Immersion Corp
immersion.comWhat Do They Do?
Operates bookstores for colleges and schools, selling course materials and general merchandise; also licenses haptic technology to electronics and automotive makers.
10-K for FY2026, filed Jul 24, 2026Barnes & Noble Education is one of the largest contract operators of physical and virtual bookstores for college and university campuses…View ↗
Immersion is a premier licensing company focused on the acceleration, and scaling, through licensing, of innovative haptic technologies…View ↗
We have adopted a business model under which we offer licenses that allow our customers to integrate Immersion’s patented technology into…View ↗
How Do They Make Money?
Barnes & Noble Education sells products when customers receive them and earns rental revenue over the textbook rental period; it generally collects from schools after add/drop dates. Immersion earns fixed license fees after signing and royalties based on licensees’ product sales.
10-K for FY2026, filed Jul 24, 2026Product sales and rentals revenue. The majority of Barnes & Noble Education’s revenue is derived from the sale of products through its…View ↗
Product revenue is recognized when the customer takes physical possession of Barnes & Noble Education’s products, which occurs either at…View ↗
Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at…View ↗
Revenue recognized for Barnes & Noble Education’s BNC First Day® offerings is consistent with its policies outlined above for product…View ↗
Payments for fixed fee license contracts typically are due in full within 30 - 45 days from execution of the contract. From time to time…View ↗
Per-unit Royalty revenue. We record per-unit royalty revenue in the same period in which the licensee’s underlying sales occur. When we do…View ↗
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10-K for FY2026, filed Jul 24, 2026
FY2026 revenue by reportable segment ↗
$1.7B
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10-K for FY2026, filed Jul 24, 2026
$1.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Immersion
Mix
|
0.9%
FY2024: 100%
|
Immersion, FY2026
$15.9M Sources
|
Mix |
|
Barnes & Noble Education
Mix
10-K for FY2026, filed Jul 24, 2026 |
99%
FY2024: 0.0%
|
Barnes & Noble Education, FY2026
$1.7B Sources
|
Mix |
Who Are Their Customers?
Schools contract for bookstore and course-material programs; students and other shoppers buy through campus bookstores and online. Immersion licenses technology to device makers, chip makers, gaming companies and automotive suppliers.
10-K for FY2026, filed Jul 24, 2026The strengths of Barnes & Noble Education’s business include its ability to compete by developing new products and solutions to meet market…View ↗
BNC First Day® Affordable Access Course Material Programs. Barnes & Noble Education provides product and service offerings designed to…View ↗
As of April 30, 2026, Barnes & Noble Education operated 647 physical college and university bookstore locations and 469 virtual bookstores…View ↗
Barnes & Noble Education’s customizable technology delivers a seamless experience providing students and faculty with the ability to…View ↗
Mobile Communications, Wearables, and Consumer Electronics. We license our intellectual property relating to haptic technology to original…View ↗
Gaming and VR. We have licensed our patents directly to Microsoft, Sony and Nintendo for use in their console gaming products. We have also…View ↗
Do Revenues Turn Into Profits?
Yes. It kept less than a cent of every revenue dollar as net income in FY2026 and turned 2 cents into free cash flow.
10-K for FY2026, filed Jul 24, 2026
$25.9MView ↗
10-K for FY2026, filed Jul 24, 2026
$4.5MView ↗
10-K for FY2026, filed Jul 24, 2026
$42.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q1 FY2026, filed Sep 14, 2026
$4.9MView ↗
- ▲ Now profitable
- vs −$930K in Q1 FY2025
10-Q for Q1 FY2026, filed Sep 14, 2026
Open tableView ↗
Growing. Revenue grew 45.0x in 4 years, from $38.5M in FY2023 to $1.7B in FY2026, about 159% a year.
Added bookstore operations
The older report describes a haptics licensing business; the latest report also includes bookstore operations, textbook sales and rentals, and bookstore management services through Barnes & Noble Education.
10-K for FY2023, filed Mar 11, 2024 10-K for FY2026, filed Jul 24, 2026In June 2024, Immersion acquired a controlling interest in Barnes & Noble Education, Inc., a Delaware corporation (“Barnes & Noble…View ↗
Following the closing of the Transactions (as defined below) with Barnes & Noble Education, we operate our business in two operating…View ↗
Barnes & Noble Education is one of the largest contract operators of physical and virtual bookstores for college and university campuses…View ↗
Barnes & Noble Education primarily derives its revenues from the sale of course materials, which include new, used, rental, and digital…View ↗
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