Short answer
IMMERSION CORP (IMMR) filed its fiscal 2026 10-K annual report with the SEC on Jul 24, 2026. It reported revenue of $1.7B (+11.2% year over year) and net income of $5M.
- Top risk flagged: Regulatory risk: Potential adverse impact from changes to U.S. patent laws and USPTO rules affecting patent enforcement and licensing rights
FY2026 key financial metrics · XBRL
- Revenue
- $1.7B
- +11.2% YoY
- Net income
- $5M
- −93.0% YoY
- Operating margin
- 1.5%
- −6.1 pp YoY
- EPS (diluted)
- $0.14
- −92.6% YoY
- ROE
- 1.5%
- −20.0 pp YoY
- Operating cash flow
- $59M
- +202.6% YoY
Source: XBRL data from the IMMERSION CORP (IMMR) FY2026 10-K on SEC EDGAR. USD.
IMMERSION CORP FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: licensing haptic technology patents for mobility, gaming, automotive markets plus operation of Barnes & Noble Education bookstores
- New segment: acquisition of controlling 42% interest in Barnes & Noble Education (June 2024), adding 1,116 physical/virtual bookstores and educational wholesale operations
- Strategic shift: diversification into education sector to expand product offerings, customer reach, and revenue streams beyond haptics licensing
- Quantitative highlight: Barnes & Noble Education operates 1,116 bookstores with ~3,613 employees, while Immersion segment remains lean at 8 employees
- Noteworthy fact: Barnes & Noble Education's BNC First Day® affordable access program grew sales 28% in FY 2026, reversing long-term course material revenue declines
Management Discussion & Analysis
- Revenue $1.73B, up $174.8M (11%) YoY; Immersion down 79% to $15.9M, Barnes & Noble Education up 16% to $1.71B
- Operating income $25.9M down 78%; Immersion operating income $3.8M down 92%, Barnes & Noble Education $22.1M down 68%
- Barnes & Noble Education best performing segment: revenues $1.71B, operating income $22.1M; Immersion worst: revenues $15.9M, operating income $3.8M
- Net cash from operations $59.1M vs $(57.6)M prior year; $8.1M dividends paid, $10K stock repurchases; $16.2M capex spend; $812.9M borrowings, $845.0M debt repayments
- Management anticipates sufficient liquidity next 12 months; key risks include Korean withholding tax litigation impacts and macroeconomic conditions affecting financing availability
Risk Factors
- Regulatory risk: Potential adverse impact from changes to U.S. patent laws and USPTO rules affecting patent enforcement and licensing rights
- Geopolitical risk: International revenues 75% of total, exposed to political instability and tariffs, including U.S. tariffs on Chinese imports affecting Barnes & Noble Education
- Operational risk: Significant supply chain dependence on limited suppliers; top 4 suppliers comprise 56% of Barnes & Noble Education’s merchandise purchases
- Competitive risk: Fixed payment license with Microsoft limits royalty revenue growth as Microsoft expands touch-enabled product sales, potentially depressing revenue from other licensees
- Financial risk: Material weaknesses in internal controls caused restatement and delayed SEC filings, risking Nasdaq noncompliance and reduced access to capital markets
Generated from the filing text; verify against the original. How to read a 10-K
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