NOTE 1. ORGANIZATION
Description of Business
Immersion
Immersion Corporation (\u201cImmersion\u201d) was incorporated in 1993 in California and reincorporated in Delaware in 1999. Unless the context otherwise requires, references in these Notes to the Condensed Consolidated Financial Statements to the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refer to Immersion and our consolidated subsidiaries.
Immersion generates license and royalty revenues from a wide range of intellectual property (\u201cIP\u201d) that more fully engage users\u2019 sense of touch when operating digital devices. We focus on the following target application areas: mobile devices, wearables, mobile entertainment; console gaming; and automotive.
On June 10, 2024, we acquired a controlling interest in Barnes & Noble Education, Inc., a Delaware corporation (\u201cBarnes & Noble Education\u201d or \u201cBNED\u201d). See Note 4. Business Combination for additional information. The financial results of Barnes & Noble Education have been included in our Condensed Consolidated Financial Statements from June 10, 2024 (the \u201cClosing Date\u201d).
Barnes & Noble Education
Barnes & Noble Education is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. Barnes & Noble Education is also a textbook wholesaler, and bookstore management hardware and software provider. Barnes & Noble Education operates physical and virtual bookstores, delivering essential educational content and general merchandise within a dynamic omnichannel retail environment.
Barnes & Noble Education provides product and service offerings designed to address the most pressing issues in higher education, including equitable access, enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. Barnes & Noble Education offers its BNC First Day\u00ae affordable access course material programs, consisting of First Day Complete and First Day, which provide faculty-required course materials to students on or before the first day of class.
The Barnes & Noble brand (licensed from Barnes & Noble Education\u2019s former parent) along with its subsidiary brands, BNC and MBS, are synonymous with innovation in bookselling and campus retailing in the United States. Barnes & Noble Education\u2019s large college footprint, reputation, and credibility in the marketplace not only support its marketing efforts to universities, students, and faculty, but are also important to its relationship with leading educational publishers who rely on us as one of their primary distribution channels.
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Principles of Consolidation and Basis of Presentation
The results of operations reflected in the Company\u2019s Condensed Consolidated Financial Statements include the accounts of Immersion and our wholly-owned subsidiaries, as well as the accounts of Barnes & Noble Education, a consolidated variable interest entity, since June 10, 2024. All significant intercompany accounts and transactions have been eliminated in consolidation.
The noncontrolling interest on the Condensed Consolidated Statements of Operations represents the portion of earnings or loss attributable to the interest in Barnes & Noble Education held by other owners. The noncontrolling interest on the Condensed Consolidated Balance Sheets represents the portion of Barnes & Noble Education\u2019s net assets attributable to the other owners, based on the portion of the interest owned by such owners. As of October 31, 2025, the noncontrolling interest was $266.9 million. At the end of each reporting period, equity related to Barnes & Noble Education that is attributable to Immersion and the other owners is rebalanced to reflect Immersion\u2019s and the other owners\u2019 ownership in Barnes & Noble Education.
These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) for interim financial information and with the instructions for Form 10-Q and the applicable articles of Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and footnotes necessary for a complete presentation of the financial position, results of operations, and cash flows, in conformity with U.S. GAAP and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2025, as amended. In the opinion of management, all adjustments consisting of only normal and recurring items necessary for the fair presentation of the financial position and results of operations for the interim periods presented have been included.
Due to their non-homogeneous operations, our Condensed Consolidated Balance Sheet as of October 31, 2025 and Consolidated Balance Sheet as of April 30, 2025 and Condensed Consolidated Statements of Operations for the three and six months ended October 31, 2025 and 2024, separately present the operating assets, liabilities, and operations of Immersion\u2019s business from the operating assets, liabilities and operations of Barnes & Noble Education's business. All the assets of Barnes & Noble Education, reported on the Condensed Consolidated Balance Sheets, can be used only to settle obligations of Barnes & Noble Education. None of the liabilities of Barnes & Noble Education have recourse to the general credit of Immersion Corporation.
Summary of Significant Accounting Policies
Use of Estimates
In preparing these financial statements in conformity with U.S. GAAP, we are required to make estimates and assumptions that affect the reported amounts in the Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.
Earnings (Losses) Per Share
We present both basic and diluted earnings (losses) per share (\u201cEPS\u201d) using the two-class method, which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to Immersion stockholders by the weighted-average number of common stock shares outstanding for the period. Basic EPS includes participating securities, consisting of unvested restricted stock that receive nonforfeitable dividends similar to shares of common stock. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount.
Goodwill and Indefinite-Lived Intangible Assets
We have goodwill and indefinite-lived intangible assets that have been recorded in connection with the acquisition of Barnes & Noble Education. Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment at least annually. We monitor these assets on a quarterly basis for potential indicators of impairment. Goodwill is required to be tested for impairment at the reporting unit level, which is an operating segment, or one level below the operating segment.
Impairment of Long-Lived Assets
The Company\u2019s long-lived assets include property and equipment, operating lease right-of-use assets, and amortizable intangibles recorded in connection with our business acquisition of Barnes & Noble Education. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate the long-lived assets of the reporting units for impairment at the lowest asset group level for which individual cash flows can be identified. When evaluating long-lived assets for potential impairment, we first compare the carrying amount of the asset group to the estimated future undiscounted cash flows. The impairment loss calculation compares the carrying amount of the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset\u2019s carrying value in excess of fair value.
Seasonality
Barnes & Noble Education\u2019s business is highly seasonal, particularly with respect to textbook sales and rentals, with the major portion of sales and operating profit realized during the second and third fiscal quarters when college students generally purchase and rent textbooks for the upcoming semesters and lowest in the first and fourth fiscal quarters. Barnes & Noble Education\u2019s quarterly results also may fluctuate depending on the timing of the start of the various schools\u2019 semesters, as well as shifts in its fiscal calendar dates.
As the concentration of digital product sales increases, revenue will be recognized earlier during the academic term as digital textbook revenue is recognized when the digital content is made available to the customer compared to: (i) the rental of physical textbooks where revenue is recognized over the rental period; and (ii) a la carte courseware sales where revenue is recognized when the customer takes physical possession of Barnes & Noble Education\u2019s products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of Barnes & Noble Education\u2019s products by its customers for products ordered through Barnes & Noble Education\u2019s websites and virtual bookstores. See Revenue Recognition and Deferred Revenue discussion below.
These shifts in timing may affect the comparability of Barnes & Noble Education\u2019s results across periods. Sales attributable to Barnes & Noble Education\u2019s wholesale business are generally highest in Barnes & Noble Education\u2019s first, second and third quarters, as it sells textbooks and other course materials for retail distribution. See Revenue Recognition and Deferred Revenue discussion below.
Restricted Cash
At October 31, 2025 and April 30, 2025, restricted cash was comprised of $22.3 million and $17.3 million, respectively, in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets related to segregated funds for commission due to Fanatics Lids College, Inc. D/B/A \u201cLids\u201d (\u201cLids\u201d) for logo merchandise sales as per the Lids service provider merchandising agreement, and for both respective dates, $2.4 million in Other assets - noncurrent in the Condensed Consolidated Balance Sheets related to amounts held in trust for future distributions related to employee benefit plans.
Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of Barnes & Noble Education's inventory, which is all purchased finished goods is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory represent write-downs that reduce the cost basis of the asset. These write-downs are based on Barnes & Noble Education\u2019s history of liquidating non-returnable inventory, which includes certain assumptions, including markdowns and inventory aging.
Cost is determined primarily by the retail inventory method for Barnes & Noble Education's retail business. Textbook and trade book inventories for retail and wholesale are valued using the LIFO method. The related LIFO reserve was $6.4 million to Barnes & Noble Education\u2019s inventory balance as of October 31, 2025 and April 30, 2025, respectively.
For Barnes & Noble Education\u2019s physical bookstores, Barnes & Noble Education estimates and accrues inventory shortage for the period between the last physical count and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends.
The physical bookstores fulfillment order is directed first to Barnes & Noble Education\u2019s wholesale operations before other sources of inventory are utilized. The products that Barnes & Noble Education sells originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers.
Textbook Rental Inventories
Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period with the amortization expense recognized in cost of goods sold. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
Leases
Barnes & Noble Education recognizes lease assets and lease liabilities on the Condensed Consolidated Balance Sheets for all operating lease arrangements based on the present value of future lease payments as required by Accounting Standards Codification (\u201cASC\u201d) Topic 842, Leases. Barnes & Noble Education does not recognize lease assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less). Barnes & Noble Education recognizes lease expense on a straight-line basis over the lease term for contracts with fixed lease payments, including those with fixed annual minimums, or over a rolling twelve-month period for leases where the annual guarantee resets at the start of each contract year, in order to best reflect the pattern of usage of the underlying leased asset. Barnes & Noble Education recognizes lease expense related to college and university contracts, inclusive of the amortization of the unfavorable lease terms determined at June 10, 2024, as cost of sales in the Condensed Consolidated Statements of Operations and Barnes & Noble Education recognizes lease expense related to its various office spaces as Selling and administrative expenses in the Condensed Consolidated Statements of Operations.
For leases entered into after June 10, 2024, Barnes & Noble Education uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the commencement date, as the rate implicit in the lease is not readily determinable. Barnes & Noble Education utilizes an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later. See Note 8. Leases for additional information.
Revenue Recognition and Deferred Revenue
Product sales and rentals
The majority of Barnes & Noble Education\u2019s revenue is derived from the sale of products through its bookstore locations, including virtual bookstores, and its bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of products is recognized at the point in time when control of the products is transferred to its customers in an amount that reflects the consideration it expects to be entitled to in exchange for the products. For additional information, see Note 6. Revenue Recognition for additional information.
Product revenue is recognized when the customer takes physical possession of its products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of products by its customers for products ordered through websites and virtual bookstores. Product sales from Barnes & Noble Education\u2019s wholesale operations are recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of sales.
Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized upon delivery of the digital content as product sales in Barnes & Noble Education\u2019s condensed consolidated financial statements. A software feature is embedded within the content of Barnes & Noble Education\u2019s digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, Barnes & Noble Education\u2019s performance obligation is complete.
Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in Barnes & Noble Education\u2019s condensed consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. Barnes & Noble Education offers a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. Barnes & Noble Education records the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, Barnes & Noble Education accelerates any remaining deferred rental revenue at the point of sale.
