Immersion Corporation (IMMR): Business Model Canvas [Jan-2025 Mis à jour]

Imaginez une technologie qui transforme la façon dont nous interagissons avec les appareils, transformant chaque contact en une expérience riche et immersive. Immersion Corporation (IMMR) est à l'avant-garde de l'innovation haptique, des technologies de rétroaction tactile pionnières qui révolutionnent les industries de l'automobile aux jeux. En mélangeant de manière transparente l'ingénierie avancée avec une licence stratégique, IMMR a créé un modèle commercial unique qui transforme l'interaction sensorielle en un avantage concurrentiel puissant, permettant aux fabricants de fournir des expériences utilisateur plus attrayantes et intuitives dans plusieurs secteurs.

Immersion Corporation (IMMR) - Modèle d'entreprise: partenariats clés

Accords de licence de technologie stratégique

Immersion Corporation conserve des accords de licence avec les principaux fabricants d'automobiles, de jeux et d'appareils mobiles suivants:

Catégorie de partenaire	Nombre de partenariats actifs	Revenus de licence annuelle
Constructeurs automobiles	12	8,3 millions de dollars
Sociétés de jeu	7	5,6 millions de dollars
Fabricants d'appareils mobiles	15	11,2 millions de dollars

Collaborations d'entreprise de semi-conducteurs

Les partenariats d'intégration de technologie haptique d'Immersion comprennent:

• Qualcomm Technologies, Inc.
• Mediatek Inc.
• Texas Instruments
• Stmicroelectronics

Partenariats de recherche

Institution	Focus de recherche	Durée du partenariat
Université de Stanford	Développement d'interface haptique	3 ans
MIT Media Lab	Technologies de rétroaction tactile	2 ans

Accords de licence croisée de brevet

Accords totaux de licence de croix de brevet: 6

• Apple Inc.
• Microsoft Corporation
• Samsung Electronics
• Portfolio des brevets d'Immersion: 1 200+ brevets actifs

Initiatives de développement conjointes

Marque d'électronique grand public	Focus de développement conjoint	Investissement estimé
Sony Interactive Entertainment	Contrôleurs de jeux haptiques	3,5 millions de dollars
Dell Technologies	Retour haptique pour ordinateur portable	2,1 millions de dollars

Immersion Corporation (IMMR) - Modèle d'entreprise: activités clés

Développer et faire progresser les solutions technologiques haptiques

Immersion Corporation se concentre sur le développement d'une technologie haptique avancée avec des investissements technologiques spécifiques:

Investissement en R&D	Montant
Total des dépenses de R&D (2022)	16,2 millions de dollars
R&D en% des revenus	44.3%

Concevoir des systèmes de rétroaction tactile et de force

Les principaux domaines de développement de la technologie comprennent:

• Interfaces haptiques automobiles
• Rétroaction tactile des dispositifs médicaux
• Systèmes tactiles électroniques grand public

Licence la technologie et les logiciels haptiques propriétaires

Catégorie de licence	Revenus (2022)
Revenu total de licences	22,7 millions de dollars
Revenu de licence de brevet	12,3 millions de dollars

Mener des recherches et du développement dans les technologies d'interface tactile

La recherche technologique se concentre sur:

• Haptique à écran tactile
• Interfaces de jeu immersives
• Technologies de simulation chirurgicale

Gérer et protéger le portefeuille de propriété intellectuelle

Métriques du portefeuille IP	Compter
Brevets actifs totaux	300+
Demandes de brevet en attente	45
Couverture des brevets géographiques	18 pays

Immersion Corporation (IMMR) - Modèle d'entreprise: Ressources clés

Portfolio de brevets en technologie haptique

En 2024, Immersion Corporation détient Plus de 2 100 brevets délivrés et en attente Dans le monde entier lié aux technologies haptiques.

Catégorie de brevet	Nombre de brevets
Brevets délivrés	1,750
Brevets en attente	350

Équipes d'ingénierie et de recherche

L'immersion maintient une main-d'œuvre technique spécialisée axée sur l'innovation haptique.

