Form 8-K

8-K — WEALTHFRONT CORP

Accession: 0001628280-26-040793

Filed: 2026-06-04

Period: 2026-06-04

CIK: 0001524566

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — wlth-20260604.htm (Primary)

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8-K

8-K (Primary)

Filename: wlth-20260604.htm · Sequence: 1

wlth-20260604

0001524566FALSE00015245662026-06-042026-06-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 4, 2026

Wealthfront Corporation

(Exact name of registrant as specified in its charter)

Delaware 001-42987 20-8280144

(State or other jurisdiction

of incorporation) (Commission

File Number)

(IRS Employer

Identification No.)

261 Hamilton Avenue

Palo Alto, California

94301

(Address of principal executive offices)

(Zip Code)

(844) 995-8437

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, $0.0001 par value per share

WLTH The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On June 4, 2026, Wealthfront Corporation (the “Company”) issued a press release announcing its financial results for the first fiscal quarter ended April 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. As previously announced, the Company will host a conference call on June 4, 2026 at 2:00 p.m. PT/5:00 p.m. ET.

Item 7.01 Regulation FD Disclosure.

On June 4, 2026, the Company posted a supplemental information presentation to its website at ir.wealthfront.com, which is attached hereto as Exhibit 99.2.

The information furnished in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.

The Company announces material information to the public through filings with the Securities and Exchange Commission (the “SEC”), the investor relations page on its website (ir.wealthfront.com), press releases, public conference calls, public webcasts, and its social media accounts on X and LinkedIn in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.

The content of the Company’s websites and information that the Company may post on or provide to online and social media channels, including those mentioned above, and information that can be accessed through the Company’s websites or these online and social media channels are not incorporated by reference into this Current Report on Form 8-K or in any other report or document the Company files with the SEC, and any references to the Company’s websites or these online and social media channels are intended to be inactive textual references only.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number Description

99.1

Press Release of Wealthfront Corporation dated June 4, 2026

99.2

Supplemental Information Presentation for the first fiscal quarter ended April 30, 2026

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Wealthfront Corporation

Date: June 4, 2026 By:

/s/ Alan Imberman

Name: Alan Imberman

Title: Chief Financial Officer

EX-99.1

Filename: q127earningsrelease.htm · Sequence: 2

Document

Wealthfront Reports Fiscal First Quarter 2027 Results

Revenue of $90.5 million up 7% year-over-year

Total Platform Assets up 19% year-over-year to a record $96.6 billion

Palo Alto, CA - June 4, 2026 - Wealthfront Corporation (Nasdaq: WLTH), a tech-driven financial platform helping digital natives turn their savings into wealth, announced financial results for its fiscal first quarter ended April 30, 2026.

***

David Fortunato - CEO, President & Director: “We shipped significant enhancements throughout the quarter, including expanded access to Wealthfront Home Lending and improvements to our Cash Management and Investment Advisory products. Our Cash Accounts supported a significantly larger dollar volume of direct client tax payments this past tax season, reflecting the growing trust our clients place in us to seamlessly handle their largest liquidity needs. We ended the quarter with record Total Platform Assets of $96.6 billion despite a dynamic macroeconomic environment and are confident our diverse product suite puts us in a strong position for the long-term.”

Alan Imberman - CFO & Treasurer: “We delivered another strong quarter of adjusted free cash flow while continuing to invest in the business. This includes offering a new cross-product adoption incentive, which helped drive the best quarter of new Investment Advisory account openings since the quarter ended January 31, 2025. Our adjusted free cash flow supported our inaugural share repurchase program, which included opportunistic buybacks of over 3 million shares at an average price of $8.66 equating to over $27 million of total open market repurchases in the quarter.”

***

Fiscal First Quarter 2027 Results Summary

Three Months Ended April 30,

($ in thousands, except per share amounts) 2026 2025 % change

GAAP

Total revenue $ 90,484 $ 84,514 7 %

Net income - diluted 12,823 25,947 (51) %

Net income margin - diluted (%) 14 % 31 %

Diluted earnings per common share $ 0.07 $ 0.18 (61) %

Net cash provided by operating activities 22,683 38,481 (41) %

Operating cash flow conversion (%) 177 % 148 %

Non-GAAP1

Adjusted EBITDA $ 37,510 $ 37,904 (1) %

Adjusted EBITDA margin (%) 41 % 45 %

Adjusted free cash flow 42,708 42,279 1 %

Adjusted free cash flow conversion (%) 114 % 112 %

1 Non-GAAP measure. Wealthfront’s reasons for use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document in the section labeled ‘Non-GAAP Reconciliations’.

F1Q27 Financial Highlights

•Quarterly total revenue of $90.5 million increased 7% year-over-year primarily due to a 19% year-over-year increase in Total Platform Assets to $96.6 billion. The difference between revenue growth and Total Platform Asset growth was due to stronger growth in Investment Advisory Assets versus that of higher-fee Cash Management Assets. Investment Advisory Assets of $51.7 billion, which were up 39% year-over-year and Cash Management Assets of $44.9 billion, which were up 3% year-over-year. Total Platform Asset growth included Total Net Deposits of $0.6 billion in the quarter.

•Funded Clients of 1.46 million grew 15% year-over-year. Funded Accounts of 1.90 million also grew 15% year-over-year.