Revenue recognized for the BNC First Day offerings is consistent with Barnes & Noble Education\u2019s policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day programs, the timing of cash collection from Barnes & Noble Education\u2019s school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts the BNC First Day affordable access course material offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in Barnes & Noble Education's third quarter given the timing of the Spring Term and its quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor.
Barnes & Noble Education estimates returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded.
For sales and rentals involving third-party products, Barnes & Noble Education evaluates whether it is acting as a principal or an agent. This determination is based on Barnes & Noble Education\u2019s evaluation of whether it controls the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether Barnes & Noble Education controls the specified goods or services prior to transferring them to the customer, including whether Barnes & Noble Education has the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where Barnes & Noble Education is the principal, it records revenue on a gross basis, and for those transactions where Barnes & Noble Education is an agent to a third party, it records revenue on a net basis.
As the logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics Retail Group Fulfillment, LLC (\u201cFanatics\u201d, collectively, F/L Relationship), Barnes & Noble Education recognizes commission revenue earned for these sales on a net basis in its condensed consolidated financial statements.
Barnes & Noble Education does not have gift cards or customer loyalty programs. Barnes & Noble Education does not treat any promotional offers as expenses. Sales tax collected from Barnes & Noble Education\u2019s customers is excluded from reported revenues. Barnes & Noble Education\u2019s payment terms are generally 30 days and do not extend beyond one year.
Service and other revenue
Service and other revenue is primarily derived from brand marketing services which include promotional activities and advertisements within Barnes & Noble Education\u2019s physical bookstores and web properties performed on behalf of third-party customers, shipping and handling, and revenue from other programs.
Brand marketing agreements often include multiple performance obligations which are individually negotiated with Barnes & Noble Education's customers. For these arrangements that contain distinct performance obligations, Barnes & Noble Education allocates the transaction price based on the relative standalone selling price method by comparing the standalone selling price (\u201cSSP\u201d) of each distinct performance obligation to the total value of the contract. The revenue is recognized as each performance obligation is satisfied, typically at a point in time for brand marketing service and over time for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions.
Cost of Sales
Cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to Barnes & Noble Education\u2019s college and university contracts and other facility related expenses.
Selling and Administrative Expenses
The Company\u2019s Selling and administrative expenses primarily consisted of employee compensation and benefits including stock-based compensation, legal and other professional fees, external legal costs for patents, office expense, travel, and facilities costs.
Barnes & Noble Education\u2019s Selling and administrative expenses consist primarily of employee payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance, and accounting.
Accounting Pronouncements
Recently Issued Accounting Pronouncements Adopted
In September 2025, Financial Accounting Standards Board (the \"FASB\") issued ASU No. 2025-07 (\u201cASU 2025-07\u201d), Derivatives and Hedging (Topic 815): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 related to share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The Company elected to early adopt ASU 2025-07 effective May 1, 2025, the first day of fiscal year 2026. The adoption did not have a material impact on the Company\u2019s Condensed Consolidated Financial Statements. See Note 11. Participation Interest Purchase Agreement for additional information.
Recently Issued Accounting Pronouncements
Except for ASU 2025-07, there were no new accounting pronouncements, issued during the three months ended October 31, 2025 that are expected to have a material impact on the Company\u2019s Condensed Consolidated Financial Statements.
Principles of Consolidation and Basis of Presentation
The results of operations reflected in the Company\u2019s Condensed Consolidated Financial Statements include the accounts of Immersion and our wholly-owned subsidiaries, as well as the accounts of Barnes & Noble Education, a consolidated variable interest entity, since June 10, 2024. All significant intercompany accounts and transactions have been eliminated in consolidation.
The noncontrolling interest on the Condensed Consolidated Statements of Operations represents the portion of earnings or loss attributable to the interest in Barnes & Noble Education held by other owners. The noncontrolling interest on the Condensed Consolidated Balance Sheets represents the portion of Barnes & Noble Education\u2019s net assets attributable to the other owners, based on the portion of the interest owned by such owners. As of October 31, 2025, the noncontrolling interest was $266.9 million. At the end of each reporting period, equity related to Barnes & Noble Education that is attributable to Immersion and the other owners is rebalanced to reflect Immersion\u2019s and the other owners\u2019 ownership in Barnes & Noble Education.
These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) for interim financial information and with the instructions for Form 10-Q and the applicable articles of Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and footnotes necessary for a complete presentation of the financial position, results of operations, and cash flows, in conformity with U.S. GAAP and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2025, as amended. In the opinion of management, all adjustments consisting of only normal and recurring items necessary for the fair presentation of the financial position and results of operations for the interim periods presented have been included.
Due to their non-homogeneous operations, our Condensed Consolidated Balance Sheet as of October 31, 2025 and Consolidated Balance Sheet as of April 30, 2025 and Condensed Consolidated Statements of Operations for the three and six months ended October 31, 2025 and 2024, separately present the operating assets, liabilities, and operations of Immersion\u2019s business from the operating assets, liabilities and operations of Barnes & Noble Education's business. All the assets of Barnes & Noble Education, reported on the Condensed Consolidated Balance Sheets, can be used only to settle obligations of Barnes & Noble Education. None of the liabilities of Barnes & Noble Education have recourse to the general credit of Immersion Corporation.
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In preparing these financial statements in conformity with U.S. GAAP, we are required to make estimates and assumptions that affect the reported amounts in the Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.
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We present both basic and diluted earnings (losses) per share (\u201cEPS\u201d) using the two-class method, which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to Immersion stockholders by the weighted-average number of common stock shares outstanding for the period. Basic EPS includes participating securities, consisting of unvested restricted stock that receive nonforfeitable dividends similar to shares of common stock. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount"}]},{"name":"rpt:f-605","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Goodwill and Indefinite-Lived Intangible Assets
We have goodwill and indefinite-lived intangible assets that have been recorded in connection with the acquisition of Barnes & Noble Education. Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment at least annually. We monitor these assets on a quarterly basis for potential indicators of impairment. Goodwill is required to be tested for impairment at the reporting unit level, which is an operating segment, or one level below the operating segment.
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The Company\u2019s long-lived assets include property and equipment, operating lease right-of-use assets, and amortizable intangibles recorded in connection with our business acquisition of Barnes & Noble Education. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We evaluate the long-lived assets of the reporting units for impairment at the lowest asset group level for which individual cash flows can be identified. When evaluating long-lived assets for potential impairment, we first compare the carrying amount of the asset group to the estimated future undiscounted cash flows. The impairment loss calculation compares the carrying amount of the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset\u2019s carrying value in excess of fair value.
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Barnes & Noble Education\u2019s business is highly seasonal, particularly with respect to textbook sales and rentals, with the major portion of sales and operating profit realized during the second and third fiscal quarters when college students generally purchase and rent textbooks for the upcoming semesters and lowest in the first and fourth fiscal quarters. Barnes & Noble Education\u2019s quarterly results also may fluctuate depending on the timing of the start of the various schools\u2019 semesters, as well as shifts in its fiscal calendar dates.
As the concentration of digital product sales increases, revenue will be recognized earlier during the academic term as digital textbook revenue is recognized when the digital content is made available to the customer compared to: (i) the rental of physical textbooks where revenue is recognized over the rental period; and (ii) a la carte courseware sales where revenue is recognized when the customer takes physical possession of Barnes & Noble Education\u2019s products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of Barnes & Noble Education\u2019s products by its customers for products ordered through Barnes & Noble Education\u2019s websites and virtual bookstores. See Revenue Recognition and Deferred Revenue discussion below.
These shifts in timing may affect the comparability of Barnes & Noble Education\u2019s results across periods. Sales attributable to Barnes & Noble Education\u2019s wholesale business are generally highest in Barnes & Noble Education\u2019s first, second and third quarters, as it sells textbooks and other course materials for retail distribution. See Revenue Recognition and Deferred Revenue discussion below.
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At October 31, 2025 and April 30, 2025, restricted cash was comprised of $22.3 million and $17.3 million, respectively, in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets related to segregated funds for commission due to Fanatics Lids College, Inc. D/B/A \u201cLids\u201d (\u201cLids\u201d) for logo merchandise sales as per the Lids service provider merchandising agreement, and for both respective dates, $2.4 million in Other assets - noncurrent in the Condensed Consolidated Balance Sheets related to amounts held in trust for future distributions related to employee benefit plans.
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Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of Barnes & Noble Education's inventory, which is all purchased finished goods is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory represent write-downs that reduce the cost basis of the asset. These write-downs are based on Barnes & Noble Education\u2019s history of liquidating non-returnable inventory, which includes certain assumptions, including markdowns and inventory aging.
Cost is determined primarily by the retail inventory method for Barnes & Noble Education's retail business. Textbook and trade book inventories for retail and wholesale are valued using the LIFO method. The related LIFO reserve was $6.4 million to Barnes & Noble Education\u2019s inventory balance as of October 31, 2025 and April 30, 2025, respectively.
For Barnes & Noble Education\u2019s physical bookstores, Barnes & Noble Education estimates and accrues inventory shortage for the period between the last physical count and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends.
The physical bookstores fulfillment order is directed first to Barnes & Noble Education\u2019s wholesale operations before other sources of inventory are utilized. The products that Barnes & Noble Education sells originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers.
"}]},{"name":"rpt:f-614","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2025-10-31T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"6400000","decimals":-5}]},{"name":"rpt:f-615","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2025-04-30T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"6400000","decimals":-5}]},{"name":"rpt:f-616","factDimensions":{"xbrl:concept":"immr:TextbookRentalsInventoriesPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Textbook Rental Inventories
Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period with the amortization expense recognized in cost of goods sold. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
"}]},{"name":"rpt:f-617","factDimensions":{"xbrl:concept":"us-gaap:LesseeLeasesPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Leases
Barnes & Noble Education recognizes lease assets and lease liabilities on the Condensed Consolidated Balance Sheets for all operating lease arrangements based on the present value of future lease payments as required by Accounting Standards Codification (\u201cASC\u201d) Topic 842, Leases. Barnes & Noble Education does not recognize lease assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less). Barnes & Noble Education recognizes lease expense on a straight-line basis over the lease term for contracts with fixed lease payments, including those with fixed annual minimums, or over a rolling twelve-month period for leases where the annual guarantee resets at the start of each contract year, in order to best reflect the pattern of usage of the underlying leased asset. Barnes & Noble Education recognizes lease expense related to college and university contracts, inclusive of the amortization of the unfavorable lease terms determined at June 10, 2024, as cost of sales in the Condensed Consolidated Statements of Operations and Barnes & Noble Education recognizes lease expense related to its various office spaces as Selling and administrative expenses in the Condensed Consolidated Statements of Operations.