Composition de l'équipe	Nombre de professionnels
Ingénieurs de recherche	85
Développeurs de logiciels	62
Spécialistes du matériel	47

Droits de propriété intellectuelle

• Licences technologiques dans les secteurs de l'automobile, des jeux et mobiles
• Accords de propriété intellectuelle stratégiques avec les principaux fabricants de technologies
• Extension continue du portefeuille de brevets dans les technologies d'interaction tactile

Expertise technique

Investissement annuel R&D: 14,2 millions de dollars Depuis l'exercice 2023, dédié à la progression des technologies d'interaction tactile.

Domaine technologique	Niveau d'expertise
Systèmes de rétroaction haptique	Avancé
Interfaces d'interaction touchées	Spécialisé
Technologies de sensation tactile	Avant-gardiste

Immersion Corporation (IMMR) - Modèle d'entreprise: propositions de valeur

Expérience utilisateur améliorée grâce à une rétroaction réaliste et à forcer

Immersion Corporation fournit des solutions technologiques haptiques avec les principales mesures de performance suivantes:

Métrique	Valeur
Total des brevets	1 100+ brevets technologiques haptiques
Revenus de licences technologiques	20,1 millions de dollars en 2023
Investissement en R&D	14,3 millions de dollars en 2023

Solutions d'interaction tactile innovantes dans plusieurs industries

Domaines d'application de technologie haptique spécifique à l'industrie:

• Automobile: systèmes de rétroaction du conducteur avancé
• Jeux: expériences de contrôleur immersif
• Appareils mobiles: interactions améliorées à l'écran tactile
• Simulation médicale: interfaces de formation réalistes

Expériences technologiques immersives dans les secteurs des jeux, automobile et mobile

Secteur	Pénétration du marché	Contribution des revenus
Jeu	65% des contrôleurs de jeu	12,7 millions de dollars
Automobile	42 constructeurs automobiles	8,5 millions de dollars
Mobile	23 marques de smartphones	6,3 millions de dollars

Technologie haptique personnalisable pour divers besoins d'application

Immersion propose des solutions haptiques évolutives avec les capacités suivantes:

• Algorithmes de rétroaction de force programmable
• Expériences sensorielles multimodales
• Compatibilité multiplateforme
• Technologies de réponse à faible latence

Amélioration de l'interaction humaine-machine à travers des interfaces sensorielles avancées

Type d'interface	Capacité technologique	Niveau de précision
Rétroaction tactile	500+ modèles de vibration uniques	Précision de 99,7%
Simulation de force	Temps de réponse de 0,1 milliseconde	Satisfaction à 95% des utilisateurs
Cartographie sensorielle	Plusieurs canaux d'entrée sensoriels	Fidelité d'interaction à 98%

Immersion Corporation (IMMR) - Modèle d'entreprise: relations clients

Modèle de licence de technologie avec engagement en entreprise directe

Depuis le quatrième trimestre 2023, Immersion Corporation a signalé 372 accords de licence de technologie active dans les secteurs de l'automobile, des dispositifs médicaux et de l'électronique grand public. Revenus de licences moyens par client d'entreprise: 1,47 million de dollars par an.

Segment de l'industrie	Nombre d'accords d'octroi de licences	Valeur du contrat moyen
Automobile	127	2,3 millions de dollars
Dispositifs médicaux	98	1,8 million de dollars
Électronique grand public	147	1,2 million de dollars

Aide technique et assistance à l'intégration

Immersion maintient une équipe de support technique dédiée de 64 ingénieurs. Temps de réponse moyen pour les demandes techniques des clients de l'entreprise: 3,2 heures.

• Couverture de support technique mondial 24/7 24/7
• Gestion de compte dédiée pour les clients de haut niveau
• Services de conseil d'intégration spécialisés

Mises à jour logicielles en cours et raffinement technologique

En 2023, Immersion a publié 7 grandes mises à jour logicielles sur ses plates-formes technologiques haptiques. Investissement en développement technologique: 12,4 millions de dollars par an.

