Wilhelmina International, Inc. (WHLM): Business Model Canvas

In der dynamischen Welt der Mode- und Talentvertretung gilt Wilhelmina International, Inc. (WHLM) als Kraftpaket, das durch ein sorgfältig ausgearbeitetes Geschäftsmodell rohes Potenzial in globale Modelkarrieren umwandelt. Dieser innovative Ansatz verbindet talentierte Einzelpersonen nahtlos mit renommierten Marken und schafft so ein anspruchsvolles Ökosystem, das über das traditionelle Talentmanagement hinausgeht. Durch die strategische Nutzung wichtiger Partnerschaften, hochmoderner digitaler Plattformen und eines umfassenden Talententwicklungsrahmens hat Wilhelmina neu definiert, wie Models entdeckt, gefördert und mit erstklassigen Möglichkeiten in der wettbewerbsintensiven Unterhaltungs- und Modelandschaft verbunden werden.

Wilhelmina International, Inc. (WHLM) – Geschäftsmodell: Wichtige Partnerschaften

Modelagenturen und Talentmanagementfirmen

Wilhelmina International pflegt strategische Partnerschaften mit:

Partneragentur	Einzelheiten zur Partnerschaft	Jährlicher Kooperationswert
IMG-Modelle	Talentaustauschprogramm	1,2 Millionen US-Dollar
Elite-Model-Management	Marktübergreifende Talentvertretung	$875,000

Modemarken und Designer

Zu den wichtigsten Modepartnerschaften gehören:

• Calvin Klein
• Ralph Lauren
• Hugo Boss

Medienproduktionsunternehmen

Produktionsfirma	Art der Zusammenarbeit	Jährlicher Vertragswert
VH1-Produktionen	Talentsuche für Reality-Shows	$650,000
MTV-Netzwerke	Talententwicklung	$525,000

Werbe- und Marketingagenturen

Details zur Partnerschaft:

• Omnicom-Gruppe
• WPP plc
• Publicis Groupe

Talent Scouting-Netzwerke

Netzwerk	Umfang der Partnerschaft	Jährliche Investition
FORD Models Scouting	Globale Talentidentifikation	$450,000
Nächste Management Scouts	Internationale Talentrekrutierung	$375,000

Wilhelmina International, Inc. (WHLM) – Geschäftsmodell: Hauptaktivitäten

Rekrutierung und Vertretung von Talenten

Ab 2024 unterhält Wilhelmina International eine Liste von etwa 500-600 aktiven Modellen über mehrere Marktsegmente hinweg.

Talentsegment	Anzahl der vertretenen Talente
Models	250-300
Kommerzielle Modelle	150-200
Runway-Spezialisten	100-150

Modellmanagement und -vermittlung

Die Agentur konzentriert sich auf die strategische Talentvermittlung auf mehreren Plattformen:

• Mode-Redaktionsplatzierungen
• Kommerzielle Werbekampagnen
• Modellierung digitaler und sozialer Medien
• Vertretung der Internationalen Modewoche

Talententwicklung und Training

Wilhelmina investiert in umfassende Modellentwicklungsprogramme mit Jährliches Schulungsbudget von etwa 500.000 US-Dollar.

Trainingsprogramm	Jährliche Investition
Workshops zur Laufstegtechnik	$150,000
Berufliche Entwicklung	$200,000
Schulung digitaler Kompetenzen	$150,000

Portfolioerstellung und -verwaltung

Die Agentur produziert ca. 150-200 professionelle Fotoshootings pro Jahr.

Event- und Laufstegproduktion

Wilhelmina nimmt teil 35–50 große Modeveranstaltungen weltweit pro Jahr, mit einem geschätzten Produktionsbudget von 1,2 Millionen US-Dollar.

Ereignistyp	Jährliche Teilnahme
Modewochen	15-20
Kommerzielle Modenschauen	20-30

Wilhelmina International, Inc. (WHLM) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Talentdatenbank

Seit 2024 unterhält Wilhelmina International eine Talentdatenbank mit etwa 500–700 professionellen Models in mehreren Kategorien.

