Business
Immersion Corporation Reports Second Quarter 2024 Results
GAAP Net Income Attributable to Immersion stockholders of $28.9 million or $0.89 per diluted share Non-GAAP Net Income Attributable to Immersion stockholders
About this update from Immersion Corporation
[{"type":"text","content":"\nGAAP Net Income Attributable to Immersion stockholders of $28.9 million or $0.89 per diluted share\nNon-GAAP Net Income Attributable to Immersion stockholders of $37.0 million or $1.14 per diluted share\n\n\n AVENTURA, Fla.--(BUSINESS WIRE)--\nImmersion Corporation (“Immersion”, the “Company”, “we”, “us” or “our”) (Nasdaq: IMMR), a leading provider of technologies for haptics, today reported financial results for the second quarter ended June 30, 2024.\n\n\nSecond Quarter Consolidated Financial Summary1:\n\n\n\n\n•\n\n\n\n\n\n\nTotal revenues of $99.4 million in the second quarter of 2024, compared to $7.0 million in the second quarter of 2023.\n\n\n\n\n\n\n\n\n•\n\n\n\n\n\n\nGAAP net income attributable to Immersion Corporation stockholders was $28.9 million, or $0.89 per diluted share in the second quarter of 2024, compared to $7.0 million, or $0.21 per diluted share, in the second quarter of 2023.\n\n\n\n\n\n\n\n\n•\n\n\n\n\n\n\nGAAP operating expenses of $33.2 million in the second quarter of 2024, compared to $3.9 million in the second quarter of 2023. Non-GAAP operating expenses of $25.2 million in the second quarter of 2024, compared to $2.5 million in the second quarter of 2023.\n\n\n\n\n\n\n\n\n•\n\n\n\n\n\n\nNon-GAAP net income attributable to Immersion Corporation stockholders was $37.0 million, or $1.14 per diluted share, in the second quarter of 2024 compared to $8.4 million, or $0.26 per diluted share, in the second quarter of 2023.\n\n\n\n\n\n\n\n\n•\n\n\n\n\n\n\nTotal stockholders' equity attributable to Immersion Corporation stockholders was $230.3 million compared to $183.1 million as of December 31, 2023.\n\n\n\n\n\n\n\nSecond Quarter Immersion Corporation Segment Standalone Financial Summary:\n\n\n\n\n•\n\n\n\n\n\n\nImmersion Corporation royalty and license revenue was $52.4 million in the second quarter of 2024, compared to $7.0 million in the second quarter of 2023.\n\n\n\n\n\n\n\n\n•\n\n\n\n\n\n\nImmersion Corporation standalone Non-GAAP stockholders’ equity increased $53.0 million to $236.1 million as of June 30, 2024 compared to $183.1 million as of December 31, 2023.\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n1 On June 10, 2024, the Company closed certain transactions with Barnes & Noble Education, Inc. (“Barnes & Noble Education”). As part of the transactions, the Company acquired 42% of all ...