Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>IMMR is using the gains from Q124 to make an investment in BNED. IMMR intends to invest $45 million to purchase new shares at $0.05 per share.</li>
<li>IMMR’s stock continues to trade at a slight premium to cash even though the operating business has continued to expand in auto</li>
<li>IMMR disclosed it ended the first quarter of 2024 with approximately $200 million in shareholder equity. This would equate to a sequential increase of approximately $17 million</li>
</ul>


IMMR is using the gains from Q124 to make an investment in BNED. IMMR intends to invest $45 million to purchase new shares at $0.05 per share.
IMMR’s stock continues to trade at a slight premium to cash even though the operating business has continued to expand in auto
IMMR disclosed it ended the first quarter of 2024 with approximately $200 million in shareholder equity. This would equate to a sequential increase of approximately $17 million


<ul>
<li>The increase in automotive revenue in 2023 has led to greater revenue diversification at Immersion (IMMR) reducing some of the variability the Company has historically experienced between quarters</li>
<li>IMMR reported fourth quarter results better than we were projecting led by an increase in automotive and video game revenue.</li>
<li>The fourth quarter results did not include the benefits of the settlement with Meta Platforms (META), which causes IMMR’s cash balance to rise further</li>
</ul>


The increase in automotive revenue in 2023 has led to greater revenue diversification at Immersion (IMMR) reducing some of the variability the Company has historically experienced between quarters
IMMR reported fourth quarter results better than we were projecting led by an increase in automotive and video game revenue.
The fourth quarter results did not include the benefits of the settlement with Meta Platforms (META), which causes IMMR’s cash balance to rise further


<ul>
<li>Immersion (IMMR) reached a licensing settlement with Meta Platforms (META) resulting in a payment of $17.5 million to IMMR</li>
<li>The initial response to the announcement is likely due to investors' high expectations based on META's significant market capitalization and the anticipated scale of returns</li>
<li>As a result of the cash received, we estimate IMMR to have approximately $6.20 per share in cash and securities, without consideration for fourth quarter of 2023</li>
</ul>


Immersion (IMMR) reached a licensing settlement with Meta Platforms (META) resulting in a payment of $17.5 million to IMMR
The initial response to the announcement is likely due to investors' high expectations based on META's significant market capitalization and the anticipated scale of returns
As a result of the cash received, we estimate IMMR to have approximately $6.20 per share in cash and securities, without consideration for fourth quarter of 2023


<ul>
<li>Haptics continued to remain relevant at CES this year. The technology has evolved from smartphones and gamepads to include automobiles and different gaming accessories.</li>
<li>At CES, Mercedes Benz announced its infotainment would include haptics within the seats to further enhance the experience within the cabin.</li>
<li>Haptics within gaming has evolved from gamepads. The technology is part of the gaming experience through accessories for sitting, hearing, and watching. We could see the different uses at CES</li>
</ul>


Haptics continued to remain relevant at CES this year. The technology has evolved from smartphones and gamepads to include automobiles and different gaming accessories.
At CES, Mercedes Benz announced its infotainment would include haptics within the seats to further enhance the experience within the cabin.
Haptics within gaming has evolved from gamepads. The technology is part of the gaming experience through accessories for sitting, hearing, and watching. We could see the different uses at CES


<ul>
<li>IMMR's third quarter results affirmed our investment thesis of the Company beginning to experience an increase in automotive revenue by the end of 2023.</li>
<li>IMMR reported quarterly revenue above our forecasts citing an increase of approximately $1.9 million from automotive related customers.</li>
<li>IMMR has a reputation with investors for generating revenue from smartphones and video game consoles. The inclusion of haptics within automotive was the reason we were drawn to the stock.</li>
</ul>


IMMR's third quarter results affirmed our investment thesis of the Company beginning to experience an increase in automotive revenue by the end of 2023.
IMMR reported quarterly revenue above our forecasts citing an increase of approximately $1.9 million from automotive related customers.
IMMR has a reputation with investors for generating revenue from smartphones and video game consoles. The inclusion of haptics within automotive was the reason we were drawn to the stock.


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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Immersion Corporation (IMMR US)

IMMR: New Investment and the Impact

IMMR disclosed shareholder equity rising in the first quarter by more than we would have expected. We assume there were gains in the investment...

BWS Financial Inc

IMMR: Emerging Valuation

IMMR has grown its cash along with diversifying its revenue stream. Automotive is becoming a larger piece of the business. IMMR's equity holdings...

BWS Financial Inc

IMMR: Meta Cash Is Real Cash

Immersion (IMMR) reached a licensing settlement with Meta Platforms (META) resulting in a payment of $17.5 million to IMMR bringing IMMR's cash...

BWS Financial Inc

IMMR: The Feel from CES

Haptics has become a mainstay for automobiles with the use of the technology expanding from being part of a safety feature to greater part of...

BWS Financial Inc

IMMR: Ramp in Auto Has Begun

Revenue surpassed our estimate due to a ramp in automotive royalties. The revenue was in the per unit segment implying revenue could continue to...

BWS Financial Inc

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