Telegram's revenue in the first half of the year was $870 million, with Toncoin contributing one-third.

2026-01-06 06:56:11

【Chain Wen】Telegram’s operational model has always followed a minimalist approach—fewer than 100 full-time employees support a massive ecosystem of 1 billion users. This lightweight architecture is particularly interesting in the Web3 era.

In the first half of 2025, Telegram’s financial data shows significant figures: revenue of $870 million, a quarter-over-quarter increase of over 65%. The revenue composition is quite clear—exclusivity agreements within the Toncoin ecosystem contributed nearly $300 million, advertising revenue of $125 million, and paid subscriptions reached $223 million (up 88% year-over-year).

Interestingly, despite operating profits approaching $400 million, the company still ended up with a loss. The straightforward reason: a decline in Toncoin’s price led to an on-paper loss of $222 million. This also reflects the project’s sensitivity to on-chain asset performance.

Telegram’s forecast for the full year 2025 is $2 billion in revenue. However, the IPO plan is currently on hold due to related litigation in France, and further developments are yet to be seen.

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SchrodingerAirdrop

· 01-09 04:50

Fewer than 100 people support 1 billion users; how intense must the operation be? Ton's price drop directly resulted in a loss of 220 million, which is outrageous. Subscriptions increased by 88%, but we still rely on Ton for income—really a bit dependent. The 2 billion target... the premise is that Ton must rise in value, my friend. Why does it feel like Telegram is just betting on Ton's price? The data looks good, but the risks are indeed a bit high. A 100-person team making 870 million—top-tier internet efficiency. Toncoin contributes one-third of the revenue; that proportion is a bit risky. On the books, over 200 million in losses... really just depends on on-chain assets to keep going. The IPO plan isn't finished yet; releasing financial reports at this time is a bit showy.

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BlockchainGriller

· 01-08 17:57

Fewer than 100 people support a billion users, this architecture is truly exceptional TON has dropped quite sharply, with losses on the books immediately reversed An 88% increase in subscription revenue is the real highlight; advertising is still too weak Revenue of 870 million with a 65% quarter-over-quarter growth; if TON stabilizes, it could make a fortune The full-year target of 2 billion feels a bit out of reach; this financial report has quite a bit of water Minimalism is really popular in Web3, but it's too sensitive to on-chain assets Toncoin contributes one-third but still incurs losses; this logic is indeed extraordinary IPO is definitely unlikely; retail investors' expectations of getting rich quick are too high

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ETH_Maxi_Taxi

· 01-06 07:24

TON ecosystem accounts for one-third of revenue, this is the real money-making secret of Telegram. Telegram's losses are due to TON's decline; frankly, it still depends on the coin price, ultimately relying on the chain. A team of less than 100 people supporting a billion users—such efficiency is incredible. Web3 has indeed changed the business model. TON is so powerful, but the accounting losses are quite funny. Once the coin price rebounds, it will turn losses into profits immediately. Less than 100 people can make such profits; traditional internet companies should learn from this approach. Toncoin contributed three hundred million dollars? This is the core revenue; everything else is just small potatoes. Operational profit is nearly four hundred million, yet still losing money—just because the coin price dropped? This is called on-chain sensitivity.

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GateUser-e19e9c10

· 01-06 07:24

Less than 100 people support 1 billion users? The efficiency is incredible, truly the simplest way to the greatest effect TON price drops result in a direct loss of 220 million, the dependency is a bit high Paid subscriptions increased by 88%, it seems people are really willing to pay for privacy Only earning half of 870 million? Seems like Telegram still needs to think about other monetization methods One-third of revenue comes from TON, isn't this just betting on the coin price... the risk is a bit high What about the IPO plan? Still teasing my appetite? The data looks good, but the accounting losses are still glaring Subscription fees are rising so fast, will user experience also change accordingly? One billion users, only 100 people, how competitive must that be The TON ecosystem supports most of the platform, feeling a bit overly dependent

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Liquidated_Larry

· 01-06 07:22

Less than 100 people support 1 billion users? That logic is ridiculous haha TON price drops directly lose 220 million, the risk management is a bit aggressive 870 million is just half a year, 2 billion for the whole year might be a bit exaggerated A subscription revenue increase of 88% is the real data, everything else is just TON taking the blame Toncoin is the real main player, everything else is just side dishes This time, it probably depends on TON's rebound to save the day Made 400 million but lost 220 million, the net profit was crushed by the coin price Lightweight architecture is easy to use but has average risk resistance Feeling like betting on TON's rise and fall? Something's off, on-chain asset performance has such a big influence

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BasementAlchemist

· 01-06 07:20

TON dropped, resulting in a direct loss of 220 million. How heavy must the position be... or is it just the fluctuation in book value that's too intense?

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MeltdownSurvivalist

· 01-06 07:18

TON drops and you lose everything, what's the logic behind that? I really can't hold it anymore.

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ForkLibertarian

· 01-06 07:08

Fewer than 100 people support 1 billion users, and this efficiency is incredible. However, when TON's price drops, it directly results in a loss of 220 million, which shows a bit too much reliance on the coin price...

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NestedFox

· 01-06 07:05

100 people support 1 billion users, the efficiency is incredible... but TON's decline could lead to a loss of 200 million, playing with leverage is a bit intense

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