IMRERSION CORPORATION (IMMR): Modelo de negócios Canvas [Jan-2025 Atualizado]

Imagine uma tecnologia que transforma como interagimos com dispositivos, transformando cada toque em uma experiência rica e imersiva. A Immersion Corporation (IMMR) fica na vanguarda da inovação háptica, tecnologias pioneiras de feedback de toque que revolucionam as indústrias de automotivo aos jogos. Ao misturar perfeitamente a engenharia avançada com o licenciamento estratégico, a IMMR criou um modelo de negócios exclusivo que transforma a interação sensorial em uma poderosa vantagem competitiva, permitindo que os fabricantes ofereçam experiências mais atraentes e intuitivas em vários setores.

IMRERSION Corporation (IMMR) - Modelo de Negócios: Principais Parcerias

Acordos de licenciamento de tecnologia estratégica

A Immersion Corporation mantém acordos de licenciamento com os seguintes fabricantes principais de automóveis, jogos e dispositivos móveis:

Categoria de parceiro	Número de parcerias ativas	Receita anual de licenciamento
Fabricantes automotivos	12	US $ 8,3 milhões
Empresas de jogos	7	US $ 5,6 milhões
Fabricantes de dispositivos móveis	15	US $ 11,2 milhões

Colaborações da empresa de semicondutores

As parcerias de integração de tecnologia da imersão incluem:

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

Parcerias de pesquisa

Instituição	Foco na pesquisa	Duração da parceria
Universidade de Stanford	Desenvolvimento de interface háptica	3 anos
MIT Media Lab	Tecnologias de feedback tátil	2 anos

Acordos de licenciamento cruzado de patentes

Acordos totais de licenciamento cruzado de patentes: 6

• Apple Inc.
• Microsoft Corporation
• Samsung Electronics
• Portfólio de patentes de imersão: 1.200 mais de patentes ativas

Iniciativas de desenvolvimento conjunto

Marca de eletrônica de consumo	Foco de desenvolvimento conjunto	Investimento estimado
Sony Interactive Entertainment	Controladores de jogos hápticos	US $ 3,5 milhões
Dell Technologies	Feedback háptico de laptop	US $ 2,1 milhões

IMRERSION Corporation (IMMR) - Modelo de negócios: Atividades -chave

Desenvolvendo e avançando soluções de tecnologia híptica

A Immersion Corporation se concentra no desenvolvimento de tecnologia háptica avançada com investimentos tecnológicos específicos:

Investimento em P&D	Quantia
Despesas totais de P&D (2022)	US $ 16,2 milhões
P&D como % da receita	44.3%

Projetando sistemas de feedback de toque e feedback de força

As principais áreas de desenvolvimento de tecnologia incluem:

• Interfaces híticas automotivas
• Feedback tátil do dispositivo médico
• Sistemas de toque de eletrônicos de consumo

Tecnologia e software híticos proprietários de licenciamento

Categoria de licenciamento	Receita (2022)
Receita total de licenciamento	US $ 22,7 milhões
Receita de licenciamento de patentes	US $ 12,3 milhões

Condução de pesquisa e desenvolvimento em tecnologias de interface tátil

A pesquisa em tecnologia se concentra em:

• Capraques de toque hápticos
• Interfaces de jogos imersivos
• Tecnologias de simulação cirúrgica

Gerenciando e protegendo o portfólio de propriedade intelectual

Métricas de portfólio IP	Contar
Total de patentes ativas	300+
Pedidos de patente pendentes	45
Cobertura de patente geográfica	18 países

IMRERSION Corporation (IMMR) - Modelo de negócios: Recursos -chave

Portfólio de patentes em tecnologia háptica

A partir de 2024, a imersão da corporação possui Mais de 2.100 patentes emitidas e pendentes em todo o mundo relacionado a tecnologias hápticas.

Categoria de patentes	Número de patentes
Patentes emitidas	1,750
Patentes pendentes	350

Equipes de engenharia e pesquisa

A imersão mantém uma força de trabalho técnica especializada focada na inovação háptica.