For leases entered into after June 10, 2024, Barnes & Noble Education uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the commencement date, as the rate implicit in the lease is not readily determinable. Barnes & Noble Education utilizes an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later. See Note 8. Leases for additional information.
"}]},{"name":"rpt:f-618","factDimensions":{"xbrl:concept":"us-gaap:RevenueRecognitionPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Revenue Recognition and Deferred Revenue
Product sales and rentals
The majority of Barnes & Noble Education\u2019s revenue is derived from the sale of products through its bookstore locations, including virtual bookstores, and its bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of products is recognized at the point in time when control of the products is transferred to its customers in an amount that reflects the consideration it expects to be entitled to in exchange for the products. For additional information, see Note 6. Revenue Recognition for additional information.
Product revenue is recognized when the customer takes physical possession of its products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of products by its customers for products ordered through websites and virtual bookstores. Product sales from Barnes & Noble Education\u2019s wholesale operations are recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of sales.
Revenue from the sale of digital textbooks, which contains a single performance obligation, is recognized upon delivery of the digital content as product sales in Barnes & Noble Education\u2019s condensed consolidated financial statements. A software feature is embedded within the content of Barnes & Noble Education\u2019s digital textbooks, such that upon expiration of the term the customer is no longer able to access the content. While the sale of the digital textbook allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, Barnes & Noble Education\u2019s performance obligation is complete.
Revenue from the rental of physical textbooks is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer and is recognized as rental income in Barnes & Noble Education\u2019s condensed consolidated financial statements. Rental periods are typically for a single semester and are always less than one year in duration. Barnes & Noble Education offers a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. Barnes & Noble Education records the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, Barnes & Noble Education accelerates any remaining deferred rental revenue at the point of sale.
Revenue recognized for the BNC First Day offerings is consistent with Barnes & Noble Education\u2019s policies outlined above for product, digital and rental sales, net of an anticipated opt-out or return provision. Given the growth of BNC First Day programs, the timing of cash collection from Barnes & Noble Education\u2019s school partners may shift to periods subsequent to when the revenue is recognized. When a school adopts the BNC First Day affordable access course material offerings, cash collection from the school generally occurs after the institution's drop/add dates, which is later in the working capital cycle, particularly in Barnes & Noble Education's third quarter given the timing of the Spring Term and its quarterly reporting period, as compared to direct-to-student point-of-sale transactions where cash is generally collected during the point-of-sale transaction or within a few days from the credit card processor.
Barnes & Noble Education estimates returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded.
For sales and rentals involving third-party products, Barnes & Noble Education evaluates whether it is acting as a principal or an agent. This determination is based on Barnes & Noble Education\u2019s evaluation of whether it controls the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether Barnes & Noble Education controls the specified goods or services prior to transferring them to the customer, including whether Barnes & Noble Education has the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where Barnes & Noble Education is the principal, it records revenue on a gross basis, and for those transactions where Barnes & Noble Education is an agent to a third party, it records revenue on a net basis.
As the logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics Retail Group Fulfillment, LLC (\u201cFanatics\u201d, collectively, F/L Relationship), Barnes & Noble Education recognizes commission revenue earned for these sales on a net basis in its condensed consolidated financial statements.
Barnes & Noble Education does not have gift cards or customer loyalty programs. Barnes & Noble Education does not treat any promotional offers as expenses. Sales tax collected from Barnes & Noble Education\u2019s customers is excluded from reported revenues. Barnes & Noble Education\u2019s payment terms are generally 30 days and do not extend beyond one year.
Service and other revenue
Service and other revenue is primarily derived from brand marketing services which include promotional activities and advertisements within Barnes & Noble Education\u2019s physical bookstores and web properties performed on behalf of third-party customers, shipping and handling, and revenue from other programs.
Brand marketing agreements often include multiple performance obligations which are individually negotiated with Barnes & Noble Education's customers. For these arrangements that contain distinct performance obligations, Barnes & Noble Education allocates the transaction price based on the relative standalone selling price method by comparing the standalone selling price (\u201cSSP\u201d) of each distinct performance obligation to the total value of the contract. The revenue is recognized as each performance obligation is satisfied, typically at a point in time for brand marketing service and over time for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions.
"}]},{"name":"rpt:f-619","factDimensions":{"xbrl:concept":"immr:RentalPeriodsDuration","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811","us-gaap:BusinessAcquisitionAxis":"immr:BarnesAndNobleEducationIncMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P1Y"}]},{"name":"rpt:f-620","factDimensions":{"xbrl:concept":"us-gaap:RevenuePerformanceObligationDescriptionOfPaymentTerms","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811","us-gaap:BusinessAcquisitionAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"payment terms are generally 30 days and do not extend beyond one year."}]},{"name":"rpt:f-621","factDimensions":{"xbrl:concept":"us-gaap:CostOfSalesPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Cost of Sales
Cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to Barnes & Noble Education\u2019s college and university contracts and other facility related expenses.
"}]},{"name":"rpt:f-622","factDimensions":{"xbrl:concept":"us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Selling and Administrative Expenses
The Company\u2019s Selling and administrative expenses primarily consisted of employee compensation and benefits including stock-based compensation, legal and other professional fees, external legal costs for patents, office expense, travel, and facilities costs.
Barnes & Noble Education\u2019s Selling and administrative expenses consist primarily of employee payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance, and accounting.
"}]},{"name":"rpt:f-623","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Accounting Pronouncements
Recently Issued Accounting Pronouncements Adopted
In September 2025, Financial Accounting Standards Board (the \"FASB\") issued ASU No. 2025-07 (\u201cASU 2025-07\u201d), Derivatives and Hedging (Topic 815): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 related to share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The Company elected to early adopt ASU 2025-07 effective May 1, 2025, the first day of fiscal year 2026. The adoption did not have a material impact on the Company\u2019s Condensed Consolidated Financial Statements. See Note 11. Participation Interest Purchase Agreement for additional information.
Recently Issued Accounting Pronouncements
Except for ASU 2025-07, there were no new accounting pronouncements, issued during the three months ended October 31, 2025 that are expected to have a material impact on the Company\u2019s Condensed Consolidated Financial Statements.
"}]},{"name":"rpt:f-624","factDimensions":{"xbrl:concept":"us-gaap:ErrorCorrectionTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"NOTE 3. RESTATEMENT OF PREVIOUSLY-ISSUED FINANCIAL STATEMENTS
As previously disclosed in Note 20. Restatement of Quarterly Financial Information (Unaudited) in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended April 30, 2025, the Company restated the unaudited quarterly Condensed Consolidated Financial Statements for the quarterly and year-to-date periods ended January 31, 2025 and October 31, 2024; calendar quarter and year-to-date ended June 30, 2024; and the one month period ended July 31, 2024 (the \u201crestated periods\u201d) in connection with the identification of material errors related to the accounting for digital cost of sales, leases, and other items. The quantitative impact of the restatement on the Company\u2019s consolidated statements of operations, cash flows and stockholders\u2019 equity for the three and six months ended October 31, 2024 is presented in Note 20. Restatement of Quarterly Financial Information (Unaudited)in the Company\u2019s Annual Report.
\u00a0
The restatement did not result in any changes to the classification of cash flows among operating, investing, or financing activities. The accompanying Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q reflect the restated amounts for all applicable prior periods presented and are prepared on a basis consistent with the restated consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended April 30, 2025.
"}]},{"name":"rpt:f-625","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationDisclosureTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"NOTE 4. BUSINESS COMBINATION
On June 10, 2024 (\u201cClosing Date\u201d), we acquired 42% of all outstanding common shares of Barnes & Noble Education, as well as control over Barnes & Noble Education through five Immersion-appointed board seats. The total cash consideration transferred was approximately $50.1 million after the $2.5 million Backstop Commitment (as defined in the purchase agreement between Barnes & Noble Education and the Company) and $2.5 million in transaction costs, incurred by Immersion but reimbursed by Barnes & Noble Education. For the fiscal year ended April 30, 2025, Immersion incurred costs related to this acquisition of $1.2 million, inclusive of the expenses reimbursed by Barnes & Noble Education, that were expensed as incurred and recorded in Selling and administrative expenses in the accompanying Condensed Consolidated Statement of Operations. The acquisition aims to expand Immersion's offerings, increase its customer reach, and diversify into the education sector.
The acquisition was accounted for as a business combination and the total purchase price was allocated to the net tangible and intangible assets and liabilities based on their fair values on the acquisition date with the excess recorded as goodwill. The purchase price allocation was finalized during the measurement period and the amounts presented below reflect final measurement period adjustments recorded during the fiscal year ended April 30, 2025. See Note 9. Goodwill and Intangible Assets for additional information. The results of the purchase price allocation below are presented, inclusive of the restatement adjustments. For the impacts of the restatement on the preliminary purchase price allocation, see Note 20. Restatement of Quarterly Financial Information (Unaudited) in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended April 30, 2025.
