As of Q4'25, NBIS reported R&D Expenses of USD 53.1M and SG&A Expenses of USD 159.9M, marking the highest quarterly values in the period covered. This latest data point reflects a continued increase in both categories, with SG&A Expenses significantly outpacing R&D Expenses. From Q1'23 to Q4'25, both R&D and SG&A Expenses experienced a sharp decline after Q4'23, followed by a gradual recovery and steady growth through 2025. The most notable inflection occurred between Q4'23 and Q1'24, where both expense categories dropped dramatically—R&D from USD 335.9M to USD 25.1M and SG&A from USD 988.6M to USD 50.8M—before rebounding. Overall, the trend indicates a period of cost reduction or restructuring, with operating expenses now returning to an upward trajectory.