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operating-expenses-chart

MARA Operating Expenses

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In Q1'26, MARA's total operating expenses reached $95.1M USD, comprising $8.2M USD in R&D expenses and $86.9M USD in SG&A expenses, reflecting a modest quarter-over-quarter increase driven primarily by stable SG&A costs. From Q2'23 to Q1'26, operating expenses exhibited significant growth, rising from $20.5M USD (all SG&A, with no R&D) to $95.1M USD, fueled by a sharp escalation in SG&A from $20.5M USD in Q2'23 to peaks of $92.9M USD in Q2'25, alongside R&D emerging in Q1'24 at $2.5M USD and fluctuating upward to $9.3M USD in Q1'25 before stabilizing around $8.2M-$8.7M USD in recent quarters. The stacked bar chart highlights SG&A as the dominant component, consistently accounting for over 90% of total expenses, with notable spikes in Q4'23 ($39.3M USD SG&A) and Q1'24 ($73.3M USD SG&A) indicating periods of rapid expansion, while R&D shows volatility post its introduction but no clear long-term decline. Total operating expenses trended upward overall with intermittent fluctuations, underscoring MARA's scaling operations amid increasing administrative demands.