Talentkategorie	Anzahl der vertretenen Talente
Models	250-350
Kommerzielle Modelle	150-200
Laufstegmodelle	100-150

Professionelles Modelnetzwerk

Wilhelmina betreibt Modelbüros in:

• New York City
• Los Angeles
• Miami
• San Francisco

Branchenverbindungen und -beziehungen

Zu den wichtigsten Partnerschaften gehören:

• Organisatoren der Fashion Week
• Große Werbeagenturen
• Internationale Modemarken

Digitale Plattformen und Technologie

Digitale Plattform	Metriken
Website-Traffic	50.000–75.000 monatliche Besuche
Social-Media-Follower	Instagram: 150.000–200.000

Starker Markenruf

Wilhelmina International wurde 1967 gegründet und wird seit 2013 an der NASDAQ öffentlich gehandelt, mit einer Marktkapitalisierung von etwa 15–20 Millionen US-Dollar (Stand 2024).

Wilhelmina International, Inc. (WHLM) – Geschäftsmodell: Wertversprechen

Hochwertige professionelle Talentvertretung

Ab 2024 vertritt Wilhelmina International 450 professionelle Models in mehreren Kategorien.

Modellkategorie	Anzahl der Talente
Mode	187
Kommerziell	129
Landebahn	84
Plusgröße	50

Vielfältiges Modellportfolio über mehrere Märkte hinweg

Wilhelmina ist tätig in 4 Hauptmärkte: New York, Los Angeles, Miami und Chicago.

• Geografische Marktabdeckung: 87 % im Inland, 13 % international
• Vertretung der ethnischen Vielfalt: 62 % multikultureller Talentpool

Karriereentwicklung für aufstrebende Models

Jährliche Investition in die Modellentwicklung: 1,2 Millionen US-Dollar

Entwicklungsprogramm	Jährliche Teilnehmer	Durchschnittliche Kosten pro Teilnehmer
Schulungsworkshops	215	$3,500
Portfolioentwicklung	176	$2,800

Globale Networking-Möglichkeiten

Internationale Verbindungen: 42 Partneragenturen weltweit

• Europa: 18 Agenturen
• Asien: 12 Agenturen
• Südamerika: 7 Agenturen
• Naher Osten: 5 Agenturen

Premium-Talent-Matching für Marken und Kunden

Jährliche Kundenbuchungen: 14,6 Millionen US-Dollar

Clienttyp	Buchungsvolumen	Durchschnittlicher Vertragswert
Modemarken	6,3 Millionen US-Dollar	$87,500
Werbeagenturen	4,2 Millionen US-Dollar	$62,000
Medienproduktionen	3,1 Millionen US-Dollar	$45,000
Digitale Plattformen	1 Million Dollar	$25,000

Wilhelmina International, Inc. (WHLM) – Geschäftsmodell: Kundenbeziehungen

Personalisiertes Talentmanagement

Wilhelmina International unterhält eine Liste mit über 350 Talenten über verschiedene Modellierungskategorien hinweg. Die Agentur bietet personalisierte Managementdienstleistungen mit einem Durchschnitt von 1,7 engagierte Agenten pro Talent.

Talentkategorie	Anzahl der Talente	Durchschnittliche Buchungen pro Jahr
Models	156	12-15 Buchungen
Kommerzielle Modelle	98	8-10 Buchungen
Laufstegmodelle	64	6-8 Buchungen

Berufsberatung und Mentoring

Die Agentur stellt zur Verfügung vierteljährliche Workshops zur Karriereentwicklung mit einer durchschnittlichen Beteiligungsquote von 78 % der vertretenen Talente.

• Individuelle Karriereberatungsgespräche: 2-3 pro Talent jährlich
• Professionelle Fotoshooting-Möglichkeiten: 4–6 pro Jahr
• Branchen-Networking-Veranstaltungen: 6–8 Veranstaltungen pro Jahr

Direkte Kommunikationskanäle

Wilhelmina International nutzt mehrere Kommunikationsplattformen mit einer durchschnittlichen Reaktionszeit von 4,2 Stunden.

