Revenue growth remains highly erratic, fluctuating from a 32.3% decline in 2023Q3 to a 193.7% surge in 2025Q2, while gross margins have compressed significantly to 17.9% as of 2025Q4.
Immersion Corporation (IMMR) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 1.73B | 1.73B | 1.56B | 33.92M | 38.46M | 35.09M | 30.46M | 35.95M | 110.98M | 35.01M | 57.09M | 63.39M | 52.94M | 47.47M | 32.17M | 30.64M | 31.12M | 27.73M | 27.98M | 34.7M | 27.85M | 24.28M | 23.76M | 20.22M | 20.23M | 19.23M | 15.26M | 10.9M | 8.7M |
| Revenue Growth % | 4.12% | 11.24% | 4487.03% | -11.81% | 9.61% | 15.21% | -15.29% | -67.6% | 216.97% | -38.67% | -9.95% | 19.75% | 11.52% | 47.56% | 5.01% | -1.57% | 12.26% | -0.91% | -19.37% | 24.59% | 14.73% | 2.16% | 17.5% | -0.06% | 5.22% | 26% | 40.03% | 25.29% | - |
| Cost of Goods Sold | 1.38B | 1.41B | 75.35M | 0 | 4K | 88K | 168K | 170K | 218K | 197K | 197K | 460K | 460K | 462K | 1.19M | 1.25M | 2.9M | 8.29M | 7.52M | 8.81M | 7.19M | 6.45M | 6.25M | 5.28M | 5.88M | 6.07M | 4.5M | 2.3M | 1.7M |
| COGS % of Revenue | - | 81.22% | 4.84% | - | 0.01% | 0.25% | 0.55% | 0.47% | 0.2% | 0.56% | 0.35% | 0.73% | 0.87% | 0.97% | 3.69% | 4.1% | 9.32% | 29.9% | 26.86% | 25.38% | 25.82% | 26.55% | 26.32% | 26.09% | 29.06% | 31.58% | 29.46% | 21.1% | 19.54% |
| Gross Profit | 352.09M | 325.08M | 1.48B | 33.92M | 38.46M | 35M | 30.29M | 35.78M | 110.76M | 34.82M | 56.89M | 62.93M | 52.48M | 47.01M | 30.98M | 29.38M | 28.22M | 19.44M | 20.46M | 25.89M | 20.66M | 17.83M | 17.51M | 14.95M | 14.35M | 13.16M | 10.77M | 8.6M | 7M |
| Gross Margin % | 20.32% | 18.78% | 95.16% | 100% | 99.99% | 99.75% | 99.45% | 99.53% | 99.8% | 99.44% | 99.65% | 99.27% | 99.13% | 99.03% | 96.31% | 95.9% | 90.68% | 70.1% | 73.14% | 74.62% | 74.18% | 73.45% | 73.68% | 73.91% | 70.94% | 68.42% | 70.54% | 78.9% | 80.46% |
| Gross Profit Growth % | - | -78.04% | 4264.9% | -11.8% | 9.87% | 15.56% | -15.36% | -67.69% | 218.13% | -38.8% | -9.6% | 19.92% | 11.63% | 51.73% | 5.45% | 4.1% | 45.21% | -5.03% | -20.97% | 25.33% | 15.87% | 1.84% | 17.13% | 4.13% | 9.09% | 22.21% | 25.2% | 22.86% | - |
| Operating Expenses | 323.23M | 296.94M | 1.36B | 15.99M | 14.04M | 17.23M | 28.07M | 57.23M | 57.66M | 80.24M | 72.15M | 58.21M | 46.51M | 43.4M | 37.71M | 31.26M | 33.05M | 49.89M | 69.56M | -99.78M | 29.61M | 29.73M | 37.9M | 29.8M | 29.39M | 30.59M | 31.15M | 16.4M | 10.6M |
| OpEx % of Revenue | - | 17.16% | 87.58% | 47.15% | 36.5% | 49.09% | 92.16% | 159.19% | 51.96% | 229.17% | 126.39% | 91.83% | 87.86% | 91.43% | 117.22% | 102.04% | 106.19% | 179.95% | 248.59% | -287.54% | 106.32% | 122.47% | 159.49% | 147.34% | 145.24% | 159.04% | 204.08% | 150.46% | 121.84% |
