Wilhelmina International, Inc. (WHLM): Business Model Canvas [Dec-2025 Updated]

You're looking to see the nuts and bolts of how a major talent agency, with a history stretching back to 1967, actually generates revenue, especially given the margin pressure we saw in Q2 2025. Honestly, the engine room for this company is its strong, long-standing global brand and the management of its diverse roster, which sits around 1,600 active talents. While their trailing twelve-month revenue reached approximately $18 million by June 30, 2025, you defintely need to watch the cost side, where labor was $12.139 million in 2024 and service costs climbed 8.1% in H1 2025. Let's dive into the nine building blocks below to map out exactly how they convert that talent pool and brand equity into those revenue streams, from direct bookings to licensing fees.

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

Independent model agencies using the Wilhelmina trademark (licensees)

License fees and other income include franchise revenues from independently owned model agencies that use the Wilhelmina trademark and various services provided by the Company. License fees were unchanged for the year ended December 31, 2024, when compared to the year ended December 31, 2023.

Wilhelmina International, Inc. operates in New York, Los Angeles, Miami, and London, and maintains a network of licensees.

Top fashion houses and designers globally

Advertising agencies and media outlets for client bookings

The primary source of service revenue is from model fees and service charges paid by the client for bookings directly negotiated by Wilhelmina International, Inc. The Company also receives commissions paid on bookings by third-party agencies.

Metric	Value (As of FY 2024/Early 2025)	Context
Total Revenues (FY 2024)	$17.61 million	Total reported revenue for the year ended December 31, 2024.
Service Revenues (FY 2024)	$17.58 million	Contribution to total revenue from services in 2024.
External Clients Served	Approximately 3,000	Total number of external clients served.
Top 100 Clients Revenue Share (2024)	Approximately 39.1%	Percentage of overall revenues from the top 100 clients in 2024.
Largest Single Customer Revenue Share (2024)	Not more than 1.5%	Maximum percentage of overall gross revenues from any one customer in 2024.
Operating Margin (FY 2024)	4.0%	Operating margin for the year ended December 31, 2024.

Photographers, stylists, and content creators for portfolio development

Strategic alliances for international market reach

The Company has a broad network of relationships with top fashion houses, advertising agencies, and media outlets.

• Operations in key markets: New York, Los Angeles, Miami, and London.
• Historical strategic partnership with talent management company, Primary Wave Music.
• Total employees: 89.
• Trailing Twelve Month Revenue (as of 30-Jun-2025): $18M.

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

You're looking at the core engine of Wilhelmina International, Inc. (WHLM), the day-to-day work that turns talent and brands into revenue. Honestly, these activities are all interconnected, but we can break down the numbers that reflect their success in each area as of the latest reporting in late 2025.

Full-service talent scouting and recruitment globally

While specific global scouting expenditures aren't public, the scale of the business is reflected in the overall financial throughput. The company's operations require maintaining a diverse talent pool, which is supported by the fact that as of December 31, 2024, Wilhelmina's cash balance was $8.5 million, up from $6.1 million at the end of 2023, providing liquidity for these ongoing efforts. The company also manages its equity, having repurchased 237,500 shares in February 2025 for $890,625, signaling management confidence in the underlying asset base that these scouting efforts feed.

The company's structure involves managing talent across various specializations, historically organized into divisions called "boards."

Negotiating and managing talent contracts and bookings

This is where the top-line action happens, measured by gross billings and service revenues. The six months ended June 30, 2025, showed strong activity in this area, even as operating margins compressed.

Metric (As of 6/30/2025)	Value	Comparison Period	Change
Gross Billings (Six Months Ended 6/30/2025)	$36,117,000	Six Months Ended 6/30/2024	Up 10.1%
Total Revenues (Q2 2025)	$4,553,000	Q2 2024	Down 0.8%
Total Revenues (Six Months Ended 6/30/2025)	$9,180,000	Six Months Ended 6/30/2024	Up 4.8%
Trailing Twelve Month (TTM) Revenue (As of 6/30/2025)	$18,000,000	N/A	N/A

The primary source of service revenue comes from model fees and service charges paid by the client for bookings directly negotiated by Wilhelmina International, Inc..

