Telegram's latest financial report for the first half of 2025 reveals a shocking growth paradox.

Fewer than 100 full-time employees are supporting 1 billion users. This number is simply impossible in traditional internet companies. The logic behind it is clear—highly automated systems combined with deliberate avoidance of bloated compliance structures.

Subscription revenue reached $223 million, an 88% increase year-over-year. This is the cleanest source of cash flow, as users are willing to pay for privacy and premium features. In contrast, advertising revenue is only $125 million, relatively dull. The reason is straightforward—Telegram refuses to build invasive user-tracking ad systems like some tech giants.

But the most eye-catching number here is : $300 million. This money comes from exclusive agreements related to cryptocurrency protocols, accounting for one-third of total revenue. Simply put, Telegram has become fully intertwined with the TON blockchain.

The most interesting aspect is the massive financial split. Operating profit on the books is close to $400 million, yet net losses reach $222 million. This is not true operational loss but a revaluation of assets caused by the depreciation of TON tokens. In other words, the company's true fate is now entirely dictated by token prices.

Telegram is no longer just a social app; it’s more like a hedge fund holding a massive amount of crypto assets—that’s the core issue.

A technical team of just 100 people is a miracle, but it becomes a disaster in the face of legal compliance. Under regulatory pressure from France and other regions, such a lean team has no sufficient redundancy to fight legal battles. The announcement of delaying the IPO essentially reflects market distrust in this hero-driven management model.

If Telegram aims to reach a revenue target of $2 billion by 2025, it must find an exit: maintaining the decentralized narrative while compromising with the legal framework. The problem is, once the IPO financing route is blocked, this over-reliance on token protocol revenue structure could completely destabilize the balance sheet during the next crypto market turbulence.