| Selling, General & Admin | 232.64M | 296.94M | 1.33B | 15.71M | 12.66M | 13.08M | 23.05M | 49.39M | 47.93M | 66.86M | 58.76M | 43.43M | 34.65M | 32.44M | 29.24M | 22.83M | 23.08M | 35.04M | 55.47M | 24.06M | 22.68M | 22.29M | 28.44M | 20.27M | 15.63M | 17.56M | 18.84M | 8.8M | 4.9M |
| SG&A % of Revenue | - | 17.16% | 85.31% | 46.32% | 32.92% | 37.27% | 75.7% | 137.38% | 43.19% | 190.95% | 102.94% | 68.51% | 65.46% | 68.34% | 90.89% | 74.54% | 74.14% | 126.39% | 198.25% | 69.33% | 81.45% | 91.8% | 119.7% | 100.24% | 77.24% | 91.32% | 123.47% | 80.73% | 56.32% |
| Research & Development | 0 | 0 | 0 | 281K | 1.38M | 4.15M | 5.01M | 7.84M | 9.73M | 11.76M | 13.39M | 14.79M | 11.79M | 10.88M | 8.42M | 8.39M | 8.74M | 12.49M | 13.06M | 10.06M | 7.61M | 6M | 7.86M | 7.04M | 6.5M | 7.55M | 7.25M | 5.5M | 5.2M |
| R&D % of Revenue | - | - | - | 0.83% | 3.59% | 11.83% | 16.46% | 21.81% | 8.76% | 33.58% | 23.45% | 23.32% | 22.28% | 22.93% | 26.18% | 27.37% | 28.07% | 45.06% | 46.67% | 28.98% | 27.32% | 24.73% | 33.07% | 34.84% | 32.1% | 39.25% | 47.5% | 50.46% | 59.77% |
| Other Operating Expenses | 3M | 0 | 35.27M | 0 | -4K | 0 | 0 | 0 | 0 | 1.62M | 0 | 0 | 67K | 79K | 49K | 39K | 1.24M | 2.36M | 1.03M | -133.9M | -681K | 1.44M | 1.6M | 2.48M | 7.26M | 5.48M | 5.05M | 2.1M | 500K |
| Operating Income | 28.85M | 28.14M | 117.92M | 17.93M | 24.42M | 17.77M | 2.22M | -21.45M | 53.1M | -45.42M | -15.26M | 4.72M | 5.97M | 3.6M | -6.73M | -1.88M | -4.83M | -30.46M | -49.09M | 125.68M | -8.95M | -11.9M | -20.39M | -14.85M | -15.04M | -17.43M | -20.38M | -7.8M | -3.6M |
| Operating Margin % | 1.66% | 1.63% | 7.58% | 52.85% | 63.49% | 50.66% | 7.29% | -59.66% | 47.85% | -129.73% | -26.74% | 7.44% | 11.27% | 7.59% | -20.91% | -6.13% | -15.51% | -109.85% | -175.45% | 362.16% | -32.14% | -49.02% | -85.81% | -73.43% | -74.3% | -90.62% | -133.53% | -71.56% | -41.38% |
| Operating Income Growth % | - | -76.13% | 557.76% | -26.59% | 37.38% | 700.68% | 110.35% | -140.4% | 216.91% | -197.6% | -423.44% | -20.91% | 65.57% | 153.57% | -258.06% | 61.08% | 84.15% | 37.96% | -139.06% | 1503.73% | 24.76% | 41.64% | -37.32% | 1.23% | 13.73% | 14.49% | -161.29% | -116.67% | - |
| EBITDA | 71.21M | 74.45M | 153.29M | 17.99M | 24.56M | 17.87M | 4.15M | -19.25M | 53.96M | -44.45M | -14.35M | 5.74M | 6.53M | 4.27M | -6.03M | -712K | -2.5M | -28M | -47.88M | 127.59M | -7.21M | -9.91M | -17.92M | -11.33M | -10.34M | -10.46M | -14.38M | -5.7M | -3.1M |
| EBITDA Margin % | 4.11% | 4.3% | 9.85% | 53.05% | 63.86% | 50.94% | 13.63% | -53.55% | 48.62% | -126.96% | -25.14% | 9.05% | 12.34% | 8.99% | -18.73% | -2.32% | -8.02% | -100.99% | -171.13% | 367.67% | -25.89% | -40.83% | -75.41% | -56.02% | -51.1% | -54.4% | -94.23% | -52.29% | -35.63% |
