In Q1'26, Monolithic Power Systems' (MPWR) total operating expenses reached $203.9M USD, comprising $100.6M in R&D expenses and $103.3M in SG&A expenses, marking a slight decline from the Q4'25 peak of $214.3M USD. Over the period from Q2'23 to Q1'26, operating expenses exhibited a robust upward trend, growing from $135.3M to $203.9M USD, driven by consistent increases in both R&D (from $63.7M to $100.6M) and SG&A (from $71.7M to $103.3M), with notable acceleration in 2024 and 2025 before a modest pullback in the latest quarter; this pattern reflects expanding operations amid sector growth, though the recent dip in SG&A suggests potential cost optimization efforts.