 2025 with participation from significant investors such as BlackRock and Mubadala.
Ongoing Investigation
This update comes amid investigations into CEO Pavel Durov in France regarding allegations concerning the platform’s handling of criminal activities, including child exploitation material. Telegram is reportedly cooperating with authorities as it seeks clarity on this matter, which affects its potential public market listing.
