In Q4'25, SPOT's operating expenses totaled 798M USD, with SG&A Expenses at 508M USD forming the larger portion and R&D Expenses at 290M USD showing a notable decline from prior quarters. Over the period from Q1'23 to Q4'25, total operating expenses exhibited volatility with an overall downward trend, fluctuating between a peak of approximately 1.06B USD in Q2'23 and a low of 769M USD in Q4'25, driven by reductions in both R&D (from 435M USD to 290M USD) and SG&A (from 487M USD to 508M USD, with intermittent peaks like 587M USD in Q4'23). Key patterns include seasonal spikes in Q4 and Q2 across years, alongside a consistent decline in R&D starting from Q3'25, suggesting potential cost optimization efforts amid stable SG&A contributions.