As of Q4'25, MPWR's latest operating expenses show R&D Expenses at USD 95.6M and SG&A Expenses at USD 118.7M, marking the highest levels recorded in the presented period. This reflects a continued increase in both categories, with SG&A Expenses surpassing R&D Expenses by a notable margin. From Q1'23 to Q4'25, both R&D and SG&A Expenses have exhibited a consistent upward trend, with SG&A Expenses experiencing particularly strong growth in the last three quarters, rising from USD 92.2M in Q1'25 to USD 118.7M in Q4'25. R&D Expenses also increased steadily, though at a slightly slower pace, peaking at USD 98.2M in Q3'25 before a slight dip in Q4'25. Overall, the chart highlights a significant escalation in operating costs over the observed period.