Business
Immersion Corporation Reports Second Quarter 2021 Results
SAN FRANCISCO--(BUSINESS WIRE)-- Immersion Corporation (NASDAQ: IMMR), the leading developer and provider of technologies for haptics, today reported
About this update from Immersion Corporation
[{"type":"text","content":" SAN FRANCISCO--(BUSINESS WIRE)--\nImmersion Corporation (NASDAQ: IMMR), the leading developer and provider of technologies for haptics, today reported financial results for the second quarter ended June 30, 2021.\n\nSecond Quarter Financial Summary:\n\n\nTotal revenues of $11.0 million, compared to $5.7 million in the second quarter of 2020. Royalty and license revenues were $10.9 million, compared to $5.6 million in the second quarter of 2020.\n\n\n\nGAAP operating expenses of $5.2 million declined 23% from $6.7 million in the second quarter of 2020. Non-GAAP operating expenses of $3.8 million declined 28% from non-GAAP operating expenses of $5.2 million in the second quarter of 2020. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)\n\n\n\nGAAP net income was $5.3 million, or $0.17 per diluted share, compared to GAAP net loss of $0.7 million, or $0.03 per diluted share, in the second quarter of 2020.\n\n\n\nNon-GAAP net income was $7.2 million, or $0.23 per diluted share, compared to non-GAAP net income of $0.8 million, or $0.03, in the second quarter of 2020.\n\n\n\nAs of June 30, 2021, cash and cash equivalents totaled $107.3 million.\n\n\n“The results that we are reporting today reflect the continued success of our customers and partners in developing and shipping high performance haptic products and solutions in the automotive, gaming, and mobile market segments,” said Jared Smith, Interim CEO, Immersion.\n\nRecent Business Highlights:\n\n\nExpanded license agreement with Stanley Electric Co., Ltd., for the use of haptics in automotive products.\n\n\n\nStrong revenue performance in mobile from channel licensing program. Immersion also expanded the program to include TITAN Haptics to make available haptic patent licenses for mobile phone and wearable OEMs.\n\n\n\nMultiyear renewal license with AsusTek for use of TouchSense software and haptics technology in its mobile products.\n\n\nSecond Quarter Earnings Conference Call and Webcast\n\nImmersion will host a conference call with company management today at 2:00 p.m. PT (5:00 p.m. ET) to discuss financial results for the second quarter ended June 30, 2021. To participate on the live call, analysts and investors should dial 1-866-548-4713 (conference ID: 1989215) at least ten minutes prior to the start of the call\n\nA recorded webcast will al...