Why Did Telegram Report a Large Net Loss Despite Higher Revenue?

[kevin1]

Despite strong top-line growth, Telegram posted a net loss of more than $220 million in the first half of 2025. The primary reason was a major write-down in the value of its Toncoin holdings after the token lost around 69% of its value during the year.

Telegram reportedly sold more than $450 million worth of Toncoin in 2025, helping reduce exposure but still absorbing losses from earlier holdings. The situation highlights how closely the company’s financial performance remains tied to crypto market volatility, even as it pushes toward a potential IPO.

[JanEmil]

And the token went down because they sold.