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SHOP Operating Expenses

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In Q1'26, SHOP's operating expenses reached a total of 1.05B USD, with R&D expenses at 437M USD and SG&A expenses at 611M USD, marking the highest quarterly figure in the observed period and reflecting continued investment in growth areas. From Q2'23 to Q1'26, total operating expenses exhibited an overall upward trend, rising from 1.1B USD to 1.05B USD despite some quarterly fluctuations, driven primarily by steady increases in both R&D (from 648M USD to 437M USD, with a notable dip in Q3'23-Q4'23) and SG&A (from 452M USD to 611M USD, showing volatility but consistent growth post-Q1'24). Key patterns include a stabilization phase in late 2023 followed by acceleration in 2025, highlighting SHOP's expanding operational scale amid potential efficiency challenges in cost management.