As of Q4'25, CVNA's latest reported SG&A Expenses reached 627M USD, while R&D Expenses remained at 0 USD. This marks the highest SG&A expense level in the observed period from Q1'23 to Q4'25. Throughout the period, SG&A Expenses showed a generally upward trend, starting at 472M USD in Q1'23 and increasing steadily, with a brief dip in Q3'23 and Q4'23, before accelerating from Q1'25 onward. R&D Expenses consistently remained at 0 USD across all quarters, indicating no allocation to research and development during this timeframe. The data highlights a significant rise in operating expenses driven solely by SG&A, with no contribution from R&D.