Immersion (IMMR) Q4 2025 earnings summary

Executive summary

• Fiscal year ended April 30, 2025, included the consolidation of Barnes & Noble Education, significantly expanding operations and revenue base.

• Total revenues reached $1.56 billion, with net income of $93.6 million for the year.

• The company restated prior interim financials due to internal control failures and improper journal entries at Barnes & Noble Education.

Financial highlights

• Total revenues: $1.56 billion for FY25, up from $33.9 million in the prior calendar year (pre-acquisition).

• Net income: $93.6 million for FY25, compared to $34.0 million in the prior year.

• Operating income: $118.0 million for FY25.

• Immersion segment revenue: $74.1 million, primarily from fixed fee licenses and royalties.

• Barnes & Noble Education segment revenue: $1.48 billion, with $1.34 billion from product sales and $139 million from rentals.

• Cash and investments at year-end: $161.4 million.

Outlook and guidance

• Management expects continued growth in licensing and education segments, with focus on expanding First Day Complete programs and digital content.

• Barnes & Noble Education anticipates further adoption of affordable access course material programs and ongoing investment in e-commerce and merchandising.