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SMR Operating Expenses

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In Q4'25, SMR's operating expenses totaled approximately $58.4M USD, with R&D Expenses at $13.5M USD and SG&A Expenses at $44.8M USD, reflecting a moderate increase from Q3'25's $530.3M USD total driven by a sharp drop in SG&A after an anomalous spike. From Q1'23 to Q4'25, R&D Expenses exhibited volatility, peaking at $63.7M USD in Q3'23 before declining sharply to a low of $9.1M USD in Q1'25 and stabilizing around $11M-$13M USD thereafter, indicating potential cost optimization efforts. In contrast, SG&A Expenses showed steady growth from $14.7M USD in Q1'23 to $23.3M USD in Q1'25, followed by a dramatic outlier of $519.2M USD in Q3'25—possibly due to one-time charges—before reverting to $44.8M USD in Q4'25, resulting in an overall upward trend in total operating expenses with intermittent fluctuations.