As of Q2'26 (2025-11-30), APLD reported SG&A Expenses of USD 57M, while R&D Expenses remained at USD 0. This marks the highest SG&A Expenses recorded in the observed period. From Q3'23 to Q2'26, APLD's operating expenses were entirely driven by SG&A, with R&D consistently at zero. SG&A Expenses showed a general upward trend, rising from USD 10M in Q3'23 to USD 57M in Q2'26, with notable peaks and a significant dip in Q1'25 (USD 14M) before rebounding sharply. The data indicates a volatile but overall increasing pattern in SG&A spending, highlighting a focus on administrative and selling costs rather than research and development over the period.