As of Q4'25, MicroStrategy's ( MSTR ) latest reported operating expenses show R&D Expenses at USD 22.76M and SG&A Expenses at USD 68.52M. This marks a continued decrease in both categories compared to previous quarters, with R&D Expenses dropping to their lowest point in the observed period and SG&A Expenses also trending downward from recent highs. From Q1'23 to Q4'25, the chart reveals a gradual decline in R&D Expenses, falling from USD 31.36M to USD 22.76M, despite a brief spike in Q3'24. SG&A Expenses have remained relatively stable, fluctuating between USD 64.01M and USD 71.20M, but show a slight downward trend in the last few quarters. Overall, the data indicates a controlled reduction in operating expenses over the covered period, suggesting a focus on cost management.