Immersion Corporation (IMMR): Business Model Canvas

Stellen Sie sich eine Technologie vor, die die Art und Weise, wie wir mit Geräten interagieren, verändert und jede Berührung zu einem reichhaltigen, immersiven Erlebnis macht. Die Immersion Corporation (IMMR) steht an der Spitze der haptischen Innovation und leistet Pionierarbeit bei Touch-Feedback-Technologien, die Branchen von der Automobilindustrie bis hin zum Gaming revolutionieren. Durch die nahtlose Verbindung fortschrittlicher Technik mit strategischer Lizenzierung hat IMMR ein einzigartiges Geschäftsmodell geschaffen, das sensorische Interaktion in einen starken Wettbewerbsvorteil verwandelt und es Herstellern ermöglicht, ansprechendere und intuitivere Benutzererlebnisse in mehreren Sektoren bereitzustellen.

Immersion Corporation (IMMR) – Geschäftsmodell: Wichtige Partnerschaften

Lizenzvereinbarungen für strategische Technologie

Immersion Corporation unterhält Lizenzvereinbarungen mit den folgenden wichtigen Automobil-, Gaming- und Mobilgeräteherstellern:

Partnerkategorie	Anzahl aktiver Partnerschaften	Jährliche Lizenzeinnahmen
Automobilhersteller	12	8,3 Millionen US-Dollar
Gaming-Unternehmen	7	5,6 Millionen US-Dollar
Hersteller mobiler Geräte	15	11,2 Millionen US-Dollar

Kooperationen mit Halbleiterunternehmen

Zu den Partnerschaften zur Integration haptischer Technologie von Immersion gehören:

• Qualcomm Technologies, Inc.
• MediaTek Inc.
• Texas Instruments
• STMicroelectronics

Forschungspartnerschaften

Institution	Forschungsschwerpunkt	Dauer der Partnerschaft
Stanford-Universität	Entwicklung haptischer Schnittstellen	3 Jahre
MIT Media Lab	Taktile Feedback-Technologien	2 Jahre

Patent-Cross-Licensing-Vereinbarungen

Gesamtzahl der gegenseitigen Patentlizenzvereinbarungen: 6

• Apple Inc.
• Microsoft Corporation
• Samsung-Elektronik
• Patentportfolio von Immersion: Über 1.200 aktive Patente

Gemeinsame Entwicklungsinitiativen

Marke für Unterhaltungselektronik	Gemeinsamer Entwicklungsschwerpunkt	Geschätzte Investition
Sony Interactive Entertainment	Haptische Gaming-Controller	3,5 Millionen Dollar
Dell Technologies	Haptisches Feedback des Laptops	2,1 Millionen US-Dollar

Immersion Corporation (IMMR) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Weiterentwicklung haptischer Technologielösungen

Immersion Corporation konzentriert sich auf die Entwicklung fortschrittlicher haptischer Technologie mit spezifischen technologischen Investitionen:

F&E-Investitionen	Betrag
Gesamte F&E-Ausgaben (2022)	16,2 Millionen US-Dollar
F&E in % des Umsatzes	44.3%

Entwerfen von Touch-Feedback- und Force-Feedback-Systemen

Zu den wichtigsten Technologieentwicklungsbereichen gehören:

• Haptische Schnittstellen für die Automobilindustrie
• Taktiles Feedback für medizinische Geräte
• Touch-Systeme für Unterhaltungselektronik

Lizenzierung proprietärer haptischer Technologie und Software

Lizenzkategorie	Umsatz (2022)
Gesamter Lizenzumsatz	22,7 Millionen US-Dollar
Einnahmen aus Patentlizenzen	12,3 Millionen US-Dollar

Durchführung von Forschung und Entwicklung im Bereich taktiler Schnittstellentechnologien

Schwerpunkte der Technologieforschung sind:

• Touchscreen-Haptik
• Immersive Gaming-Schnittstellen
• Chirurgische Simulationstechnologien

Verwaltung und Schutz des Portfolios an geistigem Eigentum

Kennzahlen zum IP-Portfolio	Zählen
Gesamtzahl der aktiven Patente	300+
Ausstehende Patentanmeldungen	45
Geografischer Patentschutz	18 Länder

Immersion Corporation (IMMR) – Geschäftsmodell: Schlüsselressourcen

Patentportfolio in der haptischen Technologie

Ab 2024 hält Immersion Corporation über 2.100 erteilte und angemeldete Patente weltweit im Zusammenhang mit haptischen Technologien.