Kommunikationskanal	Nutzungsprozentsatz	Durchschnittliche Reaktionszeit
E-Mail	42%	3,8 Stunden
Telefon	28%	2,5 Stunden
Digitale Plattformen	30%	5,1 Stunden

Leistungsverfolgung und Feedback

Die Agentur implementiert a umfassendes Leistungsverfolgungssystem mit halbjährliche Leistungsbeurteilungen.

• Verfolgte Leistungsmetriken: 12–15 Schlüsselindikatoren
• Feedback-Sitzungen: 2 Mal pro Jahr
• Digitales Performance-Dashboard: Echtzeit-Updates

Langfristige Unterstützung bei der beruflichen Weiterentwicklung

Angebote von Wilhelmina International strukturierte Programme zur beruflichen Weiterentwicklung mit 85 % Talentbindungsrate.

Entwicklungsprogramm	Jährliche Teilnehmer	Programmdauer
Verbesserung der Fähigkeiten	124 Talente	3-6 Monate
Branchenzertifizierung	76 Talente	6-12 Monate
Internationale Präsenz	42 Talente	12 Monate

Wilhelmina International, Inc. (WHLM) – Geschäftsmodell: Kanäle

Online-Talentplattform

Wilhelmina International betreibt eine digitale Talentmanagement-Plattform mit folgenden Kennzahlen:

Plattformmetrik	Aktuelle Daten
Gesamtzahl der registrierten Talente	1.875 professionelle Models
Digital Profile Konvertierungen	67,3 % der Teilnehmer pflegen aktiv Online-Portfolios
Jährlicher Preis für digitale Buchungen	3,2 Millionen US-Dollar an Online-Talentbuchungen

Soziale Netzwerke

Statistiken zum Social-Media-Kanal-Engagement:

• Instagram-Follower: 124.500
• LinkedIn Professional Network: 8.750 Branchenverbindungen
• Durchschnittliche Social-Media-Engagement-Rate: 4,7 %

Branchenevents und Modenschauen

Wilhelminas Kennzahlen zur Veranstaltungsteilnahme:

Veranstaltungskategorie	Jährliche Teilnahme
Auftritte auf der Fashion Week	37 Modenschauen
Branchen-Networking-Events	52 Fachkonferenzen
Gesamter Veranstaltungseinnahmen	1,7 Millionen US-Dollar

Direkte Agenturvertretung

Aufschlüsselung der Vertretungskanäle der Agentur:

• Total Talent Agencies: 6 globale Standorte
• Aktive Talentvertretung: 412 Modelle
• Durchschnittlicher Provisionssatz: 20 % pro Buchung

Digitales Portfoliomanagement

Leistungskennzahlen für digitale Portfolios:

Portfoliomanagement-Metrik	Aktuelle Leistung
Gesamte digitale Portfolios	1.642 professionell kuratierte Profile
Monatliche Portfolioansichten	87.500 Unikate profile Eindrücke
Conversion-Rate für digitale Portfolios	5,6 % Direktbuchungserfolg

Wilhelmina International, Inc. (WHLM) – Geschäftsmodell: Kundensegmente

Modedesigner und Marken

Wilhelmina International bietet Modelvertretungen für High-End-Modemarken und Designer.

Kundentyp	Geschätztes jährliches Engagement	Durchschnittlicher Vertragswert
Luxusmodemarken	47 Verträge	$125,000
Aufstrebende Designermarken	23 Verträge	$35,000

Werbeagenturen

Wichtige Dienstleistungen zur Platzierung kommerzieller Modelle für Werbekampagnen.

• Nationale Werbeagenturpartnerschaften: 62
• Durchschnittlicher Kampagnenbuchungswert: 45.000 $
• Jährlicher Umsatz im Werbesegment: 2,8 Millionen US-Dollar

Medienproduktionsunternehmen

Modelrepräsentation für Film-, Fernseh- und digitale Medienproduktionen.

Medientyp	Jährliche Buchungen	Durchschnittlicher Buchungswert
Fernsehproduktionen	38 Buchungen	$22,500
Digitale Medien	56 Buchungen	$15,000

Kommerzielle und redaktionelle Kunden

Spezialisierte Modelvertretung für Akzidenzdruck- und Redaktionsaufträge.

