Here are 1-3 brief analogies for Immersion (IMMR):

• Dolby for touch technology
• Qualcomm for haptic feedback

• Haptic Technology Licensing: Immersion licenses its extensive portfolio of patents and proprietary haptic technologies, enabling companies to integrate realistic touch feedback into their products across various industries.
• Haptic Software Development Kits (SDKs) and Tools: They provide software development kits and tools that allow developers to easily implement and customize haptic effects in applications and devices.

Immersion (IMMR) Major Customers

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Eric Singer, Chief Executive Officer, President & Chairperson

Eric Singer was appointed CEO, President, and Chairman of Immersion in January 2023. He joined Immersion's board of directors in March 2020 and served as Executive Chairman from August 2020 to January 2023. Mr. Singer is the founder of VIEX Capital Advisors, an investment management service provider established in 2014. He is known as an activist investor focused on maximizing shareholder value through operational improvements and strategic mergers and acquisitions. He has served on numerous public company boards, including Universal Electronics Inc., A10 Networks Inc., Quantum Corporation, Numerex Corp., RhythmOne PLC, YuMe, Inc., Support.com, Inc., Meru Networks, Inc., PLX Technology, Inc., and Sigma Designs, Inc.

J. Michael Dodson, Chief Financial Officer & Treasurer

J. Michael Dodson serves as the Chief Financial Officer and Treasurer of Immersion Corporation, a position he has held since 2023. He has extensive financial and leadership experience, including serving as CFO at Quantum Corporation from 2018 to 2023, where he was involved in a significant turnaround, and as Lead Independent Director and Audit Committee Chairman at Sigma Designs. Mr. Dodson has held CFO roles at various other technology companies, navigating challenges such as IPOs, restructurings, and SEC investigations. His background includes experience across different ownership structures, including public, venture capital, and private equity.

William Martin, Chief Strategy Officer & Director

William C. Martin joined Immersion's board of directors in August 2019 and has served as its Chief Strategy Officer since December 2021. He has a substantial background as an investor, entrepreneur, and board member. Mr. Martin previously managed a private investment fund for Raging Capital Management from 2006 to 2020. As an entrepreneur, he co-founded several financial information companies, including Raging Bull in 1997 and InsiderScore in 2004. He has served on numerous public company boards, including Bankrate, Inc. (acquired in 2009), Salary.com, Inc. (acquired in 2010), and Vitesse Semiconductor Corp. (acquired in 2015). Mr. Martin also manages his personal family office, Raging Capital Ventures, and is a Senior Advisor to Princeton Equity Group, a private equity firm.

Francis Jose, General Counsel

Francis M. Jose served as General Counsel at Immersion Corp. from 2009 to 2023. He also held the role of Chief Executive Officer at Immersion Corporation until March 2023, after which he returned to the role of General Counsel to oversee intellectual property licensing efforts. Prior to joining Immersion, Mr. Jose worked as an Associate at Morrison & Foerster LLP from 2003 to 2009, a law firm specializing in litigation, financial services, intellectual property, and technology.

Leonard Wood, Chief Accounting Officer

Leonard Wood serves as the Chief Accounting Officer for Immersion Corp. He has been identified as an Interim Chief Financial Officer in past insider trading reports for Immersion.

Key Risks to Immersion (IMMR)

1. Financial and Operational Reporting Issues, including Nasdaq Delisting Threat: Immersion Corporation received a delinquency compliance alert from Nasdaq due to its failure to timely file its Annual Report on Form 10-K for the fiscal year ended April 30, 2025. This delay is attributed to an ongoing internal investigation at its subsidiary, Barnes & Noble Education, Inc. (BNED), which has prevented management from completing the financial reporting process and preparing financial statements. The company's ability to file the report depends on the completion of BNED's audit committee investigation and the subsequent consolidation of BNED's financial information. Failure to address this could lead to the company's delisting from Nasdaq. Furthermore, Immersion has historically experienced material weaknesses in its internal control over financial reporting. Its Piotroski F-Score of 3 indicates potential operational challenges, and an Altman Z-Score of 1.84 suggests possible financial stress. The company also faces a forecast of declining earnings by an average of 62.9% per year for the next three years.
2. Intellectual Property and Litigation Risks: Immersion's business model heavily relies on its intellectual property, and it has a reputation for pursuing patent infringement lawsuits, sometimes referred to as a "patent troll." The company is currently engaged in ongoing litigations with significant entities like Meta Platforms, Valve Corporation, and Xiaomi Group. The outcomes of these legal procedures carry substantial risk, including increased litigation costs and potential negative financial and reputational impacts. A critical risk is the inability to protect and enforce its intellectual property rights effectively, or to renew existing licensing arrangements and secure new ones on favorable terms, which could severely affect its revenues.
3. Market Adoption and Competitive Pressures: As a technology company specializing in haptic feedback, Immersion operates in an environment characterized by rapid innovation cycles and intense competitive pressures. A key risk is the potential for delay in, or outright failure of, achieving widespread adoption and commercial demand for its products or for third-party products incorporating its technologies. The company's business is also highly dependent on a limited number of customers, meaning the loss of a major customer could significantly impact its financial results. "Tech & Innovation" is categorized as the top risk category, accounting for 32% of reported risks.

