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operating-expenses-chart

VST Operating Expenses

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In Q1'26, VST's operating expenses totaled $427M USD, entirely attributed to SG&A expenses, as R&D expenses remained at $0 throughout the period. This marks a decline from the Q4'25 figure of $460M USD, reflecting a slight reduction in administrative costs. From Q2'23 to Q1'26, SG&A expenses exhibited a steady upward trend, rising from $309M USD to a peak of $464M USD in Q4'24 before moderating to $427M USD, indicating sustained growth in operational overheads amid business expansion. R&D expenses showed no activity across all quarters, suggesting minimal investment in research and development. The stacked bar chart highlights SG&A as the dominant component, with overall operating expenses increasing approximately 38% over the three-year span, underscoring cost management challenges in a volatile market.