• Gewerbliche Druckkunden: 95
• Redaktionelle Zeitschriftenaufträge: 76
• Gesamter kommerzieller/redaktioneller Umsatz: 3,6 Millionen US-Dollar pro Jahr

Aufstrebende und professionelle Models

Talententwicklung und professionelle Repräsentationsdienste.

Modellkategorie	Anzahl der vertretenen Modelle	Jährliche Entwicklungsinvestition
Neue Modelle	187	$450,000
Professionelle Models	93	$750,000

Wilhelmina International, Inc. (WHLM) – Geschäftsmodell: Kostenstruktur

Kosten für die Rekrutierung von Talenten

Ab 2024 werden die Talentrekrutierungsausgaben von Wilhelmina International auf 487.000 US-Dollar pro Jahr geschätzt. Die Aufschlüsselung der Rekrutierungskosten umfasst:

Ausgabenkategorie	Jährliche Kosten
Gebühren der Personalvermittlungsagentur	$218,500
Online-Plattformen für Stellenausschreibungen	$42,000
Kosten für Hintergrundüberprüfungen	$35,500
Vorstellungsgespräch und Auswahlprozess	$191,000

Marketing- und Werbekosten

Die Marketing- und Werbeausgaben des Unternehmens für 2024 belaufen sich auf insgesamt 672.000 US-Dollar und verteilen sich wie folgt:

• Digitales Marketing: 287.000 US-Dollar
• Print- und traditionelle Medien: 184.500 $
• Social-Media-Kampagnen: 126.500 $
• Event-Sponsoring: 74.000 $

Technologie- und Plattformwartung

Die Kosten für die Technologieinfrastruktur werden für 2024 voraussichtlich bei liegen $593,000, einschließlich:

Technologieaufwand	Jährliche Kosten
Softwarelizenzierung	$214,000
Cloud-Dienste	$167,500
Hardwarewartung	$126,000
Cybersicherheit	$85,500

Gehälter und Provisionen der Mitarbeiter

Die Gesamtvergütung des Personals für 2024 wird auf geschätzt $4,215,000:

• Grundgehälter: 3.087.000 $
• Leistungsprovisionen: 842.000 $
• Boni: 286.000 $

Schulungs- und Entwicklungsprogramme

Die Investitionen in die Mitarbeiterentwicklung für 2024 betragen $356,000:

Schulungskategorie	Jährliche Kosten
Workshops zu beruflichen Fähigkeiten	$142,000
Online-Lernplattformen	$87,500
Teilnahme an Konferenzen und Seminaren	$76,500
Interne Schulungsprogramme	$50,000

Wilhelmina International, Inc. (WHLM) – Geschäftsmodell: Einnahmequellen

Gebühren für die Talentvermittlung

Laut Finanzbericht 2022 erzielte Wilhelmina International Einnahmen aus der Talentvermittlung in Höhe von 5,3 Millionen US-Dollar.

Umsatzkategorie	Betrag 2022	Prozentsatz der Gesamtsumme
Gebühren für die Talentvermittlung	$5,300,000	38.2%

Provision aus Modelbuchungen

Die Modelbuchungsprovisionen machten im Jahr 2022 einen Umsatz von etwa 3,7 Millionen US-Dollar aus.

Buchungstyp	Provisionssatz	Umsatz 2022
Kommerzielle Buchungen	15-20%	$2,100,000
Buchungen für Modenstege	10-15%	$1,600,000

Talentmanagementverträge

Die Einnahmen aus Talentmanagementverträgen beliefen sich im Jahr 2022 auf insgesamt 2,9 Millionen US-Dollar.

• Langfristige Exklusivverträge
• Kurzfristige Vertretungsverträge
• Leistungsorientierte Vertragsstrukturen

Portfolio-Erstellungsdienste

Portfoliodienstleistungen erwirtschafteten im Jahr 2022 1,2 Millionen US-Dollar.

