IMMR 8-K
Immersion Corp (IMMR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities registered pursuant to Section 12(b) of the Act:
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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 March 12, 2025, Immersion Corporation (“we”, “our” or the “Company”) issued a press release regarding financial results for our third quarter ended January 31, 2025. A copy of the press release is attached to this Current Report as Exhibit 99.1, and the information in Exhibit 99.1 is incorporated herein by reference.
The information in Item 2.02 and Exhibit 99.1 in this Current Report on Form 8-K shall not be deemed “filed” for the 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, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 8.01 Other Events.
On March 10, 2025, the Company announced that its Board of Directors (the “Board”) declared a quarterly dividend. The quarterly dividend, in the amount of $0.045 per share, will be payable, subject to any prior revocation, on April 25, 2025 to stockholders of record on April 14, 2025. Future dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw the quarterly dividend in future periods as it reviews the Company’s capital allocation strategy from time-to-time.
On March 10, 2025, the Board approved an amendment to extend the expiration date of the Company’s current stock repurchase program that was set to expire on December 29, 2025 to December 29, 2026. The stock repurchase program was originally approved on December 29, 2022 and authorized the repurchase of up to $50 million of the Company’s common stock. Currently, the Company has $40.6 million available for repurchase under the stock repurchase program. Any stock repurchases may be made through open market and privately negotiated transactions, at such times and in such amounts as management deems appropriate, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Exchange Act. Additionally, in connection with the initial approval of the stock repurchase program, the Board authorized the use of any derivative or similar instrument to effect stock repurchase transactions, including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, naked put options, floor transactions or other similar transactions or any combination of the foregoing transactions. The stock repurchase program was implemented as a method to return value to the Company’s stockholders. The timing, pricing and sizes of any repurchases will depend on a number of factors, including the market price of the Company’s common stock and general market and economic conditions. The stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time.
Forward-Looking Statements
This Item 8.01 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, including statements regarding the Company’s dividend program. These forward-looking statements are subject to and involve risks and uncertainties. These forward-looking statements may be identified by terms such as “will,” “may,” “plans,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the anticipated amount, duration, methods, timing and other aspects of our dividend program and any anticipated benefits or value resulting from any such dividends. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, any unforeseen need for capital which may require us to divert funds we may have otherwise used for the dividend program, which may in turn negatively impact our ability to administer the quarterly dividends. In addition, the timing and amount of future dividends, if any, will be made as management deems appropriate and will depend on a variety of factors including stock price, market conditions, corporate and regulatory requirements (including applicable securities laws and regulations and the rules of the Nasdaq Stock Market), any additional constraints related to material inside information the Company may possess, and capital availability. More information regarding these and other risks, uncertainties and factors is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, Barnes & Noble Education, Inc.’s Annual Report on Form 10-K for the fiscal year ended April 27, 2024 (as updated through Barnes & Noble Education's Current Report on Form 8-K filed with the SEC on December 11, 2024), the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2025, each as filed with the SEC, and in other reports filed by the Company and Barnes & Noble Education, Inc. with the SEC from time to time. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this Form 8-K. All information in this Form 8-K is as of the date stated and unless required by law, the Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this Form 8-K or to report the occurrence of unanticipated events other than as required by law or regulation.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Exhibit Title | |
| 99.1 | Press Release dated March 12, 2025 (regarding financial results for third quarter ended January 31, 2025) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| IMMERSION CORPORATION | ||||
| Date: | March 12, 2025 | By: | /s/ J. MICHAEL DODSON | |
| Name: | J. Michael Dodson | |||
| Title: | Chief Financial Officer |
Exhibit 99.1
Immersion Corporation Reports Third Quarter of Fiscal 2025 Results
GAAP Net Income (Loss) Attributable to Immersion Stockholders of $15.5 million or $0.47 per diluted share
Non-GAAP Net Income (Loss) Attributable to Immersion Stockholders of $20.8 million or $0.63 per diluted share
AVENTURA, FL, March 12, 2025 – Immersion Corporation (“Immersion”, the “Company”, “we”, “us” or “our”) (Nasdaq: IMMR), a leading provider of technologies for haptics, today reported financial results for the third quarter of its fiscal year ending April 30, 2025 (“fiscal 2025”).
