Telegram founder Pavel Durov said today that the company is now profitable. Durov said the chat app’s total revenue surpassed $1 billion in 2024.

The company, which launched its premium subscription service in 2022, now has 12 million paid users. Durov also said that the app is finishing the year with more than $500 million in cash reserves, without counting its crypto assets.

The Telegram CEO said that the company has repaid a significant amount of its debt bonds this fall.

“Over the past four years, Telegram has issued about $2 billion in debt. We repaid a meaningful share of it this Fall, taking advantage of favorable prices for the Telegram bonds. But there’s a lot of work ahead,” Durov said in a post on X.