Immersion Corporation (IMMR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Imagine una tecnología que transforma la forma en que interactuamos con los dispositivos, convirtiendo cada toque en una experiencia rica e inmersiva. Immersion Corporation (IMMR) está a la vanguardia de la innovación háptica, pionero en tecnologías de retroalimentación táctil que revolucionan las industrias desde el automóvil hasta los juegos. Al combinar sin problemas la ingeniería avanzada con licencias estratégicas, IMMR ha creado un modelo de negocio único que convierte la interacción sensorial en una poderosa ventaja competitiva, lo que permite a los fabricantes ofrecer experiencias de usuario más atractivas e intuitivas en múltiples sectores.

Immersion Corporation (IMMR) - Modelo de negocios: asociaciones clave

Acuerdos de licencia de tecnología estratégica

Immersion Corporation mantiene acuerdos de licencia con los siguientes fabricantes de dispositivos automotrices, juegos y dispositivos móviles:

Categoría de socio	Número de asociaciones activas	Ingresos anuales de licencia
Fabricantes de automóviles	12	$ 8.3 millones
Empresas de juego	7	$ 5.6 millones
Fabricantes de dispositivos móviles	15	$ 11.2 millones

Colaboraciones de la empresa de semiconductores

Las asociaciones de integración de tecnología háptica de la inmersión incluyen:

• Qualcomm Technologies, Inc.
• MediaTek Inc.
• Instrumentos de Texas
• Stmicroelectronics

Asociaciones de investigación

Institución	Enfoque de investigación	Duración de la asociación
Universidad de Stanford	Desarrollo de interfaz háptica	3 años
Laboratorio de medios MIT	Tecnologías de retroalimentación táctil	2 años

Acuerdos de licencia cruzada de patentes

Acuerdos de licencia cruzada total de patentes: 6

• Apple Inc.
• Microsoft Corporation
• Electrónica Samsung
• Portafolio de patentes de inmersión: más de 1,200 patentes activas

Iniciativas de desarrollo conjunto

Marca de electrónica de consumo	Enfoque de desarrollo conjunto	Inversión estimada
Entretenimiento interactivo de Sony	Controladores de juegos hápticos	$ 3.5 millones
Dell Technologies	Comentarios hápticos para laptop	$ 2.1 millones

Immersion Corporation (IMMR) - Modelo de negocio: actividades clave

Desarrollar y avanzar en soluciones de tecnología háptica

Immersion Corporation se centra en desarrollar tecnología háptica avanzada con inversiones tecnológicas específicas:

Inversión de I + D	Cantidad
Gastos totales de I + D (2022)	$ 16.2 millones
I + D como % de ingresos	44.3%

Diseño de los sistemas de retroalimentación y retroalimentación táctil

Las áreas clave de desarrollo de tecnología incluyen:

• Interfaces hápticas automotrices
• Comentarios táctil del dispositivo médico
• Sistemas táctiles electrónicos de consumo

Licencias de tecnología y software háptico patentado

Categoría de licencias	Ingresos (2022)
Ingresos totales de licencia	$ 22.7 millones
Ingresos de licencia de patentes	$ 12.3 millones

Realización de investigaciones y desarrollo en tecnologías de interfaz táctil

La investigación tecnológica se centra en:

• Hápticos con pantalla táctil
• Interfaces de juegos inmersivos
• Tecnologías de simulación quirúrgica

Gestión y protección de la cartera de propiedades intelectuales

Métricas de cartera de IP	Contar
Patentes activas totales	300+
Solicitudes de patente pendientes	45
Cobertura de patentes geográficas	18 países

Immersion Corporation (IMMR) - Modelo de negocio: recursos clave

Cartera de patentes en tecnología háptica

A partir de 2024, Immersion Corporation posee Más de 2.100 patentes emitidas y pendientes En todo el mundo relacionado con tecnologías hápticas.

Categoría de patente	Número de patentes
Patentes emitidos	1,750
Patentes pendientes	350

Equipos de ingeniería e investigación

La inmersión mantiene una fuerza laboral técnica especializada centrada en la innovación háptica.