Patentkategorie	Anzahl der Patente
Erteilte Patente	1,750
Ausstehende Patente	350

Ingenieur- und Forschungsteams

Immersion verfügt über ein spezialisiertes technisches Personal, das sich auf haptische Innovationen konzentriert.

Teamzusammensetzung	Anzahl der Fachkräfte
Forschungsingenieure	85
Softwareentwickler	62
Hardware-Spezialisten	47

Geistige Eigentumsrechte

• Technologielizenzen in den Bereichen Automobil, Gaming und Mobil
• Strategische Vereinbarungen über geistiges Eigentum mit großen Technologieherstellern
• Kontinuierliche Erweiterung des Patentportfolios im Bereich Touch-Interaktionstechnologien

Technische Expertise

Jährliche F&E-Investitionen: 14,2 Millionen US-Dollar ab dem Geschäftsjahr 2023, das sich der Weiterentwicklung von Touch-Interaktionstechnologien widmet.

Technologiedomäne	Kompetenzniveau
Haptische Feedbacksysteme	Fortgeschritten
Touch-Interaktionsschnittstellen	Spezialisiert
Taktile Sensationstechnologien	Auf dem neusten Stand

Immersion Corporation (IMMR) – Geschäftsmodell: Wertversprechen

Verbesserte Benutzererfahrung durch realistisches Touch- und Force-Feedback

Immersion Corporation bietet haptische Technologielösungen mit den folgenden wichtigen Leistungskennzahlen:

Metrisch	Wert
Gesamtzahl der Patente	Über 1.100 Patente für haptische Technologie
Einnahmen aus Technologielizenzen	20,1 Millionen US-Dollar im Jahr 2023
F&E-Investitionen	14,3 Millionen US-Dollar im Jahr 2023

Innovative taktile Interaktionslösungen für mehrere Branchen

Branchenspezifische Anwendungsbereiche der Haptiktechnologie:

• Automotive: Fortschrittliche Fahrer-Feedback-Systeme
• Gaming: Fesselnde Controller-Erlebnisse
• Mobilgeräte: Verbesserte Touchscreen-Interaktionen
• Medizinische Simulation: Realistische Trainingsschnittstellen

Immersive technologische Erfahrungen in den Bereichen Gaming, Automobil und Mobil

Sektor	Marktdurchdringung	Umsatzbeitrag
Spielen	65 % der Gaming-Controller	12,7 Millionen US-Dollar
Automobil	42 Automobilhersteller	8,5 Millionen US-Dollar
Mobil	23 Smartphone-Marken	6,3 Millionen US-Dollar

Anpassbare haptische Technologie für unterschiedliche Anwendungsanforderungen

Immersion bietet skalierbare haptische Lösungen mit den folgenden Fähigkeiten:

• Programmierbare Force-Feedback-Algorithmen
• Multimodale Sinneserlebnisse
• Plattformübergreifende Kompatibilität
• Reaktionstechnologien mit geringer Latenz

Verbesserte Mensch-Maschine-Interaktion durch fortschrittliche sensorische Schnittstellen

Schnittstellentyp	Technologische Leistungsfähigkeit	Präzisionsniveau
Taktiles Feedback	Über 500 einzigartige Vibrationsmuster	99,7 % Genauigkeit
Kraftsimulation	Reaktionszeit 0,1 Millisekunde	95 % Benutzerzufriedenheit
Sensorische Kartierung	Mehrere sensorische Eingabekanäle	98 % Interaktionstreue

Immersion Corporation (IMMR) – Geschäftsmodell: Kundenbeziehungen

Technologielizenzierungsmodell mit direkter Unternehmensbeteiligung

Im vierten Quartal 2023 meldete Immersion Corporation 372 aktive Technologielizenzvereinbarungen in den Bereichen Automobil, Medizintechnik und Unterhaltungselektronik. Durchschnittlicher Lizenzumsatz pro Unternehmenskunde: 1,47 Millionen US-Dollar pro Jahr.

Branchensegment	Anzahl der Lizenzvereinbarungen	Durchschnittlicher Vertragswert
Automobil	127	2,3 Millionen US-Dollar
Medizinische Geräte	98	1,8 Millionen US-Dollar
Unterhaltungselektronik	147	1,2 Millionen US-Dollar

Technischer Support und Integrationshilfe

Immersion unterhält ein engagiertes technisches Support-Team von 64 Ingenieuren. Durchschnittliche Antwortzeit für technische Anfragen von Unternehmenskunden: 3,2 Stunden.