•GAAP expenses of $75.9 million increased from $51.9 million in the prior year quarter, with the increase due primarily to higher stock-based compensation (SBC) expense and higher product development expense. SBC expense was $17.1 million in the quarter versus $1.9 million in the prior year quarter, with this increase due primarily to the recognition of dual-trigger stock awards following the IPO. Adjusted operating expenses of $58.0 million increased 16% year-over-year primarily due to higher adjusted product development expense. The increase in adjusted product development expense was primarily due to higher personnel-related expenses which were primarily due to increased headcount, and higher cloud computing expense.

•GAAP diluted net income of $12.8 million decreased from $25.9 million in the prior year quarter with the decline due to higher GAAP expenses as a result of higher SBC expense from the recognition of dual-trigger stock awards following the IPO. GAAP diluted net income margin was 14%, a decrease from 31% in the prior year quarter driven primarily by the same SBC impact noted above.

•GAAP diluted EPS was $0.07 compared to $0.18 in the prior year quarter driven primarily by higher SBC expense tied to the recognition of dual-trigger stock awards following the IPO.

•Adjusted EBITDA1 of $37.5 million declined 1% year-over-year. Adjusted EBITDA margin1 was 41%, compared to 45% for the prior year quarter.

•Net cash provided by operating activities was $22.7 million and Adjusted free cash flow1 was $42.7 million. Adjusted free cash flow conversion ratio1 was 114% for the three months ended April 30, 2026.

F1Q27 Business Highlights

•Launched a cross-product adoption incentive in early March to deepen client relationships. This incentive provides clients that direct deposit at least $1,000 per month as well as fund an investment account with an ongoing 25 basis point increase to their Cash Account annual percentage yield (APY). This helped drive asset-weighted cross-product adoption to roughly 62.5% at the end of the quarter, up over one percentage point quarter-over-quarter and aided in the strongest quarter of investment account sign-ups since the fiscal quarter ended January 31, 2025.

•Launched general availability of Wealthfront Home Lending in Colorado in early April and Texas in early May. Wealthfront Home Lending intends to deliver a better digital home mortgage experience with below market rates and transparent fees. By building a fully digital product, removing unnecessary steps, and automating away most overhead, Wealthfront Home Lending aims to consistently offer rates at least 50 basis points below the national average. During the quarter, we onboarded a second takeout investor, creating multi-investor support and more options to secure low rates for our clients.

•Bolstered the Cash Management account experience with the launch of Cash Category Goals and recurring Cash-to-Category transfers. Cash Category Goals allow clients to more easily track their progress towards personalized financial targets within specific Cash sub-accounts. Our new recurring Cash-to-Category transfers feature provides clients another option to better achieve their goals on an automated basis.

•Added one-tap-to-invest to the Stock Investing Account to streamline the purchase and sale of individual stocks and ETFs. The Stock Investing Account remains one of the most popular investment accounts among younger clients. The improved Stock Investing Account along with the Automated Investing Account, Automated Bond Portfolios, Automated Bond Ladders, and direct index offerings represent a robust suite of investment products that provide both delegator and self-directed clients a broad set of options across a variety of macroeconomic environments.

Conference Call

Wealthfront’s executive management team will host a live audio webcast beginning at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today to discuss the quarter’s financial results and business highlights. The live webcast as well as the earnings press release and earnings presentation can be found at https://ir.wealthfront.com. Following the call, a replay of the webcast will be available on the Wealthfront Investor Relations website.

About Wealthfront

Wealthfront is a tech-driven financial platform helping digital natives turn their savings into wealth. Since pioneering the automated investing category in 2011, the company has grown into a leading consumer fintech that helps clients achieve their financial goals with innovative saving, investing, borrowing, and lending products. Wealthfront’s expanding suite of high-quality, low-cost offerings helps digital natives earn more on their savings, borrow at lower rates, and keep more of their returns. To learn more and get started, visit www.wealthfront.com or download the Wealthfront app.

Contacts

Investors: ir@wealthfront.com

Press: press@wealthfront.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding Wealthfront’s future operating results and financial condition, its business strategy and plans, market growth, and its objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are made as of the date they were first issued and are based on information available to Wealthfront together with Wealthfront’s expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Wealthfront’s control. Wealthfront’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Further information on potential risks that could affect actual results is included in Wealthfront’s most recent filings with the Securities and Exchange Commission (the “SEC”), including in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 filed with the SEC on April 24, 2026 and our most recent Quarterly Report on Form 10-Q, copies of which may be obtained by visiting Wealthfront’s Investor Relations website at https://ir.wealthfront.com or the SEC's website at https://www.sec.gov. Past performance is not necessarily indicative of future results. Wealthfront undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements should not be relied upon as representing Wealthfront’s views as of any date subsequent to the date of this press release.

Additional Information

We announce material information to the public through filings with the SEC, the investor relations page on our website (ir.wealthfront.com), press releases, public conference calls, public webcasts, and our social media accounts on X and LinkedIn in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.

The content of our websites and information that we may post on or provide to online and social media channels, including those mentioned above, and information that can be accessed through our websites or these online and social media channels are not incorporated by reference into this presentation or in any report or document we file with the SEC, and any references to our websites or these online and social media channels are intended to be inactive textual references only.