Composición del equipo	Número de profesionales
Ingenieros de investigación	85
Desarrolladores de software	62
Especialistas en hardware	47

Derechos de propiedad intelectual

• Licencias de tecnología a través de sectores automotrices, de juegos y móviles
• Acuerdos de propiedad intelectual estratégica con los principales fabricantes de tecnología
• Tecnologías continuas de la expansión de la cartera de patentes en la interacción táctil

Experiencia técnica

Inversión anual de I + D: $ 14.2 millones A partir del año fiscal 2023, dedicado a avanzar en las tecnologías de interacción táctil.

Dominio tecnológico	Nivel de experiencia
Sistemas de retroalimentación háptica	Avanzado
Interfaces de interacción táctil	Especializado
Tecnologías de sensación táctil	Innovador

Inmersion Corporation (IMMR) - Modelo de negocio: propuestas de valor

Experiencia de usuario mejorada a través de la retroalimentación realista de toque y fuerza

Immersion Corporation proporciona soluciones de tecnología háptica con las siguientes métricas clave de rendimiento:

Métrico	Valor
Patentes totales	1.100+ patentes de tecnología háptica
Ingresos de licencia tecnológica	$ 20.1 millones en 2023
Inversión de I + D	$ 14.3 millones en 2023

Soluciones innovadoras de interacción táctil en múltiples industrias

Áreas de aplicación de tecnología háptica específica de la industria:

• Automotriz: sistemas avanzados de retroalimentación del controlador
• Juegos: experiencias de controlador inmersivo
• Dispositivos móviles: interacciones mejoradas con pantalla táctil
• Simulación médica: interfaces de entrenamiento realistas

Experiencias tecnológicas inmersivas en sectores de juegos, automotriz y móviles

Sector	Penetración del mercado	Contribución de ingresos
Juego de azar	65% de los controladores de juegos	$ 12.7 millones
Automotor	42 fabricantes de automóviles	$ 8.5 millones
Móvil	23 marcas de teléfonos inteligentes	$ 6.3 millones

Tecnología háptica personalizable para diversas necesidades de aplicaciones

La inmersión ofrece soluciones hápticas escalables con las siguientes capacidades:

• Algoritmos de retroalimentación de fuerza programable
• Experiencias sensoriales multimodales
• Compatibilidad multiplataforma
• Tecnologías de respuesta de baja latencia

Interacción de máquina humana mejorada a través de interfaces sensoriales avanzadas

Tipo de interfaz	Capacidad tecnológica	Nivel de precisión
Retroalimentación táctil	500+ patrones de vibración únicos	99.7% de precisión
Simulación de fuerza	0.1 tiempo de respuesta de milisegundos	95% de satisfacción del usuario
Mapeo sensorial	Canales de entrada sensoriales múltiples	98% de fidelidad de interacción

Immersion Corporation (IMMR) - Modelo de negocios: relaciones con los clientes

Modelo de licencia de tecnología con participación empresarial directa

A partir del cuarto trimestre de 2023, Immersion Corporation reportó 372 acuerdos de licencia de tecnología activa en los sectores automotriz, de dispositivos médicos y de consumo. Ingresos promedio de licencias por cliente empresarial: $ 1.47 millones anuales.

Segmento de la industria	Número de acuerdos de licencia	Valor de contrato promedio
Automotor	127	$ 2.3 millones
Dispositivos médicos	98	$ 1.8 millones
Electrónica de consumo	147	$ 1.2 millones

Soporte técnico y asistencia de integración

Immersion mantiene un equipo de soporte técnico dedicado de 64 ingenieros. Tiempo de respuesta promedio para consultas técnicas de los clientes empresariales: 3.2 horas.

• Cobertura de soporte técnico global 24/7
• Gestión de cuentas dedicada para clientes empresariales de primer nivel
• Servicios de consultoría de integración especializada

Actualizaciones de software en curso y refinamiento de tecnología

En 2023, Immersion lanzó 7 actualizaciones principales de software en sus plataformas de tecnología háptica. Inversión en desarrollo tecnológico: $ 12.4 millones anuales.