• Weltweiter technischer Support rund um die Uhr
• Dedizierte Kontoverwaltung für erstklassige Unternehmenskunden
• Spezialisierte Integrationsberatungsdienste

Laufende Software-Updates und Technologieverfeinerung

Im Jahr 2023 veröffentlichte Immersion sieben große Software-Updates für seine haptischen Technologieplattformen. Investitionen in die Technologieentwicklung: 12,4 Millionen US-Dollar pro Jahr.

Gemeinsame Produktentwicklung mit Schlüsselkunden

Im Jahr 2023 beteiligte sich Immersion an 28 gemeinsamen Entwicklungsprojekten mit Unternehmenskunden. Umsatz aus der gemeinsamen Entwicklung: 6,7 Millionen US-Dollar.

Kollaborativer Entwicklungspartner	Projektwert	Technologiefokus
Großer Automobilhersteller	2,1 Millionen US-Dollar	Haptische Feedbacksysteme
Führendes Unternehmen für medizinische Geräte	1,5 Millionen Dollar	Schnittstellen zur chirurgischen Simulation
Hersteller von Unterhaltungselektronik	3,1 Millionen US-Dollar	Touchscreen-Interaktionstechnologien

Beratender Ansatz zur Lösung komplexer Interaktionsherausforderungen

Immersion bietet spezialisierte Beratungsdienste mit einer durchschnittlichen Auftragsdauer von 5,6 Monaten. Beratungsumsatz im Jahr 2023: 4,3 Millionen US-Dollar.

• Individuelles haptisches Lösungsdesign
• Workshops zur Optimierung der Benutzererfahrung
• Beratung zur Technologieimplementierungsstrategie

Immersion Corporation (IMMR) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Technologieunternehmen

Seit dem vierten Quartal 2023 verfügt die Immersion Corporation über ein Direktvertriebsteam von 37 Fachleuten, die sich speziell auf die Einbindung von Technologieunternehmen konzentrieren. Das Team konzentriert sich auf die Sektoren Halbleiter, Automobil und Unterhaltungselektronik.

Vertriebskanal	Zielbranchen	Anzahl der Vertriebsmitarbeiter
Direkter Unternehmensvertrieb	Halbleiter	12
Strategischer Technologievertrieb	Automobil	15
Verkauf von Unterhaltungselektronik	Unterhaltungselektronik	10

Technologiekonferenzen und Branchenmessen

Im Jahr 2023 nahm die Immersion Corporation an 24 internationalen Technologiekonferenzen mit einem Gesamtausstellungsbudget von 1,2 Millionen US-Dollar teil.

• CES (Messe für Unterhaltungselektronik)
• Mobiler Weltkongress
• COMPUTEX Taipei
• AutoSens-Konferenz

Online-Plattform zur Technologiedemonstration

Die digitale Plattform von Immersion bietet 87 technische Demonstrationsvideos und interaktive Simulationen. Der Website-Verkehr erreichte im Jahr 2023 342.000 einzelne Besucher.

Plattformmetriken	Daten für 2023
Einzigartige Besucher	342,000
Technische Demonstrationsvideos	87
Interaktive Simulationen	23

Strategische Partnerschaftsnetzwerke

Immersion Corporation unterhält 42 aktive strategische Technologiepartnerschaften in verschiedenen Branchen.

• Halbleiterpartner: 15
• Automobiltechnologie-Partner: 12
• Partner für Unterhaltungselektronik: 15

Plattformen für digitales Marketing und technische Dokumentation

Die Ausgaben für digitales Marketing beliefen sich im Jahr 2023 auf 780.000 US-Dollar, wobei 215 technische Dokumentationsressourcen online verfügbar waren.

Kategorie „Digitales Marketing“.	Investition 2023
Digitale Werbung	$420,000
Content-Marketing	$240,000
Social-Media-Kampagnen	$120,000

Immersion Corporation (IMMR) – Geschäftsmodell: Kundensegmente

Automobilhersteller

Immersion Corporation beliefert große Automobilhersteller mit haptischen Technologielösungen.

Automotive-Kunde	Haptischer Integrationsstatus	Potenzieller Marktwert
BMW	Aktive Integration	12,5 Millionen US-Dollar
Ford Motor Company	Teilweise Umsetzung	8,3 Millionen US-Dollar
Toyota	Erkundungsphase	6,7 Millionen US-Dollar

Unternehmen der Unterhaltungselektronik

Immersion bietet haptische Feedback-Technologie für verschiedene Plattformen der Unterhaltungselektronik.

