Telegram operates with under 100 employees yet serves 1 billion users, reporting $870 million in revenue for H1 2025—a 65% increase year-over-year. Toncoin-related deals contributed about $300 million to revenue, but depreciation of Toncoin caused Telegram to post a net loss of $222 million despite an operating profit near $400 million. The company’s revenue target for 2025 is $2 billion, but its planned IPO is postponed due to legal issues in France.