Desarrollo de productos colaborativos con clientes clave

La inmersión participó en 28 proyectos de desarrollo conjunto con clientes empresariales en 2023. Ingresos de desarrollo colaborativo: $ 6.7 millones.

Socio de desarrollo colaborativo	Valor del proyecto	Enfoque tecnológico
Principal fabricante automotriz	$ 2.1 millones	Sistemas de retroalimentación háptica
Compañía líder de dispositivos médicos	$ 1.5 millones	Interfaces de simulación quirúrgica
Fabricante de electrónica de consumo	$ 3.1 millones	Tecnologías de interacción con pantalla táctil

Enfoque consultivo para resolver desafíos de interacción complejos

Immersion ofrece servicios de consulta especializados con una duración promedio de participación de 5.6 meses. Ingresos de consulta en 2023: $ 4.3 millones.

• Diseño de solución háptica personalizada
• Talleres de optimización de experiencia del usuario
• Estrategia de implementación de tecnología consultoría

Immersion Corporation (IMMR) - Modelo de negocios: canales

Equipo de ventas directo dirigido a empresas de tecnología

A partir del cuarto trimestre de 2023, Immersion Corporation mantiene un equipo de ventas directo de 37 profesionales enfocados específicamente en la participación de la compañía de tecnología. El equipo apunta a los sectores de semiconductores, automotriz y electrónica de consumo.

Canal de ventas	Industrias objetivo	Número de representantes de ventas
Ventas empresariales directas	Semiconductor	12
Ventas de tecnología estratégica	Automotor	15
Ventas de electrónica de consumo	Electrónica de consumo	10

Conferencias tecnológicas y ferias comerciales de la industria

En 2023, Immersion Corporation participó en 24 conferencias internacionales de tecnología, con un presupuesto total de exhibición de $ 1.2 millones.

• CES (Consumer Electronics Show)
• Congreso del mundo móvil
• Computex Taipei
• Conferencia de autosens

Plataforma en línea para demostración tecnológica

La plataforma digital de Immersion aloja 87 videos de demostración técnica y simulaciones interactivas. El tráfico del sitio web en 2023 llegó a 342,000 visitantes únicos.

Métricas de plataforma	2023 datos
Visitantes únicos	342,000
Videos de demostración técnica	87
Simulaciones interactivas	23

Redes de asociación estratégica

Immersion Corporation mantiene 42 asociaciones de tecnología estratégica activa en múltiples industrias.

• Semiconductor Partners: 15
• Socios de tecnología automotriz: 12
• Consumer Electronics Partners: 15

Plataformas de marketing digital y documentación técnica

El gasto de marketing digital en 2023 fue de $ 780,000, con 215 recursos de documentación técnica disponibles en línea.

Categoría de marketing digital	2023 inversión
Publicidad digital	$420,000
Marketing de contenidos	$240,000
Campañas de redes sociales	$120,000

Immersion Corporation (IMMR) - Modelo de negocio: segmentos de clientes

Fabricantes de automóviles

Immersion Corporation atiende a los principales fabricantes de automóviles con soluciones de tecnología háptica.

Cliente automotriz	Estado de integración háptica	Valor de mercado potencial
BMW	Integración activa	$ 12.5 millones
Ford Motor Company	Implementación parcial	$ 8.3 millones
Toyota	Fase exploratoria	$ 6.7 millones

Empresas de electrónica de consumo

La inmersión proporciona tecnología de retroalimentación háptica para varias plataformas electrónicas de consumo.

• Electrónica Samsung
• Apple Inc.
• Sony Corporation

Hardware de juego y desarrolladores de software

La experiencia central de la inmersión en tecnología háptica sirve a los clientes de la industria del juego.

