The latest data point for AFRM's operating expenses in Q2'26 shows R&D expenses at $185M and SG&A expenses at $240M, resulting in total operating expenses of $425M USD. This marks a sequential increase from Q1'26 totals of $392M USD, driven primarily by rising R&D costs amid ongoing investments in technology and product development. Over the period from Q3'23 to Q2'26, total operating expenses trended downward initially from $442M USD in Q3'23 to a low of $249M USD in Q3'25, reflecting cost optimization efforts in both R&D and SG&A categories, before reversing into steady growth reaching $425M USD by Q2'26. R&D expenses declined sharply by 23% from Q3'23 to Q2'24 ($162M to $120M USD) then rebounded 54% to $185M USD, while SG&A fluctuated with a notable 27% drop to $208M USD in Q3'25 before climbing 15% in the latest quarter, indicating a shift toward expansion-focused spending. The stacked bar chart highlights R&D's growing proportion within totals, now at 43%, underscoring its role in driving the recent uptrend. ## Analysis Summary - **Overall Trend**: Initial decline followed by recovery and growth in operating expenses. - **Key Insight**: R&D investments are accelerating, potentially signaling strategic scaling for AFRM. - **Data Coverage**: Quarterly from Q3'23 to Q2'26, all values in USD millions.