2026-01-06 14:22:50

Telegram's financial performance in the first half of 2025 has attracted attention. According to unaudited data, the communications giant's revenue reached $870 million, a 65% increase compared to $525 million in the same period last year. It sounds impressive, but a closer look at the numbers reveals some interesting details.

What mainly drove the revenue growth? About $300 million came from exclusive partnership agreements, centered around Telegram's crypto asset TON. This means Telegram is deeply tied to the development of TON—betting quite heavily on it.

However, there's an awkward point here: although operating profit for the first half of the year approached $400 million, appearing healthy, Telegram actually recorded a net loss of $220 million. Why? Significant impairment of TON assets. Data shows that the price of TON dropped approximately 69% in 2025, which is quite a decline. Telegram has sold over $450 million worth of TON to cut losses, representing about 10% of TON's current market value.

The risks are not limited to this. Reports indicate that about $500 million of Telegram bonds have been frozen at the Central Securities Depository of Russia due to Western sanctions. This highlights the company's exposure to risks related to its Russia-related operations. In recent years, Telegram has frequently raised funds, including a $1.7 billion convertible bond issued in May 2025, with BlackRock and Abu Dhabi's sovereign fund Mubadala as existing investors.

Looking at the numbers, Telegram's revenue target for this year is $2 billion. But based on TON's performance, the company is betting on the growth of its ecosystem tokens while also enduring the impact of price volatility. Whether this binding strategy is a long-term layout or a risk concentration remains to be seen by the market.

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AirdropFreedom

· 14h ago

Going all in on a coin again, this move on Telegram is a bit risky.

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TokenomicsTrapper

· 01-08 13:19

lmao so they're counting $300m of token "revenue" as actual business growth? classic exit pump pattern, read the fine print and suddenly 65% turns into "we sold our bags before they dumped"

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just_another_wallet

· 01-06 14:49

This round of losses on tg is too outrageous. Revenue increased by 65% but still lost 220 million. The TON price dropped 69%, it's really incredible. TON dropped so sharply, yet Telegram is still holding on. That's a gambler's mentality. 500 million in bonds frozen in Russia. Who dares to take that risk? Revenue target of 2 billion? Dream on. If TON continues to fall, it won't be able to hold up. Deeply binding to TON is just a trap. Let's see how Blackstone cuts losses in this round.

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NftBankruptcyClub

· 01-06 14:40

Damn, a 69% drop, Telegram is playing with fire TON is so weak, what can support the 2 billion target... Funding relies on bonds, profits depend on stop-loss, this financial report is just for show Sanctions froze 500 million, Russia is really a hot potato

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MetaverseHobo

· 01-06 14:38

A 65% increase sounds great, but 300 million from TON partnership? That's awkward, betting too heavily --- Net loss of 220 million still dares to report good news? TON dropped 69%, Telegram must be hurting a lot --- Frozen 500 million bonds in Russia, sanctions are really a ticking time bomb for Telegram --- 2 billion revenue target? First stabilize TON before talking, no one would believe it now --- BlackRock invested but still lost so much, TOKEN economics indeed has issues --- Selling TON aggressively to cut losses while still betting on the TON ecosystem, this logic is a bit tangled

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New_Ser_Ngmi

· 01-06 14:34

Haha, now it's awkward. Revenue increased by 65%, yet there's a loss of 220 million. TON directly plummeted by 69%. I can't quite make sense of this accounting.

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FunGibleTom

· 01-06 14:32

Haha, same old trick again. Revenue up 65% but still a loss of 220 million. Paper numbers fool no one. Wait, TON dropped 69%? Is this helping Telegram clear out its inventory? Seems like there's something going on. Five hundred million dollars frozen in Russia? This script is getting more and more absurd. Telegram is really under a lot of pressure. BlackRock dares to take over 1.7 billion convertible bonds. Should I trust or run away? The promised 2 billion revenue target, relying on TON to turn things around? This bet is a bit risky.

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LiquidityNinja

· 01-06 14:28

Wait a minute, TON has dropped 69% and is still being sold aggressively? Isn't this a classic case of cutting losses? I really can't hold on anymore.

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bridgeOops

· 01-06 14:27

A 65% increase looks great, but the net loss is 220 million... This is the cost of going all in on TON. Selling $450 million worth of TON to cut losses indicates that Telegram is also getting nervous. The coin price dropping 69% is so exaggerated. 500 million bonds frozen in Russia, it feels like Telegram's game is getting more and more complicated. Betting heavily on TON, is it really a long-term strategy or just trying to cash out quickly? Who knows. Operating profit of $400 million but a loss of $220 million, the destructive power of asset impairment is truly remarkable.

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