Company: WLTH
Filing Date: 2025-12-12
Form Type: 424B4
Source: 0001628280-25-056780
Chunk: 31

Company: WEALTHFRONT CORP
Filing Date: 2025-12-12
Form: 424B4
Chunk 31
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 the average balance of cash management assets for the three months ended October 31, 2025 compared to the same period in the prior year. The annualized cash management fee rate declined by 3% at the midpoint of the range for the three months ended October 31, 2025 compared to the same period in the prior year. For the three months ended October 31, 2025, we expect to report investment advisory revenue of between $24.0 million and $25.0 million, as compared to $19.1 million for the three months ended October 31, 2024, representing an increase of 26% at the midpoint of this range. The expected increase in investment advisory revenue was primarily due to a 28% increase at the midpoint of the range in the average balance of investment advisory assets for the three months ended October 31, 2025 compared to the same period in the prior year. The annualized investment advisory fee rate was relatively unchanged at the midpoint of the range for the three months ended October 31, 2025 compared to the same period in the prior year. For the three months ended October 31, 2025, we expect to report net income of between $29.0 million and $30.0 million, as compared to $30.0 million for the three months ended October 31, 2024, representing a decrease of 3% at the midpoint of this range. The expected decrease in net income was primarily due to an increase in total revenues more than offset by increases in the provision for income taxes and stock-based compensation expenses. For the three months ended October 31, 2025, we expect to report Adjusted EBITDA of between $43.0 million and $45.0 million, as compared to $35.3 million for the three months ended October 31, 2024, representing an increase of approximately 24% at the midpoint of this range. The expected increase in Adjusted EBITDA was primarily due to revenue increases outpacing increases in operating expenses, excluding stock-based compensation. The following table presents a reconciliation of net income, the most directly comparable GAAP measure, to Adjusted EBITDA:

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|                                                                          |     | Three Months Ended | October 31, 2024 |     |                 | October 31, 2025 |     |                  |        |
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