Career guidance and development for models and influencers

Specific internal metrics for career guidance investment aren't reported, but the focus on talent development is a persistent theme in the broader industry. For context, in 2025, 91% of Learning & Development professionals view continuous learning as vital, and 67% of employees would remain with their company if offered upskilling and career advancement opportunities. Wilhelmina International, Inc. manages a portfolio of talent that requires this continuous development to maintain market value.

The company's operations include managing social media influencers and actors, in addition to fashion models.

Client acquisition and relationship management with brands

Client base stability is a key indicator here. As of 2023 data, Wilhelmina International, Inc. served approximately 2,800 external clients. The relationship management appears diversified, as no single customer accounted for more than 3% of overall gross revenues in 2023. However, the top 100 clients did account for approximately 43.1% of overall revenues in 2023.

Financial and administrative management of talent payments

Managing the flow of funds to talent is critical, and the balance sheet reflects this liability. As of June 30, 2025, the amounts due to models stood at $6,932,000. This liability decreased from $7,584,000 at the end of 2024. The company's net cash used in operating activities for the first six months of 2025 was $(2,060,000), a significant increase in cash usage compared to the prior year's $(823,000). This cash drain was partly due to a rise in accounts receivable, which increased by $1,700,000 from December 31, 2024, to $9,088,000 on June 30, 2025.

The total number of shares of the Company's common stock outstanding as of August 13, 2025, was 4,919,844.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Wilhelmina International, Inc. (WHLM) relies on to generate revenue in late 2025. These aren't just abstract concepts; they are tangible and financial anchors for the business.

The foundation remains the strong, long-standing global brand reputation, established back in 1967, which provides immediate credibility in securing high-value placements for talent. This brand equity is critical for attracting both top-tier models and premium clients like fashion houses and advertising agencies.

The talent pool itself is a primary resource. While the exact figure for late 2025 isn't public, the company manages a diverse roster of active models and talent, including social media influencers and actors, which is essential for cross-sector appeal. As of March 27, 2025, the company reported 4,919,844 shares of common stock outstanding on OTC markets.

The physical presence and operational footprint are concentrated in key global hubs. These offices are where the scouting, negotiation, and day-to-day management happen.

• Key operational offices are located in New York, Los Angeles, Miami, and London.
• One report also indicates a presence in São Paulo.

The Aperture division represents a dedicated resource for actors, film, television, and commercials, diversifying revenue away from purely fashion-based bookings. This specialized focus allows Wilhelmina International, Inc. to capture value in the entertainment sector.

Intellectual property, specifically the Wilhelmina trademark, is a non-physical but highly valuable asset, underpinning franchise or licensing revenue streams. For instance, license fees contributed $9k in Q2 2025 and $16k over the first six months of 2025.

Financially, the balance sheet as of June 30, 2025, shows the capital supporting these operations. Here's a quick look at the hard numbers supporting the firm's structure:

Financial Metric (as of 6/30/25 or latest reported)	Amount
Total Assets	$41,362k
Total Liabilities	$16,348k
Shareholders' Equity	$25,014k
Cash & Cash Equivalents	$6,711k
Total Cash + Short-term Investments	$12,781k
Treasury Stock (at cost)	$(7,262)k

The operational performance in the first half of 2025 demonstrates the current utilization of these resources. Gross billings, which represent the total value of bookings before Wilhelmina International, Inc.'s commission, reached $36,117k for the six-month period, up 10.1% year-over-year. However, net cash used in operating activities for the same six months was $(2,060)k. The company did execute a share repurchase of 237,500 shares for $890,625 in Q1 2025, showing management deploying capital back into the equity.

Finance: review the Q3 2025 cash flow projections against the 6-month operating cash burn by next Tuesday.

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.