IMMR

EX-99.1

2 immr-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Immersion Corporation Reports Fourth Quarter and Fiscal 2026 Results

Fourth Quarter GAAP Net Income Attributable to Immersion Stockholders of $3.7 million or $0.12 per diluted share

Fourth Quarter Non-GAAP Net Income Attributable to Immersion Stockholders of $9.9 million or $0.30 per diluted share

AVENTURA, FL, July 27, 2026 – Immersion Corporation (“Immersion”, the “Company”, “we”, “us” or “our”) (Nasdaq: IMMR), a premier licensing company of technologies for haptics, reported financial results for the three months and fiscal year ended April 30, 2026 (“fiscal 2026”).

Fourth Quarter of Fiscal 2026 Consolidated Financial Summary(1):

• Total revenues of $270.0 million for the three months ended April 30, 2026, compared to $284.9 million for the three months ended April 30, 2025.

• GAAP Operating expenses were $77.6 million for the three months ended April 30, 2026, compared to $85.8 million for the three months ended April 30, 2025. Non-GAAP Operating expenses were $83.8 million for the three months ended April 30, 2026, compared to $100.7 million for the three months ended April 30, 2025.

• GAAP Net income attributable to Immersion stockholders was $3.7 million, or $0.12 per diluted share for the three months ended April 30, 2026, compared to $(17.7) million, or $(0.62) per diluted share, for the three months ended April 30, 2025.

• Non-GAAP Net income (loss) attributable to Immersion stockholders was $9.9 million, or $0.30 per diluted share, for the three months ended April 30, 2026, compared to $(2.7) million, or $(0.08) per diluted share, for the three months ended April 30, 2025.

Full-Year Fiscal 2026 Consolidated Financial Summary(1):

• Total revenues of $1.7 billion for the fiscal year ended April 30, 2026, compared to $1.6 billion for the fiscal year ended April 30, 2025.

• GAAP Operating expenses were $345.4 million for the fiscal year ended April 30, 2026, compared to $313.7 million for the fiscal year ended April 30, 2025. Non-GAAP Operating expenses were $401.6 million for the fiscal year ended April 30, 2026, compared to $365.7 million for the fiscal year ended April 30, 2025.

• GAAP Net income attributable to Immersion stockholders was $4.5 million, or $0.14 per diluted share for the fiscal year ended April 30, 2026, compared to $64.3 million, or $1.90 per diluted share, for the fiscal year ended April 30, 2025.

• Non-GAAP Net income attributable to Immersion stockholders was $60.8 million, or $1.84 per diluted share, for the fiscal year ended April 30, 2026, compared to $116.3 million, or $3.52 per diluted share, for the fiscal year ended April 30, 2025.

(1)On June 10, 2024, the Company closed certain transactions with Barnes & Noble Education, Inc. (“Barnes & Noble Education”). As part of the transactions, the Company acquired 42% of all outstanding common shares of Barnes & Noble Education, as well as control over Barnes & Noble Education through the five Immersion-appointed board seats. As of April 30, 2026, Immersion’s stock ownership had reduced to 32.6% as a result of additional issuances of Barnes & Noble Education’s common stock to noncontrolling stockholders. The financial information presented in this press release includes the consolidated financial information of Barnes & Noble Education for the fiscal year ended April 30, 2026 and the period from June 10, 2024 to April 30, 2025. The Company owns approximately 11.2 million shares of Barnes & Noble Education’s common stock.

Eric Singer, Chairman and Chief Executive Officer, stated, “We are pleased to report our latest financial results. Over the past year, our ability to communicate with shareholders has been constrained, making this an unusual period for the Company. Throughout that time, however, our priorities have remained unchanged: protecting and monetizing our intellectual property portfolio, allocating capital thoughtfully, and creating long-term shareholder value.

“We are pleased with the value created to date through our investment in Barnes & Noble Education. Barnes & Noble Education recently initiated a quarterly dividend of $0.08 per share, reflecting its confidence in its business prospects. In addition to our other cash and investments, Immersion owns more than 11 million shares of Barnes & Noble Education,” Singer continued.

“We will remain focused on managing our business and assets while allocating capital thoughtfully,” Singer added. “Since initiating our dividend program in January 2023, Immersion has paid or declared approximately $1.01 per share in dividends to shareholders. At recent trading levels for Immersion shares, we expect to continue emphasizing regular quarterly dividends and periodic special dividends rather than aggressive share repurchases. Currently, the Company has $39.3 million available for repurchase under the stock repurchase program.”

