Slide 1: Earnings Presentation Q4 2026 + FY 2026
Earnings Presentation Q4 2026 + FY 2026
Slide 2: Disclaimer
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 op
Slide 3: Q4 2026 Business Update
Q4 2026 Business Update Second Consecutive Record Quarter of Net Cross C2025 Account Transfers to Investment Advisory Joint Cash Account Shared Highlights the balanced nature of the business and the enhanced breadth of Investment Advisory products available to clients C2024 Views & Checking Features
Slide 4: Fiscal year financial summary: platform assets, revenue, adjusted EBITDA
Investment Advisory Gross profit margin Total Platform Assets Cash Management Total Revenue & Gross Cost of Revenue (in $ B) Profit (in $ M) Gross profit $94.1 +17% 400.0 $365.0 $80.2 350.0 $308.9 +18% 1.2 1.1 $57.6 $37.8 $48.7 +29% 300.0 $216.7 $327.0 +18% 1.1 250.0 $277.9 1.0 200.0 $28.2 150.0 $19
Slide 5: Total Platform Assets
Total Platform Assets Investment Advisory Cash Management • Record month-end Total Platform Assets of $94.1 billion were up 17% year- (in $ B) over-year (YoY). This included trailing twelve- month net deposits of $6.7 billion. $94.1 • Investment Advisory Assets $92.8 +17% of $48.7 billion were up 29
Slide 6: Total Net Deposits
Total Net Deposits • Total net outflows in Q4 2026 were $0.4 billion. Investment (in $ B) Advisory net deposits were $1.3 billion including a second consecutive record quarter of net cross account transfers from Cash Management to Investment Advisory. Cash Management net outflows were $1.7 billion,
Slide 7: Total Funded Accounts & Funded Clients
Total Funded Accounts Ending Total Funded Accounts • Funded accounts ended the quarter at roughly 1.84 & Funded Clients Ending Total Funded Clients million, up 16% YoY, with funded clients of roughly 1.42 (in 000s) million, up 17% YoY, reflecting 1.3 funded 1,843 accounts per funded client. 1,785 1,
Slide 8: Total Revenue & Gross Profit; Adjusted Operating Expenses
Total Revenue & Gross profit margin Adjusted Operating Gross Profit (in $ M) Cost of Revenue Gross profit Expenses (in $ M) 125 1.1 $96.1 100 $91.1 $93.2 16% 1.05 $82.7 $84.5 $83.0 $86.6 1 $57.1 75 $81.5 17% $53.7 15% $74.1 $75.8 0.95 $49.7 $50.0 $50.3 50 0.9 90% 90% 89% 90% 89% 25 0.85 0 0.8 Q4'25
Slide 9: Adjusted EBITDA and GAAP Net Income & EPS
Adj. EBITDA (in $ M) Adjusted EBITDA margin GAAP Diluted GAAP Diluted EPS & Adj. EBITDA Margin (in %) Adjusted EBITDA Net Income (Loss) (in $M) GAAP diluted net income (loss) & GAAP Diluted EPS (in $) $44.2 $44.8 $43.8 $32.1 $34.7 +22% $25.9 $30.9 $36.2 $37.9 $0.23 $0.18 $0.24 $0.21 49% 47% 46% 44%
Slide 10: Rule of 40 and Free Cash Flow
Rule of 40 Revenue growth (in ppt) Free Cash Flow ($ M) & Free cash flow conversion (in Percentage Points) Adjusted EBITDA margin (in ppt) Free Cash Flow Free cash flow Conversion (in %) • Q4 is a seasonally lower free cash flow quarter as we pay out 65% of accrued annual cash bonuses to our employe
Slide 11: Corporate Liquidity
Corporate Liquidity Revolving credit facility (untapped) • No corporate debt Corporate cash & cash equivalents (in $ M) • Corporate cash in Q4’26 includes net IPO proceeds raised in December. CAPITAL PRIORITIES $690.8 Organic investments $516.2 $250.0 $250.0 Share repurchases Total available liquidi
Slide 12: Appendix
Appendix
Slide 13: Income Statement
Income Statement (in $ thousands excluding EPS and shares) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 Revenue: Cash management 62,056 64,266 68,873 68,812 69,749 154,800 230,946 271,700 Investment advisory 19,632 19,874 22,040 24,182 25,803 56,095 73,045 91,899 Other revenue 992 374 210 226 584
Slide 14: Gross Profit
Gross Profit (in $ thousands unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 Total revenue 82,680 84,514 91,123 93,220 96,136 216,714 308,859 364,993 Less: Cost of revenue 8,543 8,668 9,587 10,178 9,574 22,898 30,964 38,007 Gross profit 74,137 75,846 81,536 83,042 86,562 193,
Slide 15: Free Cash Flow
Free Cash Flow (in $ thousands unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 Net cash provided by operating activities 19,915 38,481 38,924 41,478 33,306 Divided by: Net income 32,092 25,947 34,741 30,901 (133,655) Operating cash flow conversion (in %) 62% 148% 112% 134% NM Net cash provided
Slide 16: Expense Detail
Expense Detail (in $ thousands unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 GAAP operating expenses 51,783 51,880 51,843 61,784 310,656 135,139 187,386 476,163 Less: Stock-based compensation expense 2,120 1,879 1,571 8,088 248,288 11,846 9,364 259,824 Less: Employer payrol
Slide 17: Expense Detail
Expense Detail (in $ thousands unless otherwise noted) Q4’26 + F2026 Product development 2,879 General and administrative 1,903 Marketing 156 Operations and support 337 Employer payroll taxes on IPO-triggered vesting of equity awards 5,275 Note: Fiscal quarters ended January 31, April 30, July 31, a
Slide 18: Adjusted EBITDA
Adjusted EBITDA (in $ thousands unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 Net income 32,092 25,947 34,741 30,901 (133,655) 76,966 194,447 (42,066) Net income margin (in %) 39% 31% 38% 33% (140)% 36% 63% (12)% Add: Interest expense 253 67 99 217 508 2,000 2,810 891 Provi
Slide 19: Key Business Metrics (1 of 2)
Key Business Metrics (1 of 2) (in $ millions unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 F2024 F2025 F2026 Platform assets $ 80,175 80,858 88,175 92,821 94,106 57,601 80,175 94,106 Cash management 42,411 43,774 46,579 47,011 45,360 29,361 42,411 45,360 Investment advisory 37,764 37,085 41,
Slide 20: Key Business Metrics (2 of 2)
Key Business Metrics (2 of 2) (in $ millions unless otherwise noted) Q4’25 Q1’26 Q2’26 Q3’26 Q4’26 Cash management assets (off-balance sheet), beginning of the period $ 41,400 42,411 43,774 46,579 47,011 Cash management assets (off-balance sheet), end of the period 42,411 43,774 46,579 47,011 45,360
Slide 21: Definitions
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 pla