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SMR Operating Expenses

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In Q1'26, SMR's total operating expenses reached $37.6M USD, comprising $12.8M USD in R&D expenses and $24.8M USD in SG&A expenses. This marks a moderate increase from Q4'25's $58.4M USD total, driven by a slight uptick in R&D while SG&A remained relatively stable. From Q2'23 to Q1'26, operating expenses exhibited volatility with an overall downward trend after an initial peak, starting at $43.3M USD in Q2'23 and peaking at $58.3M USD in Q3'23 before declining to a low of $21.5M USD in Q1'24. R&D expenses fluctuated significantly, surging to $63.7M USD in Q3'23 then steadily decreasing to $12.8M USD by Q1'26, reflecting potential cost optimizations. SG&A expenses showed gradual growth to $23.3M USD in Q1'25, followed by an anomalous spike to $519.2M USD in Q3'25—possibly due to one-time events—before reverting to more typical levels around $24.8M USD, underscoring inconsistent expense management over the 12-quarter period.