Telegram Revenue Jumps to $870M in H1 2025, Targets $2B for Full Year: FT
Telegram made roughly $870 million in the first half of 2025, up from $525 million a year earlier. This is a surge of more than 65%, to the Financial Times, which cited unaudited documents. The messaging platform did well at the top line, even though it faced legal issues in France and sanctions-related matters in Russia.
About one-third of the company’s revenue, or about $300 million, comes from exclusivity agreements that earlier FT reports have linked to the Toncoin crypto ecosystem. The platform has established itself as crypto-friendly by adding integrations and token-linked services, boosting revenue.
Push For An IPO and 2 Billion Dollars
aims to generate $2 billion in sales for the full fiscal year 2025, suggesting they expect growth to pick up in the second half of the year. People familiar with the situation told the FT that the company has said to bondholders it is on course to meet its financial goals, even though external factors are still changing.
Plans for a possible initial public offering have been discussed for a long time, and the company’s revenue growth is occurring at the identical time. Reports say, nevertheless, that any listing has been put on hold while the company deals with lawsuits in and issues related to frozen Russian bonds.
Toncoin and The Balance of Income
About a third of Telegram’s revenue in the first half of 2025 will come from exclusivity agreements. These are thought to be linked to , a cryptocurrency closely associated with the platform.
This concentration makes the company more vulnerable to changes in the value of digital assets. For example, Toncoin’s steep price drops have already led to significant write-downs in linked assets, making the balance sheet even more challenging to manage.
Telegram generated approximately $125 million in ad revenue, and premium membership income rose 88% to about $223 million, up from $119 million a year earlier. The mix shows a plan to add ads, paid features, and crypto-linked services on top of its vast user base while keeping employee numbers low.
Losses, Bond Freeze, and Dangers
Telegram made more money in the first half of 2025, but it still lost more than $220 million. This was a large change from the $334 million profit it made in the identical time period in 2024. Analysts say that the swing is mostly due to difficultys with and the price of funding bond issuance.
According to the FT, Western sanctions have frozen almost $500 million in Telegram bonds sold in 2021. This makes it harder for the company to secure funding, and Commentators say Telegram is at a “strategic crossroads” as it decides when and how to go public amid rapid revenue growth, heightened exposure to cryptocurrencies, and geopolitical challenges.
