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Operating Expense Breakdown
Details core costs like R&D, marketing, and admin, offering insight into how efficiently the company runs and where it’s prioritizing investment.The dramatic digital‑asset impairment swings that dominated prior quarters disappear after 2024, which reduces recurring noise—but Q1’s large unrealized fair‑value Bitcoin loss shows mark‑to‑market volatility still drives headline operating losses. Meanwhile G&A has steadily climbed (scaling STRC, capital‑markets activity, compliance and funding operations), R&D has been trimmed modestly, and Sales & Marketing is lumpy. For investors, focus less on these modest operating-cost moves and more on BTC‑per‑share accretion and capital‑markets execution, which drive long‑term value and dividend capacity.
Date | Sales and Marketing | Research and Development | General and Administrative | Digital Asset Impairments |
|---|---|---|---|---|
Jun 30, 2026 | $34.12M | $23.10M | $39.92M | $0.00 |
Mar 31, 2026 | $36.27M | $24.66M | $37.36M | $0.00 |
Dec 31, 2025 | $31.86M | $22.79M | $36.74M | $0.00 |
Sep 30, 2025 | $29.91M | $22.60M | $38.17M | $0.00 |
Jun 30, 2025 | $33.69M | $24.07M | $36.50M | $0.00 |
Mar 31, 2025 | $27.50M | $24.40M | $40.50M | $0.00 |
Dec 31, 2024 | $34.97M | $25.69M | $36.24M | $1.01B |
Sep 30, 2024 | $35.41M | $33.30M | $33.51M | $412.08M |
Jun 30, 2024 | $34.25M | $30.31M | $36.13M | $180.09M |
Mar 31, 2024 | $33.45M | $29.18M | $34.67M | $191.63M |