Telegram's recently disclosed financial report for the first half of 2025 is a perfect example of an extremely pathological yet highly efficient growth model.

Fewer than 100 full-time employees support 1 billion users. In traditional internet logic, such a low human-to-machine ratio is almost impossible to achieve. This indicates that Telegram's operations are already highly automated, or in other words, it is consciously rejecting the bloated compliance and management structures typical of traditional giants.

Paid subscriptions generated $223 million in revenue. Year-over-year growth of 88%, representing the healthiest cash flow, proving that users are beginning to pay for privacy and features.

Advertising revenue reached $125 million. Ad income performs quite modestly because Telegram still refuses to establish invasive advertising systems like Meta.

Crypto-related revenue amounts to $300 million, accounting for one-third of total revenue, derived from an exclusive agreement with Toncoin.

The most outrageous aspect is the financial divergence. Although operating profit approaches $400 million, net loss is recorded at $222 million. This accounting loss is entirely due to $TON 's depreciation leading to asset revaluation.

Telegram's fate has been completely tied to TON. It is no longer just a social media company but a hedge fund holding large cryptocurrency asset positions.

The flaw in this model lies in the extreme concentration of single risks.

A team of 100 people is a technological myth but a legal disaster. Facing regulatory pressure from France and globally, such a lean team simply lacks the redundancy to handle legal battles.

The recent news of postponing the IPO essentially reflects market distrust in this hero-centric management style.

For example, the revenue target for 2025 is $2 billion. To achieve this figure, Telegram must, while maintaining its decentralized narrative, resolve conflicts with the legal frameworks in reality.

If the capital cannot be exited through an IPO, this revenue structure, heavily reliant on token protocols, could make the company's balance sheet uncontrollable during the next crypto market volatility.