Non-GAAP Financial Measures

We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources, and assess our performance. In addition to total revenue, net income (loss) and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”). Adjusted EBITDA is defined as net income (loss), excluding: (i) interest expenses, (ii) provision for (benefit from) income taxes, (iii)

depreciation and amortization, (iv) stock-based compensation expense, (v) change in fair value of the convertible note, warrant liabilities, and SAFEs, and (vi) nonrecurring expenses, if any. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, we have included Adjusted EBITDA and Adjusted EBITDA Margin in this press release because they are key measurements used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, identify trends affecting our business and perform strategic planning and annual budgeting. Adjusted Free Cash Flow reflects net cash provided from operating activities, less (i) purchases of property, software, and equipment and (ii) capitalized internally developed software, plus (i) the change in temporary client funding receivables, which include (a) the change in direct deposit receivables and (b) the change in instant withdrawal receivables. We believe Adjusted Free Cash Flow allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. However, the utility of Adjusted Free Cash Flow as a measure of our liquidity is limited as it does not represent the total increase or decrease in our cash balance for a given period. Adjusted Free Cash Flow Conversion reflects 1) Adjusted Free Cash Flow divided by 2) Adjusted EBITDA. Adjusted Operating Expenses reflect GAAP operating expenses, less (i) stock-based compensation expense and (ii) nonrecurring expenses, if any. The above items are excluded from our Adjusted Operating Expenses because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. Please refer to the Appendix for a reconciliation of each non-GAAP financial measure presented herein to the most directly comparable financial measure stated in accordance with GAAP.

Key Business Metrics

Platform assets: We define “platform assets” as the total value of financial assets held by clients in their accounts as of a stated date on our platform. Net deposits and changes in value attributable to financial market performance are included in the change in platform assets in any given period. We further break down platform assets into two categories of products: cash management and investment advisory.

Net deposits: We define “net deposits” as the value of all assets clients have placed into products on our platform, net of withdrawals, over a defined period of time. We exclude changes in value attributable to financial market performance from this metric. We view net deposits as an important barometer of our ability to scale and grow organically and accumulate assets onto our platform. We view the relevant metric as net deposits on a platform-wide basis, not by individual product. Although net deposits can vary by product based on the economic environment, total net deposits provides a more comprehensive view of our growth because our platform offers diverse financial products that are designed to perform under a wide range of economic conditions, allowing the

business to maintain resilience and increase total platform assets across market cycles and through extraordinary events.

Funded clients: We define “funded clients” as clients with balances greater than zero or that have been greater than zero on at least one occasion during the 45 consecutive calendar days ending as of the measurement date. Funded clients include clients with a zero balance across all accounts as of the measurement date if they had greater than zero balances in at least one account within 45 calendar days prior to the measurement date. Individuals who shared funded joint accounts are each considered to be a separate funded client. The number of funded clients is as of a stated date and reflects our scale and monetization potential.

Funded accounts: We define “funded accounts” as accounts with balances greater than zero or that have been greater than zero on at least one occasion during the 45 consecutive calendar days ending as of the measurement date. Funded accounts include accounts with a zero balance as of the measurement date if they had greater than zero balances within 45 calendar days prior to the measurement date. A shared funded joint account is considered a single funded account. The number of funded accounts is as of a stated date and reflects our scale and monetization potential.

WEALTHFRONT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

($ in thousands)

April 30, 2026 January 31, 2026

Assets

Current assets:

Cash and cash equivalents $ 428,208 $ 440,805

Cash segregated and on deposit for regulatory purposes 13,833 10,375

Due from clients 273,668 227,413

Accounts receivable 29,751 33,127

Client-held fractional shares 689,011 514,877

Other current assets 51,127 49,187

Total current assets 1,485,598 1,275,784

Deferred tax assets, net 115,869 119,749

Operating lease right-of-use asset 7,834 8,696

Property, software, and equipment, net 7,306 7,755

Other noncurrent assets 3,650 3,745

Total assets $ 1,620,257 $ 1,415,729

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable 7,258 7,299

Accrued liabilities 12,897 8,830

Due to clients 12,049 30,209

Payable to clearing broker 273,512 227,439

Current portion of operating lease liabilities 4,157 4,101

Fractional shares repurchase obligation 689,011 514,877

Total current liabilities 998,884 792,755

Operating lease liabilities, net of current portion 5,229 6,292

Other noncurrent liabilities 1,956 1,993

Total liabilities $ 1,006,069 $ 801,040

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.0001 par value per share; 214,611,134 shares authorized as of April 30, 2026 and January 31, 2026; 154,081,996 and 151,782,411 shares issued as of April 30, 2026 and January 31, 2026, respectively; 149,475,525 and 150,305,463 shares outstanding as of April 30, 2026 and January 31, 2026, respectively

12 12

Treasury stock, at cost; 4,606,471 and 1,476,948 shares held as of April 30, 2026 and January 31, 2026, respectively

(41,313) (13,052)

Additional paid-in capital 784,656 769,730

Accumulated deficit (129,167) (142,001)

Total stockholders’ equity $ 614,188 $ 614,689

Total liabilities and stockholders’ equity $ 1,620,257 $ 1,415,729

WEALTHFRONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

April 30,

($ in thousands)

2026 2025

Revenue:

Cash management $ 63,381 $ 64,266

Investment advisory 26,244 19,874

Other revenue 859 374

Total revenue 90,484 84,514

Costs and operating expenses:

Cost of revenue 9,964 8,668

Product development 33,715 20,232

General and administrative 16,921 9,867

Marketing 11,220 10,188

Operations and support 4,116 2,925

Total costs and operating expenses 75,936 51,880

Interest expense 252 67

Other expense (income), net (3,134) (1,544)

