IMMERSION CORP IMMR
In June 2024, Immersion acquired a controlling interest in Barnes & Noble Education, Inc., a Delaware corporation ("Barnes & Noble Education"). The financial results of Barnes & Noble Education have been included in our consolidated financial statements since the acquisition date of June 10, 2024.
Following the closing of the Transactions (as defined below) with Barnes & Noble Education, we operate our business in two operating segments: Immersion and Barnes & Noble Education.
Immersion is a premier licensing company focused on the acceleration, and scaling, through licensing, of innovative haptic technologies that allow people to use their sense of touch to engage with products and experience the digital world around them. We are one of the leading experts in haptics, and our haptics licensing allows us to deliver world-class IP and technology that enables the creation of products that delight end users. Our technologies are designed to facilitate the creation of high-quality haptic experiences, enable their widespread distribution, and ensure that their playback is optimized. Our primary business is currently in the mobility, gaming, and automotive markets, and see opportunities in evolving new markets, including virtual and augmented reality and wearables.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.73B | $1.56B | $33.9M | $38.5M | $35.1M | $30.5M | $36.0M | $111.0M | $35.0M | $57.1M |
| Cost of revenue | — | — | — | $4.0K | $88.0K | $168.0K | $170.0K | $218.0K | $197.0K | $197.0K |
| Gross profit | — | — | — | $38.5M | $35.0M | $30.3M | $35.8M | $110.8M | $34.8M | $56.9M |
| R&D | — | — | $281.0K | $1.4M | $4.2M | $5.0M | $7.8M | $9.7M | $11.8M | $13.4M |
| SG&A | — | — | $14.0M | $11.4M | $9.8M | $18.1M | $43.0M | $41.8M | $53.3M | $44.2M |
| Total operating expenses | $345.4M | $313.7M | $16.0M | $14.0M | $17.3M | $28.2M | $57.4M | $57.9M | $80.4M | $72.3M |
| Operating income | $25.9M | $118.0M | $17.9M | $24.4M | $17.8M | $2.2M | -$21.5M | $53.1M | -$45.4M | -$15.3M |
| Interest expense | $12.2M | $14.3M | $0 | — | — | — | — | — | — | — |
| Pre-tax income | $26.0M | $119.3M | $42.9M | $27.0M | $17.3M | $3.2M | -$19.6M | $54.7M | -$44.8M | -$14.5M |
| Income tax | $16.8M | $25.7M | $8.9M | $3.7M | $4.8M | $2.2M | $471.0K | $392.0K | $480.0K | $25.5M |
| Net income | $9.2M | $93.6M | $34.0M | $30.7M | $12.5M | $5.4M | -$20.0M | $54.3M | -$45.3M | -$39.4M |
| EPS, basic | 0.14 | 1.94 | 1.05 | 0.92 | 0.40 | 0.19 | -0.64 | 1.78 | -1.55 | -1.37 |
| EPS, diluted | 0.14 | 1.90 | 1.04 | 0.92 | 0.39 | 0.19 | -0.64 | 1.73 | -1.55 | -1.37 |
| Shares, diluted (wtd. avg.) | $33.1M | $33.0M | $32.5M | $33.5M | $31.8M | $28.5M | $31.5M | $31.4M | $29.2M | $28.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $138.3M | $72.6M | $85.5M | $48.8M | $51.5M | $59.5M | $86.5M | $111.0M | $24.6M | $56.9M |
| Short-term investments | $42.2M | $88.8M | $104.3M | $100.9M | $86.4M | $0 | $3.0M | $13.9M | $21.9M | $32.9M |
| Receivables | $118.6M | $100.8M | $2.2M | $1.0M | $1.2M | $1.6M | $3.0M | $645.0K | $458.0K | $1.1M |
| Total current assets | $675.2M | $631.8M | $172.4M | $160.3M | $153.3M | $74.3M | $107.0M | $135.8M | $48.1M | $94.0M |
| Property, plant and equipment | $68.2M | $95.8M | $211.0K | $293.0K | $444.0K | $209.0K | $1.2M | $2.3M | $3.1M | $4.0M |
| Goodwill | $69.2M | $69.2M | $0 | — | — | — | — | — | — | — |
| Other intangibles | — | — | — | — | — | — | — | — | — | $0 |
| Total assets | $1.05B | $1.10B | $215.7M | $190.1M | $175.5M | $96.1M | $124.8M | $146.0M | $52.0M | $103.8M |
| Accounts payable | — | $458.5M | $47.0K | $86.0K | $2.0K | $149.0K | $809.0K | $3.6M | $6.6M | $6.0M |
| Short-term debt | $0 | $0 | — | — | — | — | — | — | — | — |
| Total current liabilities | $293.4M | $265.9M | $19.3M | $17.9M | $16.6M | $8.8M | $11.8M | $15.3M | $19.1M | $21.0M |
| Long-term debt | $71.0M | $103.1M | — | — | — | — | — | — | — | — |
| Total liabilities | $484.9M | $543.6M | $32.6M | $32.4M | $34.2M | $32.1M | $41.1M | $46.3M | $42.3M | $48.4M |
| Retained earnings | $31.2M | $34.7M | -$36.0M | -$70.0M | -$100.7M | -$113.2M | -$118.6M | -$98.5M | -$171.6M | -$119.3M |
| Total equity | $297.2M | $298.1M | $201.2M | $157.7M | $141.3M | $64.0M | $83.8M | $99.7M | $9.7M | $55.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $59.1M | -$57.6M | $20.6M | $40.1M | $17.4M | $22.0K | -$34.1M | $69.9M | -$43.8M | $22.0M |
| Depreciation and amortisation | $42.6M | $35.4M | $67.0K | $140.0K | $99.0K | $1.9M | $2.2M | $855.0K | $968.0K | $910.0K |
| Stock-based compensation | $10.8M | $13.7M | $3.4M | $3.4M | $2.3M | $4.8M | $5.5M | $8.7M | $6.1M | $6.1M |
| Capital expenditure | $16.2M | $11.2M | $0 | $30.0K | $335.0K | $47.0K | $150.0K | $74.0K | $125.0K | $343.0K |
| Investing cash flow | $51.5M | $3.4M | $3.4M | -$29.4M | -$87.7M | $3.0M | $10.9M | $8.2M | $11.1M | $7.8M |
| Financing cash flow | -$44.8M | $61.0M | -$16.7M | -$13.4M | $62.2M | -$29.9M | -$1.3M | $8.2M | $518.0K | $2.0M |
| Dividends paid | $8.1M | $12.9M | $7.4M | $0 | — | — | — | — | — | — |
| Buybacks | $10.0K | $2.4M | $8.3M | $13.2M | $0 | $30.6M | $2.7M | $0 | $328.0K | $729.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-374299.
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