Immersion Corp
NASDAQ:IMMR
Immersion Corp
Immersion Corp. engages in the creation, design, development and licensing of patented haptic innovations and software. The company is headquartered in Aventura, Florida and currently employs 26 full-time employees. The firm develops, licenses, and supports a range of software and intellectual property (IP). Its primary business is focused on mobility, gaming, and automotive, entertainment, social content, virtual and augmented reality, sexual wellness, and wearables, as well as residential, commercial, and industrial Internet of Things. The company offers enabling technology, IP, and haptic expertise to its customers through various offerings, including technology licenses, patent licenses, and combined licenses that cover both technology and patents. Its technology licenses include services, reference designs, and/or software development kits (SDKs). The company also offers haptic expertise to Original Equipment Manufacturers (OEM) in the mobile, gaming, and related consumer electronics markets.
Immersion Corp. engages in the creation, design, development and licensing of patented haptic innovations and software. The company is headquartered in Aventura, Florida and currently employs 26 full-time employees. The firm develops, licenses, and supports a range of software and intellectual property (IP). Its primary business is focused on mobility, gaming, and automotive, entertainment, social content, virtual and augmented reality, sexual wellness, and wearables, as well as residential, commercial, and industrial Internet of Things. The company offers enabling technology, IP, and haptic expertise to its customers through various offerings, including technology licenses, patent licenses, and combined licenses that cover both technology and patents. Its technology licenses include services, reference designs, and/or software development kits (SDKs). The company also offers haptic expertise to Original Equipment Manufacturers (OEM) in the mobile, gaming, and related consumer electronics markets.
Revenue Surge: Immersion reported $11 million in Q2 revenue, up 94% year-over-year, driven by strong growth across automotive, gaming, and mobile markets.
Profit Turnaround: The company posted GAAP net income of $5.3 million versus a net loss of $0.7 million in Q2 2020.
Cost Control: Operating expenses declined by 23%, reflecting successful cost reduction efforts.
Business Mix: Mobility accounted for 61% of revenue, gaming 21%, and automotive 18%.
Market Momentum: Management highlighted ongoing double-digit growth in automotive and gaming, new partnerships, and licensing deals with companies like Stanley, TITAN Haptics, ASUS, and Peloton.
Cautious Outlook: Management is optimistic but warns that Q2's exceptional performance may not repeat in Q3 due to COVID and supply chain concerns.
Strong Balance Sheet: Cash and cash equivalents rose to $107.3 million by June 30, 2021.