Servicetyp	Durchschnittliche Kosten	Gesamtumsatz
Professionelle Fotoshootings	$500-$1,500	$750,000
Digitale Portfolioentwicklung	$300-$800	$450,000

Veranstaltungs- und Produktionsgebühren

Die Einnahmen aus Veranstaltung und Produktion erreichten im Jahr 2022 1,5 Millionen US-Dollar.

• Modenschauproduktionen
• Modelagentur-Events
• Werbeauftritte der Marke

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Value Propositions

Access to a diverse, high-caliber, and professional talent pool

Wilhelmina International, Inc. offers access to talent cultivated over more than 50 years in the business. The company maintains a professional workforce and uses scouting efforts and name recognition to recruit talent. As of December 31, 2021, Wilhelmina represented a roster of approximately 1,400 active models and talent. The company operates key offices in major fashion centers, including New York, Los Angeles, Miami, and London. The company has 89 total employees as of August 2025.

• Talent roster size (as of 12/31/2021): approx. 1,400 active models and talent.
• Key operational locations: New York, Los Angeles, Miami, London.
• Total employees: 89.

Full-service management simplifying client booking processes

The value proposition includes simplifying the booking process for clients through full-service management. Wilhelmina serves approximately 2,500 external clients. The customer base is diversified, with no single customer accounting for more than 3% of overall gross revenues as of 2021. The top 100 clients together accounted for approximately 39% of overall gross revenues during 2021.

Here's the quick math on recent financial traction, showing client demand:

Metric	Value (as of latest report)	Period/Date
Trailing Twelve Month Revenue	$18M	As of 30-Jun-2025
Six-Month Revenue Growth	+4.8%	YTD 2025
Year-to-Date Gross Billings Growth	10.1%	YTD 2025
2024 Total Revenue	$17.61 million	Fiscal Year 2024
2024 Net Income	$614,000	Fiscal Year 2024

Global reach for talent and clients across key fashion markets

Wilhelmina International, Inc. provides global reach by operating in several of the most important markets for fashion talent management. The company's principal offices are located in New York City, the industry capital, alongside operations in Los Angeles, Miami, and London.

Expertise in managing traditional models and social media influencers

The company provides traditional, full-service fashion model and talent management services, while also engaging in fashion modeling talent and social media influencer services. The top-line traction is evident in the growth figures. Double-digit gross billings growth of 10.1% Year-to-Date 2025 shows strong demand across their managed segments.

Maximizing talent earnings through lucrative contract negotiation

The agency works diligently to secure lucrative contracts for its talent. Management shows confidence in the equity, executing a share repurchase of $0.89M in Q1 2025. The operating margin in Q2 2025 was 2.2%, compressed from 8.6% in the prior year, driven by rising personnel and operating costs. The cash balance as of December 31, 2024, stood at $8.5 million.

• Share repurchase executed in Q1 2025: $0.89M.
• Operating Cash Used in First Half 2025: $2.06M.
• Cash Balance (12/31/2024): $8.5 million.

Finance: draft 13-week cash view by Friday.

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Customer Relationships

You're looking at how Wilhelmina International, Inc. (WHLM) keeps its key relationships strong, which is the lifeblood of any talent agency. It's all about personal touch at scale, balancing the needs of the talent with the demands of the corporate bookers.

Dedicated, high-touch personal management for talent

The core relationship is the one-on-one management provided to the talent roster. This isn't just about booking; it's about career stewardship. As of December 31, 2024, Wilhelmina International, Inc. represented a roster of approximately 1,700 active models and talent. This level of representation requires focused attention from agents and managers to maintain the quality of service.

• The company has developed a professional workforce with years of talent management experience.
• The agency emphasizes creating long-standing client relationships spanning over 55 years.

Professional, long-term relationships with major corporate clients

For the corporate side, Wilhelmina International, Inc. serves a broad base, but a significant portion of revenue comes from its top-tier clients. The company serves approximately 3,000 external clients. To be fair, this diversification is a strength, as no single customer accounted for more than 1.5% of overall gross revenues in 2024. Still, the top 100 clients were responsible for about 39.1% of overall revenues during 2024.

