Company: WLTH
Filing Date: 2025-12-12
Form Type: 424B4
Source: 0001628280-25-056780
Chunk: 185

Company: WEALTHFRONT CORP
Filing Date: 2025-12-12
Form: 424B4
Chunk 185
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 29,092 |     |   |    5,326 |     |     |       22 | % |
| Marketing                          |                                    |                               |  21,150 |     |   |  52,196 |     |   |   31,046 |     |     |      147 | % |
| Operations and support             |                                    |                               |   9,767 |     |   |  10,619 |     |   |      852 |     |     |        9 | % |
| Total costs and operating expenses |                                    | $                             | 135,139 |     | $ | 187,386 |     | $ |   52,247 |     |     |       39 | % |

25 Wealthfront accrues and/or recognizes investment advisory revenue on a daily basis. The chart shows resulting averages for the periods presented.

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Cost of Revenue

Cost of revenue increased by $8.1 million, or 35%, for the fiscal year ended January 31, 2025, compared to the prior year. The increase was primarily due to:

• an increase of $5.2 million in cash management costs to $15.2 million for the fiscal year ended January 31, 2025, driven largely by an increase of $4.7 million in the amount paid to a third party for the administration of our cash sweep program, compared to $10.0 million for the prior year. The increase in cash management costs was primarily due to increased cash assets held by clients in the cash sweep program;

• an increase of $2.0 million in brokerage platform fees to $7.7 million for the fiscal year ended January 31, 2025, driven largely by an increase of $0.8 million of money movement fees, $0.4 million of IRA custodial and tax reporting fees, $0.3 million of clearing and execution fees, $0.3 million of client identification program costs, and $0.2 million of regulatory fees, compared to $5.7 million for the prior year. The increases in brokerage platform costs were primarily due to an increase in clients, accounts and money 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