In Q1'26, HOOD's total operating expenses reached $399M USD, with R&D expenses at $241M USD marking a 4% increase from Q4'25, while SG&A expenses dropped sharply to $158M USD, representing a 42% decline from the prior quarter and contributing to a more moderate overall expense level. Over the period from Q2'23 to Q1'26, R&D expenses exhibited a generally stable to slightly upward trend, fluctuating between $196M USD and $241M USD with a notable acceleration in growth starting from Q3'25, rising 22% year-over-year to support innovation efforts. In contrast, SG&A expenses showed higher volatility, peaking at $287M USD in Q3'25 amid operational expansions before the significant pullback in Q1'26, resulting in total operating expenses averaging around $400M-$500M USD quarterly in recent years but with an overall 15% increase from the early 2023 baseline, highlighting cost management challenges in a dynamic market environment.