Third Quarter of Fiscal 2025 Consolidated Financial Summary1:
| • |
Total revenues of $474.8 million in the three months ended January 31, 2025, compared to $9.5 million in the three months ended September 30, 2023. |
| • | GAAP Net income (loss) attributable to Immersion stockholders was $15.5 million, or $0.47 per diluted share in the three months ended January 31, 2025, compared to $2.7 million, or $0.08 per diluted share, in the three months ended September 30, 2023. |
| • | GAAP Operating expenses were $79.6 million in the three months ended January 31, 2025, compared to $3.0 million in the three months ended September 30, 2023. Non-GAAP Operating expenses were $74.2 million in the three months ended January 31, 2025, compared to $2.0 million in the three months ended September 30, 2023. |
| • | Non-GAAP Net income (loss) attributable to Immersion stockholders was $20.8 million, or $0.63 per diluted share, in the three months ended January 31, 2025, compared to $3.7 million, or $0.11 per diluted share, in the three months ended September 30, 2023. |
1 On June 10, 2024, the Company closed certain transactions with Barnes & Noble Education, Inc. (“Barnes & Noble Education”). As part of the transactions, the Company acquired 42% of all outstanding common shares of Barnes & Noble Education, as well as control over Barnes & Noble Education through the five Immersion-appointed board seats. As of January 31, 2025, Immersion’s stock ownership had reduced to 32.3% as a result of additional issuances of Barnes & Noble Education’s common stock to noncontrolling stockholders. The financial information presented in this press release includes the condensed consolidated financial information of Barnes & Noble Education for the period from June 10, 2024 through January 25, 2025. The Company owns approximately 11 million shares of Barnes & Noble Education’s common stock.
“Immersion drove strong financial performance in the quarter,” said Eric Singer, Chairman and Chief Executive Officer. “Underscoring our financial strength, we returned over $9 million to shareholders in the form of dividends and buybacks. We continue to be laser focused on building our business and creating long-term shareholder value,” added Singer.
In order to more closely align with Barnes & Noble Education’s fiscal year end, on September 27, 2024, the Board of Directors of Immersion (the “Board”) approved a change of our fiscal year from the period beginning on January 1 and ending on December 31 to the period beginning on May 1 and ending on April 30. Our new fiscal quarters end on July 31, October 31, January 31, and April 30. Therefore, the financial results of certain fiscal quarters may not be comparable to prior fiscal quarters. We did not recast the condensed consolidated financial statements for the three and nine months ended January 31, 2025, because the financial reporting processes in place at that time included certain procedures that were completed only on a quarterly basis. Consequently, to recast this period would have been impractical and would not have been cost-justified. As a result, the condensed consolidated financial statements for the three and nine months ended September 30, 2023, are presented as the most comparable periods of the prior year.
The financial information presented in this press release includes the condensed consolidated financial information of Barnes & Noble Education for the 13 weeks ended January 25, 2025, and for the period from June 10, 2024 to January 25, 2025.
The tenth quarterly dividend, in the amount of $0.045 per share, will be paid on April 25, 2025 to stockholders of record on April 14, 2025. Future quarterly dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw the quarterly dividend in future periods as it reviews the Company’s capital allocation strategy from time-to-time.
About Immersion Corporation
Immersion Corporation (Nasdaq: IMMR) was incorporated in 1993 in California and reincorporated in Delaware in 1999.
The Company is a leading provider of touch feedback technology, also known as haptics. The Company accelerates and scales haptic experiences by providing haptic technology for mobile, automotive, gaming, and consumer electronics. Haptic technology creates immersive and realistic experiences that enhance digital interactions by engaging users’ sense of touch. Learn more at www.immersion.com.
On June 10, 2024, we acquired a controlling interest in Barnes & Noble Education. Barnes & Noble Education is a contract operator of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. Barnes & Noble Education is also a textbook wholesaler and inventory management hardware and software providers. Barnes & Noble Education operates physical, virtual, and custom bookstores, delivering essential educational content, tools, and general merchandise within a dynamic omnichannel retail environment.
