As of Q4'25, CELH reported SG&A Expenses of USD 235M, while R&D Expenses remained at USD 0. This marks the highest SG&A expense level in the period, with no allocation to R&D throughout the entire timeframe. From Q1'23 to Q4'25, SG&A Expenses for CELH showed a strong upward trend, rising from USD 69M in Q1'23 to USD 235M in Q4'25, with notable jumps in Q4'24 (USD 185M) and Q2'25 (USD 238M). The data indicates a consistent lack of investment in R&D, suggesting a strategic focus on selling, general, and administrative activities rather than research and development.