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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.Product development and sales & marketing spending have ramped materially into early 2026 while G&A shows volatile, large spikes—consistent with heavy upfront investment, integration or one‑time charges. At the same time, transaction/loan/consumer losses surged late‑2025 into Q1‑2026, reflecting rapid Borrow origination and younger, higher‑loss cohorts and creating a tangible margin headwind. Management’s big headcount reduction and AI productivity push should compress this elevated cost base, but savings are backloaded: near‑term margin improvement hinges on credit trends stabilizing and cost cuts actually hitting in H2.
Date | Sales and Marketing | General and Administrative | Product Development | Transaction, Loan, and Consumer Losses | Amortization of Acquired Intangible Assets | Bitcoin Impairment Losses |
|---|---|---|---|---|---|---|
Jun 30, 2026 | $664.96M | $825.87M | $608.66M | $585.45M | $34.28M | $0.00 |
Mar 31, 2026 | $650.51M | $857.56M | $1.04B | $500.13M | $34.16M | $0.00 |
Dec 31, 2025 | $619.55M | $512.58M | $710.67M | $510.01M | $34.05M | $0.00 |
Sep 30, 2025 | $599.33M | $543.97M | $711.24M | $363.45M | $34.13M | $0.00 |
Jun 30, 2025 | $549.73M | $449.24M | $725.29M | $294.09M | $33.89M | $0.00 |
Mar 31, 2025 | $504.46M | $491.80M | $760.70M | $169.69M | $33.66M | $0.00 |
Dec 31, 2024 | $521.06M | $728.42M | $769.70M | $244.62M | $34.59M | $0.00 |
Sep 30, 2024 | $511.75M | $475.86M | $710.98M | $192.06M | $36.02M | $0.00 |
Jun 30, 2024 | $507.56M | $473.57M | $713.16M | $191.81M | $40.81M | $0.00 |
Mar 31, 2024 | $443.88M | $471.26M | $720.57M | $165.73M | $43.28M | $0.00 |