Income before income taxes 17,430 34,111

Provision for income taxes 4,596 8,164

Net income $ 12,834 $ 25,947

Net income attributable to common shareholders:

Net income attributable to common stockholders, basic $ 12,834 $ 25,947

Net income attributable to common stockholders, dilutive $ 12,823 $ 25,947

Earnings per share (EPS):

Basic $ 0.08 $ 0.64

Diluted $ 0.07 $ 0.18

Weighted-average shares outstanding used in computing EPS:

Basic 151,724,284 40,271,969

Diluted 175,500,854 142,487,835

Stock-Based Compensation by Type

Three Months Ended

April 30,

($ in thousands)

2026 2025

Product development $ 10,120 $ 1,251

General and administrative 5,721 349

Marketing 240 91

Operations and support

972 188

Stock-based compensation expense, net of amounts capitalized 17,053 1,879

Capitalized stock-based compensation expense — —

Total stock-based compensation expense $ 17,053 $ 1,879

WEALTHFRONT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

April 30,

($ in thousands)

2026 2025

Operating activities

Net income $ 12,834 $ 25,947

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization of property, software, and equipment, net 1,434 1,847

Non-cash lease expense 862 794

Deferred income taxes 3,880 —

Stock-based compensation expense 17,053 1,879

Impairment of internally developed software — 378

Change in fair value of warrant liabilities 412 —

Changes in operating assets and liabilities:

Due from clients (46,255) (25,685)

Accounts receivable 3,376 1,309

Other current and noncurrent assets (1,845) 1,325

Accounts payable (41) 226

Accrued liabilities 4,067 8,234

Due to clients (18,160) (2,711)

Payable to clearing broker 46,073 25,847

Lease liabilities (1,007) (909)

Net cash provided by operating activities $ 22,683 $ 38,481

Investing activities

Purchases of property, software, and equipment (985) (211)

Net cash used in investing activities $ (985) $ (211)

Financing activities

Taxes paid related to net share settlement of RSUs (4,653) —

Proceeds from exercise of stock options, including early exercises 1,118 369

Proceeds from exercise of common stock warrants 960 —

Repurchase of common stock (28,261) (213)

Net cash provided by (used in) financing activities $ (30,837) $ 156

Net increase in cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents (9,139) 38,426

Cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents at the beginning of the period 453,790 154,553

Cash and cash equivalents, cash segregated and on deposit for regulatory purposes, and restricted cash and cash equivalents at the end of the period $ 444,651 $ 192,979

WEALTHFRONT CORPORATION

KEY BUSINESS METRICS

TOTAL As of or for the

Three Months Ended

April 30,

(in $ millions unless otherwise noted) 2026 2025

Platform assets $ 96,600 $ 80,858

Cash management 44,883 43,774

Investment advisory 51,718 37,085

Net deposits $ 554 $ 1,790

Cash management (477) 1,363

Investment advisory 1,031 427

Funded clients (# in thousands) 1,458 1,264

Funded accounts (# in thousands)

1,900 1,648

CASH MANAGEMENT As of or for the

Three Months Ended

April 30,

(in $ millions unless otherwise noted) 2026 2025

Cash management assets (off-balance sheet), beginning of the period $ 45,360 $ 42,411

Cash management assets (off-balance sheet), end of the period 44,883 43,774

Average1

45,122 43,093

Cash management revenue $ 63.4 $ 64.3

Annualized cash management fee rate (in %) 2

0.58 % 0.61 %

INVESTMENT ADVISORY As of or for the

Three Months Ended

April 30,

(in $ millions unless otherwise noted) 2026 2025

Investment advisory assets (off-balance sheet), beginning of the period $ 48,745 $ 37,764

Investment advisory assets (off-balance sheet), end of the period 51,718 37,085

Average1

50,232 37,425

Investment advisory revenue $ 26.2 $ 19.9

Annualized investment advisory fee rate (in %) 2

0.21 % 0.22 %

1 Average balance rows represent the average of the beginning of period and end of period balances.

2 Annualized cash management fee rate and Annualized investment advisory fee rate is calculated by annualizing revenue for the given period and dividing by the simple average asset balance presented.

WEALTHFRONT CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(UNAUDITED)

The following tables present reconciliations of GAAP to non-GAAP measures disclosed within this document.

Adjusted Operating Expenses

Three Months Ended

April 30,

($ in thousands)

2026 2025

GAAP operating expenses $ 75,936 $ 51,880

Less: Stock-based compensation expense

17,053 1,879

Less: IPO-related service provider expense 929 —

Adjusted operating expenses

$ 57,954 $ 50,001

Adjusted EBITDA & Adjusted EBITDA Margin

Three Months Ended

April 30,

($ in thousands)

2026 2025

Net income $ 12,834 $ 25,947

Net income margin 14 % 31 %

Add:

Interest expense 252 67

Provision for (benefit from) income taxes 4,596 8,164

Depreciation and amortization of property, software, and equipment, net 1,434 1,847

EBITDA (non-GAAP) $ 19,116 $ 36,025

Stock-based compensation expense 17,053 1,879

Change in fair value of warrant liabilities and SAFEs 412 —

IPO-related service provider expense 929 —

Adjusted EBITDA (non-GAAP) $ 37,510 $ 37,904

Adjusted EBITDA Margin (non-GAAP) 41 % 45 %

WEALTHFRONT CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(UNAUDITED)

