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operating-expenses-chart

NET Operating Expenses

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In Q4'25, NET's operating expenses reached a total of approximately 502M USD, with SG&A Expenses at 360M USD forming the dominant portion (about 72%) and R&D Expenses contributing 142M USD. This marks the highest quarterly figure in the observed period, reflecting continued investment in administrative and research activities. From Q1'23 to Q4'25, both R&D and SG&A Expenses exhibited a strong upward trend, with R&D growing from 82M USD to 142M USD (a 73% increase) and SG&A surging from 185M USD to 360M USD (a 94% rise), driving total operating expenses from 267M USD to 502M USD. Notable accelerations occurred in 2024 and 2025, including a temporary dip in R&D during Q1'24, but overall patterns indicate sustained expansion likely tied to scaling operations, with SG&A consistently outweighing R&D across all quarters.