Founder, BWS Financial Inc

Hamed Khorsand

Founder

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BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>IMMR reported fiscal Q2 (October) after having changed its fiscal year end to April. IMMR changed its fiscal year end after the purchase of approximately 11 million shares of BNED.  </li>
<li>The quarter was continuation of IMMR reporting increased revenue from fixed rate royalties while per unit royalties declined slightly from the prior year.   </li>
<li>IMMR reported revenue of $14.1 million compared to our estimate of $10.1 million. We were not expecting a large bump in fixed royalties like IMMR reported in the quarter.  </li>
</ul>


IMMR reported fiscal Q2 (October) after having changed its fiscal year end to April. IMMR changed its fiscal year end after the purchase of approximately 11 million shares of BNED.  
The quarter was continuation of IMMR reporting increased revenue from fixed rate royalties while per unit royalties declined slightly from the prior year.   
IMMR reported revenue of $14.1 million compared to our estimate of $10.1 million. We were not expecting a large bump in fixed royalties like IMMR reported in the quarter.  


<ul>
<li>IMMR reported second quarter results that included partial results from Barnes &amp; Noble Education (BNED), which IMMR owns approximately 42 percent of.   </li>
<li>We believe the decision to carry the BNED position at investment value might have distorted the true value of IMMR.  </li>
<li>Hidden in IMMR’s 10Q filing was the resolution of the patent lawsuit against Xiaomi. The settlement resulted in IMMR reporting a larger than expected revenue figure for IMMR. </li>
</ul>


IMMR reported second quarter results that included partial results from Barnes &amp; Noble Education (BNED), which IMMR owns approximately 42 percent of.   
We believe the decision to carry the BNED position at investment value might have distorted the true value of IMMR.  
Hidden in IMMR’s 10Q filing was the resolution of the patent lawsuit against Xiaomi. The settlement resulted in IMMR reporting a larger than expected revenue figure for IMMR. 


<ul>
<li>Q2 is seasonally a slow period for licensing revenue at IMMR. This year, IMMR has made investments in BNED and UEIC could result in a materially significant earnings report.</li>
<li>IMMR’s investment portfolio could sway quarterly performance. In Q2 it would be, by our estimate, to the upside. We are raising our estimates for the second quarter and full year.</li>
<li>Our price target remains $11 ahead of quarterly results even though there is clearly an opportunity for IMMR to surpass our earnings estimate to support a higher stock price.</li>
</ul>


Q2 is seasonally a slow period for licensing revenue at IMMR. This year, IMMR has made investments in BNED and UEIC could result in a materially significant earnings report.
IMMR’s investment portfolio could sway quarterly performance. In Q2 it would be, by our estimate, to the upside. We are raising our estimates for the second quarter and full year.
Our price target remains $11 ahead of quarterly results even though there is clearly an opportunity for IMMR to surpass our earnings estimate to support a higher stock price.


<ul>
<li>Immersion (IMMR) announced it had renewed its patent license agreement with Samsung Electronics removing the biggest risk overhang of 2024</li>
<li>Samsung has been IMMR’s largest customer at one point representing more than 60 percent of revenue. In the most recent 10K filing, IMMR describes Samsung as a significant customer</li>
<li>We assume there was a step down in the rate Samsung pays, since this is usually the norm with technology companies and IP deals</li>
</ul>


Immersion (IMMR) announced it had renewed its patent license agreement with Samsung Electronics removing the biggest risk overhang of 2024
Samsung has been IMMR’s largest customer at one point representing more than 60 percent of revenue. In the most recent 10K filing, IMMR describes Samsung as a significant customer
We assume there was a step down in the rate Samsung pays, since this is usually the norm with technology companies and IP deals


<ul>
<li>IMMR boosted its cash per share and book value in the first quarter of 2024 by reporting significantly higher revenue and earnings in the period</li>
<li>IMMR had previously disclosed its shareholders equity leading us to expect a slight beat to our estimates, but not to the magnitude of performance</li>
<li>IMMR’s per unit revenue segment did experience revenue increase related to automobile customers. We continue to believe haptics within automobiles is a large market opportunity </li>
</ul>


IMMR boosted its cash per share and book value in the first quarter of 2024 by reporting significantly higher revenue and earnings in the period
IMMR had previously disclosed its shareholders equity leading us to expect a slight beat to our estimates, but not to the magnitude of performance
IMMR’s per unit revenue segment did experience revenue increase related to automobile customers. We continue to believe haptics within automobiles is a large market opportunity 


United States

Immersion Corporation develops and licenses hardware and software technologies that enable users to interact with computers using their sense of touch.  The Company's patented TouchSense technologies enable computer peripheral devices to deliver tactile sensations that correspond to on-screen events.

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