The following table presents the results of the final purchase price allocation, inclusive of the restatement adjustments (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
\ufeff | \n Final Purchase Price Allocation | \n \u00a0 | \n ||
Assets acquired | \n \ufeff | \n \u00a0 | \n ||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 14,736 | \n \u00a0 | \n
Accounts receivable | \n \u00a0\ufeff | \n \u00a0 | \n 115,320 | \n \u00a0 | \n
Merchandise inventories | \n \u00a0\ufeff | \n \u00a0 | \n 336,741 | \n \u00a0 | \n
Textbook rental inventories | \n \u00a0\ufeff | \n \u00a0 | \n 5,158 | \n \u00a0 | \n
Prepaid expenses and other current assets (including $4.8\u00a0million in restricted cash) | \n \u00a0\ufeff | \n \u00a0 | \n 26,969 | \n \u00a0 | \n
Property and equipment | \n \u00a0\ufeff | \n \u00a0 | \n 118,818 | \n \u00a0 | \n
Operating lease right-of-use assets | \n \u00a0\ufeff | \n \u00a0 | \n 186,180 | \n \u00a0 | \n
Intangible assets | \n \u00a0\ufeff | \n \u00a0 | \n 95,000 | \n \u00a0 | \n
Other assets noncurrent (including $1.0\u00a0million in restricted cash) | \n \u00a0\ufeff | \n \u00a0 | \n 11,796 | \n \u00a0 | \n
Total assets acquired | \n \u00a0 | \n $ | \n 910,718 | \n \u00a0 | \n
Liabilities assumed | \n \ufeff | \n \u00a0 | \n ||
Accounts payable | \n \u00a0\ufeff | \n \u00a0 | \n 279,456 | \n \u00a0 | \n
Accrued liabilities | \n \u00a0\ufeff | \n \u00a0 | \n 98,974 | \n \u00a0 | \n
Deferred revenue \u2013 current | \n \u00a0\ufeff | \n \u00a0 | \n 7,651 | \n \u00a0 | \n
Operating lease liabilities \u2013 current | \n \u00a0\ufeff | \n \u00a0 | \n 76,677 | \n \u00a0 | \n
Deferred income taxes \u2013 noncurrent | \n \u00a0\ufeff | \n \u00a0 | \n 4,790 | \n \u00a0 | \n
Operating lease liabilities \u2013 noncurrent | \n \u00a0\ufeff | \n \u00a0 | \n 141,501 | \n \u00a0 | \n
Deferred revenue \u2013 noncurrent | \n \u00a0\ufeff | \n \u00a0 | \n 3,393 | \n \u00a0 | \n
Other long-term liabilities | \n \u00a0\ufeff | \n \u00a0 | \n 12,413 | \n \u00a0 | \n
Long-term borrowings | \n \u00a0\ufeff | \n \u00a0 | \n 101,235 | \n \u00a0 | \n
Total liabilities assumed | \n \u00a0 | \n \u00a0 | \n 726,090 | \n \u00a0 | \n
Net assets acquired | \n \u00a0 | \n $ | \n 184,628 | \n \u00a0 | \n
| \n \ufeff | \n \u00a0 | \n ||
Total consideration transferred | \n \u00a0 | \n $ | \n 50,133 | \n \u00a0 | \n
Less: Net assets acquired | \n \ufeff | \n \u00a0 | \n (184,628 | \n ) | \n
Plus: Noncontrolling interest | \n \ufeff | \n \u00a0 | \n 203,657 | \n \u00a0 | \n
Goodwill | \n \u00a0 | \n $ | \n 69,162 | \n \u00a0 | \n
\u00a0
Identifiable intangible assets acquired were comprised of the following (in thousands except for estimated useful life):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
(in thousands) | \n \u00a0 | \n Amount | \n \u00a0 | \n \u00a0 | \n Estimated Life | \n |
Trade name | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n \u00a0 | \n Indefinite | \n
Customer relationships | \n \u00a0 | \n \u00a0 | \n 50,000 | \n \u00a0 | \n \u00a0 | \n 13 years | \n
Total intangible assets | \n \u00a0 | \n $ | \n 95,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Trade name represents Barnes & Noble Education\u2019s right to its trade name on a perpetual, royalty-free basis as it existed on the acquisition Closing Date. Customer relationships consist of distinct values associated with Barnes & Noble Education\u2019s large operating footprint with direct access to students and faculty across a diverse customer base.
We used the assistance of a third-party firm to estimate the fair value of the intangible assets acquired. The fair values assigned to identifiable intangible assets were determined through the use of the income approach, specifically the relief from royalty and the multi-period excess earnings methods. The key assumptions used to estimate the values of identifiable intangible assets include management\u2019s estimates of future revenue, adjusted for growth, EBITDA margins, royalty rate attrition based on historical data and management's forward-looking expectations. These cash flows were discounted at a rate of 21%, which reflects our cost of equity. The useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flow.
Goodwill generated from this acquisition is primarily attributed to the value of Barnes & Noble Education\u2019s assembled workforce. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Our entire goodwill balance is associated with the Barnes & Noble Education reporting unit. Goodwill is not deductible for tax purposes.
We acquired a deferred tax liability of $4.8 million, recorded under Deferred income taxes \u2013 noncurrent, as part of this business combination.
We also used the assistance of a third-party valuation firm to estimate the fair value of the property and equipment, and inventory acquired. The fair value as of the Closing Date reflects a step-up in basis due to the highly depreciable nature of the property and equipment. No material fair value adjustments for inventory were identified, as there are minimal costs associated with procurement.
Most of the net tangible assets were valued at their respective carrying amounts as of the Closing Date, as we believe that these amounts approximate their current fair values. The leases acquired were recorded at their respective fair values as of the Closing Date.
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\u00a0
\n| \n | \n | \n | \n | \n |
\ufeff | \n Final Purchase Price Allocation | \n \u00a0 | \n ||
Assets acquired | \n \ufeff | \n \u00a0 | \n ||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 14,736 | \n \u00a0 | \n
Accounts receivable | \n \u00a0\ufeff | \n \u00a0 | \n 115,320 | \n \u00a0 | \n
Merchandise inventories | \n \u00a0\ufeff | \n \u00a0 | \n 336,741 | \n \u00a0 | \n
Textbook rental inventories | \n \u00a0\ufeff | \n \u00a0 | \n 5,158 | \n \u00a0 | \n
Prepaid expenses and other current assets (including $4.8\u00a0million in restricted cash) | \n \u00a0\ufeff | \n \u00a0 | \n 26,969 | \n \u00a0 | \n
Property and equipment | \n \u00a0\ufeff | \n \u00a0 | \n 118,818 | \n \u00a0 | \n
Operating lease right-of-use assets | \n \u00a0\ufeff | \n \u00a0 | \n 186,180 | \n \u00a0 | \n
Intangible assets | \n \u00a0\ufeff | \n \u00a0 | \n 95,000 | \n \u00a0 | \n
Other assets noncurrent (including $1.0\u00a0million in restricted cash) | \n \u00a0\ufeff | \n \u00a0 | \n 11,796 | \n \u00a0 | \n
Total assets acquired | \n \u00a0 | \n $ | \n 910,718 | \n \u00a0 | \n
Liabilities assumed | \n \ufeff | \n \u00a0 | \n ||
Accounts payable | \n \u00a0\ufeff | \n \u00a0 | \n 279,456 | \n \u00a0 | \n
Accrued liabilities | \n \u00a0\ufeff | \n \u00a0 | \n 98,974 | \n \u00a0 | \n
Deferred revenue \u2013 current | \n \u00a0\ufeff | \n \u00a0 | \n 7,651 | \n \u00a0 | \n
Operating lease liabilities \u2013 current | \n \u00a0\ufeff | \n \u00a0 | \n 76,677 | \n \u00a0 | \n
Deferred income taxes \u2013 noncurrent | \n \u00a0\ufeff | \n \u00a0 | \n 4,790 | \n \u00a0 | \n
Operating lease liabilities \u2013 noncurrent | \n \u00a0\ufeff | \n \u00a0 | \n 141,501 | \n \u00a0 | \n
Deferred revenue \u2013 noncurrent | \n \u00a0\ufeff | \n \u00a0 | \n 3,393 | \n \u00a0 | \n
Other long-term liabilities | \n \u00a0\ufeff | \n \u00a0 | \n 12,413 | \n \u00a0 | \n
Long-term borrowings | \n \u00a0\ufeff | \n \u00a0 | \n 101,235 | \n \u00a0 | \n
Total liabilities assumed | \n \u00a0 | \n \u00a0 | \n 726,090 | \n \u00a0 | \n
Net assets acquired | \n \u00a0 | \n $ | \n 184,628 | \n \u00a0 | \n
| \n \ufeff | \n \u00a0 | \n ||
Total consideration transferred | \n \u00a0 | \n $ | \n 50,133 | \n \u00a0 | \n
Less: Net assets acquired | \n \ufeff | \n \u00a0 | \n (184,628 | \n ) | \n
Plus: Noncontrolling interest | \n \ufeff | \n \u00a0 | \n 203,657 | \n \u00a0 | \n
Goodwill | \n \u00a0 | \n $ | \n 69,162 | \n \u00a0 | \n
Identifiable intangible assets acquired were comprised of the following (in thousands except for estimated useful life):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
(in thousands) | \n \u00a0 | \n Amount | \n \u00a0 | \n \u00a0 | \n Estimated Life | \n |
Trade name | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n \u00a0 | \n Indefinite | \n
Customer relationships | \n \u00a0 | \n \u00a0 | \n 50,000 | \n \u00a0 | \n \u00a0 | \n 13 years | \n
Total intangible assets | \n \u00a0 | \n $ | \n 95,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
NOTE 5. \ufeffSEGMENT REPORTING
The Company operates as two operating and reportable segments, Immersion and Barnes & Noble Education. Our , as the Company\u2019s Chief Operating Decision Maker, uses Operating Income (Loss) as the profitability metric for the purposes of making decisions related to the allocation of resources to each segment and assessing performance of each segment. Summarized financial information for our reportable segments is reported below (in thousands):
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||
(in thousands) | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Revenues: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Immersion | \n \u00a0 | \n $ | \n 5,760 | \n \u00a0 | \n $ | \n 14,127 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,632 | \n \u00a0 | \n $ | \n 62,552 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 644,414 | \n \u00a0 | \n \u00a0 | \n 602,122 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 932,574 | \n \u00a0 | \n \u00a0 | \n 737,186 | \n \u00a0 | \n
Total revenues | \n \u00a0 | \n \u00a0 | \n 650,174 | \n \u00a0 | \n \u00a0 | \n 616,249 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 942,206 | \n \u00a0 | \n \u00a0 | \n 799,738 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cost of sales (excludes depreciation and amortization expense): | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 515,102 | \n \u00a0 | \n \u00a0 | \n 459,478 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 748,696 | \n \u00a0 | \n \u00a0 | \n 569,388 | \n \u00a0 | \n
Operating expenses: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Immersion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Selling and administrative expenses | \n \u00a0 | \n \u00a0 | \n 2,949 | \n \u00a0 | \n \u00a0 | \n 4,165 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,644 | \n \u00a0 | \n \u00a0 | \n 17,576 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Selling and administrative expenses | \n \u00a0 | \n \u00a0 | \n 77,282 | \n \u00a0 | \n \u00a0 | \n 72,717 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 145,087 | \n \u00a0 | \n \u00a0 | \n 109,046 | \n \u00a0 | \n
Depreciation and amortization expense | \n \u00a0 | \n \u00a0 | \n 10,487 | \n \u00a0 | \n \u00a0 | \n 9,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,884 | \n \u00a0 | \n \u00a0 | \n 14,676 | \n \u00a0 | \n
Restructuring and professional fees | \n \u00a0 | \n \u00a0 | \n 4,296 | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,192 | \n \u00a0 | \n \u00a0 | \n 5,064 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 92,065 | \n \u00a0 | \n \u00a0 | \n 82,176 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 173,163 | \n \u00a0 | \n \u00a0 | \n 128,786 | \n \u00a0 | \n
Total operating expenses | \n \u00a0 | \n \u00a0 | \n 95,014 | \n \u00a0 | \n \u00a0 | \n 86,341 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 179,807 | \n \u00a0 | \n \u00a0 | \n 146,362 | \n \u00a0 | \n
Operating Income (Loss): | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Immersion | \n \u00a0 | \n \u00a0 | \n 2,811 | \n \u00a0 | \n \u00a0 | \n 9,962 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,988 | \n \u00a0 | \n \u00a0 | \n 44,976 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 37,247 | \n \u00a0 | \n \u00a0 | \n 60,468 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,715 | \n \u00a0 | \n \u00a0 | \n 39,012 | \n \u00a0 | \n
Operating Income (Loss) | \n \u00a0 | \n $ | \n 40,058 | \n \u00a0 | \n $ | \n 70,430 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,703 | \n \u00a0 | \n $ | \n 83,988 | \n \u00a0 | \n
\u00a0
The reconciliation between segment Operating Income (Loss) and Income (Loss) Before Income Taxes is included within our Condensed Consolidated Statements of Operations.