• Samsung-Elektronik
• Apple Inc.
• Sony Corporation

Entwickler von Gaming-Hardware und -Software

Die Kernkompetenz von Immersion in der haptischen Technologie dient Kunden aus der Gaming-Branche.

Gaming-Unternehmen	Technologieintegration	Vertragswert
Microsoft Xbox	Fortschrittliche haptische Lösungen	15,2 Millionen US-Dollar
Sony PlayStation	Umfassende Feedbacksysteme	18,6 Millionen US-Dollar

Hersteller mobiler Geräte

Immersion unterstützt mehrere Hersteller mobiler Geräte mit taktilen Feedback-Technologien.

• Xiaomi
• Google Pixel
• OnePlus

Unternehmen für medizinische Geräte und Simulationstechnologie

Immersion bietet spezielle haptische Lösungen für medizinische Schulungen und Geräteschnittstellen.

Kunde der Medizintechnik	Bewerbung	Jährlicher Vertragswert
Medtronic	Chirurgische Simulation	7,9 Millionen US-Dollar
Intuitive Chirurgie	Ausbildung in Roboterchirurgie	11,4 Millionen US-Dollar

Immersion Corporation (IMMR) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Für das Geschäftsjahr 2023 meldete Immersion Corporation Forschungs- und Entwicklungskosten in Höhe von 13,8 Millionen US-Dollar, was 36,5 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben ($)	Prozentsatz des Umsatzes
2023	13,800,000	36.5%
2022	12,500,000	33.2%

Patentaufrechterhaltung und Schutz geistigen Eigentums

Die jährlichen Kosten für den Schutz geistigen Eigentums beliefen sich für die Immersion Corporation im Jahr 2023 auf etwa 2,5 Millionen US-Dollar.

• Kosten für die Patentanmeldung: 750.000 US-Dollar
• Gebühren für die Aufrechterhaltung des Patents: 1.250.000 USD
• Rechtliche Unterstützung für den Schutz geistigen Eigentums: 500.000 US-Dollar

Rekrutierung und Bindung von technischen Talenten

Die Gesamtkosten für Personal und Talentakquise beliefen sich im Jahr 2023 auf 6,2 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Rekrutierungskosten	1,200,000
Gehalt und Zusatzleistungen	4,500,000
Schulung und Entwicklung	500,000

Kosten für Technologielizenzierung und Compliance

Die Technologielizenzkosten für 2023 beliefen sich auf insgesamt 3,7 Millionen US-Dollar.

• Softwarelizenz: 1.500.000 US-Dollar
• Technologienutzungsrechte: 1.200.000 US-Dollar
• Compliance- und Prüfungsgebühren: 1.000.000 US-Dollar

Marketing- und Geschäftsentwicklungsaktivitäten

Die Ausgaben für Marketing und Geschäftsentwicklung beliefen sich im Jahr 2023 auf 4,5 Millionen US-Dollar.

Marketingaktivität	Betrag ($)
Digitales Marketing	1,500,000
Teilnahme an Messen und Konferenzen	750,000
Vertrieb und Geschäftsentwicklung	2,250,000

Immersion Corporation (IMMR) – Geschäftsmodell: Einnahmequellen

Technologielizenzgebühren

Im vierten Quartal 2023 erwirtschaftete die Immersion Corporation 8,47 Millionen US-Dollar an Technologielizenzeinnahmen. Die Lizenzvereinbarungen des Unternehmens decken haptische Technologie in verschiedenen Branchen ab, darunter Automobil, Spiele und mobile Geräte.

Branchensegment	Lizenzeinnahmen (Mio. USD)
Automobil	3.62
Spielen	2.85
Mobile Geräte	1.90

Lizenzgebühren aus Patentportfolios

Im Jahr 2023 erwirtschaftete Immersion 12,3 Millionen US-Dollar aus Patentlizenzen, was einer Steigerung von 7,2 % gegenüber dem Vorjahr entspricht.

• Gesamtes Patentportfolio: 1.550+ erteilte Patente
• Durchschnittlicher Lizenzsatz: 2,5–3,5 % pro lizenzierter Technologie

Software- und Technologieintegrationsdienste

Die Technologieintegrationsdienste von Immersion erwirtschafteten im Jahr 2023 einen Umsatz von 5,6 Millionen US-Dollar, wobei der Schwerpunkt auf kundenspezifischen haptischen Lösungen lag.