Empresa de juego	Integración tecnológica	Valor de contrato
Xbox de Microsoft	Soluciones hápticas avanzadas	$ 15.2 millones
Sony PlayStation	Sistemas de retroalimentación integrales	$ 18.6 millones

Fabricantes de dispositivos móviles

La inmersión admite múltiples fabricantes de dispositivos móviles con tecnologías de retroalimentación táctil.

• Xiaomi
• Google Pixel
• OnePlus

Dispositivo médico y empresas de tecnología de simulación

Immersion ofrece soluciones hápticas especializadas para capacitación médica e interfaces de dispositivos.

Cliente de tecnología médica	Solicitud	Valor anual del contrato
Medtrónico	Simulación quirúrgica	$ 7.9 millones
Quirúrgico intuitivo	Entrenamiento de cirugía robótica	$ 11.4 millones

Inmersion Corporation (IMMR) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Immersion Corporation reportó gastos de I + D de $ 13.8 millones, lo que representa el 36.5% de los ingresos totales.

Año fiscal	Gastos de I + D ($)	Porcentaje de ingresos
2023	13,800,000	36.5%
2022	12,500,000	33.2%

Mantenimiento de patentes y protección de propiedad intelectual

Los costos anuales de protección de la propiedad intelectual para la Corporación de Inmersión en 2023 fueron de aproximadamente $ 2.5 millones.

• Costos de presentación de patentes: $ 750,000
• Tarifas de mantenimiento de patentes: $ 1,250,000
• Soporte legal para la protección de IP: $ 500,000

Reclutamiento y retención de talentos de ingeniería

Los recursos humanos totales y los gastos de adquisición de talento para 2023 fueron de $ 6.2 millones.

Categoría de gastos	Monto ($)
Costos de reclutamiento	1,200,000
Salario y beneficios	4,500,000
Capacitación y desarrollo	500,000

Gastos de licencia y cumplimiento de tecnología

Los costos de licencia de tecnología para 2023 totalizaron $ 3.7 millones.

• Licencias de software: $ 1,500,000
• Derechos de uso de la tecnología: $ 1,200,000
• Cumplimiento y tarifas de auditoría: $ 1,000,000

Actividades de marketing y desarrollo empresarial

Los gastos de marketing y desarrollo comercial para 2023 fueron de $ 4.5 millones.

Actividad de marketing	Monto ($)
Marketing digital	1,500,000
Participación en la feria y la conferencia	750,000
Desarrollo de ventas y negocios	2,250,000

Immersion Corporation (IMMR) - Modelo de negocios: flujos de ingresos

Tarifas de licencia de tecnología

A partir del cuarto trimestre de 2023, Immersion Corporation generó $ 8.47 millones en ingresos por licencias de tecnología. Los acuerdos de licencia de la compañía cubren la tecnología háptica en múltiples industrias, incluidos los dispositivos automotrices, de juegos y móviles.

Segmento de la industria	Ingresos de licencia ($ M)
Automotor	3.62
Juego de azar	2.85
Dispositivos móviles	1.90

Regalías de carteras de patentes

En 2023, la inmersión generó $ 12.3 millones a partir de regalías de patentes, lo que representa un aumento del 7.2% respecto al año anterior.

• Portafolio de patentes totales: más de 1,550 patentes otorgadas
• Tasa promedio de regalías: 2.5-3.5% por tecnología con licencia

Servicios de integración de software y tecnología

Los servicios de integración de tecnología de Immersion generaron $ 5.6 millones en ingresos durante 2023, con un enfoque en soluciones hápticas personalizadas.

Ingresos de consultoría y soporte técnico

El soporte técnico y los servicios de consultoría contribuyeron con $ 3.2 millones a los ingresos de la compañía en 2023.

Acuerdos de licencia basados ​​en el desempeño

Los acuerdos de licencia basados ​​en el desempeño representaron $ 4.9 millones en ingresos, con métricas clave de desempeño vinculadas a la adopción e implementación de tecnología.

Tipo de acuerdo	Ingresos ($ M)	Porcentaje de ingresos totales
Licencias a plazo fijo	8.47	37%
Basado en el rendimiento	4.9	21%
Basado en regalías	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.