In Q2'26, SMCI's operating expenses reached $324.3M, with R&D expenses at $180.8M and SG&A expenses at $143.5M, reflecting a slight quarterly increase of 4.3% from Q1'26's total of $285.1M. From Q3'23 to Q2'26, total operating expenses have surged over 300% from $127.3M to $324.3M, driven by consistent growth in both R&D (up 133% to $180.8M) and SG&A (up 189% to $143.5M), with R&D maintaining a dominant share of 56% in the latest period; notable acceleration occurred post-Q1'24, though SG&A showed volatility with a dip in Q1'26 before rebounding. This stacked bar chart highlights the escalating cost structure amid SMCI's expansion, underscoring the need to monitor efficiency as expenses outpace historical norms.