"}]},{"name":"rpt:f-668","factDimensions":{"xbrl:concept":"us-gaap:NumberOfOperatingSegments","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"immr:Number"},"factValues":[{"value":"2"}]},{"name":"rpt:f-669","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"immr:Number"},"factValues":[{"value":"2"}]},{"name":"rpt:f-670","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingCodmProfitLossMeasureHowUsedDescription","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"the Company\u2019s Chief Operating Decision Maker, uses Operating Income (Loss) as the profitability metric for the purposes of making decisions related to the allocation of resources to each segment and assessing performance of each segment"}]},{"name":"rpt:f-671","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Summarized financial information for our reportable segments is reported below (in thousands):\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||
(in thousands) | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Revenues: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Immersion | \n \u00a0 | \n $ | \n 5,760 | \n \u00a0 | \n $ | \n 14,127 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,632 | \n \u00a0 | \n $ | \n 62,552 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 644,414 | \n \u00a0 | \n \u00a0 | \n 602,122 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 932,574 | \n \u00a0 | \n \u00a0 | \n 737,186 | \n \u00a0 | \n
Total revenues | \n \u00a0 | \n \u00a0 | \n 650,174 | \n \u00a0 | \n \u00a0 | \n 616,249 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 942,206 | \n \u00a0 | \n \u00a0 | \n 799,738 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cost of sales (excludes depreciation and amortization expense): | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 515,102 | \n \u00a0 | \n \u00a0 | \n 459,478 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 748,696 | \n \u00a0 | \n \u00a0 | \n 569,388 | \n \u00a0 | \n
Operating expenses: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Immersion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Selling and administrative expenses | \n \u00a0 | \n \u00a0 | \n 2,949 | \n \u00a0 | \n \u00a0 | \n 4,165 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,644 | \n \u00a0 | \n \u00a0 | \n 17,576 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Selling and administrative expenses | \n \u00a0 | \n \u00a0 | \n 77,282 | \n \u00a0 | \n \u00a0 | \n 72,717 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 145,087 | \n \u00a0 | \n \u00a0 | \n 109,046 | \n \u00a0 | \n
Depreciation and amortization expense | \n \u00a0 | \n \u00a0 | \n 10,487 | \n \u00a0 | \n \u00a0 | \n 9,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,884 | \n \u00a0 | \n \u00a0 | \n 14,676 | \n \u00a0 | \n
Restructuring and professional fees | \n \u00a0 | \n \u00a0 | \n 4,296 | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,192 | \n \u00a0 | \n \u00a0 | \n 5,064 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 92,065 | \n \u00a0 | \n \u00a0 | \n 82,176 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 173,163 | \n \u00a0 | \n \u00a0 | \n 128,786 | \n \u00a0 | \n
Total operating expenses | \n \u00a0 | \n \u00a0 | \n 95,014 | \n \u00a0 | \n \u00a0 | \n 86,341 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 179,807 | \n \u00a0 | \n \u00a0 | \n 146,362 | \n \u00a0 | \n
Operating Income (Loss): | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Immersion | \n \u00a0 | \n \u00a0 | \n 2,811 | \n \u00a0 | \n \u00a0 | \n 9,962 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,988 | \n \u00a0 | \n \u00a0 | \n 44,976 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 37,247 | \n \u00a0 | \n \u00a0 | \n 60,468 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,715 | \n \u00a0 | \n \u00a0 | \n 39,012 | \n \u00a0 | \n
Operating Income (Loss) | \n \u00a0 | \n $ | \n 40,058 | \n \u00a0 | \n $ | \n 70,430 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,703 | \n \u00a0 | \n $ | \n 83,988 | \n \u00a0 | \n
NOTE 6. REVENUE RECOGNITION
Immersion
Disaggregated Revenue
The following table presents the disaggregation of Immersion\u2019s revenue for the three and six months ended October 31, 2025 and 2024 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Fixed fee license revenue | \n \u00a0 | \n $ | \n 736 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,676 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,472 | \n \u00a0 | \n \u00a0 | \n $ | \n 56,003 | \n \u00a0 | \n
Per-unit royalty revenue | \n \u00a0 | \n \u00a0 | \n 5,024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,451 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,160 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,549 | \n \u00a0 | \n
Total royalty and license revenue | \n \u00a0 | \n $ | \n 5,760 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,127 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,632 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,552 | \n \u00a0 | \n
Contract Assets
As of October 31, 2025, we had contract assets of $8.0 million included within Prepaid expenses and other current assets and $20.7 million within Other assets \u2013 noncurrent on the Condensed Consolidated Balance Sheet. As of April 30, 2025, we had contract assets of $7.8 million included within Prepaid expenses and other current assets and $27.4 million within Other assets - noncurrent on the Condensed Consolidated Balance Sheet.
Deferred Revenue
The following table presents changes in deferred revenue associated with our contract liabilities (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Deferred revenue beginning of the period | \n \u00a0 | \n $ | \n 8,728 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,472 | \n \u00a0 | \n
Additions to deferred revenue during the period | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 882 | \n \u00a0 | \n
Reductions to deferred revenue for revenue recognized during the period | \n \u00a0 | \n \u00a0 | \n (1,473 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,626 | \n ) | \n
Deferred revenue balance end of the period | \n \u00a0 | \n $ | \n 7,255 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,728 | \n \u00a0 | \n
\u00a0
Based on contracts signed and payments received as of October 31, 2025, we expect to recognize $7.3 million in revenue under our fixed fee license agreements, which are satisfied over time, including $6.8 million over one to three years and $0.5 million over more than three years.
Barnes & Noble Education
Disaggregated Revenue
The following table presents disaggregated the revenue associated with Barnes & Noble Education\u2019s major products and service offerings (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to | \n \u00a0 | \n |||||||
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n October 31, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Course material product sales | \n $ | \n 459,267 | \n \u00a0 | \n \u00a0 | \n $ | \n 421,999 | \n \u00a0 | \n \u00a0 | \n $ | \n 616,865 | \n \u00a0 | \n \u00a0 | \n $ | \n 490,152 | \n \u00a0 | \n
General merchandise product sales\u00a0(a) | \n \u00a0 | \n 112,873 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 109,911 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 210,580 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 160,749 | \n \u00a0 | \n
Services and other revenue\u00a0(b) | \n \u00a0 | \n 26,071 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,764 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,945 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,891 | \n \u00a0 | \n
Total product and other revenue | \n \u00a0 | \n 598,211 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 559,674 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 872,390 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 689,792 | \n \u00a0 | \n
Course materials rental income | \n \u00a0 | \n 46,203 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,448 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 60,184 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,394 | \n \u00a0 | \n
Total revenue | \n $ | \n 644,414 | \n \u00a0 | \n \u00a0 | \n $ | \n 602,122 | \n \u00a0 | \n \u00a0 | \n $ | \n 932,574 | \n \u00a0 | \n \u00a0 | \n $ | \n 737,186 | \n \u00a0 | \n
Deferred Revenue
Contract Assets and Contract Liabilities
Contract assets represent the sale of goods or services to a customer before Barnes & Noble Education has the right to obtain consideration from the customer. Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract assets (unbilled receivables) were $0.5 million and $0.6 million for October 31, 2025 and April 30, 2025, respectively, on the Condensed Consolidated Balance Sheets.
