In Q1'26, UPST's total operating expenses reached $260.6M USD, comprising $80.1M in R&D expenses and $180.5M in SG&A expenses, marking a significant quarter-over-quarter increase driven primarily by SG&A growth. From Q2'23 to Q1'26, R&D expenses exhibited volatility with an overall upward trend, fluctuating between $54.9M and $80.1M before stabilizing around $64M-$80M in recent periods; meanwhile, SG&A expenses showed consistent growth from $74.3M to $180.5M, reflecting expansion in administrative and sales functions. The stacked bar chart highlights SG&A as the dominant component, accounting for over 70% of total expenses in the latter half of the period, while total operating expenses rose steadily from $132.3M to $260.6M, indicating scaling operations amid potential revenue pressures.