Adjusted Free Cash Flow & Adjusted Free Cash Flow Conversion

Three Months Ended

April 30,

(in thousands) 2026 2025

Net cash provided by operating activities $ 22,683 $ 38,481

Divided by: Net income (loss) 12,834 25,947

Operating cash flow conversion

177 % 148 %

Net cash provided by operating activities $ 22,683 $ 38,481

Less: Capital expenditures (985) (211)

Add: Change in temporary client funding receivables 21,010 4,009

Adjusted free cash flow $ 42,708 $ 42,279

Divided by: Adjusted EBITDA (non-GAAP)

37,510 37,904

Adjusted free cash flow conversion 114 % 112 %

Net cash provided by (used in) investing activities $ (985) $ (211)

Net cash provided by (used in) financing activities $ (30,837) $ 156

EX-99.2

Filename: q127earningspresentation.htm · Sequence: 3

q127earningspresentation

Earnings Presentation Q1 2027

Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this presentation other than statements of historical fact, including statements regarding our future operating results and financial condition, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are made as of the date they were first issued and are based on information available to Wealthfront together with Wealthfront’s expectations, estimates, forecasts, projections, beliefs, and assumptions as of such date. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Wealthfront’s control. Wealthfront’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Further information on potential risks that could affect actual results is included in Wealthfront’s most recent filings with the Securities and Exchange Commission (the “SEC”), including in our our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 filed with the SEC on April 24, 2026 and our most recent Quarterly Report on Form 10-Q, copies of which may be obtained by visiting Wealthfront’s Investor Relations website at https://ir.wealthfront.com or the SEC's website at https://www.sec.gov. Past performance is not necessarily indicative of future results. Wealthfront undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements should not be relied upon as representing Wealthfront’s views as of any date subsequent to the date of this presentation. Additional Information We announce material information to the public through filings with the SEC, the investor relations page on our website (ir.wealthfront.com), press releases, public conference calls, public webcasts, and our social media accounts on X and LinkedIn in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD. The content of our websites and information that we may post on or provide to online and social media channels, including those mentioned above, and information that can be accessed through our websites or these online and social media channels are not incorporated by reference into this presentation or in any report or document we file with the SEC, and any references to our websites or these online and social media channels are intended to be inactive textual references only. Non-GAAP Financial Measures We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources, and assess our performance. In addition to total revenue, net income and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”). Adjusted EBITDA is defined as net income, excluding: (i) interest expenses, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) change in fair value of the convertible note, warrant liabilities, and SAFEs, and (vi) nonrecurring expenses, if any. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, we have included Adjusted EBITDA and Adjusted EBITDA Margin in this presentation because they are key measurements used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, identify trends affecting our business and perform strategic planning and annual budgeting. Adjusted Free Cash Flow reflects net cash provided from operating activities, less (i) purchases of property, software, and equipment and (ii) capitalized internally developed software, plus (i) the change in temporary client funding receivables, which include (a) the change in direct deposit receivables and (b) the change in instant withdrawal receivables. We believe Adjusted Free Cash Flow allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. However, the utility of Adjusted Free Cash Flow as a measure of our liquidity is limited as it does not represent the total increase or decrease in our cash balance for a given period. Adjusted Free Cash Flow Conversion reflects Adjusted Free Cash Flow divided by Adjusted EBITDA. Adjusted Operating Expenses reflect GAAP expenses, less (i) stock-based compensation expense and (ii) nonrecurring expenses, if any. The above items are excluded from our Adjusted Operating Expenses because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. Please refer to the Appendix for a reconciliation of each non-GAAP financial measure presented herein to the most directly comparable financial measure stated in accordance with GAAP. 02

Q1 2027 Business Update 03Note: Years reflect calendar years. Expanded Availability of Wealthfront Home Lending Launched general availability of Wealthfront Home Lending in Colorado in early April and Texas in early May Launched Cross-Product Adoption Incentive Released an incentive in early March in which clients that direct deposit at least $1,000 per month as well as fund an investment account receive an ongoing 25 basis point increase to their Cash Account annual percentage yield (APY) Enhanced Investment Advisory & Cash Management Offerings Introduced Cash Category Goals allowing clients to more easily track their progress towards personalized financial targets within specific Cash sub-accounts Rolled out recurring Cash-to-Category transfers providing clients another option to better achieve their Cash Category Goals on an automated basis Added one-tap-to-invest to the Stock Investing Account in order to streamline the purchase and sale of individual stocks and ETFs Supported Positive Tax Time Experiences Drove positive tax time experiences for clients including supporting a significantly larger dollar volume of direct tax payments from Cash Accounts this year versus the same time frame last year in part due to the introduction of dynamic, client-specific withdrawal limits up to $1 million C2024 C2025 C2026-TD Automated Bond Ladders S&P 500 Direct Free Instant Withdrawals Joint Access Joint Cash Account Shared Views & Checking Features Fully Paid Securities Lending Platform Referrals Fractional Shares for Automated Investing Accounts, IRAs, and Automated Bond Portfolios Nasdaq-100 Direct Home Mortgages Wealthfront Treasury Money Market Fund (WLTXX) Cross-Product Adoption Incentive Cash Category Goals & Recurring Cash-to- Category Transfers One-Tap-To-Invest in Stock Investing Accounts

