Immersion Corporation Reports First Quarter 2022 Results

About this update from Immersion Corporation

[{"type":"text","content":"\nCompany Continues Focus on Driving Profitability\n\n AVENTURA, Fla.--(BUSINESS WIRE)--\nImmersion Corporation (NASDAQ: IMMR), the leading developer and provider of technologies for haptics, today reported financial results for the first quarter ended March 31, 2022.\n\nFirst Quarter Financial Summary:\n\n\nTotal revenues of $7.3 million, compared to $7.2 million in the first quarter of 2021. Royalty and license revenues were $7.2 million, compared to $7.1 million in the first quarter of 2021.\n\n\nGAAP operating expenses of $3.7 million declined 20% from $4.6 million in the first quarter of 2021. Non-GAAP operating expenses of $2.4 million declined 39% from $4.0 million in the first quarter of 2021. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)\n\n\nGAAP net income was $5.1 million, or $0.15 per diluted share, compared to GAAP net income of $2.0 million, or $0.07 per diluted share, in the first quarter of 2021.\n\n\nNon-GAAP net income was $6.9 million, or $0.20 per diluted share, compared to non-GAAP net income of $2.8 million, or $0.10 per diluted share in the first quarter of 2021.\n\n\nCash, cash equivalents and short-term investments was $146.5 million as of March 31, 2022.\n\n\nCash increased by $11.5 million sequentially inclusive of repurchase of $4.4 million of stock.\n\n\n“Our results reflect a remarkable transformation of Immersion into a consistently profitable business with an enviable balance sheet,” said Francis Jose, CEO. “The board and management have optimized the company’s cost structure by simplifying our operating priorities and eliminating unnecessary costs. Our strong cash position provides us with considerable optionality as we pursue our strategic initiatives and work to drive long-term shareholder value.”\n\n“We are excited about the growing opportunities in the AR/VR/metaverse market, particularly with the proliferation of dozens of devices now available in the marketplace where haptics is crucial to an immersive user experience,” added Mr. Jose. “We are laser-focused on ensuring our relevant intellectual property for the AR/VR/metaverse market is recognized, either through the execution of licenses or by proactive enforcement.”\n\nRecent Business Highlights:\n\n\nExpanded our license agreement with Mobase Co., Ltd., formerly Seoyon Electronics Co., Ltd., a leading...

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