Contract liabilities represent an obligation to transfer goods or services to a customer for which Barnes & Noble Education has received consideration and consists of its deferred revenue liability (deferred revenue). Deferred revenue consists of the following:
The following table presents changes in deferred revenue associated with Barnes & Noble Education's contract liabilities (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Deferred revenue as of the beginning of the period | \n \u00a0 | \n $ | \n 13,566 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,044 | \n \u00a0 | \n
Additions to deferred revenue during the period | \n \u00a0 | \n \u00a0 | \n 99,624 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 173,969 | \n \u00a0 | \n
Reductions to deferred revenue for revenue recognized during the period | \n \u00a0 | \n \u00a0 | \n (78,348 | \n ) | \n \u00a0 | \n \u00a0 | \n (171,447 | \n ) | \n
Deferred revenue balance at the end of period | \n \u00a0 | \n $ | \n 34,842 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,566 | \n \u00a0 | \n
The following table presents the disaggregation of Immersion\u2019s revenue for the three and six months ended October 31, 2025 and 2024 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Fixed fee license revenue | \n \u00a0 | \n $ | \n 736 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,676 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,472 | \n \u00a0 | \n \u00a0 | \n $ | \n 56,003 | \n \u00a0 | \n
Per-unit royalty revenue | \n \u00a0 | \n \u00a0 | \n 5,024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,451 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,160 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,549 | \n \u00a0 | \n
Total royalty and license revenue | \n \u00a0 | \n $ | \n 5,760 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,127 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,632 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,552 | \n \u00a0 | \n
The following table presents changes in deferred revenue associated with our contract liabilities (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Deferred revenue beginning of the period | \n \u00a0 | \n $ | \n 8,728 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,472 | \n \u00a0 | \n
Additions to deferred revenue during the period | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 882 | \n \u00a0 | \n
Reductions to deferred revenue for revenue recognized during the period | \n \u00a0 | \n \u00a0 | \n (1,473 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,626 | \n ) | \n
Deferred revenue balance end of the period | \n \u00a0 | \n $ | \n 7,255 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,728 | \n \u00a0 | \n
The following table presents disaggregated the revenue associated with Barnes & Noble Education\u2019s major products and service offerings (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to | \n \u00a0 | \n |||||||
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n October 31, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Course material product sales | \n $ | \n 459,267 | \n \u00a0 | \n \u00a0 | \n $ | \n 421,999 | \n \u00a0 | \n \u00a0 | \n $ | \n 616,865 | \n \u00a0 | \n \u00a0 | \n $ | \n 490,152 | \n \u00a0 | \n
General merchandise product sales\u00a0(a) | \n \u00a0 | \n 112,873 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 109,911 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 210,580 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 160,749 | \n \u00a0 | \n
Services and other revenue\u00a0(b) | \n \u00a0 | \n 26,071 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,764 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,945 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,891 | \n \u00a0 | \n
Total product and other revenue | \n \u00a0 | \n 598,211 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 559,674 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 872,390 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 689,792 | \n \u00a0 | \n
Course materials rental income | \n \u00a0 | \n 46,203 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,448 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 60,184 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,394 | \n \u00a0 | \n
Total revenue | \n $ | \n 644,414 | \n \u00a0 | \n \u00a0 | \n $ | \n 602,122 | \n \u00a0 | \n \u00a0 | \n $ | \n 932,574 | \n \u00a0 | \n \u00a0 | \n $ | \n 737,186 | \n \u00a0 | \n
The following table presents changes in deferred revenue associated with Barnes & Noble Education's contract liabilities (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Deferred revenue as of the beginning of the period | \n \u00a0 | \n $ | \n 13,566 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,044 | \n \u00a0 | \n
Additions to deferred revenue during the period | \n \u00a0 | \n \u00a0 | \n 99,624 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 173,969 | \n \u00a0 | \n
Reductions to deferred revenue for revenue recognized during the period | \n \u00a0 | \n \u00a0 | \n (78,348 | \n ) | \n \u00a0 | \n \u00a0 | \n (171,447 | \n ) | \n
Deferred revenue balance at the end of period | \n \u00a0 | \n $ | \n 34,842 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,566 | \n \u00a0 | \n
NOTE 7. \ufeffINVESTMENTS AND FAIR VALUE MEASUREMENTS
Immersion invests surplus funds in excess of operational requirements in a diversified portfolio of marketable securities, with the objectives of delivering competitive returns, maintaining a high degree of liquidity, and seeking to avoid the permanent impairment of principal. The following summarizes our investments in marketable-equity and debt securities as of October 31, 2025 and April 30, 2025 (in thousands):
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
Investments - current | \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Marketable equity securities | \n \u00a0 | \n $ | \n 51,718 | \n \u00a0 | \n \u00a0 | \n $ | \n 55,784 | \n \u00a0 | \n
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n 8,040 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,005 | \n \u00a0 | \n
Total Investments \u2013 current | \n \u00a0 | \n $ | \n 59,758 | \n \u00a0 | \n \u00a0 | \n $ | \n 88,789 | \n \u00a0 | \n
\u00a0
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
Investments - noncurrent | \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Corporate bonds | \n \u00a0 | \n $ | \n 3,263 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,880 | \n \u00a0 | \n
Total Investments \u2013 noncurrent | \n \u00a0 | \n $ | \n 3,263 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,880 | \n \u00a0 | \n
\u00a0
Marketable Securities
Marketable securities as of October 31, 2025 and April 30, 2025 consisted of the following (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n |||||||||||||
| \n \u00a0 | \n Cost or | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n ||||
Marketable equity securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Equity securities | \n \u00a0 | \n $ | \n 56,397 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,385 | \n \u00a0 | \n \u00a0 | \n $ | \n (13,064 | \n ) | \n \u00a0 | \n $ | \n 51,718 | \n \u00a0 | \n
Marketable debt securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n 7,981 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,040 | \n \u00a0 | \n
Corporate bonds | \n \u00a0 | \n \u00a0 | \n 3,140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 123 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,263 | \n \u00a0 | \n
Total marketable debt securities | \n \u00a0 | \n \u00a0 | \n 11,121 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 182 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,303 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \n 67,518 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,567 | \n \u00a0 | \n \u00a0 | \n $ | \n (13,064 | \n ) | \n \u00a0 | \n $ | \n 63,021 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n |||||||||||||
| \n \u00a0 | \n Cost or | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n ||||
Marketable equity securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Equity securities | \n \u00a0 | \n $ | \n 63,677 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,892 | \n \u00a0 | \n \u00a0 | \n $ | \n (14,785 | \n ) | \n \u00a0 | \n $ | \n 55,784 | \n \u00a0 | \n
Marketable debt securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n 32,674 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 331 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,005 | \n \u00a0 | \n
Corporate bonds | \n \u00a0 | \n \u00a0 | \n 13,802 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 147 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (69 | \n ) | \n \u00a0 | \n \u00a0 | \n 13,880 | \n \u00a0 | \n
Total marketable debt securities | \n \u00a0 | \n \u00a0 | \n 46,476 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 478 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (69 | \n ) | \n \u00a0 | \n \u00a0 | \n 46,885 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \n 110,153 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,370 | \n \u00a0 | \n \u00a0 | \n $ | \n (14,854 | \n ) | \n \u00a0 | \n $ | \n 102,669 | \n \u00a0 | \n
\u00a0
The following summarizes Immersion\u2019s amortized costs and fair value of our marketable securities, by contractual maturity, as of October 31, 2025 (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n |||||
| \n \u00a0 | \n Amortized Cost | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n ||
Less than 1 year | \n \u00a0 | \n $ | \n 7,981 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,040 | \n \u00a0 | \n
1 to 5 years | \n \u00a0 | \n \u00a0 | \n 3,140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,263 | \n \u00a0 | \n
More than 5 years | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 11,121 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,303 | \n \u00a0 | \n
\u00a0
As of October 31, 2025, there were no corporate bonds with unrealized loss positions. There were no U.S. treasury securities with an unrealized loss position at October 31, 2025. As of April 30, 2025, the fair value of available-for-sale debt securities in unrealized loss positions for corporate bonds were $10.6 million, with an aggregated loss of $0.1 million. There were no U.S. treasury securities with an unrealized loss position at April 30, 2025. For all available-for-sale debt securities that were in unrealized loss positions, we have determined that it is more likely than not we will hold the securities until maturity or a recovery of the cost basis. We had no credit-related impairment loss as of October 31, 2025 and April 30, 2025.
Derivative Financial Instruments
Immersion\u2019s derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as on the Company\u2019s Condensed Consolidated Balance Sheets as of October 31, 2025 and April 30, 2025 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n |||
Derivative instruments | \n \u00a0 | \n $ | \n 7,363 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,380 | \n ) | \n \u00a0 | \n $ | \n 5,983 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \n 7,363 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,380 | \n ) | \n \u00a0 | \n $ | \n 5,983 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n |||
Derivative instruments | \n \u00a0 | \n $ | \n 6,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,709 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,754 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \n 6,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,709 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,754 | \n \u00a0 | \n
\u00a0
The following summarizes the realized and unrealized gains and losses from Immersion\u2019s equity securities and derivative instruments and realized gains and losses from Immersion\u2019s marketable debt securities are as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Three Months Ended October 31, | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||
| \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net unrealized gains (losses) recognized on marketable equity securities | \n $ | \n 1,973 | \n \u00a0 | \n $ | \n (2,407 | \n ) | \n $ | \n 3,215 | \n \u00a0 | \n $ | \n (776 | \n ) | \n
Net realized gains (losses) recognized on marketable equity securities | \n \u00a0 | \n (2,138 | \n ) | \n \u00a0 | \n 834 | \n \u00a0 | \n \u00a0 | \n (1,178 | \n ) | \n \u00a0 | \n 3,941 | \n \u00a0 | \n
Net unrealized gains (losses) recognized on derivative instruments | \n \u00a0 | \n 2,513 | \n \u00a0 | \n \u00a0 | \n 1,282 | \n \u00a0 | \n \u00a0 | \n 5,090 | \n \u00a0 | \n \u00a0 | \n 757 | \n \u00a0 | \n
Net realized gains recognized on derivative instruments | \n \u00a0 | \n 419 | \n \u00a0 | \n \u00a0 | \n 866 | \n \u00a0 | \n \u00a0 | \n 1,624 | \n \u00a0 | \n \u00a0 | \n 3,462 | \n \u00a0 | \n
Net realized gains (losses) recognized on marketable debt securities | \n \u00a0 | \n (237 | \n ) | \n \u00a0 | \n 35 | \n \u00a0 | \n \u00a0 | \n (237 | \n ) | \n \u00a0 | \n 1,308 | \n \u00a0 | \n
Total net gains recognized in interest and other income (loss), net | \n $ | \n 2,530 | \n \u00a0 | \n $ | \n 610 | \n \u00a0 | \n $ | \n 8,514 | \n \u00a0 | \n $ | \n 8,692 | \n \u00a0 | \n
\u00a0
Fair Value Measurements
The fair value of certain financial instruments including Cash and cash equivalents; Accounts receivable, net; Accounts payable; and Accrued liabilities approximate their carrying value due to their short-term nature and are classified within Level 1. The fair value of our Long-term borrowings approximates its carrying value and is classified as Level 2, as it is estimated using observable market inputs such as current interest rates and credit spreads for similar instruments.
Our financial instruments measured at fair value on a recurring basis consisted of U.S. treasury securities, equity securities, corporate bonds, and derivatives. Equity securities and certain derivative instruments are classified within Level 1 of the fair value hierarchy as they are valued based on quoted market price in an active market. U.S. treasury securities, corporate bonds, and certain derivative instruments are valued based on quoted prices in markets that are less active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency are generally classified within Level 2 of the fair value hierarchy.
Financial instruments valued based on unobservable inputs, which reflect the reporting entity\u2019s own assumptions or data that market participants would use in valuing an instrument, are generally classified within Level 3 of the fair value hierarchy.
See Note 11. Participation Interest Purchase Agreement for fair value information about Barnes & Noble Education\u2019s derivative instrument held as of April 30, 2025, that is fair valued using Level 3 inputs.
