In Q1'26, MSTR's total operating expenses reached $98.3M USD, comprising $24.7M USD in R&D expenses and $73.6M USD in SG&A expenses, marking a slight uptick from the prior quarter's $91.3M USD total. From Q2'23 to Q1'26, R&D expenses exhibited relative stability with minor fluctuations, starting at $29.4M USD and declining to $24.7M USD overall, while SG&A expenses remained consistently higher and more variable, ranging from $64.8M USD to $73.6M USD, driving the bulk of the operating expenses; the chart reveals a general downward trend in total expenses post-Q3'24 peak of $102.2M USD, suggesting improved cost efficiency amid volatility.