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IMMR

Immersion Corporation

IMMR

Immersion Corporation • NASDAQ
$7.11 ▲ 0.57% (+0.04)
Market Cap $230.33 M
52w High $10.72
52w Low $5.65
Dividend Yield 0.38%
P/E 3.95
Volume 282.43K
Outstanding Shares 32.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $474.762M ▼ $79.613M ▼ $15.472M ▼ 3.259% ▼ $0.48 ▼ $51.013M ▼
Q3-2024 $616.249M ▲ $86.332M ▲ $27.157M ▼ 4.407% ▼ $2.2 ▲ $77.338M ▲
Q2-2024 $99.424M ▲ $33.212M ▲ $28.945M ▲ 29.113% ▼ $0.91 ▲ $32.155M ▲
Q1-2024 $43.847M ▲ $27.179M ▲ $18.655M ▲ 42.546% ▼ $0.6 ▲ $16.668M ▲
Q4-2023 $10.38M $5.344M $15.99M 154.046% $0.49 $5.047M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $153.911M ▼ $1.371B ▲ $804.25M ▼ $319.166M ▲
Q3-2024 $159.348M ▲ $1.32B ▲ $837.631M ▲ $310.881M ▲
Q2-2024 $133.401M ▼ $1.188B ▲ $761.746M ▲ $230.272M ▲
Q1-2024 $179.107M ▲ $244.702M ▲ $43.246M ▲ $201.456M ▲
Q4-2023 $160.362M $215.731M $32.629M $183.102M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $19.425M ▼ $-43.699M ▼ $8.724M ▼ $22.344M ▼ $-12.631M ▼ $-46.246M ▼
Q3-2024 $39.209M ▲ $21.949M ▲ $33.985M ▲ $40.318M ▼ $47.451M ▲ $17.29M ▲
Q2-2024 $28.945M ▲ $-85.924M ▼ $-38.304M ▼ $83.543M ▲ $-40.685M ▼ $-86.852M ▼
Q1-2024 $18.655M ▲ $29.897M ▲ $6.876M ▼ $-1.747M ▲ $35.026M ▲ $29.897M ▲
Q4-2023 $15.99M $7.821M $22.764M $-3.215M $27.37M $7.822M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q4-2024
Product and Other
Product and Other
 $0 ▲$50.00M ▲$560.00M ▲$420.00M ▼
Rental Services
Rental Services
 $0 ▲$0 ▲$40.00M ▲$40.00M ▲
Services and Other Revenue
Services and Other Revenue
 $0 ▲$0 ▲$30.00M ▲$20.00M ▼
Development Services and Other
Development Services and Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Fixed Fee License
Fixed Fee License
 $40.00M ▲$0 ▼$0 ▲$0 ▲
Fixed Fee License and PerUnit Royalties
Fixed Fee License and PerUnit Royalties
 $40.00M ▲$0 ▼$0 ▲$0 ▲
PerUnit Royalties
PerUnit Royalties
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a small but very profitable, high‑margin licensing business. Revenue has historically been modest, but the most recent year stands out with a very large jump in sales compared with prior years. Because this is an intellectual‑property and settlement‑driven model, results can be lumpy from year to year depending on when big deals or legal resolutions land. Despite that lumpiness, the company has stayed in the black for several years, with attractive margins that reflect its asset‑light, royalty‑focused structure rather than heavy manufacturing. Earnings per share have grown strongly, helped both by higher profits and a relatively small share base. The key risk on the income statement is that a few big contracts, renewals, or legal outcomes can swing results quite a bit from one period to the next.

Balance Sheet

Balance Sheet The balance sheet is simple and relatively conservative. The company carries no financial debt, which reduces balance‑sheet risk and interest burden. Cash and investments represent a meaningful portion of total assets, and shareholder equity has grown over time, indicating that profits have been retained rather than heavily leveraged. Overall asset levels are not large by big‑tech standards, which is typical for a licensing and software business that does not need factories or large physical infrastructure. One point to watch is how non‑core investments, such as the Barnes & Noble Education stake, change the mix of assets and introduce new types of risk outside the core haptics business.

Cash Flow

Cash Flow Cash flow has been a clear strength. Operating cash flow has been consistently positive in recent years, and free cash flow closely tracks it because capital spending needs are very low. This fits with an intellectual‑property model, where most costs are people and legal expenses rather than equipment and facilities. The business converts a good portion of accounting profits into actual cash, which supports a healthy cash balance and gives management flexibility for buybacks, dividends, or strategic investments. The main caveat is that cash flows, like revenue, can be uneven because they depend on the timing of licensing payments and settlements, so individual years can look unusually strong or weak.

Competitive Edge

Competitive Edge Immersion occupies a focused niche as a specialist in haptic technology—the “feel” layer of digital interaction. Its competitive position rests heavily on three pillars: a large and long‑standing patent portfolio, deep domain expertise built over decades, and a partnership model that lets it work with rather than against major hardware makers. The patent portfolio is the core of its narrow moat: it creates barriers for rivals and underpins licensing deals with mobile, automotive, gaming, and component companies. However, relying on patents also brings risks. Litigation is expensive and unpredictable, some customers may view the company as overly litigious, and patents naturally age and expire over time, which could erode bargaining power unless new intellectual property keeps replacing the old. In addition, Immersion deals with large, well‑funded competitors and partners, so maintaining relevance and leverage in negotiations is an ongoing challenge.

Innovation and R&D

Innovation and R&D On the innovation side, Immersion is not just a legal entity; it has built real technology platforms such as its TouchSense software, ActiveSensing controls, and developer tools that help partners create more precise and engaging tactile experiences. These offerings elevate haptics from simple vibrations to richer, more tailored feedback in phones, cars, game controllers, and other connected devices. Its long history in haptics gives it a knowledge advantage, but the market is evolving quickly. Future growth likely depends on continued investment in R&D to push into multi‑channel and multi‑modal haptics, and into emerging areas like VR/AR, advanced driver interfaces, and medical simulation. One ongoing tension is how the company balances spending on innovation versus spending on litigation—sustained technical leadership will require visible, consistent commitment to R&D, not just defense of existing patents.

Summary

Immersion is a small, specialized technology company built around haptics and intellectual property. Financially, it combines high margins and positive free cash flow with a clean, debt‑free balance sheet, which gives it resilience and flexibility. Its results, however, can be quite uneven because large licensing deals and legal outcomes drive a big share of revenue and earnings. Strategically, the company benefits from a narrow but real moat grounded in patents, software platforms, and expertise that is hard to replicate quickly. At the same time, it operates alongside very large industry players and depends on its ability to keep signing agreements and defending its IP in court. The recent move into an education‑related investment highlights both its strong cash position and the risk of drifting outside its core competency. Overall, Immersion looks like a focused, cash‑generative IP and software business with meaningful strengths in a growing niche, balanced by concentration, legal, and strategy‑execution risks that investors and stakeholders need to watch closely over time.

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