Company: WLTH
Filing Date: 2025-12-12
Form Type: 424B4
Source: 0001628280-25-056780
Chunk: 186

Company: WEALTHFRONT CORP
Filing Date: 2025-12-12
Form: 424B4
Chunk 186
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 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 |     |   |      107 |     |     |       25 | % |
| Total                             |                                    | $                             | 21,150 |     | $ | 52,196 |     | $ |   31,046 |     |     |