Développement de produits collaboratifs avec les clients clés

Immersion s'est engagée dans 28 projets de développement conjoints avec des clients d'entreprise en 2023. Revenus de développement collaboratif: 6,7 millions de dollars.

Partenaire de développement collaboratif	Valeur du projet	Focus technologique
Major constructeur automobile	2,1 millions de dollars	Systèmes de rétroaction haptique
Entreprise de dispositifs médicaux de premier plan	1,5 million de dollars	Interfaces de simulation chirurgicale
Fabricant d'électronique grand public	3,1 millions de dollars	Technologies d'interaction à écran tactile

Approche consultative pour résoudre les défis d'interaction complexes

Immersion fournit des services de consultation spécialisés avec une durée d'engagement moyenne de 5,6 mois. Revenus de consultation en 2023: 4,3 millions de dollars.

• Conception de solution haptique personnalisée
• Ateliers d'optimisation de l'expérience utilisateur
• Conseil de stratégie de mise en œuvre de la technologie

Immersion Corporation (IMMR) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les entreprises technologiques

Depuis le quatrième trimestre 2023, Immersion Corporation maintient une équipe de vente directe de 37 professionnels spécifiquement axée sur l'engagement des entreprises technologiques. L'équipe cible les secteurs de l'électronique semi-conducteurs, automobiles et grand public.

Canal de vente	Industries cibles	Nombre de représentants commerciaux
Ventes directes de l'entreprise	Semi-conducteur	12
Ventes de technologie stratégique	Automobile	15
Ventes d'électronique grand public	Électronique grand public	10

Conférences technologiques et salons commerciaux de l'industrie

En 2023, Immersion Corporation a participé à 24 conférences de technologie internationales, avec un budget d'exposition total de 1,2 million de dollars.

• CES (Consumer Electronics Show)
• Congrès mondial mobile
• Calculx taipei
• Conférence AutoSens

Plate-forme en ligne pour la démonstration technologique

La plate-forme numérique d'Immersion accueille 87 vidéos de démonstration technique et simulations interactives. Le trafic du site Web en 2023 a atteint 342 000 visiteurs uniques.

Métriques de la plate-forme	2023 données
Visiteurs uniques	342,000
Vidéos de démonstration technique	87
Simulations interactives	23

Réseaux de partenariat stratégiques

Immersion Corporation maintient 42 partenariats technologiques stratégiques actifs dans plusieurs secteurs.

• Partners semi-conducteurs: 15
• Partenaires technologiques automobiles: 12
• Consumer Electronics Partners: 15

Plateformes de marketing numérique et de documentation technique

Les dépenses de marketing numérique en 2023 étaient de 780 000 $, avec 215 ressources de documentation technique disponibles en ligne.

Catégorie de marketing numérique	2023 Investissement
Publicité numérique	$420,000
Marketing de contenu	$240,000
Campagnes de médias sociaux	$120,000

Immersion Corporation (IMMR) - Modèle d'entreprise: segments de clientèle

Constructeurs automobiles

Immersion Corporation dessert les principaux constructeurs automobiles avec des solutions technologiques haptiques.

Client automobile	Statut d'intégration haptique	Valeur marchande potentielle
BMW	Intégration active	12,5 millions de dollars
Ford Motor Company	Mise en œuvre partielle	8,3 millions de dollars
Toyota	Phase exploratoire	6,7 millions de dollars

Sociétés d'électronique grand public

L'immersion fournit une technologie de rétroaction haptique pour diverses plates-formes électroniques grand public.

• Samsung Electronics
• Apple Inc.
• Sony Corporation

Matériel de jeu et développeurs de logiciels

L'expertise principale d'Immersion en technologie haptique sert des clients de l'industrie du jeu.