Total Platform Assets (in $ B) $80.9 $88.2 $92.8 $94.1 $96.6 $43.8 $46.6 $47.0 $45.4 $44.9 $37.1 $41.6 $45.8 $48.7 $51.7 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 • Record month-end Total Platform Assets of $96.6 billion were up 19% year-over-year (YoY). This included trailing twelve-month net deposits of $5.4 billion. • Investment Advisory Assets of $51.7 billion were up 39% YoY. • Cash Management Assets of $44.9 billion were up 3% YoY. 04Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Growth rates are year-over-year. Investment Advisory Cash Management +39% +3% +19%

Total Net Deposits (in $ B) $1.8 $3.7 $1.6 $0.6 $(0.4) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 • Wealthfront realized $0.6 billion in net inflows across the platform in Q1 2027 driven by Investment Advisory net inflows of $1.0 billion. • Cash Management net withdrawals of $0.5 billion included $577 million in net withdrawals in April due to tax seasonality. This was consistent with the expectation we set to expect net withdrawals in excess of the $538 million in Cash Management net withdrawals realized in April of last year. 05Note: Fiscal quarters ended January 31, April 30, July 31, and October 31.

1,648 1,710 1,785 1,843 1,900 Total Funded Accounts & Funded Clients (in 000s) +15% 1,264 1,318 1,378 1,417 1,458 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 • Funded accounts ended the quarter at 1.90 million, up 15% YoY, with funded clients of roughly 1.46 million, also up 15% YoY, reflecting 1.3 funded accounts per funded client. • Q1 2027 was the strongest quarter of net new funded Investment Advisory accounts since Q4 2025. 06Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Growth rates are year-over-year. Ending Total Funded Clients Ending Total Funded +15% Accounts

$84.5 $91.1 $93.2 $96.1 $90.5 $75.8 $81.5 $83.0 $86.6 $80.5 90% 89% 89% 90% 89% Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Total Revenue & Gross Profit (in $ M) Gross profit margin Cost of Revenue Gross profit +7% Adjusted Operating Expenses (in $ M) $50.0 $50.3 $53.7 $57.1 $58.0 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 • Quarterly revenue of $90.5 million, up 7% YoY and quarterly gross profit of $80.5 million, up 6% YoY. • Cash Management revenue of $63.4 million, down 1% YoY, due primarily to a lower annualized Cash Management fee rate of 58 bps, down 4 bps driven primarily by the fee rate decline realized in converting annual percentage yields (APYs) to annual percentage rates (APRs) following the 75 bps in fed funds rate cuts versus the same period last year, partially offset by higher average Cash Management balances. Investment Advisory revenue of $26.2 million, up 32% YoY, due primarily to higher average Investment Advisory balances. • Strong gross profit margin of 89% down roughly 1% YoY. • Adjusted operating expenses were $58.0 million, up 16% YoY, due primarily to higher adjusted product development expense. • The increase in adjusted product development expense was primarily due to personnel- related expense, primarily increased headcount, and higher cloud computing expense. +16% 07 +6% Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Growth rates are year-over-year. Please refer to the Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP.

Adj. EBITDA (in $ M) & Adj. EBITDA Margin (in %) Adjusted EBITDA (1)% GAAP Diluted Net Income (Loss) (in $ M) & GAAP Diluted EPS (in $) • Adjusted EBITDA of $37.5 million was down 1% YoY and reflected an adjusted EBITDA margin of 41%, down 3 percentage points YoY, but consistent with margin expectations noted during last quarter’s earnings. • The year-over-year decline in Adjusted EBITDA margin included the impact of continued investment into incentives and into rolling out Home Lending. $37.9 $44.8 $43.8 $44.2 $37.5 45% 49% 47% 46% 41% Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 • GAAP diluted net income of $12.8 million was down YoY driven primarily by higher RSU- related stock-based compensation expense recognized subsequent to the IPO and higher product development expense. • GAAP diluted earnings per share (EPS) of $0.07 was down YoY primarily due to the same factors noted above. 08 Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Growth rates are year-over-year. Please refer to the Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. margin Adjusted EBITDA $25.9 $34.7 $30.9 $12.8 $(134.8) $0.18 $0.24 $0.21 $(1.31) $0.07 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 GAAP Diluted EPS income (loss) GAAP Diluted net

69 67 63 62 49 45 49 47 46 41 24 18 16 16 7 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Rule of 40 (in Percentage Points) Revenue growth (in ppt) Adjusted EBITDA margin (in ppt) Adjusted Free Cash Flow ($ M) Adjusted Free Cash Flow Conversion (in %) $42.3 $38.8 $39.5 $34.2 $42.7 112% 87% 90% 77% 114% Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 09 Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. Rule of 40 figures may not equal the sum of subtotals due to rounding. On Adjusted Free Cash Flow, prior period figures are restated to reflect the inclusion of “Change in temporary client funding receivables” initially made in Q1’27. Please refer to the Appendix for a reconciliation of non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. Adjusted free cash flow conversion Adjusted free cash flow LTM FCF conversion: 91%

Corporate Liquidity (in $ M) $232.9 $272.7 $516.2 $690.8 $678.2 $182.9 $222.7 $266.2 $440.8 $428.2$50.0 $50.0 $250.0 $250.0 $250.0 Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 10Note: Fiscal quarters ended January 31, April 30, July 31, and October 31. CAPITAL PRIORITIES Corporate cash & Organic investments cash equivalents Total available liquidity Share repurchases M&A with a preference to ‘build’ versus ‘buy’ Revolving credit facility (untapped) • Commenced share repurchase program, purchasing $27 million of shares in the open market during Q1 2027. • Ended the quarter at $428 million in corporate cash & cash equivalents, which excludes roughly $25 million in temporary client funding receivables.

