In Q4'25, MARA's operating expenses totaled approximately 89.4M USD, with SG&A expenses dominating at 85.8M USD, while R&D expenses remained relatively low at 3.6M USD. This latest data point reflects a slight decline from the previous quarter's total of about 94.0M USD, primarily driven by a reduction in R&D spending. Over the period from Q1'23 to Q4'25, total operating expenses exhibited strong growth, rising from 15.3M USD to 89.4M USD, fueled by a sharp increase in SG&A expenses from 15.3M USD to 85.8M USD, indicating expanding administrative and sales operations. R&D expenses started at zero through Q4'23 before surging to a peak of 9.3M USD in Q1'25 and then stabilizing around 3.6M-8.7M USD, suggesting initial investments in research that moderated later; overall, the stacked bar chart highlights SG&A as the consistent driver of expense volatility and upward trend.