| EBITDA Growth % | -39.86% | -51.43% | 751.89% | -26.73% | 37.41% | 330.6% | 121.56% | -135.68% | 221.37% | -209.72% | -350.27% | -12.23% | 53.13% | 170.82% | -746.21% | 71.47% | 91.09% | 41.53% | -137.53% | 1869.12% | 27.24% | 44.69% | -58.18% | -9.56% | 1.17% | 27.26% | -152.32% | -83.87% | - |
| D&A (Non-Cash Add-back) | 42.36M | 46.3M | 35.37M | 67K | 140K | 99K | 1.93M | 2.2M | 855K | 968K | 910K | 1.02M | 567K | 663K | 703K | 1.17M | 2.33M | 2.46M | 1.21M | 1.91M | 1.74M | 1.99M | 2.47M | 3.52M | 4.7M | 6.97M | 6M | 2.1M | 500K |
| EBIT | 33.53M | 28.14M | 133.55M | 42.91M | 26.96M | 17.29M | 2.22M | -21.45M | 53.1M | -43.8M | -15.26M | 4.72M | 5.97M | 3.6M | -6.73M | -1.88M | -4.83M | -29.16M | -44.92M | 125.68M | -8.95M | -11.71M | -20.39M | -14.85M | -14.64M | -17.2M | -20.38M | -7.8M | -3.6M |
| Net Interest Income | -3.98M | 1.63M | 21.63M | 25.01M | 2.84M | 1.24M | 271K | 1.79M | 1.83M | 337K | 817K | 177K | 580K | 179K | 170K | 204K | 272K | 773K | 3.92M | 4.83M | -1.33M | -1.02M | 127K | 76K | -276K | 229K | -870K | 0 | 0 |
| Interest Income | 7.2M | 14.58M | 31.24M | 25.01M | 2.84M | 1.24M | 271K | 1.79M | 1.83M | 337K | 817K | 177K | 352K | 179K | 170K | 204K | 272K | 777K | 4.05M | 5.85M | 275K | 490K | 168K | 126K | 306K | 1.09M | 0 | 0 | 0 |
| Interest Expense | 11.18M | 12.95M | 9.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 250K | 1.02M | 1.6M | 1.51M | 41K | 50K | 582K | 859K | 870K | 0 | 0 |
| Other Income/Expense | 11.94M | -2.12M | 1.38M | 24.99M | 2.54M | -485K | 939K | 1.88M | 1.63M | 611K | 754K | -270K | 352K | 68K | 170K | 204K | 272K | 1.29M | 3.92M | 4.83M | -1.33M | -1.03M | -497K | -1.97M | 15.04M | 17.43M | 20.38M | 7.8M | 3.6M |
| Pretax Income | 40.79M | 26.03M | 119.29M | 42.91M | 26.96M | 17.29M | 3.16M | -19.57M | 54.73M | -44.81M | -14.51M | 4.45M | 6.32M | 3.67M | -6.56M | -1.68M | -4.56M | -29.17M | -45.17M | 130.51M | -10.28M | -12.93M | -20.89M | -16.82M | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 2.35% | 1.5% | 7.67% | 126.52% | 70.11% | 49.27% | 10.37% | -54.44% | 49.32% | -127.98% | -25.42% | 7.02% | 11.94% | 7.74% | -20.39% | -5.47% | -14.64% | -105.2% | -161.43% | 376.08% | -36.91% | -53.25% | -87.91% | -83.17% | - | - | - | - | - |
| Income Tax | 22.41M | 16.82M | 25.71M | 8.94M | -3.7M | 4.81M | -2.24M | 471K | 392K | 480K | 25.52M | 1.59M | 2.2M | -36.48M | 792K | 1.82M | 1.5M | -310K | 5.09M | 13.49M | 144K | 158K | -151K | 154K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 54.95% | 64.6% | 21.55% | 20.83% | -13.72% | 27.8% | -70.97% | -2.41% | 0.72% | -1.07% | -175.9% | 35.76% | 34.75% | -993.55% | -12.08% | -108.42% | -32.95% | 1.06% | -11.26% | 10.34% | -1.4% | -1.22% | 0.72% | -0.92% | - | - | - | - | - |
