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1. Company Snapshot

1.a. Company Description

Immersion Corporation, together with its subsidiaries, invents, scales, and licenses haptic technologies that allow people to use their sense of touch to engage with and experience various digital products in North America, Europe, and Asia.The company provides technology, patent, and combined licenses.It also provides software development kits (SDKs) comprising tools, integration software, and effect libraries that allow for the design, encoding, and playback of tactile effects in content.


In addition, the company offers reference designs and reference technology, engineering and integration services, and software and firmware services.The company offers its products to mobile communications, wearables, and consumer electronics; gaming and virtual reality (VR); automotive; and other markets.Immersion Corporation was incorporated in 1993 and is headquartered in Aventura, Florida.

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1.b. Last Insights on IMMR

Immersion Corporation's recent performance was negatively driven by a decline in core licensing revenues, which plummeted by over 40% from the previous quarter. The company's Q3/FY25 results were boosted by the consolidation of Barnes & Noble Education and substantial gains from investments in marketable securities, but this was not enough to offset the decline in core licensing revenues. The lack of new high-profile licensing agreements is likely to hinder the company's growth prospects, despite its negative enterprise value.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Bitmine Immersion Is An Ideal Non-AI Hyper Growth Pick

Dec -03

Source: seekingalpha.com

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Why BitMine Immersion Technologies Stock Plummeted on Monday

Dec -01

Source: fool.com

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Why BitMine Immersion Technologies Stock Surged Nearly 20% Higher Today

Nov -25

Source: fool.com

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Bitmine Immersion Technologies Is Defying Crypto Winter Fears. Time to Buy?

Nov -24

Source: 247wallst.com

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Bitmine Immersion: A High-Octane Vehicle For Ethereum Believers That Will Benefit From Staking

Nov -24

Source: seekingalpha.com

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Why Bitmine Immersion Technologies Collapsed 24.4% This Week

Nov -22

Source: fool.com

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Why Bitmine Immersion Technologies Stock Tumbled by Nearly 11% Today

Nov -21

Source: fool.com

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ReGen III Forms Special Committee to Assess Strategic Pathways for Circular Group III Base Oils in Data Center and AI Immersion Cooling Market

Nov -18

Source: newsfilecorp.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.31%)

6. Segments

Per-Unit Royalty

Expected Growth: 13.53%

Immersion Corporation's 13.53% per-unit royalty growth is driven by increasing adoption of haptic technology in gaming, growing demand for premium smartphones, and expansion into new markets such as automotive and IoT. Additionally, the company's strategic partnerships and licensing agreements with leading OEMs have contributed to the growth.

Fixed Fee License

Expected Growth: 12.07%

The 12.07% growth in Fixed Fee License from Immersion Corporation is driven by increasing adoption of haptic technology in gaming and mobile devices, rising demand for immersive experiences, and expansion into new markets such as automotive and healthcare.

Development, Services, and Other

Expected Growth: 12.9%

Immersion Corporation's 12.9% growth is driven by Development (licensing and royalty revenue from gaming and mobile markets), Services (growth in professional services and content creation), and Other (increased sales of touchless sensing and haptic feedback products). Strong demand for immersive experiences, expansion into new markets, and strategic partnerships contribute to this growth.

7. Detailed Products

TouchSense

A software development kit (SDK) that enables the creation of haptic effects in mobile games and apps

TouchSense SDK for PC

A software development kit (SDK) that enables the creation of haptic effects in PC games and applications

Haptic SDK for VR/AR

A software development kit (SDK) that enables the creation of haptic effects in Virtual Reality (VR) and Augmented Reality (AR) experiences

Haptic Advertising

A platform that enables advertisers to create engaging, tactile ads that resonate with consumers

Haptic Analytics

A platform that provides insights and analytics on haptic feedback usage and effectiveness

Licensing and IP

Immersion's patented haptic technology and intellectual property available for licensing

8. Immersion Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Immersion Corporation's products are highly specialized, but there are some substitutes available in the market. However, the company's strong brand reputation and high-quality products reduce the threat of substitutes.

Bargaining Power Of Customers

Immersion Corporation's customers are largely dependent on the company's products, and the switching costs are high. This reduces the bargaining power of customers.

Bargaining Power Of Suppliers

Immersion Corporation has a diverse supplier base, which reduces the bargaining power of suppliers. However, some suppliers have a high level of concentration, which increases their bargaining power.

Threat Of New Entrants

The high barriers to entry in the haptic technology industry, including high research and development costs and the need for specialized expertise, reduce the threat of new entrants.

Intensity Of Rivalry

The haptic technology industry is highly competitive, with several established players competing for market share. This increases the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.02%
Debt Cost 3.95%
Equity Weight 99.98%
Equity Cost 11.22%
WACC 11.21%
Leverage 0.02%

11. Quality Control: Immersion Corporation passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Immersion

A-Score: 6.0/10

Value: 9.3

Growth: 6.7

Quality: 6.0

Yield: 5.0

Momentum: 3.0

Volatility: 6.0

1-Year Total Return ->

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Clear Secure

A-Score: 5.8/10

Value: 3.7

Growth: 9.8

Quality: 7.6

Yield: 5.0

Momentum: 4.0

Volatility: 5.0

1-Year Total Return ->

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Upbound

A-Score: 5.4/10

Value: 7.9

Growth: 3.9

Quality: 5.4

Yield: 9.0

Momentum: 2.5

Volatility: 4.0

1-Year Total Return ->

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ePlus

A-Score: 4.5/10

Value: 5.8

Growth: 7.0

Quality: 6.0

Yield: 0.0

Momentum: 1.5

Volatility: 6.7

1-Year Total Return ->

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SilverSun Technologies

A-Score: 4.5/10

Value: 5.6

Growth: 7.3

Quality: 3.8

Yield: 5.0

Momentum: 5.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Daily Journal

A-Score: 4.4/10

Value: 5.0

Growth: 4.7

Quality: 8.0

Yield: 0.0

Momentum: 5.0

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.82$

Current Price

6.82$

Potential

-0.00%

Expected Cash-Flows