Composição da equipe	Número de profissionais
Engenheiros de pesquisa	85
Desenvolvedores de software	62
Especialistas em hardware	47

Direitos de Propriedade Intelectual

• Licenças de tecnologia em setores automotivo, de jogos e móveis
• Acordos estratégicos de propriedade intelectual com os principais fabricantes de tecnologia
• Expansão contínua de portfólio de patentes nas tecnologias de interação com toque

Experiência técnica

Investimento anual de P&D: US $ 14,2 milhões Até o ano fiscal de 2023, dedicado ao avanço das tecnologias de interação do toque.

Domínio tecnológico	Nível de especialização
Sistemas de feedback hápticos	Avançado
Toque em interfaces de interação	Especializado
Tecnologias de sensação tátil	Ponta

IMRERSION Corporation (IMMR) - Modelo de Negócios: Proposições de Valor

Experiência aprimorada do usuário por meio de toque realista e feedback de força

A Immersion Corporation fornece soluções de tecnologia háptica com as seguintes métricas importantes de desempenho:

Métrica	Valor
Total de patentes	1.100 mais de patentes de tecnologia híptica
Receita de licenciamento de tecnologia	US $ 20,1 milhões em 2023
Investimento em P&D	US $ 14,3 milhões em 2023

Soluções inovadoras de interação tátil em vários setores

Áreas de aplicação de tecnologia háptica específica da indústria:

• Automotivo: sistemas avançados de feedback do driver
• Jogos: Experiências de controlador imersivo
• Dispositivos móveis: interações aprimoradas da tela sensível ao toque
• Simulação médica: interfaces de treinamento realistas

Experiências tecnológicas imersivas nos setores de jogos, automotivos e móveis

Setor	Penetração de mercado	Contribuição da receita
Jogos	65% dos controladores de jogos	US $ 12,7 milhões
Automotivo	42 Fabricantes de automóveis	US $ 8,5 milhões
Móvel	23 marcas de smartphones	US $ 6,3 milhões

Tecnologia háptica personalizável para diversas necessidades de aplicativos

A imersão oferece soluções hápticas escaláveis ​​com os seguintes recursos:

• Algoritmos de feedback de força programável
• Experiências sensoriais multimodais
• Compatibilidade entre plataformas
• Tecnologias de resposta de baixa latência

Interação humana-máquina melhorada através de interfaces sensoriais avançadas

Tipo de interface	Capacidade tecnológica	Nível de precisão
Feedback tátil	500+ padrões de vibração exclusivos	99,7% de precisão
Simulação de força	0,1 milissegundo tempo de resposta	95% de satisfação do usuário
Mapeamento sensorial	Vários canais de entrada sensorial	98% de interação fidelidade

IMRERSION Corporation (IMMR) - Modelo de Negócios: Relacionamentos do Cliente

Modelo de licenciamento de tecnologia com engajamento direto da empresa

A partir do quarto trimestre 2023, a Immersion Corporation relatou 372 acordos de licenciamento de tecnologia ativa nos setores automotivo, de dispositivos médicos e eletrônicos de consumo. Receita média de licenciamento por cliente da empresa: US $ 1,47 milhão anualmente.

Segmento da indústria	Número de acordos de licenciamento	Valor médio do contrato
Automotivo	127	US $ 2,3 milhões
Dispositivos médicos	98	US $ 1,8 milhão
Eletrônica de consumo	147	US $ 1,2 milhão

Suporte técnico e assistência de integração

A imersão mantém uma equipe de suporte técnico dedicado de 64 engenheiros. Tempo médio de resposta para consultas técnicas do cliente corporativo: 3,2 horas.

• Cobertura de suporte técnico global 24/7
• Gerenciamento de contas dedicado para clientes corporativos de primeira linha
• Serviços de Consultoria de Integração Especializada

Atualizações de software em andamento e refinamento de tecnologia

Em 2023, a imersão lançou 7 grandes atualizações de software em suas plataformas de tecnologia hápticas. Investimento de desenvolvimento de tecnologia: US $ 12,4 milhões anualmente.