| Net Income | 10.33M | 4.52M | 64.28M | 33.98M | 30.66M | 12.48M | 5.4M | -20.04M | 54.34M | -45.29M | -39.38M | 2.86M | 4.12M | 40.16M | -7.2M | -3.43M | -5.93M | -28.28M | -50.99M | 117.02M | -10.42M | -13.09M | -20.74M | -16.97M | -16.53M | -21.75M | -22.17M | -9.5M | -3.7M |
| Net Margin % | 0.6% | 0.26% | 4.13% | 100.17% | 79.73% | 35.58% | 17.73% | -55.75% | 48.97% | -129.35% | -68.99% | 4.51% | 7.79% | 84.59% | -22.37% | -11.2% | -19.04% | -102% | -182.23% | 337.21% | -37.43% | -53.9% | -87.27% | -83.93% | -81.69% | -113.07% | -145.27% | -87.16% | -42.53% |
| Net Income Growth % | -71.46% | -92.96% | 89.2% | 10.8% | 145.63% | 131.14% | 126.95% | -136.88% | 219.99% | -15.01% | -1477.92% | -30.68% | -89.73% | 657.94% | -109.83% | 42.13% | 79.04% | 44.54% | -143.57% | 1222.58% | 20.34% | 36.9% | -22.18% | -2.69% | 23.99% | 1.92% | -133.39% | -156.76% | - |
| Net Income (Continuing) | 18.37M | 9.21M | 93.58M | 33.98M | 30.66M | 12.48M | 5.4M | -20.04M | 54.34M | -45.29M | -40.03M | 2.86M | 4.12M | 40.16M | -7.35M | -3.49M | -6.06M | -28.86M | -50.26M | 117.02M | -10.42M | -13.09M | -20.74M | -16.97M | -16.53M | -21.75M | -22.17M | -9.5M | -3.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 649K | 0 | 0 | 0 | 153K | 61K | 130K | 577K | -732K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 260.24M | 266.62M | 247.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.31 | 0.14 | 4.11 | 1.04 | 0.92 | 0.39 | 0.19 | -0.64 | 1.73 | -1.55 | -1.37 | 0.10 | 0.14 | 1.37 | -0.20 | -0.06 | -0.21 | -1.01 | -1.61 | 3.71 | -0.42 | -0.54 | -0.91 | -0.83 | -0.83 | -1.16 | -1.25 | -0.56 | -0.43 |
| EPS Growth % | -86.13% | -96.59% | 295.19% | 13.04% | 135.9% | 105.26% | 129.69% | -136.99% | 211.61% | -13.14% | -1470% | -28.57% | -89.78% | 785% | -255.87% | 73.24% | 79.21% | 37.27% | -143.4% | 983.33% | 22.22% | 40.66% | -9.64% | 0% | 28.45% | 7.2% | -123.21% | -30.23% | - |
| EPS (Basic) | - | 0.14 | 4.19 | 1.05 | 0.92 | 0.40 | 0.19 | -0.64 | 1.78 | -1.55 | -1.37 | 0.10 | 0.15 | 1.42 | -0.20 | -0.06 | -0.21 | -1.01 | -1.61 | 4.23 | -0.42 | -0.54 | -0.91 | -0.83 | -0.83 | -1.16 | -1.25 | -0.56 | -0.43 |
| Diluted Shares Outstanding | 33.3M | 32.94M | 33.05M | 32.54M | 33.51M | 31.77M | 28.48M | 31.53M | 31.41M | 29.18M | 28.76M | 29.02M | 29.14M | 29.34M | 27.73M | 28.56M | 28.11M | 27.97M | 29.57M | 31.67M | 24.56M | 24.03M | 22.7M | 20.33M | 19.91M | 18.7M | 17.72M | 7.85M | 3.91M |
| Basic Shares Outstanding | 33.15M | 32.94M | 32.29M | 32.21M | 33.28M | 31.46M | 28.12M | 31.53M | 30.46M | 29.18M | 28.76M | 28.1M | 28.25M | 28.19M | 27.22M | 28.56M | 28.11M | 27.97M | 29.57M | 27.66M | 24.56M | 24.03M | 22.7M | 20.33M | 19.91M | 18.7M | 17.72M | 7.85M | 3.91M |
| Dividend Payout Ratio | - | 122.15% | 20% | 21.81% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying IMMR stock.
