As of Q4'25, RIVN reported R&D Expenses of USD 424M and SG&A Expenses of USD 529M. This marks a slight decrease in R&D spending and a modest increase in SG&A expenses compared to the previous quarter. From Q1'23 to Q4'25, RIVN's operating expenses have shown notable fluctuations. R&D Expenses peaked at USD 529M in Q3'23 before trending downward, reaching a low of USD 350M in Q3'24, then gradually rising again. SG&A Expenses have generally increased over the period, with a significant jump beginning in Q1'24 and peaking at USD 554M in Q3'25. Overall, the data reflects a shift in cost structure, with SG&A becoming a larger component of total operating expenses in recent quarters.