In Q1'26, Sea Limited's (SE) total operating expenses reached $2.58B USD, comprising $297M USD in R&D expenses and a dominant $2.28B USD in SG&A expenses, reflecting a significant quarterly increase driven primarily by the sharp rise in SG&A costs. Over the period from Q2'23 to Q1'26, R&D expenses exhibited relative stability with minor fluctuations, ranging from $278M USD to $304M USD USD and showing a slight downward trend in recent quarters before a modest rebound. In contrast, SG&A expenses displayed volatile growth, surging from $789M USD in Q2'23 to $2.28B USD in Q1'26, with notable peaks in Q4'25 ($1.79B USD) and Q1'26, underscoring escalating administrative and sales-related costs that now constitute over 88% of total operating expenses in the latest period.