In the latest fiscal period Q1'26, NU reported total Operating Expenses of 193.86M USD, which consisted entirely of SG&A Expenses as R&D Expenses were reported at 0 USD. This represents a significant sequential decrease from the 561.16M USD recorded in Q4'25. From Q2'23 to Q1'26, the company's operating expenses were characterized by a general upward trend in SG&A spending, which peaked at 561.16M USD in Q4'25 before the sharp decline in the most recent quarter. Throughout the entire period, R&D Expenses remained at 0 USD, making SG&A the sole driver of operational costs. Notably, the expenses showed steady growth through much of 2024 and 2025, with a particularly sharp inflection point and surge during the Q4'25 period.