Appendix

(in $ thousands excluding EPS and shares) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Revenue: Cash management 64,266 68,873 68,812 69,749 63,381 Investment advisory 19,874 22,040 24,182 25,803 26,244 Other revenue 374 210 226 584 859 Total revenue 84,514 91,123 93,220 96,136 90,484 Costs and operating expenses: Cost of revenue 8,668 9,587 10,178 9,574 9,964 Product development 20,232 21,227 20,922 150,056 33,715 General and administrative 9,867 8,873 15,404 114,984 16,921 Marketing 10,188 9,093 12,234 20,240 11,220 Operations and support 2,925 3,063 3,046 15,802 4,116 Total costs and operating expenses 51,880 51,843 61,784 310,656 75,936 Interest expense 67 99 217 508 252 Other expense (income), net (1,544) (690) (3,526) (5,053) (3,134) Income before income taxes 34,111 39,871 34,745 (209,975) 17,430 Provision for (benefit from) income taxes 8,164 5,130 3,844 (76,320) 4,596 Net income (loss) 25,947 34,741 30,901 (133,655) 12,834 Net income (loss) attributable to common shareholders: Net income (loss) attributable to common stockholders, basic 25,947 34,741 30,901 (133,655) 12,834 Net income (loss) attributable to common stockholders, dilutive 25,947 34,741 30,901 (134,774) 12,823 Earnings per share (EPS): Basic 0.64 0.86 0.72 (1.30) 0.08 Diluted 0.18 0.24 0.21 (1.31) 0.07 Weighted-average shares outstanding used in computing EPS (in shares): Basic 40,271,969 40,497,003 42,872,653 102,601,387 151,724,284 Diluted 142,487,835 141,996,997 142,510,293 102,830,296 175,500,854 Income Statement 12

(in $ thousands unless otherwise noted) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Total revenue 84,514 91,123 93,220 96,136 90,484 Less: Cost of revenue 8,668 9,587 10,178 9,574 9,964 Gross profit 75,846 81,536 83,042 86,562 80,520 Gross profit margin (in %) 90 % 89 % 89 % 90 % 89 % Gross Profit 13

(in $ thousands unless otherwise noted) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Net cash provided by operating activities 38,481 38,924 41,478 33,306 22,683 Divided by: Net income 25,947 34,741 30,901 (133,655) 12,834 Operating cash flow conversion 148 % 112 % 134 % NM 177 % Net cash provided by operating activities 38,481 38,924 41,478 33,306 22,683 Less: Capital expenditures (211) (421) (198) (308) (985) Add: Change in temporary client funding receivables 4,009 334 (1,774) 1,244 21,010 Adjusted free cash flow1 42,279 38,837 39,506 34,242 42,708 Divided by: Adjusted EBITDA (non-GAAP) 37,904 44,759 43,813 44,213 37,510 Adjusted free cash flow conversion2 112 % 87 % 90 % 77 % 114 % Non-GAAP Reconciliation: Adjusted Free Cash Flow 15 1 Adjusted free cash flow reflects 1) Net cash provided by operating activities less 2) Capital expenditures plus 3) the Change in temporary client funding receivables, which includes i) the change in direct deposit receivables and ii) the change in instant withdrawal receivables. 2 Adjusted free cash flow conversion equals 1) Adjusted free cash flow divided by 2) Adjusted EBITDA. Note: Prior period figures are restated to reflect the inclusion of “Change in temporary client funding receivables” initially made in Q1’27. 14

(in $ thousands unless otherwise noted) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Product development 1,251 1,046 850 124,266 10,120 General and administrative 349 291 7,049 102,992 5,721 Marketing 91 77 62 8,242 240 Operations and support 188 157 127 12,788 972 Total stock-based compensation expense 1,879 1,571 8,088 248,288 17,053 Capitalized stock-based compensation expense — — — — — Total stock-based compensation expense, net of amounts capitalized 1,879 1,571 8,088 248,288 17,053 Non-GAAP Reconciliation: Expense Detail (in $ thousands unless otherwise noted) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 GAAP operating expenses 51,880 51,843 61,784 310,656 75,936 Less: Stock-based compensation expense 1,879 1,571 8,088 248,288 17,053 Less: Employer payroll taxes on IPO-triggered vesting of equity awards — — — 5,275 — Less: IPO-related service provider expense — — — — 929 Adjusted operating expenses 50,001 50,272 53,696 57,093 57,954 15

(in $ thousands unless otherwise noted) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Net income (loss) 25,947 34,741 30,901 (133,655) 12,834 Net margin (in %) 31 % 38 % 33 % (140)% 14 % Add: Interest expense 67 99 217 508 252 Provision for (benefit from) income taxes 8,164 5,130 3,844 (76,320) 4,596 Depreciation and amortization of property, software, and equipment, net 1,847 1,859 1,860 1,829 1,434 EBITDA (non-GAAP) 36,025 41,829 36,822 (207,638) 19,116 Stock-based compensation expense 1,879 1,571 8,088 248,288 17,053 Change in fair value of warrant liabilities and SAFEs — 1,359 (1,097) (1,712) 412 Employer payroll taxes on IPO-triggered vesting of equity awards — — — 5,275 — IPO-related service provider expense — — — — 929 Adjusted EBITDA (non-GAAP) 37,904 44,759 43,813 44,213 37,510 Adjusted EBITDA Margin (non-GAAP) [in %] 45 % 49 % 47 % 46 % 41 % Non-GAAP Reconciliation: Adjusted EBITDA 16