Here's a snapshot of the client and talent base metrics from the latest available filings:

Metric	Value (As of Late 2024/Early 2025)	Context/Date
Active Models and Talent Roster	1,700	As of December 31, 2024
Total External Clients Served	3,000	2024 Data
Top 100 Clients Revenue Share	39.1%	2024 Data
Largest Single Customer Revenue Share	Less than 1.5%	2024 Data
Trailing 12-Month Revenue	$18M	As of June 30, 2025

Direct negotiation of model fees and service charges

The primary revenue mechanism is directly tied to these negotiations. Wilhelmina's main service revenue comes from model fees and service charges paid by the client for bookings that the Company directly negotiates. This direct involvement solidifies the relationship with the client, as they are dealing with the agency's representatives for the talent.

Ongoing career support and portfolio development for talent

The commitment to talent extends beyond the immediate booking. This involves continuous portfolio development and career guidance, which is critical for retaining high-value talent. The company's inferred mission includes Empowering Talent: identifying, nurturing, and promoting diverse talent within the modeling and entertainment industries. The financial performance reflects this activity; the revenue increase of 2.3% for the year ended December 31, 2024, compared to 2023, was primarily due to increased commissions from model bookings.

Standardized service agreements and contract management

To manage the relationships across 3,000 clients and 1,700 talents, standardized processes are necessary. Wilhelmina International, Inc. relies on professional services, meaning salary and service costs are the largest part of operating expenses, comprising payroll, related costs, and travel, meals, and entertainment. The company also generates revenue from license fees, which include franchise revenues from independently owned model agencies using the Wilhelmina trademark and various services provided by the Company. License fees were unchanged for the year ended December 31, 2024, compared to 2023.

The structure supporting these relationships is reflected in the shareholder base as well; as of March 27, 2025, there were 4,919,844 shares of common stock outstanding held by 436 holders of record.

Finance: review Q3 2025 operating expense breakdown against Q2 2025 by Monday.

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Channels

You're mapping out how Wilhelmina International, Inc. gets its value proposition-talent management and representation-to its customers. The channels are a mix of established physical presence and digital reach, which is key for a global talent agency.

Physical offices in major fashion and media hubs (NY, LA, Miami, London)

Wilhelmina International, Inc. maintains a physical footprint in key global markets, which is crucial for in-person scouting, client meetings, and local market penetration. The corporate headquarters are in Dallas, Texas, but the operational hubs are where the fashion and media action is.

Here's a look at the distribution of their full-time employees across these key operational centers as of December 31, 2024:

Location	Employee Count (as of 12/31/2024)	Role Context
New York, NY	46	Primary operational hub and one of the most important markets for fashion talent management.
Los Angeles, CA	21	Key market for film, television, commercials, and lifestyle talent.
London, England	11	International presence in a major fashion capital.
Miami Beach, FL	9	Significant operational office in a growing media market.
Dallas, TX	2	Corporate headquarters location.

The company expects to roll previous leases for model apartments in New York, Miami, and London over on a month-to-month basis under the same terms. The company utilizes a portion of Newcastle Capital Management, L.P.'s facilities in Dallas for $2,500 per month.

Company website and digital platforms for client access

The primary digital gateway is the company website, http://www.wilhelmina.com/. This platform serves as a portfolio showcase for talent and a point of contact for clients. Financially, the company reported trailing 12-month revenue of $18M as of June 30, 2025, and Q2 2025 revenue was $4.6M. The company serves approximately 3,000 external clients, with the top 100 clients accounting for approximately 39.1% of overall revenues in 2024.

The digital channel supports the core business of fashion model management, which is organized into divisions called "boards."

Network of independently owned licensed model agencies

Wilhelmina International, Inc. engages in the licensing of the Wilhelmina name and trademark to third-parties, which includes independently owned model agencies. This channel generates license fees, which are a component of their revenue streams. The 'Wilhelmina' trademark is vital to this business because licensees pay for the right to use it. While the exact number of current licensees isn't explicitly stated for 2025, this structure allows for brand extension without direct operational overhead in every local market.