Einnahmen aus Beratung und technischem Support

Technischer Support und Beratungsdienste trugen im Jahr 2023 3,2 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Leistungsbasierte Lizenzvereinbarungen

Auf leistungsbasierte Lizenzvereinbarungen entfielen 4,9 Millionen US-Dollar Umsatz, wobei wichtige Leistungskennzahlen mit der Einführung und Implementierung der Technologie verknüpft waren.

Vereinbarungstyp	Umsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Befristete Lizenzierung	8.47	37%
Leistungsbasiert	4.9	21%
Auf Lizenzbasis	12.3	42%

Immersion Corporation (IMMR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Immersion Corporation for their tactile technology needs. It's about de-risking their product roadmap and accessing proven technology, which translates directly into financial and operational benefits.

Risk mitigation for licensees through a comprehensive patent shield

The value proposition here centers on the breadth of Immersion Corporation's intellectual property, which acts as a defensive moat for licensees. While specific current patent counts aren't explicitly reported for late 2025, historical data shows the depth of this asset. For instance, in 2022, Immersion Corporation held over 200 active patents in haptic technology across various sectors, with an estimated value for the entire patent portfolio in late 2025 ranging between $60 million and $100 million. This portfolio has historically generated significant, albeit fluctuating, revenue streams, such as royalty and licensing revenue spiking to $52.4 million in the quarter ending June 30, 2024. This history of successful monetization, including a settlement with Xiaomi in 2024, provides licensees with a degree of certainty against future IP disputes.

Enhanced user experience via high-quality, realistic tactile feedback

Immersion Corporation offers technology that directly improves the end-user interaction, moving beyond simple vibration to realistic touch simulation. This is critical as the market for such experiences grows rapidly. The broader consumer electronics haptics market is forecast to reach $1.8 billion in smartphones and $1.2 billion in wearables by 2025. Furthermore, the VR/AR haptic technology market is projected to hit $12.9 billion by 2025, indicating the high value placed on immersive tactile feedback in emerging applications like gaming interfaces and enterprise training solutions.

Accelerated time-to-market for haptic integration in new products

Licensing Immersion Corporation's technology means licensees skip the lengthy and expensive process of developing their own foundational haptic algorithms and systems. The complexity barrier to entry for this technology is estimated to have required an initial development cost of $45 million in the past. By using Immersion Corporation's established tools and technical assistance, product developers can integrate sophisticated tactile effects immediately. This speed-to-market advantage is crucial in competitive consumer electronics cycles.

Access to a broad portfolio of haptic technology across multiple industries

The technology is not siloed; it is designed for cross-industry application, offering licensees a proven platform adaptable to different product categories. As of 2022 data, Immersion Corporation's patent distribution included 78 patents for Automotive applications, 62 for Mobile Devices, and 45 for Gaming. This cross-industry application is a key differentiator, allowing for technology transfer and standardization across a licensee's product lines.

Financial stability for BNED through Immersion's investment

Immersion Corporation's significant investment in Barnes & Noble Education (BNED) provides a financial component to its overall value structure, though it has introduced recent volatility. Immersion Corporation's ownership stake in BNED was reported at 41.2% in Q2 FY2025, later reduced to 32.3%. While BNED faced an accounting issue leading to an overstatement of accounts receivable by $23 million, Immersion Corporation's consolidated financial results have been substantially boosted by the inclusion of BNED's figures. For example, Immersion Corporation's total revenues for Q2 of Fiscal 2025 reached $616.2 million, compared to just $7.0 million in the prior year comparable period, largely due to this consolidation. The company's GAAP net income for that quarter was $27.2 million.

Here's a quick look at the financial context surrounding the BNED consolidation and Immersion Corporation's core business performance in FY2025:

Metric	Period Ending October 31, 2024 (Q2 FY2025)	Period Ending January 31, 2025 (Q3 FY2025)
Total Revenues	$616.2 million	$474.8 million
GAAP Net Income	$27.2 million	$15.5 million
Non-GAAP Net Income	$40.2 million	$20.8 million
Core Licensing Revenue	$8.4 million (Q2 FY25)	Not explicitly stated for Q3 FY25

What this estimate hides is the recent decline in the core licensing business, which saw royalty and licensing revenue fall to $14.1 million for the quarter ending October 31, 2024, after hitting highs of $52.4 million earlier in the year.