(in $ millions unless otherwise noted) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Platform assets $ 80,858 $ 88,175 $ 92,821 $ 94,106 $ 96,600 Cash management 43,774 46,579 47,011 45,360 44,883 Investment advisory 37,085 41,596 45,810 48,745 51,718 Net deposits $ 1,790 $ 3,662 $ 1,568 $ (360) $ 554 Cash management 1,363 2,806 432 (1,651) (477) Investment advisory 427 856 1,136 1,290 1,031 Funded accounts (in # thousands) 1,648 1,710 1,785 1,843 1,900 Funded clients (# in thousands) 1,264 1,318 1,378 1,417 1,458 Key Business Metrics (1 of 2) 17Note: Sum of subtotals may not equal totals due to rounding.

(in $ millions unless otherwise noted) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Cash management assets (off-balance sheet), beginning of the period 42,411 43,774 46,579 47,011 45,360 Cash management assets (off-balance sheet), end of the period 43,774 46,579 47,011 45,360 44,883 Average1 43,093 45,177 46,795 46,186 45,122 Cash management revenue 64.3 68.9 68.8 69.7 63.4 Annualized cash management fee rate (in %) 2 0.61 % 0.60 % 0.58 % 0.60 % 0.58 % Investment advisory assets (off-balance sheet), beginning of the period 37,764 37,085 41,596 45,811 48,745 Investment advisory assets (off-balance sheet), end of the period 37,085 41,596 45,811 48,745 51,718 Average1 37,425 39,341 43,704 47,278 50,232 Investment advisory revenue 19.9 22.0 24.2 25.8 26.2 Annualized investment advisory fee rate (in %) 2 0.22 % 0.22 % 0.22 % 0.22 % 0.21 % Key Business Metrics (2 of 2) 1 Average balance rows represent the average of the beginning of period and end of period balances. 2 Annualized cash management fee rate and Annualized investment advisory fee rate is calculated by annualizing revenue for the given period and dividing by the applicable average asset balance. Note: Sum of subtotals may not equal totals due to rounding. Note: Sum of subtotals may not equal totals due to rounding.Note: Sum of subtotals may not equal totals due to rounding. 18

Illustrative GAAP Diluted Weighted-Average Shares Outstanding Sensitivity Assumed Average Share Price Illustrative for F1Q27 (shares in millions) ACTUAL $9.36 175.5 $10.00 176.5 $12.00 179.0 $14.00 180.8 $16.00 182.1 $18.00 183.2 $20.00 184.0 19 NOTE: The GAAP diluted weighted-average shares outstanding and assumed share prices provided in this table are being provided for illustrative purposes only and do not purport to represent what GAAP diluted weighted-average shares outstanding or our share price may be for any future period or would have been for F1Q27 given the impact of share price to other related factors such as share repurchases. The trading price of our common stock could be volatile, and there can be no guarantee that actual trading prices will be at, below, or above the assumed prices provided in the table above.

Definitions Key Business Metrics Platform assets: We define “platform assets” as the total value of financial assets held by clients in their accounts as of a stated date on our platform. Net deposits and changes in value attributable to financial market performance are included in the change in platform assets in any given period. We further break down platform assets into two categories of products: cash management and investment advisory. Net deposits: We define “net deposits” as the value of all assets clients have placed into products on our platform, net of withdrawals, over a defined period of time. We exclude changes in value attributable to financial market performance from this metric. We view net deposits as an important barometer of our ability to scale and grow organically and accumulate assets onto our platform. We view the relevant metric as net deposits on a platform-wide basis, not by individual product. Although net deposits can vary by product based on the economic environment, total net deposits provides a more comprehensive view of our growth because our platform offers diverse financial products that are designed to perform under a wide range of economic conditions, allowing the business to maintain resilience and increase total platform assets across market cycles and through extraordinary events. Funded clients: We define “funded clients” as clients with balances greater than zero or that have been greater than zero on at least one occasion during the 45 consecutive calendar days ending as of the measurement date. Funded clients include clients with a zero balance across all accounts as of the measurement date if they had greater than zero balances in at least one account within 45 calendar days prior to the measurement date. Individuals who shared funded joint accounts are each considered to be a separate funded client. The number of funded clients is as of a stated date and reflects our scale and monetization potential. Funded accounts: We define “funded accounts” as accounts with balances greater than zero or that have been greater than zero on at least one occasion during the 45 consecutive calendar days ending as of the measurement date. Funded accounts include accounts with a zero balance as of the measurement date if they had greater than zero balances within 45 calendar days prior to the measurement date. A shared funded joint account is considered a single funded account. The number of funded accounts is as of a stated date and reflects our scale and monetization potential. 20

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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-Name Exchange Act

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Indicate if registrant meets the emerging growth company criteria.

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-Section 12

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Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.

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-Name Securities Act

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-Section B

-Subsection 2

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Publisher SEC

-Name Exchange Act

-Number 240

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-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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-Section 13e

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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-Section 425

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