In Q4'25, SG&A Expenses reached $561.2M USD, marking the highest point in the observed period and reflecting a significant quarterly increase of approximately 34% from Q3'25's $419.6M USD, while R&D Expenses remained at no data across all periods. This latest data point underscores a robust escalation in administrative and operational costs for NU, potentially driven by scaling business activities. From Q1'23 to Q4'25, SG&A Expenses exhibited a consistent upward trend, growing from $256.2M USD to $561.2M USD with minor fluctuations, including a brief dip to $333.9M USD in Q1'25 before accelerating; notable inflection points include a 12% year-over-year rise in Q4'24 to $370.8M USD and sustained growth averaging 10-15% per quarter in 2025. R&D Expenses showed no activity throughout the timeframe, indicating a strategic focus on SG&A-driven operations rather than research investments, which may signal efficiency in cost allocation for the company's expansion. Overall, the stacked bar chart highlights SG&A as the dominant component of operating expenses, with total costs climbing steadily to support NU's growth trajectory.