“Immersion’s insiders continue to own a significant equity stake in the Company, an

8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

July 30, 2025

Date of Report (Date of earliest event reported)

IMMERSION CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware

001-38334

94-3180138

(State or other jurisdiction of incorporation)

(Commission file number)

(I.R.S. Employer Identification No.)

2999 N.E. 191st Street, Suite 610, Aventura, FL 33180 (Address of principal executive offices and zip code)

(408) 467-1900 (Registrant’s telephone number, including area code)

N/A (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):



Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

IMMR

The Nasdaq Global Market

Series B Junior Participating Preferred Stock Purchase Rights

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§240.12b–2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On July 30, 2025, Immersion Corporation (the “Company”) filed a Notification of Late Filing on Form 12b-25 (“Form 12b-25”) with the Securities and Exchange Commission to report that the Company is unable to file its Annual Report on Form 10-K for the fiscal year ended April 30, 2025 within the prescribed time period without unreasonable effort or expense. The Form 12b-25 included selected preliminary and unaudited financial results for the fiscal year ended April 30, 2025 and included the following information: In July 2025, certain information regarding the recording of cost of sales was brought to the attention of the management of Barnes & Noble Education, Inc. (“Barnes & Noble Education” or “BNED”), which is a subsidiary of the Company. BNED’s management promptly informed the Audit Committee of the BNED Board of Directors (the “BNED Audit Committee”), which caused the BNED Audit Committee to commence an internal investigation with the assistance of outside counsel and advisors. The investigation at BNED is ongoing and all parties are working diligently to complete the investigation. However, based on initial findings, which could change as the investigation is in its early stages, BNED’s management believes that it may have a potential overstatement of up to $23.0 million in the aggregate to BNED’s accounts receivable balance as of the Company’s fiscal year ended April 30, 2025, which BNED believes is the cumulative net impact of overstatements and understatements to its cost of sales during the fiscal years 2024 and 2025, impacting results of operations in those periods. Based on the BNED Audit Committee’s investigation to date, the Company believes that these potential impacts may have resulted from the actions of a payment processing employee, who has been suspended pending the results of the BNED Audit Committee’s investigation. BNED has not reached a conclusion whether any restatement of previously issued financial statements will be required as a result of the investigation. In addition, certain other financial reporting process matters require resolution in addition to any impact from the conclusion of the ongoing investigation. As such, management is unable to complete the Company’s financial reporting process and preparation of its financial statements for the fiscal year ended April 30, 2025. Barnes & Noble Education’s management is also assessing the effect of this matter on its internal control over financial reporting and its disclosure controls and procedures. BNED expects to report at least one material weakness related to the appropriate review and approval of manual journal entries

immr-20250310.htm

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

March 10, 2025

Date of Report (Date of earliest event reported)

IMMERSION CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware

001-38334

94-3180138

(State or other jurisdiction

of incorporation)

(Commission

file number)

(I.R.S. Employer

Identification No.)

2999 N.E. 191st Street, Suite 610, Aventura, FL  33180

(Address of principal executive offices and zip code)

(408) 467-1900

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

IMMR

The Nasdaq Global Market

Series B Junior Participating Preferred Stock Purchase Rights

IMMR

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§240.12b–2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02   Results of Operations and Financial Condition.

On March 12, 2025, Immersion Corporation (“we”, “our” or the “Company”) issued a press release regarding financial results for our third quarter ended January 31, 2025. A copy of the press release is attached to this Current Report as Exhibit 99.1, and the information in Exhibit 99.1 is incorporated herein by reference.

The information in Item 2.02 and Exhibit 99.1 in this Current Report on Form 8-K shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 8.01   Other Events.

On March 10, 2025, the Company announced that its Board of Directors (the “Board”) declared a quarterly dividend. The quarterly dividend, in the amount of $0.045 per share, will be payable, subject to any prior revocation, on April 25, 2025 to stockholders of record on April 14, 2025. Future dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw the quarterly dividend in future periods as it reviews the Company’s capital allocation strategy from time-to-time.

On March 10, 2025, the Board approved an amendment to extend the expiration date of the Company’s current stock repurchase program that was set to expire on December 29, 2025 to December 29, 2026. The stock repurchase program was originally approved on December 29, 2022 and authorized the repurchase of up to $50 million of the Company’s common stock. Currently, the Company has $40.6 million available for repurchase under the stock repurchase program. Any stock repurchases may be made through open market and privately negotiated transactions, at such times and in such amounts as management deems appropriate, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Exchange Act. Additionally, in connection with the initial approval of the stock repurchase program, the Board authorized the use of any derivative or similar instrument to effect stock repurchase transactions, including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, naked put options, floor transactions or other similar transactions or any combination of the foregoing transactions. The stock repurchase progr