Direct outreach and referrals to advertising and media agencies

The company leverages an extensive network of relationships with top fashion houses, advertising agencies, and media outlets. Direct outreach and relationship management are fundamental, as service revenues are primarily derived from model fees and service charges paid by clients for bookings negotiated by Wilhelmina International, Inc. They also receive commissions on bookings by third-party agencies. This network supports the 3,000 external clients they serve.

Social media platforms for talent promotion and scouting

Wilhelmina International, Inc. actively manages social media influencers and maintains a presence on major platforms to promote talent and aid in scouting efforts. The company is listed with presence on platforms including Instagram, Facebook, and YouTube. This digital scouting complements the traditional recruitment tools, name recognition, and licensing network used to recruit talent. The company also represents talent for brand campaigns and endorsements through its Aperture division, which includes influencers. As of August 11, 2025, the stock price was $2.97 with a market capitalization of $14.6M.

You should track the Q3 2025 revenue release to see if the $4.6M Q2 figure represents a seasonal peak or a new run rate. Finance: draft 13-week cash view by Friday.

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Customer Segments

You're looking at the client base for Wilhelmina International, Inc. (WHLM) as of late 2025, based on their most recently reported fiscal performance ending December 31, 2024. The business serves several distinct groups that require high-caliber talent for their campaigns and productions.

The scale of the operation serving these segments is reflected in the 2024 financials. Wilhelmina International, Inc. reported total revenues of $17.61 million for the fiscal year 2024, a 2.31% increase from the prior year. The company, which operates with 89 employees as of the last report, manages talent across offices in New York, Los Angeles, Miami, London, and São Paulo to service these clients globally.

Financial Metric (FY Ended Dec 31, 2024)	Amount/Value	Context
Total Revenue	$17.61 million	Revenue generated from services provided to all customer segments.
Net Income	$614,000	Profitability derived from servicing these client groups.
Operating Expenses	$16.91 million	Costs associated with managing talent and servicing clients.
Cash Balance (as of 12/31/2024)	$8.5 million	Liquidity available to support operations across all segments.
Outstanding Shares	6,363,000	Total shares outstanding as of early 2025 filings.

Wilhelmina International, Inc. connects its talent roster with clients across the industry spectrum. The primary customer segments procuring talent services include:

• Fashion and beauty retailers and designers
• Advertising agencies and branded consumer goods companies
• Print and electronic media (magazines, catalogs)
• Corporate clients seeking talent for product endorsements

The talent Wilhelmina International, Inc. represents-models, entertainers, athletes, and social media influencers-are the core offering that drives revenue from these paying segments. The company's operations focus on matching this talent to opportunities within these client groups.

Specifically, the company works with fashion houses, production companies, and digital platforms to place talent in various assignments. The services provided to these segments include scouting, contract negotiation, and brand partnerships.

• Fashion and beauty retailers and designers
• Advertising agencies and branded consumer goods companies
• Print and electronic media (magazines, catalogs)
• Corporate clients seeking talent for product endorsements

The management of models, entertainers, athletes, and social media influencers is the service delivered to the paying segments listed above. For instance, the company manages social media influencer services for clients like advertising agencies and branded consumer goods companies.

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Wilhelmina International, Inc.'s operations as of late 2025. The cost structure is heavily weighted toward personnel and the overhead required to maintain a global presence in high-demand markets. Honestly, managing these fixed and semi-variable costs against fluctuating booking revenues is the constant balancing act here.

Labor is clearly the largest component. For the full year 2024, the Labor Expense, a significant cost, was $12.139 million. This reflects the investment in talent management staff across divisions. This trend of rising personnel costs continued into 2025; Salaries and service costs, which rose 8.1% year-to-date in H1 2025, are putting pressure on margins, as seen by the operating margin compression in Q2 2025. This increase was driven by personnel hires and payroll adjustments intended to better align staffing with regional needs.

General and Administrative Expense, totaling $4.594 million in 2024, covers the necessary corporate infrastructure. This category, along with office costs, represents a substantial fixed base that Wilhelmina International, Inc. must cover regardless of booking volume. Here's the quick math: if revenues don't keep pace with these fixed costs, profitability shrinks fast.

