Company: WLTH
Filing Date: 2025-09-29
Form Type: S-1
Source: 0001628280-25-043113
Chunk: 175

Company: WEALTHFRONT CORP
Filing Date: 2025-09-29
Form: S-1
Chunk 175
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 movement volumes; and

• an increase of $0.8 million in other cost of revenue to $8.0 million for the fiscal year ended January 31, 2025, compared to $7.2 million for the prior year due primarily to increased data costs and amortization of internally developed software.

See the section titled “Components of Operations—Costs and Operating Expenses” for additional information.

Product Development

Product development expenses increased by $7.0 million, or 12%, for the fiscal year ended January 31, 2025, compared to the prior year. The increase was primarily due to an increase of $6.3 million in personnel-related expenses due to increased headcount, which reflected a $1.4 million decrease in stock-based compensation.

General and Administrative

General and administrative expenses increased by $5.3 million, or 22%, for the fiscal year ended January 31, 2025, compared to the prior year. The increase was primarily due to an increase of $4.0 million in professional fees.

Marketing

|                                   | (in thousands, except percentages) | Fiscal Year Ended January 31, |   2024 |     |   |   2025 |     |   | $ Change |     |     | % Change |   |
|:----------------------------------|:-----------------------------------|:------------------------------|-------:|:----|:--|-------:|:----|:--|---------:|:----|:----|---------:|:--|
| Performance and brand advertising |                                    | $                             |  6,987 |     | $ | 30,953 |     | $ |   23,966 |     |     |      343 | % |
| Client referral costs             |                                    |                               |  9,488 |     |   | 12,799 |     |   |    3,311 |     |     |       35 | % |
| Personnel-related costs           |                                    |                               |  3,496 |     |   |  4,284 |     |   |      788 |     |     |       23 | % |
| Other marketing                   |                                    |                               |    745 |     |   |  3,619 |     |   |    2,874 |     |     |      386 | % |
| Allocated overhead                |                                    |                               |    434 |     |   |    541 |     |