Use of Non-GAAP Financial Measures
The Company reports all required financial information in accordance with generally accepted accounting principles (“GAAP”), but it believes that evaluating its ongoing operating results may be difficult to understand if limited to reviewing only GAAP financial measures. The Company discloses certain non-GAAP information, such as Non-GAAP Net income (loss) attributable to Immersion stockholders, Non-GAAP Net income (loss) per diluted common share attributable to Immersion stockholders, and Non-GAAP Operating expenses because it is useful in understanding the Company’s performance as it excludes certain non-cash expenses like stock-based compensation expense, depreciation and amortization expense, impairments, restructuring and other charges, business acquisition related costs, and other nonrecurring charges that many investors feel may obscure the Company’s true operating performance. Likewise, management uses these non-GAAP financial measures to manage and assess the profitability of its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under GAAP. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release.
Forward-looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements involve risks and uncertainties. Forward-looking statements are identified by words such as “anticipates,” “believes,” “expects,” “intends,” “may,” “can,” “will,” “places,” “estimates,” and other similar expressions. However, these words are not the only way we identify forward-looking statements. Examples of forward-looking statements include any expectations, projections, or other characterizations of future events, or circumstances, including but not limited to statements about the Company’s focus on protecting its intellectual property, either through the execution of new or renewal license agreements or by proactive enforcement continuing to pursue thoughtful capital allocation to increase long-term stockholder value, and the timing of any dividend payments.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results could differ materially from those projected in the forward-looking statements, therefore we caution you not to place undue reliance on these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the inability to predict the outcome of any litigation, the costs associated with any litigation and the risks related to our business, both direct and indirect, of initiating litigation, unanticipated changes in the markets in which the Company operates; the effects of the current macroeconomic climate; delay in or failure to achieve adoption of or commercial demand for the Company’s products or third party products incorporating the Company’s technologies; the inability of Immersion to renew existing licensing arrangements, or enter into new licensing arrangements on favorable terms; the loss of a major customer; the ability of Immersion to protect and enforce its intellectual property rights and other factors. For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in Immersion’s Annual Report on Form 10-K for 2023 as filed with the U.S. Securities and Exchange Commission (the “SEC”), Barnes & Noble Education’s Annual Report on Form 10-K for its fiscal year ended April 27, 2024 (as updated through Barnes & Noble Education's Current Report on Form 8-K filed with the SEC on December 11, 2024), as filed with the SEC, and Immersion’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2025, as filed with the SEC. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and the Company does not intend to update these forward-looking statements after the date of this press release, except as required by law.
Immersion, and the Immersion logo are trademarks of Immersion Corporation in the United States and other countries. All the other trademarks are the property of their respective owners. The use of the word “partner” or “partnership” in this press release does not mean a legal partner or legal partnership.
(IMMR – C)
Immersion Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
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January 31, 2025 |
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April 30, 2024 |
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ASSETS |
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| Current assets | |||||||
| Immersion | |||||||
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Cash and cash equivalents |
$ |
68,505 |
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$ |
85,521 |
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Investments - current |
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76,221 |
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92,848 |
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Accounts receivable, net |
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3,117 |
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3,138 |
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Prepaid expenses and other current assets |
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19,299 |
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|
|
9,101 |
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| 167,142 | 190,608 | ||||||
| Barnes & Noble Education | |||||||
| Cash and cash equivalents |
9,185 |
— | |||||
| Accounts receivable, net | 354,241 | — | |||||
| Merchandise inventories, net | 326,825 | — | |||||
| Textbook rental Inventories, net | 41,033 | — | |||||
| Prepaid expenses and other current assets | 27,549 | — | |||||
| 758,833 | — | ||||||
| Total current assets | 925,975 | 190,608 | |||||
| Immersion | |||||||
| Property and equipment, net | 127 | 164 | |||||
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Investments - noncurrent |
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44,118 |
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46,545 |
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Long-term deposits |
6,149 | 6,324 | |||||
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Deferred tax assets |
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865 |
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2,793 |
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Other assets - noncurrent |
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27,774 |
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|
87 |
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| 79,033 | 55,913 | ||||||
| Barnes & Noble Education | |||||||
| Property and equipment, net | 100,752 | — | |||||
| Intangible assets, net | 92,542 | — | |||||
| Goodwill | 10,116 | — | |||||
| Operating lease right-of-use assets | 150,403 | — | |||||
| Other assets - noncurrent | 11,722 | — | |||||
| 365,535 | — | ||||||
| Total assets | $ | 1,370,543 | $ | 246,521 |
Immersion Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
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January 31, 2025 |
