In Q4'25, SOUN's operating expenses reached $63.5M, comprising $24.8M in R&D expenses and $38.6M in SG&A expenses, marking a slight quarterly decline from Q3'25's $63.6M total but continuing an overall upward trajectory in costs. From Q1'23 to Q4'25, total operating expenses surged from $26.2M to $63.5M, driven by sharp increases in both R&D (from $14.2M to $24.8M) and SG&A (from $12.0M to $38.6M), with notable acceleration in 2024 and early 2025—particularly SG&A's 3.4x growth amid a 1.7x rise in R&D—indicating expanding operations and potential scaling investments in the company's AI and audio technology sectors. The stacked bar chart highlights SG&A as the dominant component post-Q3'24, reflecting heavier administrative and sales burdens relative to research efforts.