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Addressable Market Sizes for Immersion's Main Products and Services:

• Global Haptic Technology Market:
  • The global haptic technology market was valued at USD 10.79 billion in 2024 and is projected to reach approximately USD 30.91 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 11.10% from 2024 to 2034.
  • Other estimates place the global haptic technology market at USD 4.62 billion in 2025, expected to reach USD 8.5 billion by 2030, with a CAGR of 12.92%. Another report estimates the market at USD 6.61 billion in 2025, growing to USD 8.21 billion by 2030 at a CAGR of 4.5%. In 2024, the market was valued at USD 4.3 billion, with a projected growth to USD 6.1 billion by 2034 at a CAGR of 3.6%.
  • The broader global haptics market was estimated at USD 19.6 billion in 2023, with projected growth to USD 39.2 billion by 2028.
• Regional Haptic Technology Markets:
  • North America: The North America haptic technology market size was calculated at USD 4.64 billion in 2024 and is expected to grow at the fastest CAGR of 11.21% during the forecast period.
  • United States: The U.S. haptic technology market was evaluated at USD 3.25 billion in 2024 and is predicted to be worth around USD 9.47 billion by 2034, rising at a CAGR of 11.30%. Another source indicates the U.S. market for haptic technology is projected to grow at a CAGR of about 3.5% through the forecast period, reaching around USD 2.26 billion by 2034 from approximately USD 1.6 billion. The U.S. haptic technology market accounted for 87.4% of the revenue share in 2024.
  • Asia-Pacific: This region accounted for 42.4% of the haptic technology market share in 2024 and is forecast to record the highest 14.9% CAGR to 2030.
• Haptic Technology Market by Application:
  • Consumer Electronics (Global): This segment holds the largest market size in the haptic technology market. It captured 57.7% of the haptic technology market size in 2024 and dominated the global market with a share of 31% in 2024.
    • Smartphones: USD 1.8 billion by 2025.
    • Wearables: USD 1.2 billion by 2025.
    • Smartwatches: USD 650 million by 2025.
  • Gaming and Extended Reality (XR) Devices (Global): This segment is growing at an 18.5% CAGR. The global gaming haptics market is projected to reach USD 2.6 billion by 2027.
  • Virtual Reality (VR) and Augmented Reality (AR) Haptic Technology Market (Global): This market is expected to reach USD 12.9 billion by 2025. Immersion reported USD 24.3 million in VR/AR technology licensing revenue for 2023.
  • Automotive Haptics Market (Global): This market is projected to reach USD 3.2 billion by 2028, with a CAGR of 18.5%.
  • Medical Simulation Haptics Market (Global): This market is expected to reach USD 4.5 billion by 2026.

Immersion (IMMR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Integration and Growth of Barnes & Noble Education (BNED): A significant driver of Immersion's recent and projected revenue growth is the acquisition of a controlling interest in Barnes & Noble Education (BNED) in June 2024. The consolidation of BNED's financials has substantially increased Immersion's total revenue. Future growth is anticipated from the continued expansion of BNED's "First Day Complete" program and the broader adoption of its digital and affordable access offerings in the education sector.
2. Expansion of Haptic Technology Licensing in Automotive and Gaming: Immersion's core business of licensing haptic technology is expected to see continued growth, particularly within the automotive and gaming sectors. The company has secured new license agreements in the automotive industry, and the increasing integration of haptic feedback to enhance user experiences in these markets is a positive trend.
3. Increasing Adoption of Haptics in Mobile and Virtual Reality (VR): The demand for haptic technology in mobile devices remains a strong component of Immersion's revenue. Additionally, the growing adoption of virtual reality (VR) technologies, with companies like Meta utilizing haptics, presents a significant opportunity for Immersion to expand its licensing deals and drive future revenue.
4. Leveraging a Robust Intellectual Property Portfolio: Immersion's extensive intellectual property portfolio, backed by numerous patents, positions the company to capitalize on the growing demand for haptic technology across various industries. This strong patent position allows Immersion to secure new licensing agreements and maintain its leadership in the haptic space, contributing to sustained revenue growth.

Share Repurchases

• Immersion authorized a new stock repurchase program of up to $50 million for 2023, replacing a program that had been in place in 2022.
• Under the program announced in January 2023, Immersion repurchased 1,217,774 shares for $8.24 million by December 31, 2023.
• The company's equity buyback plan was extended until December 29, 2025.

Share Issuance

• The number of Immersion's outstanding shares has moved up in recent quarters, partly due to stock-based compensation not being fully offset by repurchases.
• As of October 2025, the number of outstanding shares was 32,294,000.

Inbound Investments

• The Irrevocable Larson Family Investment Trust filed schedules in October and November 2025, reporting the acquisition of beneficial ownership exceeding 5% of Immersion's equity securities.

Outbound Investments

• On June 10, 2024, Immersion acquired a 42% stake in Barnes & Noble Education (BNED) for approximately $50.1 million, securing control through board seats.
• As of March 31, 2025, Immersion's equity portfolio included a 32.9% stake in Barnes and Noble Education, valued at approximately $132 million.
• The company also held other equity investments as of March 31, 2025, including a 4.15% stake in Five Point Holdings worth about $16 million, and positions in Everspin Technologies, Universal Electronics, Nano Dimension, Maravai LifeSciences Holdings, and Xperi.

Capital Expenditures

• Immersion reported capital expenditures of approximately -$928,000 in the last 12 months as of early November 2025.
• Capital expenditures were minimal in recent years, recorded as $0 in 2023, -$26,000 in 2022, and -$335,000 in 2021.