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April 30, 2024 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Current liabilities | |||||||
| Immersion | |||||||
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Accounts payable |
$ |
16 |
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|
$ |
55 |
|
| Accrued compensation | 190 | 4,003 | |||||
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Deferred revenue - current |
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2,942 |
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12,494 |
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Other current liabilities |
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30,427 |
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|
|
13,654 |
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| 33,575 | 30,206 | ||||||
| Barnes & Noble Education | |||||||
| Accounts payable | 303,577 | — | |||||
| Accrued liabilities | 77,272 | — | |||||
| Deferred revenue - current | 49,708 | — | |||||
| Operating lease liabilities - current | 74,474 | — | |||||
| 505,031 | — | ||||||
| Total current liabilities | 538,606 | 30,206 | |||||
| Immersion | |||||||
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Deferred revenue, net |
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6,522 |
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7,978 |
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Other long-term liabilities |
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4,933 |
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|
7,107 |
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| 11,455 | 15,085 | ||||||
| Barnes & Noble Education | |||||||
| Operating lease liabilities - noncurrent | 106,468 | — | |||||
| Deferred revenue - noncurrent | 3,260 | — | |||||
| Other noncurrent liabilities | 3,261 | — | |||||
| Long-term borrowings | 141,200 | — | |||||
| 254,189 | — | ||||||
| Total liabilities |
804,250 | 45,291 | |||||
| Total stockholders' equity attributable to Immersion Corporation stockholders | 319,166 | 201,230 | |||||
| Noncontrolling interest in consolidated subsidiaries | 247,127 |
— |
|||||
| Total stockholders' equity | 566,293 | 201,230 | |||||
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Total liabilities and stockholders' equity |
$ |
1,370,543 |
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$ |
246,521 |
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Immersion Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
Nine Months Ended |
|||||||||||||
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January 31, 20251 |
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September 30, 2023 |
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January 31, 20251 | September 30, 2023 | ||||||
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Revenues: |
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||||||||
| Immersion | |||||||||||||||
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Royalty and license |
$ |
8,437 |
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$ |
9,482 |
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$ | 70,989 | $ | 23,539 | ||||
| Barnes & Noble Education | |||||||||||||||
| Product and other | 423,163 | — | 1,112,955 | — | |||||||||||
| Rental income | 43,162 | — | 90,556 | — | |||||||||||
| 466,325 | — | 1,203,511 | — | ||||||||||||
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Total revenues |
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474,762 |
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9,482 |
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1,274,500 | 23,539 | ||||||
| Cost of sale (excludes depreciation and amortization expense): | |||||||||||||||
| Barnes & Noble Education | |||||||||||||||
| Product and other |
343,613 |
— | 897,617 | — | |||||||||||
| Rental income | 25,330 | — | 50,513 | — | |||||||||||
| 368,943 | — | 948,130 | — | ||||||||||||
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Operating expenses: |
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| Immersion | |||||||||||||||
| Selling and administrative expenses | 5,010 | 2,963 | 22,586 | 10,648 | |||||||||||
| Barnes & Noble Education | |||||||||||||||
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Selling and administrative expenses |
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71,498 |
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— |
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178,822 | — | ||||||
| Depreciation and amortization expense | 9,979 | — | 24,630 | ||||||||||||
| Impairment | 604 | — | 604 | — | |||||||||||
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Restructuring and other charges |
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(7,478 |
) |
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— |
|
(2,414 | ) | — | |||||
| 74,603 | — | 201,642 | — | ||||||||||||
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Total operating expenses |
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79,613 |
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|
2,963 |
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224,228 | 10,648 | ||||||
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Operating income (loss) |
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26,206 |
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|
6,519 |
|
102,142 | 12,891 | |||||||
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Interest and other income (expense), net |
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14,803 |
|
|
(2,554 |
) | 29,039 | 10,731 | |||||||
| Interest expense | (4,167 | ) | — | (11,081 | ) | — | |||||||||
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Income (loss) before provision for income taxes |
|
36,842 |
|
|
3,965 |
120,100 | 23,622 | ||||||||
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Provision for income taxes |
|
(17,417 |
) |
|
|
(1,285 |
) | (32,521 | ) | (5,636 | ) | ||||
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Net income (loss) |
$ |
19,425 |
|
$ |
2,680 |
$ | 87,579 | $ | 17,986 | ||||||
| Net income (loss) attributable to noncontrolling interest | 3,953 | — | 17,790 | — | |||||||||||
| Net income (loss) attributable to Immersion stockholders |
$ |
15,472 |
|
$ |
2,680 |
$ | 69,789 | $ | 17,986 | ||||||
| Earnings per common share attributable to Immersion stockholders - Diluted | $ | 0.47 | $ | 0.08 | $ | 2.12 | $ | 0.55 | |||||||
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Weighted Average Common Stock Outstanding - Diluted |
|
33,055 |
|
|
|
32,750 |
|
32,959 | 32,586 | ||||||
1 The financial information presented includes the condensed consolidated financial information of Barnes & Noble Education for the 13 weeks and 39 weeks ended January 25, 2025. For purposes of these condensed consolidated financial statements, the results of Barnes & Noble Education herein have been aligned to the Company’s reporting periods.