Société de jeux	Intégration technologique	Valeur du contrat
Microsoft Xbox	Solutions haptiques avancées	15,2 millions de dollars
Sony Playstation	Systèmes de rétroaction complètes	18,6 millions de dollars

Fabricants d'appareils mobiles

Immersion prend en charge plusieurs fabricants d'appareils mobiles avec des technologies de rétroaction tactile.

• Xiaomi
• Google Pixel
• OnePlus

Sociétés de technologies médicales et de technologies de simulation

L'immersion fournit des solutions haptiques spécialisées pour la formation médicale et les interfaces d'appareil.

Client de la technologie médicale	Application	Valeur du contrat annuel
Medtronic	Simulation chirurgicale	7,9 millions de dollars
Chirurgical intuitif	Formation en chirurgie robotique	11,4 millions de dollars

Immersion Corporation (IMMR) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Immersion Corporation a déclaré des dépenses de R&D de 13,8 millions de dollars, ce qui représente 36,5% des revenus totaux.

Exercice fiscal	Dépenses de R&D ($)	Pourcentage de revenus
2023	13,800,000	36.5%
2022	12,500,000	33.2%

Entretien des brevets et protection de la propriété intellectuelle

Les coûts annuels de protection de la propriété intellectuelle pour Immersion Corporation en 2023 étaient d'environ 2,5 millions de dollars.

• Frais de dépôt de brevet: 750 000 $
• Frais d'entretien des brevets: 1 250 000 $
• Support juridique pour la protection IP: 500 000 $

Recrutement et rétention des talents d'ingénierie

Les dépenses totales des ressources humaines et des talents pour 2023 étaient de 6,2 millions de dollars.

Catégorie de dépenses	Montant ($)
Frais de recrutement	1,200,000
Salaire et avantages	4,500,000
Formation et développement	500,000

Frais de licence et de conformité technologiques

Les coûts de licence technologique pour 2023 ont totalisé 3,7 millions de dollars.

• Licence de logiciel: 1 500 000 $
• Droits d'utilisation de la technologie: 1 200 000 $
• Frais de conformité et d'audit: 1 000 000 $

Activités de marketing et de développement commercial

Les dépenses de marketing et de développement commercial pour 2023 étaient de 4,5 millions de dollars.

Activité marketing	Montant ($)
Marketing numérique	1,500,000
Salon du commerce et participation de la conférence	750,000
Ventes et développement commercial	2,250,000

Immersion Corporation (IMMR) - Modèle d'entreprise: Strots de revenus

Frais de licence de technologie

Au quatrième trimestre 2023, Immersion Corporation a généré 8,47 millions de dollars de revenus de licence technologique. Les accords de licence de l'entreprise couvrent la technologie haptique dans plusieurs secteurs, notamment l'automobile, les jeux et les appareils mobiles.

Segment de l'industrie	Revenus de licence ($ m)
Automobile	3.62
Jeu	2.85
Appareils mobiles	1.90

Redevances des portefeuilles de brevets

En 2023, l'immersion a généré 12,3 millions de dollars à partir de redevances brevetées, ce qui représente une augmentation de 7,2% par rapport à l'année précédente.

• Portfolio total des brevets: plus de 1 550 ans
• Taux de redevance moyen: 2,5 à 3,5% par technologie sous licence

Services d'intégration des logiciels et technologies

Les services d'intégration technologique d'Immersion ont généré 5,6 millions de dollars de revenus en 2023, en mettant l'accent sur les solutions haptiques personnalisées.

Revenus de conseil et de support technique

Les services de soutien technique et de conseil ont contribué 3,2 millions de dollars aux revenus de la société en 2023.

Accords de licence basés sur le rendement

Les accords de licence basés sur le rendement ont représenté 4,9 millions de dollars de revenus, avec des mesures de performance clés liées à l'adoption et à la mise en œuvre des technologies.

Type d'accord	Revenus ($ m)	Pourcentage du total des revenus
Licence à durée déterminée	8.47	37%
Basé sur la performance	4.9	21%
Royal	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.