Telegram is quite an interesting company—fewer than 100 employees but maintaining a user base of over 1 billion. With a small team and a lot of work, this operational model is indeed rare among internet companies.

The performance in the first half of 2025 was impressive. Telegram generated $870 million in revenue, a growth of over 65% compared to the same period last year. This growth rate is considered good among mature platforms. In terms of revenue composition, cooperation agreements related to Toncoin contributed nearly $300 million, and advertising and subscription services also showed significant improvement. Looking at operating profit alone, it approached $400 million, which seems quite solid on the books.

However, the following figures are a bit sobering—the company ultimately recorded a net loss of $222 million. The main culprit was the plunge in Toncoin's price. Companies holding Toncoin assets have to bear unrealized losses when the coin's value drops. This also illustrates the real impact of cryptocurrency volatility on corporate finances.

Looking ahead, Telegram has set an annual revenue target of $2 billion, which is quite ambitious. However, the IPO process has encountered legal litigation, causing the timeline to be pushed back. Whether they can achieve this target on schedule will depend on the performance in the upcoming quarters. The market performance of Toncoin is also a key variable.