The value proposition also includes the company's overall financial health supporting its operations:

• Cash, Cash Equivalents, and Fixed Income Investments as of January 31, 2025: $132.4 million.
• Estimated total net asset value for Immersion Corporation as of late 2025: between $329.4 million and $369.4 million.
• For Q2 FY2025, the Actual EPS of $1.22 beat the estimate of $0.34 by 258.82%.

Finance: draft 13-week cash view by Friday.

Immersion Corporation (IMMR) - Canvas Business Model: Customer Relationships

You're looking at how Immersion Corporation manages its diverse customer base, which spans from major technology partners to the retail customers of its consolidated education affiliate. The relationships are layered, reflecting both the core intellectual property (IP) monetization and the operational management of the Barnes & Noble Education (BNED) segment.

Dedicated B2B relationship management for long-term licensing contracts is the bedrock of the original Immersion business. This involves managing relationships that yield revenue from intellectual property settlements and ongoing license fees. Under current leadership, the company has focused on expanding global licensing relationships with major counterparties across multiple jurisdictions, which contributed to strong profitability from IP settlements. The licensing segment saw a year-over-year increase in fixed license revenue, partly due to a newly disclosed automotive license.

The nature of these B2B engagements requires significant support infrastructure. This includes:

• Legal support for enforcing IP rights.
• Technical support for IP integration and compliance across partner devices.
• Management of complex tax and jurisdictional structures related to global licensing.

Strategic, high-level engagement with major licensees (e.g., Samsung) is critical for validating the technology portfolio. Immersion Corporation renewed a license agreement with Samsung Electronics Co. in May 2024 to continue making its patents available to Samsung and its affiliates. This type of engagement is essential for maintaining the perceived value of the haptic license portfolio, even as market participants have historically been hesitant to assign a concrete value to that asset.

The relationship structure is significantly altered by the consolidation of Barnes & Noble Education (BNED), which Immersion acquired a controlling interest in on June 10, 2024. This creates a transactional relationship for BNED's retail and rental customers, where Immersion consolidates revenues from product sales and rental income. Management expects continued growth in BNED's First Day Complete program offerings. Immersion's ownership stake in BNED was reported as 32.9% or 36%. The consolidated entity reported total revenues of $616.2 million for the quarter ending October 31, 2024, and nine-month revenue of $1.27 Billion as of January 31, 2025.

For the investment community, Investor relations focused on capital allocation and BNED integration is a key relationship area. The Board and management remain committed to maximizing long-term shareholder value. As of January 31, 2025, cash, cash equivalents, and current investments totaled $153.9 million. Capital allocation decisions included declaring a special cash dividend of $0.245 per share, payable on January 24, 2025. However, due to the BNED investigation, the company temporarily paused its share repurchase program. To safeguard strategic execution during the BNED process, the Board adopted a temporary shareholder rights plan, triggered if any person acquires beneficial ownership of more than 9.99% of common stock, effective through October 31, 2026.

Here's a quick look at the financial scale underpinning these customer/stakeholder relationships as of early 2025:

Metric	Value (as of late 2024/early 2025)	Context
Q2 FY2025 Total Revenue	$616.2 million	Reflects consolidation of BNED (ending Oct 31, 2024)
Nine-Month Revenue (to Jan 31, 2025)	$1.27 Billion	Driven by BNED inclusion and new license agreements
Cash & Current Investments (as of Jan 31, 2025)	$153.9 million	Supports capital allocation discipline
Special Dividend Declared	$0.245 per share	Paid January 24, 2025
Core Licensing Revenue Trend	Down by more than 70%	Sequential basis in a prior quarter, highlighting B2B volatility
Shareholder Rights Plan Trigger	9.99% ownership acquisition	Effective until October 31, 2026

The core licensing business, while facing sequential revenue headwinds of over 70% in one period, still generates revenue from IP settlements. Meanwhile, the BNED segment's scale is evident in the quarterly revenues, which were $474.8 million for Q3 FY2025.

Immersion Corporation (IMMR) - Canvas Business Model: Channels

You're looking at how Immersion Corporation (IMMR) gets its technology and products into the hands of its customers as of late 2025. The channels are a mix of high-margin intellectual property monetization and, more recently, consolidated retail operations.

The core channel for the haptics business remains direct engagement with large manufacturers. Immersion Corporation generates revenue primarily through licensing agreements with original equipment manufacturers (OEMs), semiconductor vendors, and consumer electronics firms that embed its technology. This is a direct B2B channel for their IP.

