In Q4'25, NBIS's operating expenses reached a total of $212.9M USD, comprising $53.1M USD in R&D expenses and $159.9M USD in SG&A expenses, marking the highest quarterly figure in the observed period from Q1'23 to Q4'25. R&D expenses exhibited a sharp decline from $335.9M USD in Q4'23 to $25.1M USD in Q1'24, followed by a gradual recovery and acceleration to $53.1M USD by Q4'25, indicating potential cost optimizations post-2023 before renewed investment. SG&A expenses followed a similar trajectory, dropping from a peak of $988.6M USD in Q4'23 to $50.8M USD in Q1'24, then rising steadily to $159.9M USD in Q4'25, reflecting an overall volatile but upward trend in operating costs after an initial contraction, with stacked bars highlighting SG&A as the dominant component throughout.