Desenvolvimento de produtos colaborativos com clientes -chave

A imersão envolvida em 28 projetos de desenvolvimento conjunto com clientes corporativos em 2023. Receita de desenvolvimento colaborativo: US $ 6,7 milhões.

Parceiro de desenvolvimento colaborativo	Valor do projeto	Foco em tecnologia
Principais fabricantes automotivos	US $ 2,1 milhões	Sistemas de feedback hápticos
Empresa principal de dispositivos médicos	US $ 1,5 milhão	Interfaces de simulação cirúrgica
Fabricante de eletrônicos de consumo	US $ 3,1 milhões	Tecnologias de interação com tela sensível ao toque

Abordagem consultiva para resolver desafios de interação complexos

A imersão fornece serviços de consulta especializados com uma duração média de engajamento de 5,6 meses. Receita de consulta em 2023: US $ 4,3 milhões.

• Design de solução háptica personalizada
• Workshops de otimização de experiência do usuário
• Consultoria de Estratégia de Implementação de Tecnologia

IMRERSION Corporation (IMMR) - Modelo de Negócios: Canais

Equipe direta de vendas direcionando empresas de tecnologia

No quarto trimestre 2023, a Immersion Corporation mantém uma equipe de vendas direta de 37 profissionais focados especificamente no envolvimento da empresa de tecnologia. A equipe tem como alvo os setores de semicondutores, automotivos e eletrônicos de consumo.

Canal de vendas	Indústrias -alvo	Número de representantes de vendas
Vendas diretas da empresa	Semicondutor	12
Vendas estratégicas de tecnologia	Automotivo	15
Vendas de eletrônicos de consumo	Eletrônica de consumo	10

Conferências de Tecnologia e feiras do setor

Em 2023, a Immersion Corporation participou de 24 conferências internacionais de tecnologia, com um orçamento total de US $ 1,2 milhão.

• CES (show de eletrônicos de consumo)
• Congresso Mundial Mobile
• Computex taipei
• Conferência AutoSens

Plataforma on -line para demonstração de tecnologia

A plataforma digital da imersão hospeda 87 vídeos de demonstração técnica e simulações interativas. O tráfego do site em 2023 atingiu 342.000 visitantes únicos.

Métricas de plataforma	2023 dados
Visitantes únicos	342,000
Vídeos de demonstração técnica	87
Simulações interativas	23

Redes de parceria estratégica

A Immersion Corporation mantém 42 parcerias ativas em tecnologia estratégica em vários setores.

• Parceiros semicondutores: 15
• Parceiros de tecnologia automotiva: 12
• Parceiros eletrônicos de consumo: 15

Plataformas de marketing digital e documentação técnica

As despesas de marketing digital em 2023 foram de US $ 780.000, com 215 recursos de documentação técnica disponíveis online.

Categoria de marketing digital	2023 Investimento
Publicidade digital	$420,000
Marketing de conteúdo	$240,000
Campanhas de mídia social	$120,000

IMRERSION Corporation (IMMR) - Modelo de negócios: segmentos de clientes

Fabricantes automotivos

A Immersion Corporation atende aos principais fabricantes automotivos com soluções de tecnologia háptica.

Cliente automotivo	Status de integração háptica	Valor potencial de mercado
BMW	Integração ativa	US $ 12,5 milhões
Ford Motor Company	Implementação parcial	US $ 8,3 milhões
Toyota	Fase exploratória	US $ 6,7 milhões

Empresas de eletrônicos de consumo

A imersão fornece tecnologia de feedback háptico para várias plataformas de eletrônicos de consumo.

• Samsung Electronics
• Apple Inc.
• Sony Corporation

Desenvolvedores de hardware e software para jogos

A experiência principal da imersão em tecnologia hápica atende clientes da indústria de jogos.