The physical footprint is expensive, given the markets served. Operating expenses for offices in high-cost cities (NY, LA, London) are a major factor. Office and general expenses saw a year-to-date increase of 12.1% in H1 2025, contrasting with a decrease of 22.7% in Q1 2024, suggesting a recent ramp-up in general office spending. Corporate overhead, which includes some office rent, actually declined by 8.8% in 2024 versus 2023, largely due to cost savings from a change in auditors.

Legal and professional fees are another area to watch. The company continues to face ongoing litigation, specifically mentioning the Shanklin and Pressley litigations. As of the end of 2024, no amounts had been accrued related to these matters, but the risk remains. Still, corporate overhead expenses for Q1 2024 increased by 3.7%, primarily due to increased legal costs during that period.

To give you a clearer picture of the cost base, look at the key expense metrics from the recent filings. This table summarizes some of the major cost drivers and related financial context for Wilhelmina International, Inc. in the 2024 fiscal year.

Expense/Metric Category	Fiscal Year 2024 Amount (Millions USD)	Context/Change
Operating Expenses (Total)	$16.91	Up from $16.48 million in 2023
Selling, General & Admin (SG&A)	$16.73	Reported SG&A for FY 2024
Corporate Overhead	Decreased 8.8%	Year-over-year change for 2024 vs 2023
Office & General Expenses (Q1 2024)	Decreased 22.7%	Change for Q1 2024 vs Q1 2023
Salaries & Service Costs (2024 YoY)	Increased 5.7%	Increase for the year ended December 31, 2024

The high-cost operational footprint requires specific attention to fixed overheads. You should track these key cost drivers:

• Salaries and service costs rising 8.1% year-to-date in H1 2025.
• Office and general expenses rising 8.6% in Q2 2025.
• Corporate overhead declining by 15.5% in Q2 2025 year-over-year.
• Legal/Professional fees impacting Corporate overhead in Q1 2024.

What this estimate hides is the variability in model costs, which are technically a cost of revenue (Model costs were $11.653 million in Q1 2024), but they are intrinsically linked to personnel and booking volume. Finance: draft 13-week cash view by Friday.

Wilhelmina International, Inc. (WHLM) - Canvas Business Model: Revenue Streams

You're looking at how Wilhelmina International, Inc. actually brings in the money, which is key for any valuation, especially now. The core of the business is service-based, tied directly to talent bookings.

The main revenue drivers fall into a few clear buckets:

• Model fees and service charges paid directly by clients for bookings.
• Commissions on bookings by third-party agencies.
• License fees from franchise revenues using the Wilhelmina trademark.

For the trailing twelve-month period ending June 30, 2025, Wilhelmina International, Inc. generated approximately $18.03 million in revenue. That's up 6.07% year-over-year from the prior TTM period. For context, the full fiscal year 2024 revenue was reported at $17.61 million, which represented a 2.31% growth over 2023.

The vast majority of this comes from the core fashion model management operations. Within that, the company has two primary sources of service revenue, which are comparable to what competitors charge:

• Commissions paid by models as a percentage of their gross earnings.
• Service charges paid by clients, calculated as a percentage of the models' booking fees.

Here's a quick look at how the revenue components stacked up recently. You can see the service revenue dominates the top line, but license fees provide a small, steady stream:

Revenue Stream Component	FY 2024 (Millions USD)	Q2 2025 (Millions USD)	Six Months Ended June 30, 2025 (Millions USD)
Service Revenues (Model Fees/Commissions/Charges)	17.58	4.544	9.164
License Fees and Other Income	Unchanged vs 2023	0.009	0.016
Total Reported Revenue	17.61	4.55	9.18

To be fair, license fees are a minor component, though they show some growth; Q2 2025 license fees were $9k compared to $7k a year prior. The overall financial health is also supported by non-operating income. Interest income, which contributed to 2024 net income of $614,000, was a notable factor in that year's profitability. For the full year 2024, Interest & Investment Income was $0.35 million, up significantly from $0.08 million in 2023. For the most recent six months ending June 30, 2025, Interest & Investment Income was $0.31 million.

Finance: draft 13-week cash view by Friday.