Business
Immersion Corporation Reports Fourth Quarter and Full Year 2023 Results
Fourth Quarter GAAP Net Income of $16.0 million or $0.49 per diluted share Fourth Quarter Non-GAAP Net Income of $16.9 million or $0.52 per diluted share
About this update from Immersion Corporation
[{"type":"text","content":"\nFourth Quarter GAAP Net Income of $16.0 million or $0.49 per diluted share\n\n\nFourth Quarter Non-GAAP Net Income of $16.9 million or $0.52 per diluted share\n\n\nRepurchased 1% of shares outstanding\n\n\n AVENTURA, Fla.--(BUSINESS WIRE)--\nImmersion Corporation (NASDAQ: IMMR), a leading developer and provider of technologies for haptics, today reported financial results for the fourth quarter and full year ended December 31, 2023.\n\n\nFourth Quarter Financial Summary:1\n\n\n\nTotal revenues of $10.4 million, compared to $9.2 million in the fourth quarter of 2022. Royalty and license revenues were $10.4 million, compared to $9.1 million in the fourth quarter of 2022.\n\n\n\nGAAP net income was $16.0 million, or $0.49 per diluted share, compared to GAAP net income of $19.7 million, or $0.60 per diluted share, in the fourth quarter of 2022.\n\n\n\nGAAP operating expenses of $5.3 million in the fourth quarter of 2023, compared to GAAP operating expenses of $3.4 million in the fourth quarter of 2022. Non-GAAP operating expenses of $4.5 million in the fourth quarter of 2023, compared to Non-GAAP operating expenses of $2.6 million in the fourth quarter of 2022.\n\n\n\nNon-GAAP net income was $16.9 million, or $0.52 per diluted share in the fourth quarter of 2023, compared to non-GAAP net income of $20.5 million, or $0.63 per diluted share in the fourth quarter of 2022.\n\n\n\nRepurchased 319,017 shares in the fourth quarter of 2023 (1% of shares outstanding at December 31, 2023) at an average price of $6.52 per share.\n\n\n\nFiscal Year 2023 Financial Summary:\n\n\n\nRevenues for 2023 were $33.9 million, compared to $38.5 million in 2022. Royalty and license revenues for 2023 totaled $33.8 million, compared to $38.2 million in 2022.\n\n\n\nNet income for 2023 was $34.0 million, or $1.04 per diluted share, compared to net income of $30.7 million, or $0.92 per diluted share, for 2022.\n\n\n\nGAAP operating expenses of $16.0 million in 2023, compared to GAAP operating expenses of $14.0 million in 2022. Non-GAAP operating expenses of $11.5 million in 2023, compared to Non-GAAP operating expenses of $10.2 million in 2022.\n\n\n\nNon-GAAP net income for 2023 was $38.5 million, or $1.18 per diluted share, compared to non-GAAP net income for 2022 of $34.5 million, or $1.03 per diluted share.\n\n\n\nCash, cash equivalents and short-term in...