As of Q4'25, MARA's latest operating expenses show R&D Expenses at USD 3.6M and SG&A Expenses at USD 85.8M. This marks a slight decrease in both categories compared to the previous quarter, with R&D down from USD 8.7M and SG&A down from USD 85.3M. Reviewing the period from Q1'23 to Q4'25, SG&A Expenses have shown a consistent upward trend, rising sharply from USD 15.3M in Q1'23 to a peak of USD 92.9M in Q2'25 before slightly declining. R&D Expenses were negligible through 2023, but began increasing in 2024, peaking at USD 9.3M in Q1'25 before moderating. Overall, SG&A remains the dominant component of operating expenses, while R&D, though growing, still represents a much smaller share.