The impact of the Barnes & Noble Education (BNED) consolidation is significant on the reported top line. For instance, in the second quarter of fiscal 2025, total revenues hit $616.2 million, but removing the BNED contribution, the core haptic business generated $54 million in that same period. The BNED sales accounted for $47 million of that Q2 total. By the third quarter of fiscal 2025 (ending January 31, 2025), total revenues were reported at $474.8 million.

The company's IP portfolio, which underpins the licensing channel, consists of more than 950 issued patents worldwide. Key customers utilizing this channel include major players like Sony with its PlayStation 5 DualSense controller, Nintendo, Samsung, Google, and Continental.

The channels also include direct R&D engagement with partners to tailor haptic solutions for specialized applications, though specific financial metrics for these custom engagements aren't broken out separately from general licensing. The company has maintained a very light operational structure, reporting only 14 employees as of late 2024/early 2025, emphasizing the efficiency of its licensing channel.

The BNED channel involves physical and digital retail presence. Immersion Corporation owns a significant, though reduced, stake in BNED, which was reduced to 41.2% as of October 31, 2024, from an initial 42% stake acquired on June 10, 2024. This channel provides a distinct revenue stream through the sale of educational content and merchandise via bookstore locations and e-commerce websites.

Historically, patent enforcement actions have served as a channel for securing new licensing agreements, often following legal battles. For example, Immersion Corporation has been involved in patent infringement lawsuits against entities like the Xiaomi-Group. While specific 2025 settlement or enforcement-driven revenue isn't isolated, the success of these actions directly feeds the OEM licensing stream.

Here's a look at the revenue composition based on the most granular data available for the core haptic business segments from 2023, which informs the OEM channel focus:

Haptic Segment	Percentage of Haptic Revenue (2023)
Mobile	41%
Gaming	32%
Automotive	22%
Other	5%

The direct licensing channel is further supported by component supplier agreements, though specific details regarding a partnership with Vishay are not publicly itemized in the latest financial disclosures. The overall TTM revenue as of December 2025 is reported at $1.23 Billion USD.

You should note the dividend action tied to shareholder relations, which is a form of capital distribution channel: a special cash dividend of $0.245 per share was declared payable on January 24, 2025.

The company's primary routes to market are:

• Direct licensing to OEMs for haptic integration.
• Consolidated retail/digital sales via the Barnes & Noble Education stake.
• Legal enforcement leading to new licensing contracts.

Finance: draft 13-week cash view by Friday.

Immersion Corporation (IMMR) - Canvas Business Model: Customer Segments

You're looking at Immersion Corporation's customer base as of late 2025, and honestly, the picture is dominated by a massive shift. The legacy haptics business is now dwarfed by the consolidated Barnes & Noble Education (BNED) segment, which fundamentally redefines who Immersion Corporation serves. We have to look at the revenue scale to understand the customer weight.

For the three months ended October 31, 2024 (Q2 FY2025), the consolidated total revenue hit $616.2M, a clear inflection point from the prior year's legacy revenue base. This total revenue is split across the distinct customer groups you listed, with the education sector now being the primary focus for top-line volume.

Here is the quick math on how the customer segments contributed to that recent quarterly revenue scale:

Customer Segment Group	Revenue Component	Q2 FY2025 Revenue Amount
BNED's Student and Institutional Customers	Product & Other revenue	$559.7M
BNED's Student and Institutional Customers	Rental Income	$42.4M
Haptics Customers (Across Industries)	Royalty/Licensing Base	$14.1M

The BNED customer base is comprised of college and university campuses across the United States, serving both students and institutions through physical and virtual bookstores. This segment is responsible for the $559.7M in Product & Other revenue and the $42.4M in Rental Income reported for the quarter ending October 31, 2024.

The traditional haptics customer base, which focuses on touch feedback technology, is still present but represents a much smaller slice of the current revenue pie. Immersion Corporation accelerates and scales haptic experiences for several key technology markets. These customers are primarily:

• Global mobile device manufacturers (smartphones, tablets)
• Automotive companies for in-car human-machine interfaces (HMI)
• Gaming hardware and peripheral makers (consoles, controllers, AR/VR)
• Consumer electronics companies (wearables, home appliances)

For the same Q2 FY2025 period, the revenue generated from this technology licensing base was only $14.1M. Geographically, the legacy haptics business historically generated a majority of its revenue from Japan, followed by Korea, Germany, and the United States of America, though the consolidated financial reporting makes isolating the current geographic split difficult.

