Telegram 's latest financial report reveals a paradox: revenue surged, yet the company suffered a net loss. According to data from the first half of 2025 cited by the Financial Times on June 6th, the company, with fewer than 100 employees, saw its revenue increase by 65% year-on-year to $870 million, with operating profit approaching $400 million. However, due to the decline in the price of Toncoin (TON) and geopolitical sanctions, it recorded a net loss of $222 million, further stalling its long-planned IPO.
$500 million in bonds stuck in Moscow
Although Pavel Durov has long since moved the company's headquarters to Dubai, Telegram still has a Russian debt stalk. According to reports, approximately $500 million of the company's $1.7 billion debt is held in custody by the Russian National Depository and Settlement Authority (NSD).
The sanctions imposed by the US and Europe on NSD prevent the transfer or repurchase of this asset, effectively locking up its financing flexibility. Even though Telegram still has ample cash on hand, it cannot use this bond to optimize its debt structure, effectively trapping itself in its own hedging strategy.
Toncoin volatility breaks through profit margin
In addition to its two core businesses, advertising and premium subscriptions, Telegram is projected to generate approximately $300 million in revenue in the first half of 2025 from business agreements related to Toncoin.
Toncoin's price fell in the second half of 2025 and is currently trading at $1.9. The need to revalue holdings according to international accounting standards has led to increased book losses. While financial reports show stable operating profits, the exposure to crypto assets means that final profits and losses are highly dependent on market conditions. Auditors are wary of this volatility, which increases the difficulty of pushing for an IPO.
A team of 100 people and compliance challenges
Telegram boasts nearly 1 billion active users but has fewer than 100 full-time employees. While such efficiency is rare, it poses a critical human risk for a company preparing for an IPO. Pavel Durov is still embroiled in a French lawsuit concerning content censorship and the Digital Services Act (DSA); EU and US regulators are demanding stronger governance structures and transparency. A team of 100 people has to handle 1 billion users, sanctions risks, and crypto asset accounting simultaneously, leaving extremely little room for error.
I like Bitcoin. I firmly believe it is digital gold. I hold a large amount of Bitcoin myself, and Trump also holds a considerable amount.
Durov's remarks in 2024 sparked market speculation about a loosening of regulations, but the change of government in Washington did not ease sanctions against Russia, leaving Telegram still facing the reality of frozen assets.
IPO schedule delayed again
The company originally projected full-year revenue of $2 billion in 2025 and a listing in New York. Now, it must first address whether it can maintain sufficient cash flow without using $500 million in restricted bonds, then how to reduce the direct impact of Toncoin's price on earnings, and whether it can rapidly expand its governance and legal teams to comply with listing regulations.
2026 will be a stress test for Telegram. If revenue continues to grow and TON prices remain stable, the company may have the opportunity to weather the audit season on its own cash flow.
