As of Q3'26 (2026-01-31), CRDO reported R&D Expenses of $78.5M and SG&A Expenses of $50.8M, marking the highest levels observed in the covered period. This reflects a continued increase in both operating expense categories, with R&D outpacing SG&A in absolute terms. From Q4'23 to Q3'26, both R&D and SG&A expenses have shown a strong upward trend, particularly accelerating from Q4'24 onward. R&D Expenses grew from $21.4M to $78.5M, while SG&A Expenses rose from $13.6M to $50.8M, indicating more than a threefold increase for each. The most significant jumps occurred in the last three quarters, suggesting heightened investment in both research and administrative functions. This sustained growth in operating expenses may reflect CRDO’s strategic expansion or scaling efforts over the observed period.