In Q4'25, OKLO's total operating expenses reached $57.1M USD, with SG&A expenses at $32.5M USD forming the largest portion and R&D expenses at $24.6M USD contributing significantly to the quarterly total. From Q1'23 to Q4'25, operating expenses exhibited a strong upward trend, starting from minimal levels (under $1.2M USD in early quarters) and accelerating sharply after Q4'23, driven by escalating R&D investments—from $0 in Q1-Q3'23 to $24.6M USD in Q4'25—and SG&A growth from $1.2M USD in Q1'23 to $32.5M USD in Q4'25. This pattern reflects expanding operational scale, with stacked bar visualization highlighting R&D's increasing dominance in later periods amid overall volatility, including a peak in Q2'25 total expenses exceeding $28M USD before the Q4'25 surge.