Company: WLTH
Filing Date: 2025-09-29
Form Type: S-1
Source: 0001628280-25-043113
Chunk: 181

Company: WEALTHFRONT CORP
Filing Date: 2025-09-29
Form: S-1
Chunk 181
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812 |     |   |           14,475 |     |   |         10,188 |     |   |         9,093 |
| Operations and support             |                |   |          2,434 |     |   |         2,535 |     |   |            2,444 |     |   |            2,354 |     |   |          2,500 |     |   |         2,575 |     |   |            2,705 |     |   |            2,839 |     |   |          2,925 |     |   |         3,063 |
| Total costs and operating expenses |                | $ |         31,472 |     | $ |        34,737 |     | $ |           33,743 |     | $ |           35,187 |     | $ |         40,599 |     | $ |        44,071 |     | $ |           50,933 |     | $ |           51,783 |     | $ |         51,880 |     | $ |        51,843 |

Cost of Revenue

Cost of revenue has increased sequentially in each of the periods presented primarily due to:

• an increase in cash management costs driven largely by an increase of the amount paid to a third party for the administration of our cash sweep program. The increase in cash management costs was primarily due to increased cash assets held by clients in the cash sweep program;

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• an increase in brokerage platform fees driven largely by an increase of money movement fees, IRA custodial and tax reporting fees, clearing and execution fees, client identification program costs, and regulatory fees. The increases in brokerage platform costs were primarily due to an increase in clients, accounts and money movement volumes; and

• an increase in other cost of revenue due primarily to increased data costs and amortization of internally developed software.

Product Development

Product development expenses have generally increased sequentially in each of the periods presented, other than the third and fourth quarter of fiscal 2024, primarily due to an increase in personnel-related expenses due to increased headcount.

General and Administrative

General and administrative expenses have generally increased sequentially in each of the periods presented, other than the second quarter of 2024, the fourth quarter of fiscal 2025, and second quarter of fiscal 2026, primarily due to an increase in professional fees.

Marketing