In Q4'25, CIFR's total operating expenses reached $44.91M USD, driven entirely by SG&A expenses at the same level, while R&D expenses remained at $0 throughout the period. This marks a significant spike from prior quarters, where SG&A expenses hovered between $17.42M and $26.03M USD. From Q1'23 to Q4'25, SG&A expenses exhibited an overall upward trend with moderate volatility, peaking at $26.03M in Q4'24 before a sharp 72% increase in the final quarter, potentially indicating one-time costs or expansion efforts. R&D expenses showed no activity across all periods, suggesting minimal investment in research and development, which kept total operating expenses aligned closely with SG&A fluctuations in this stacked bar chart.