Internet Computer narrows losses, edges closer to profitability
Internet Computer (ICP) continues to close the gap on profitability, with earnings data from Token Terminal showing losses steadily decreasing over the past two years. The network’s financial trajectory, once deep in the red, is now moving towards a potential turnaround by next year.
Fabio, a prominent ICP community analyst, noted the progress on X, writing: “Yes, earnings for $ICP are still negative but ICP has been decreasing losses over the last 2 years and can become profitable next year. We are one catalyst away from profitability and deflation. However, CBR needs to significantly increase. @caffeineai should help. UTOPIA can help. We need more users and developers that care about fundamentals and want to use/build on this blockchain.”
The chart from Token Terminal illustrates a clear shift — monthly losses that hovered around $40 million in early 2024 have eased to under $10 million by late 2025. That pace of improvement, if maintained, puts ICP on the cusp of a rare milestone in the crypto sector: a decentralised protocol approaching operational profitability.
Fabio added that the key lies in converting recent spikes in trading activity into sustainable adoption. “A 50X spike in volume is good only if we can convert a lot of that volume to long-term interest. ICP has the tech and tokenomics to pull this off,” he wrote, noting he will continue tracking “money metrics”.
He also drew perspective from broader market data, pointing out that Ethereum has recorded losses of more than $2 billion this year, while Solana’s stand at over $3 billion. “Revenue models in crypto are currently not sustainable,” he said — a reminder that ICP’s improving numbers are a relative bright spot in a challenging environment.
The optimism around projects like Caffeine AI and Utopia reflects a growing push to expand the network’s developer and user base, reinforcing the idea that fundamentals, not just token price movements, will determine who endures the long game.