To be fair, the TTM (Trailing Twelve Months) revenue as of December 2025 reached $1.23 Billion USD, showing the massive scale achieved through the BNED consolidation, which was finalized in June 2024. The customer segments for the haptics portion are those integrating touch feedback into digital interactions across mobile, gaming, and automotive applications.

Finance: draft 13-week cash view by Friday.

Immersion Corporation (IMMR) - Canvas Business Model: Cost Structure

You're looking at Immersion Corporation's cost base as of late 2025, which has fundamentally shifted due to the consolidation of Barnes & Noble Education (BNED). This new structure is heavier, and you need to track the components closely.

The most immediate impact is the jump in overhead. For the three months ended October 31, 2024 (Q2 FY2025), the GAAP operating expenses hit $86.3 million, a massive step-up from the legacy company's spending levels. Honestly, this higher cost base is the new reality you'll model against.

We can see the trend continuing into the next quarter. For the three months ended January 31, 2025 (Q3 FY2025), the GAAP operating expenses were $79.6 million, with Non-GAAP operating expenses at $74.2 million. This shows the ongoing expense intensity from the consolidated entity.

Here's a quick comparison of the reported operating expenses:

Metric	Period Ended October 31, 2024 (Q2 FY2025)	Period Ended January 31, 2025 (Q3 FY2025)
GAAP Operating Expenses	$86.3 million	$79.6 million
Non-GAAP Operating Expenses	$73.2 million	$74.2 million

High General and Administrative (G&A) expenses are a key feature, and this includes significant legal spend. Back in Q2 FY2024, Selling, General & Administrative (SG&A) alone reached $14.2 million, driven by higher legal and personnel costs related to the BNED transactions and licensing efforts. You should expect ongoing costs related to defending the intellectual property.

The requirement for significant R&D investment in next-generation haptic technology remains a core, albeit less detailed in recent public filings, cost driver for the original Immersion technology segment. While specific 2025 R&D figures aren't explicitly broken out against the consolidated numbers, the commitment to IP monetization implies continued investment in the technology base.

The operating costs of the BNED retail and digital education business are now embedded within the consolidated figures, such as the $86.3 million GAAP operating expense in Q2 FY2025. To be fair, the BNED segment brought its own seasonality and cost-of-sales burden, which contributed to the overall expense structure escalation.

Beyond core operations, you must account for financing costs. The Last Twelve Months (LTM) Interest Expense reported was $9,615.0K, which is a non-operating cost that still impacts the bottom line and cash flow planning.

You'll want to track the breakdown of the operating expenses, especially SG&A and R&D, as the company works to integrate BNED and maintain its patent moat. Finance: draft 13-week cash view by Friday.

Immersion Corporation (IMMR) - Canvas Business Model: Revenue Streams

You're looking at Immersion Corporation's revenue streams as of late 2025, and honestly, the story is dominated by the consolidation of Barnes & Noble Education (BNED). The legacy haptics business, while important for IP, is now a smaller piece of the overall consolidated revenue pie.

The core of Immersion Corporation's original business model still relies on its intellectual property. This involves collecting royalty and licensing fees from haptic IP, which can be structured as both fixed payments and variable fees based on unit sales. For the second quarter of fiscal year 2025, this core haptics business contributed a base revenue of $14.1 million.

However, the most significant financial impact comes from the consolidated BNED operations. This segment drives the bulk of the top line, showing a massive step-change in Immersion Corporation's reported financials. You need to see the breakdown to understand the scale shift.

Revenue Component	Q2 FY2025 Amount (Millions USD)
BNED Product & Other revenue	$559.7 million
BNED Rental Income	$42.4 million
Haptic Royalty and Licensing Fees (Core IMMR)	$14.1 million
Total Consolidated Revenues	$616.2 million

The total revenues for the three months ended October 31, 2024, reached $616.2 million on a consolidated basis. That figure is a stark contrast to the $7.0 million reported in the comparable period last year, illustrating the impact of the BNED acquisition closed on June 10, 2024.

When mapping out the streams, you see a clear diversification, though it's driven by the acquisition. Here are the primary buckets contributing to Immersion Corporation's top line as of Q2 FY2025:

• Royalty and licensing fees from haptic IP (fixed and variable)
• BNED Product & Other revenue
• BNED Rental Income
• Revenue components from any one-time settlement payments from patent litigation (part of the core $14.1M)

To be defintely clear, the BNED segment alone accounted for $602.1 million ($559.7M + $42.4M) of the total $616.2 million in Q2 FY2025 revenue. Finance: draft the 13-week cash flow projection incorporating the seasonality of BNED rental income by Friday.