As of Q2'26 (2025-12-31), SMCI reported R&D Expenses of USD 181M and SG&A Expenses of USD 144M. This marks the highest quarterly operating expenses in the observed period, with both categories reaching new peaks. From Q3'23 to Q2'26, both R&D and SG&A expenses have shown a consistent upward trend, with R&D Expenses rising from USD 78M to 181M and SG&A Expenses increasing from USD 50M to 144M. Notably, there were significant jumps in both categories during fiscal year 2024 and again in late 2025, reflecting ongoing investment and expansion. The overall trend indicates accelerating operating cost growth, particularly in R&D, which has outpaced SG&A in absolute dollar increases.