Immersion Corporation
Reconciliation of GAAP Net Income (Loss) Attributable to Immersion Stockholders to Non-GAAP Net Income (Loss) Attributable to Immersion Stockholders
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
Nine Months Ended |
|||||||||||||
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January 31, 20251 |
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September 30, 20232 |
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January 31, 20251 |
September 30, 20232 | ||||||
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GAAP Net income (loss) attributable to Immersion stockholders |
$ |
15,472 |
|
$ |
2,680 |
$ | 69,789 | $ | 17,986 | ||||||
| Adjustments to GAAP Net income (loss) attributable to Immersion stockholders: | |||||||||||||||
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Stock-based compensation |
|
2,080 |
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|
|
820 |
5,764 | 2,526 | |||||||
| Depreciation and amortization expense | 9,979 | 14 | 24,630 | 56 | |||||||||||
| Impairment | 604 | — | 604 | — | |||||||||||
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Restructuring and other charges |
|
(7,478 |
) |
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|
87 |
|
(2,414 | ) | 399 | |||||
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Business acquisition related costs |
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53 |
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|
|
— |
|
2,827 | — | ||||||
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Other nonrecurring charges |
|
133 |
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|
|
75 |
|
204 | 635 | ||||||
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Non-GAAP Net income (loss) attributable to Immersion stockholders |
$ |
20,843 |
|
|
$ |
3,676 |
$ | 101,404 | $ | 21,602 | |||||
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Non-GAAP Net income (loss) per diluted common share attributable to Immersion stockholders |
$ |
0.63 |
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|
$ |
0.11 |
$ | 3.08 | $ | 0.66 | |||||
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Shares used in calculating Non-GAAP Net income (loss) per diluted share attributable to Immersion stockholders |
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33,055 |
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|
|
32,750 |
|
32,959 | 32,586 | ||||||
1 The financial information presented includes the condensed consolidated financial information of Barnes & Noble Education for the 13 weeks and 39 weeks ended January 25, 2025. For purposes of these condensed consolidated financial statements, the results of Barnes & Noble Education herein have been aligned to the Company’s reporting periods.
2 In order to provide better comparability between periods and a better understanding of underlying trends, the Non-GAAP reconciliation above includes an updated presentation for the three and nine months ended September 30, 2023.
Immersion Corporation
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses
(In thousands)
(Unaudited)
|
|
Three Months Ended |
Nine Months Ended |
|||||||||||||
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January 31, 2025 |
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September 30, 2023 |
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January 31, 2025 | September 30, 2023 | ||||||
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GAAP Operating expenses |
$ |
79,613 |
|
|
$ |
2,963 |
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$ | 224,228 | $ | 10,648 | ||||
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Adjustments to GAAP Operating expenses: |
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||||||||
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Stock-based compensation expense |
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(2,080 |
) |
|
|
(820 |
) | (5,764 | ) | (2,526 | ) | ||||
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Depreciation and amortization expense |
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(9,979 |
) |
|
|
(14 |
) | (24,630 | ) | (56 | ) | ||||
| Impairment | (604 | ) | — | (604 | ) | — | |||||||||
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Restructuring and other charges |
|
7,478 |
|
|
(87 |
) | 2,414 | (399 | ) | ||||||
|
Business acquisition related costs |
|
(53 |
) |
|
|
— |
(2,827 | ) | — | ||||||
|
Other nonrecurring charges |
|
(133 |
) |
|
|
(75 |
) | (204 | ) | (635 | ) | ||||
|
Non-GAAP Operating expenses |
$ |
74,242 |
|
$ |
1,967 |
|
$ | 192,613 | $ | 7,032 | |||||