Empresa de jogos	Integração de tecnologia	Valor do contrato
Microsoft Xbox	Soluções hápticas avançadas	US $ 15,2 milhões
Sony PlayStation	Sistemas de feedback abrangentes	US $ 18,6 milhões

Fabricantes de dispositivos móveis

A imersão suporta vários fabricantes de dispositivos móveis com tecnologias de feedback tátil.

• Xiaomi
• Google Pixel
• OnePlus

Empresas de dispositivo médico e de simulação

A imersão fornece soluções hápticas especializadas para treinamento médico e interfaces de dispositivos.

Cliente de tecnologia médica	Aplicativo	Valor anual do contrato
Medtronic	Simulação cirúrgica	US $ 7,9 milhões
Cirúrgico intuitivo	Treinamento de cirurgia robótica	US $ 11,4 milhões

IMRERSION Corporation (IMMR) - Modelo de Negócios: Estrutura de Custo

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Immersion Corporation registrou despesas de P&D de US $ 13,8 milhões, representando 36,5% da receita total.

Ano fiscal	Despesas de P&D ($)	Porcentagem de receita
2023	13,800,000	36.5%
2022	12,500,000	33.2%

Manutenção de patentes e proteção de propriedade intelectual

Os custos anuais de proteção de propriedade intelectual da Immersion Corporation em 2023 foram de aproximadamente US $ 2,5 milhões.

• Custos de arquivamento de patentes: US $ 750.000
• Taxas de manutenção de patentes: US $ 1.250.000
• Apoio legal para proteção de IP: US $ 500.000

Recrutamento e retenção de talentos de engenharia

O total de recursos humanos e despesas de aquisição de talentos para 2023 foi de US $ 6,2 milhões.

Categoria de despesa	Valor ($)
Custos de recrutamento	1,200,000
Salário e benefícios	4,500,000
Treinamento e desenvolvimento	500,000

Despesas de licenciamento e conformidade de tecnologia

Os custos de licenciamento de tecnologia para 2023 totalizaram US $ 3,7 milhões.

• Licenciamento de software: US $ 1.500.000
• Direitos de uso de tecnologia: US $ 1.200.000
• Taxas de conformidade e auditoria: US $ 1.000.000

Atividades de marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios para 2023 foram de US $ 4,5 milhões.

Atividade de marketing	Valor ($)
Marketing digital	1,500,000
Feira de feira e participação da conferência	750,000
Vendas e desenvolvimento de negócios	2,250,000

IMRERSION CORPORATION (IMMR) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de tecnologia

A partir do quarto trimestre de 2023, a Immersion Corporation gerou US $ 8,47 milhões em receitas de licenciamento de tecnologia. Os acordos de licenciamento da empresa cobrem a tecnologia háptica em vários setores, incluindo dispositivos automotivos, jogos e móveis.

Segmento da indústria	Receita de licenciamento ($ M)
Automotivo	3.62
Jogos	2.85
Dispositivos móveis	1.90

Royalties de portfólios de patentes

Em 2023, a imersão gerou US $ 12,3 milhões com royalties de patentes, representando um aumento de 7,2% em relação ao ano anterior.

• Portfólio de patentes totais: 1.550+ patentes concedidas
• Taxa média de royalties: 2,5-3,5% por tecnologia licenciada

Serviços de integração de software e tecnologia

Os serviços de integração de tecnologia da Immersion geraram US $ 5,6 milhões em receita durante 2023, com foco em soluções hápticas personalizadas.

Receita de suporte técnico e de consultoria

Os serviços técnicos de suporte e consultoria contribuíram com US $ 3,2 milhões para a receita da empresa em 2023.

Acordos de licenciamento baseados em desempenho

Os contratos de licenciamento baseados em desempenho representaram US $ 4,9 milhões em receita, com as principais métricas de desempenho vinculadas à adoção e implementação de tecnologia.

Tipo de contrato	Receita ($ m)	Porcentagem da receita total
Licenciamento de termo	8.47	37%
Baseado em desempenho	4.9	21%
Baseada em royalties	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.