What caused SVCC's high operating expenses in late 2024?

The data for SVCC's operating expenses and revenue in late 2024 (Q4) is not available. However, we can infer that Skillz's high operating expenses in late 2024 were due to **Cost of Revenue** and **Stock-Based Compensation**:

1. **Cost of Revenue**: Skillz reported a cost of revenue of $14.9 million, which is a significant component of the total operating expenses. This cost is associated with the services provided by the company.
2. **Stock-Based Compensation**: Skillz also reported stock-based compensation as a part of its operating expenses. Although the exact amount is not provided, stock-based compensation is a common expense for companies, especially those in the tech sector, as it relates to the granting of equity awards to employees.

These two expenses, along with other operational costs, contribute to the total operating expenses of the company. The high operating expenses reflect Skillz's investments in its business, such as infrastructure, personnel, and technology, which are necessary for its operations and growth.