In Q3'26, CRDO's total operating expenses reached $129.25M USD, with R&D expenses at $78.48M USD and SG&A expenses at $50.76M USD, marking a significant escalation from prior quarters. From Q4'23 to Q3'26, operating expenses exhibited a robust upward trend, growing from $34.98M USD to $129.25M USD, driven primarily by R&D which surged from $21.40M USD to $78.48M USD amid apparent investment in innovation, while SG&A rose steadily from $13.57M USD to $50.76M USD with notable acceleration post-Q4'24; this pattern suggests expanding operations but potential margin pressure for financial analysts to monitor.