For fiscal year 2025, Immersion Corporation (IMMR) reported total revenue of $1.73B. This represents a 19793.0% increase compared to $8.7M in 1998.
Immersion Corporation (IMMR) is profitable, generating $4.5M in net income for the fiscal year ending 2025 with a net profit margin of 0.3%.
Immersion Corporation (IMMR) reported an operating income of $28.1M, resulting in an operating profit margin of 1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Immersion Corporation (IMMR) generated $325.1M in gross profit for the year, representing a gross profit margin of 18.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Patent litigation outcome uncertainty
Metrics are mathematically derived from official filings.
Volatile Revenue Growth Patterns Observed
As reported in recent financial statements, Immersion's revenue trajectory exhibits extreme volatility, with quarterly growth rates fluctuating from a 32.3% decline in 2023Q3 to a 193.7% surge in 2025Q2, suggesting that the company's top-line performance is heavily dependent on non-recurring licensing settlements rather than consistent organic expansion.
The erratic revenue profile implies that the business model remains tethered to episodic legal outcomes rather than predictable, recurring royalty streams. Investors should monitor whether the recent scale-up in reported revenue represents a sustainable shift in market adoption or merely a temporary accounting anomaly.
Structural Margin Erosion Under Pressure
Based on reported figures, Immersion's gross margin has experienced significant compression, falling from a historical 100% level in 2023 to 17.9% by 2025Q4, which indicates that the cost of revenue is rising rapidly and potentially undermining the company's traditional high-margin intellectual property licensing business model.
This sharp contraction suggests that the company may be incurring higher direct costs to support its licensing agreements or that the mix of revenue has shifted toward lower-margin services. The inability to maintain near-perfect gross margins warrants further investigation into the underlying cost drivers of their current contracts.
Operating Leverage Remains Severely Constrained
According to recent SEC filings, Immersion's operating margin has deteriorated to a marginal 1.0% as of 2025Q4, demonstrating that the company is failing to achieve meaningful operating leverage despite the significant increase in top-line revenue reported over the last several quarters of the fiscal period.
The data suggests that SG&A expenses are scaling in lockstep with revenue, effectively neutralizing any potential profitability gains from the IP portfolio. This lack of efficiency implies that the current cost structure is bloated and may require significant rationalization to achieve sustainable bottom-line growth.
Earnings Quality Obscured by Volatility
As indicated by the provided data, Immersion's net income has swung into negative territory, with a net loss of $10.3 million in 2025Q4, highlighting that the quality of earnings is currently compromised by high administrative overhead and inconsistent revenue recognition practices that distort true operational performance.
The persistent gap between gross profit and net income suggests that non-operating items or excessive legal-related SG&A are consistently eroding shareholder value. Investors should be wary of the reported EPS figures, which appear highly sensitive to these non-recurring fluctuations and may not reflect the company's long-term earning power.
Sustainability of Revenue Base Questioned
Based on the provided financial snapshot, the massive jump in TTM revenue to $1.74 billion appears disconnected from historical norms, suggesting that the current income statement may be inflated by one-time events that do not represent the underlying health or future trajectory of the business.
Short-term observers may argue that the current revenue levels are unsustainable and that the company is masking a fundamental decline in its core licensing business. The reliance on litigation-driven settlements creates a high-risk profile where a single unfavorable legal ruling could lead to a catastrophic collapse in revenue.