Financial instruments measured at fair value on a recurring basis as of October 31, 2025 and April 30, 2025 are classified based on the valuation technique in the table below (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Quoted Prices | \n \u00a0 | \n \u00a0 | \n Significant | \n \u00a0 | \n \u00a0 | \n Significant | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
Assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Money Market funds (within cash and cash equivalents) | \n \u00a0 | \n $ | \n 93,589 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 93,589 | \n \u00a0 | \n
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,040 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,040 | \n \u00a0 | \n
Equity securities | \n \u00a0 | \n \u00a0 | \n 51,718 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,718 | \n \u00a0 | \n
Corporate bonds | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,263 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,263 | \n \u00a0 | \n
Total assets at fair value | \n \u00a0 | \n $ | \n 145,307 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,303 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 156,610 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Derivative instruments | \n \u00a0 | \n $ | \n 2,140 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,843 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,983 | \n \u00a0 | \n
Total liabilities at fair value | \n \u00a0 | \n $ | \n 2,140 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,843 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,983 | \n \u00a0 | \n
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Quoted Prices | \n \u00a0 | \n \u00a0 | \n Significant Other Observable Inputs | \n \u00a0 | \n \u00a0 | \n Significant Unobservable Inputs | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
Assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Money Market funds (within cash and cash equivalents) | \n \u00a0 | \n $ | \n 59,747 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 59,747 | \n \u00a0 | \n
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,005 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,005 | \n \u00a0 | \n
Equity securities | \n \u00a0 | \n \u00a0 | \n 55,784 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 55,784 | \n \u00a0 | \n
Corporate bonds | \n \u00a0 | \n \u00a0 | \n 3,272 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,608 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,880 | \n \u00a0 | \n
Total assets at fair value | \n \u00a0 | \n $ | \n 118,803 | \n \u00a0 | \n \u00a0 | \n $ | \n 43,613 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 162,416 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Derivative instruments | \n \u00a0 | \n $ | \n 6,456 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,298 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,754 | \n \u00a0 | \n
Total liabilities at fair value | \n \u00a0 | \n $ | \n 6,456 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,298 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,754 | \n \u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
Investments - current | \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Marketable equity securities | \n \u00a0 | \n $ | \n 51,718 | \n \u00a0 | \n \u00a0 | \n $ | \n 55,784 | \n \u00a0 | \n
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n 8,040 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,005 | \n \u00a0 | \n
Total Investments \u2013 current | \n \u00a0 | \n $ | \n 59,758 | \n \u00a0 | \n \u00a0 | \n $ | \n 88,789 | \n \u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
Investments - noncurrent | \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Corporate bonds | \n \u00a0 | \n $ | \n 3,263 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,880 | \n \u00a0 | \n
Total Investments \u2013 noncurrent | \n \u00a0 | \n $ | \n 3,263 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,880 | \n \u00a0 | \n
Marketable securities as of October 31, 2025 and April 30, 2025 consisted of the following (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n |||||||||||||
| \n \u00a0 | \n Cost or | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n ||||
Marketable equity securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Equity securities | \n \u00a0 | \n $ | \n 56,397 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,385 | \n \u00a0 | \n \u00a0 | \n $ | \n (13,064 | \n ) | \n \u00a0 | \n $ | \n 51,718 | \n \u00a0 | \n
Marketable debt securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n 7,981 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,040 | \n \u00a0 | \n
Corporate bonds | \n \u00a0 | \n \u00a0 | \n 3,140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 123 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,263 | \n \u00a0 | \n
Total marketable debt securities | \n \u00a0 | \n \u00a0 | \n 11,121 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 182 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,303 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \n 67,518 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,567 | \n \u00a0 | \n \u00a0 | \n $ | \n (13,064 | \n ) | \n \u00a0 | \n $ | \n 63,021 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n |||||||||||||
| \n \u00a0 | \n Cost or | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n ||||
Marketable equity securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Equity securities | \n \u00a0 | \n $ | \n 63,677 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,892 | \n \u00a0 | \n \u00a0 | \n $ | \n (14,785 | \n ) | \n \u00a0 | \n $ | \n 55,784 | \n \u00a0 | \n
Marketable debt securities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n 32,674 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 331 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,005 | \n \u00a0 | \n
Corporate bonds | \n \u00a0 | \n \u00a0 | \n 13,802 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 147 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (69 | \n ) | \n \u00a0 | \n \u00a0 | \n 13,880 | \n \u00a0 | \n
Total marketable debt securities | \n \u00a0 | \n \u00a0 | \n 46,476 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 478 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (69 | \n ) | \n \u00a0 | \n \u00a0 | \n 46,885 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \n 110,153 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,370 | \n \u00a0 | \n \u00a0 | \n $ | \n (14,854 | \n ) | \n \u00a0 | \n $ | \n 102,669 | \n \u00a0 | \n
The following summarizes Immersion\u2019s amortized costs and fair value of our marketable securities, by contractual maturity, as of October 31, 2025 (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n |||||
| \n \u00a0 | \n Amortized Cost | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n ||
Less than 1 year | \n \u00a0 | \n $ | \n 7,981 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,040 | \n \u00a0 | \n
1 to 5 years | \n \u00a0 | \n \u00a0 | \n 3,140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,263 | \n \u00a0 | \n
More than 5 years | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 11,121 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,303 | \n \u00a0 | \n
Immersion\u2019s derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as on the Company\u2019s Condensed Consolidated Balance Sheets as of October 31, 2025 and April 30, 2025 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n |||
Derivative instruments | \n \u00a0 | \n $ | \n 7,363 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,380 | \n ) | \n \u00a0 | \n $ | \n 5,983 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \n 7,363 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,380 | \n ) | \n \u00a0 | \n $ | \n 5,983 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Unrealized | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n |||
Derivative instruments | \n \u00a0 | \n $ | \n 6,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,709 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,754 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \n 6,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,709 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,754 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Three Months Ended October 31, | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||
| \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net unrealized gains (losses) recognized on marketable equity securities | \n $ | \n 1,973 | \n \u00a0 | \n $ | \n (2,407 | \n ) | \n $ | \n 3,215 | \n \u00a0 | \n $ | \n (776 | \n ) | \n
Net realized gains (losses) recognized on marketable equity securities | \n \u00a0 | \n (2,138 | \n ) | \n \u00a0 | \n 834 | \n \u00a0 | \n \u00a0 | \n (1,178 | \n ) | \n \u00a0 | \n 3,941 | \n \u00a0 | \n
Net unrealized gains (losses) recognized on derivative instruments | \n \u00a0 | \n 2,513 | \n \u00a0 | \n \u00a0 | \n 1,282 | \n \u00a0 | \n \u00a0 | \n 5,090 | \n \u00a0 | \n \u00a0 | \n 757 | \n \u00a0 | \n
Net realized gains recognized on derivative instruments | \n \u00a0 | \n 419 | \n \u00a0 | \n \u00a0 | \n 866 | \n \u00a0 | \n \u00a0 | \n 1,624 | \n \u00a0 | \n \u00a0 | \n 3,462 | \n \u00a0 | \n
Net realized gains (losses) recognized on marketable debt securities | \n \u00a0 | \n (237 | \n ) | \n \u00a0 | \n 35 | \n \u00a0 | \n \u00a0 | \n (237 | \n ) | \n \u00a0 | \n 1,308 | \n \u00a0 | \n
Total net gains recognized in interest and other income (loss), net | \n $ | \n 2,530 | \n \u00a0 | \n $ | \n 610 | \n \u00a0 | \n $ | \n 8,514 | \n \u00a0 | \n $ | \n 8,692 | \n \u00a0 | \n
Financial instruments measured at fair value on a recurring basis as of October 31, 2025 and April 30, 2025 are classified based on the valuation technique in the table below (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Quoted Prices | \n \u00a0 | \n \u00a0 | \n Significant | \n \u00a0 | \n \u00a0 | \n Significant | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
Assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Money Market funds (within cash and cash equivalents) | \n \u00a0 | \n $ | \n 93,589 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 93,589 | \n \u00a0 | \n
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,040 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,040 | \n \u00a0 | \n
Equity securities | \n \u00a0 | \n \u00a0 | \n 51,718 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,718 | \n \u00a0 | \n
Corporate bonds | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,263 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,263 | \n \u00a0 | \n
Total assets at fair value | \n \u00a0 | \n $ | \n 145,307 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,303 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 156,610 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Derivative instruments | \n \u00a0 | \n $ | \n 2,140 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,843 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,983 | \n \u00a0 | \n
Total liabilities at fair value | \n \u00a0 | \n $ | \n 2,140 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,843 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,983 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Quoted Prices | \n \u00a0 | \n \u00a0 | \n Significant Other Observable Inputs | \n \u00a0 | \n \u00a0 | \n Significant Unobservable Inputs | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
Assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Money Market funds (within cash and cash equivalents) | \n \u00a0 | \n $ | \n 59,747 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 59,747 | \n \u00a0 | \n
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,005 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,005 | \n \u00a0 | \n
Equity securities | \n \u00a0 | \n \u00a0 | \n 55,784 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 55,784 | \n \u00a0 | \n
Corporate bonds | \n \u00a0 | \n \u00a0 | \n 3,272 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,608 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,880 | \n \u00a0 | \n
Total assets at fair value | \n \u00a0 | \n $ | \n 118,803 | \n \u00a0 | \n \u00a0 | \n $ | \n 43,613 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 162,416 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Derivative instruments | \n \u00a0 | \n $ | \n 6,456 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,298 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,754 | \n \u00a0 | \n
Total liabilities at fair value | \n \u00a0 | \n $ | \n 6,456 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,298 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,754 | \n \u00a0 | \n
NOTE 8. LEASES
Immersion
For the three and six months ended October 31, 2025 and 2024, Immersion\u2019s leases and related activity were not material.
\u00a0
Barnes & Noble Education
Barnes & Noble Education recognizes lease assets and lease liabilities on the Condensed Consolidated Balance Sheets for substantially all lease arrangements based on the present value of future lease payments as required by ASC Topic 842, Leases. Barnes & Noble Education\u2019s portfolio of leases consists of operating leases comprised of operating agreements, which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. Barnes & Noble Education has one immaterial finance lease and no short-term leases (i.e., those with a term of twelve months or less).
Barnes & Noble Education recognizes a right of use (\u201cROU\u201d) asset and lease liability in the Condensed Consolidated Balance Sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised.
Barnes & Noble Education\u2019s lease terms generally range from one year to fifteen years, and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year.
Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: (i) a percentage of revenues or sales arising at the relevant premises (\u201cvariable commissions\u201d); and/or (ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, Barnes & Noble Education recognizes lease expense on a straight-line basis over the lease term. For variable commissions, Barnes & Noble Education recognizes lease expense as incurred. Barnes & Noble Education\u2019s lease agreements do not contain any material residual value guarantees, material restrictions, or covenants.
Barnes & Noble Education uses an estimated incremental borrowing rate to determine the present value of fixed lease payments based on the information available at the lease commencement date, if the rate implicit in the lease is not readily determinable. Barnes & Noble Education utilizes an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
The following table summarizes additional information related to Barnes & Noble Education\u2019s operating leases (in thousands) except for lease term and discount rate:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to | \n \u00a0 | \n |||||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n October 31, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Operating lease cost | \n \u00a0 | \n $ | \n 15,660 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,658 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,238 | \n \u00a0 | \n \u00a0 | \n $ | \n 27,537 | \n \u00a0 | \n
Variable lease payments | \n \u00a0 | \n \u00a0 | \n 50,979 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,229 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 71,891 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,209 | \n \u00a0 | \n
Short-term lease cost | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,979 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,750 | \n \u00a0 | \n
Total lease cost | \n \u00a0 | \n $ | \n 66,639 | \n \u00a0 | \n \u00a0 | \n $ | \n 51,866 | \n \u00a0 | \n \u00a0 | \n $ | \n 105,129 | \n \u00a0 | \n \u00a0 | \n $ | \n 69,496 | \n \u00a0 | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n October 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||
Cash paid for amounts included in the measurement of lease liabilities | \n \u00a0 | \n \u00a0 | \n 29,809 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,799 | \n \u00a0 | \n
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | \n \u00a0 | \n \u00a0 | \n 32,793 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,225 | \n \u00a0 | \n
Weighted-average remaining lease term (in years) | \n \u00a0 | \n \u00a0 | \n 4.7 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.6 | \n \u00a0 | \n
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n 6.7 | \n % | \n \u00a0 | \n \u00a0 | \n 5.9 | \n % | \n
The following table summarizes additional information related to Barnes & Noble Education\u2019s operating leases (in thousands) except for lease term and discount rate:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to | \n \u00a0 | \n |||||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n October 31, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Operating lease cost | \n \u00a0 | \n $ | \n 15,660 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,658 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,238 | \n \u00a0 | \n \u00a0 | \n $ | \n 27,537 | \n \u00a0 | \n
Variable lease payments | \n \u00a0 | \n \u00a0 | \n 50,979 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,229 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 71,891 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,209 | \n \u00a0 | \n
Short-term lease cost | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,979 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,750 | \n \u00a0 | \n
Total lease cost | \n \u00a0 | \n $ | \n 66,639 | \n \u00a0 | \n \u00a0 | \n $ | \n 51,866 | \n \u00a0 | \n \u00a0 | \n $ | \n 105,129 | \n \u00a0 | \n \u00a0 | \n $ | \n 69,496 | \n \u00a0 | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n October 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||
Cash paid for amounts included in the measurement of lease liabilities | \n \u00a0 | \n \u00a0 | \n 29,809 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,799 | \n \u00a0 | \n
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | \n \u00a0 | \n \u00a0 | \n 32,793 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,225 | \n \u00a0 | \n
Weighted-average remaining lease term (in years) | \n \u00a0 | \n \u00a0 | \n 4.7 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.6 | \n \u00a0 | \n
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n 6.7 | \n % | \n \u00a0 | \n \u00a0 | \n 5.9 | \n % | \n
NOTE 9. GOODWILL AND INTANGIBLE ASSETS
Goodwill
The Company recognized $69.2 million in goodwill as the result of the business combination with Barnes & Noble Education on June 10, 2024. See Note 4. Business Combination for additional information. The carrying value of goodwill was $69.2 million as of October 31, 2025 and April 30, 2025.
In accordance with ASC Topic 350 - Intangibles - Goodwill and Other, the Company did not record any goodwill impairment losses during the three and six months ended October 31, 2025, the three months ended October 31, 2024, and the period from June 10, 2024 to October 31, 2024. Goodwill represents the future economic benefit attributable to Barnes & Noble Education\u2019s assembled workforce, which is not individually and separately recognized as an intangible asset. As such, the carrying value of goodwill has been allocated to Barnes & Noble Education Segment and none of the goodwill has been allocated to the Immersion Segment.
Intangible Assets, net
The following is a summary of intangible assets, excluding goodwill, recorded as Intangible assets, net on the Company\u2019s Condensed Consolidated Balance Sheets as of October 31, 2025 and April 30, 2025 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n October 31, 2025 | \n \u00a0 | \n ||||||||||
| \n Gross Carrying | \n \u00a0 | \n Accumulated | \n \u00a0 | \n Net Carrying | \n \u00a0 | \n Weighted-Average | \n \u00a0 | \n ||||
Trade name | \n $ | \n 45,000 | \n \u00a0 | \n N/A | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n Indefinite | \n \u00a0 | \n ||
Customer relationships | \n \u00a0 | \n 50,000 | \n \u00a0 | \n \u00a0 | \n (5,343 | \n ) | \n \u00a0 | \n 44,657 | \n \u00a0 | \n \u00a0 | \n 11.7 | \n \u00a0 | \n
Total | \n $ | \n 95,000 | \n \u00a0 | \n $ | \n (5,343 | \n ) | \n $ | \n 89,657 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n April 30, 2025 | \n \u00a0 | \n ||||||||||
| \n Gross Carrying | \n \u00a0 | \n Accumulated | \n \u00a0 | \n Net Carrying | \n \u00a0 | \n Weighted-Average | \n \u00a0 | \n ||||
Trade name | \n $ | \n 45,000 | \n \u00a0 | \n N/A | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n Indefinite | \n \u00a0 | \n ||
Customer relationships | \n \u00a0 | \n 50,000 | \n \u00a0 | \n \u00a0 | \n (3,419 | \n ) | \n \u00a0 | \n 46,581 | \n \u00a0 | \n \u00a0 | \n 12.2 | \n \u00a0 | \n
Total | \n $ | \n 95,000 | \n \u00a0 | \n $ | \n (3,419 | \n ) | \n $ | \n 91,581 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. Trade name is determined to have an indefinite useful life and is not subject to amortization.
Amortization expense was $1.0 million and $1.9 million for the three and six months ended October 31, 2025, respectively, and $1.0 million and $1.5 million for the three months ended October 31, 2024 and the period from June 10, 2024 to October 31, 2024, respectively.
Estimated amortization expense of the intangible assets to be recognized by the Company are as follows (in thousands):
\n| \n | \n | \n | \n | \n |
Fiscal Year ended April 30, | \n \u00a0 | \n Amount | \n \u00a0 | \n |
Remainder of 2026 | \n \u00a0 | \n $ | \n 1,923 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 3,846 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 3,846 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 3,846 | \n \u00a0 | \n
2030 | \n \u00a0 | \n \u00a0 | \n 3,846 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 27,350 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 44,657 | \n \u00a0 | \n
The following is a summary of intangible assets, excluding goodwill, recorded as Intangible assets, net on the Company\u2019s Condensed Consolidated Balance Sheets as of October 31, 2025 and April 30, 2025 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n October 31, 2025 | \n \u00a0 | \n ||||||||||
| \n Gross Carrying | \n \u00a0 | \n Accumulated | \n \u00a0 | \n Net Carrying | \n \u00a0 | \n Weighted-Average | \n \u00a0 | \n ||||
Trade name | \n $ | \n 45,000 | \n \u00a0 | \n N/A | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n Indefinite | \n \u00a0 | \n ||
Customer relationships | \n \u00a0 | \n 50,000 | \n \u00a0 | \n \u00a0 | \n (5,343 | \n ) | \n \u00a0 | \n 44,657 | \n \u00a0 | \n \u00a0 | \n 11.7 | \n \u00a0 | \n
Total | \n $ | \n 95,000 | \n \u00a0 | \n $ | \n (5,343 | \n ) | \n $ | \n 89,657 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n April 30, 2025 | \n \u00a0 | \n ||||||||||
| \n Gross Carrying | \n \u00a0 | \n Accumulated | \n \u00a0 | \n Net Carrying | \n \u00a0 | \n Weighted-Average | \n \u00a0 | \n ||||
Trade name | \n $ | \n 45,000 | \n \u00a0 | \n N/A | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n Indefinite | \n \u00a0 | \n ||
Customer relationships | \n \u00a0 | \n 50,000 | \n \u00a0 | \n \u00a0 | \n (3,419 | \n ) | \n \u00a0 | \n 46,581 | \n \u00a0 | \n \u00a0 | \n 12.2 | \n \u00a0 | \n
Total | \n $ | \n 95,000 | \n \u00a0 | \n $ | \n (3,419 | \n ) | \n $ | \n 91,581 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Estimated amortization expense of the intangible assets to be recognized by the Company are as follows (in thousands):
\n| \n | \n | \n | \n | \n |
Fiscal Year ended April 30, | \n \u00a0 | \n Amount | \n \u00a0 | \n |
Remainder of 2026 | \n \u00a0 | \n $ | \n 1,923 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 3,846 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 3,846 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 3,846 | \n \u00a0 | \n
2030 | \n \u00a0 | \n \u00a0 | \n 3,846 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 27,350 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 44,657 | \n \u00a0 | \n
NOTE 10. DEBT
The following is a summary of Barnes & Noble Education\u2019s outstanding borrowing as of October 31, 2025 and April 30, 2025 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As of | \n \u00a0 | \n |||||
| \n \u00a0 | \n Maturity Date | \n \u00a0 | \n October 31, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Total debt - Barnes & Noble Education credit facility | \n \u00a0 | \n June 9, 2028 | \n \u00a0 | \n $ | \n 122,500 | \n \u00a0 | \n \u00a0 | \n $ | \n 103,098 | \n \u00a0 | \n
Balance sheet classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Long-term borrowings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 122,500 | \n \u00a0 | \n \u00a0 | \n $ | \n 103,098 | \n \u00a0 | \n
\u00a0
On the Closing Date, Barnes & Noble Education amended and restated and extended the maturity of its existing asset-based credit facility with Bank of America, N.A., as administrative agent, collateral agent and swing line lender, and other lenders from time to time party thereto (such amended and restated credit facility, the \u201cRestated ABL Facility\u201d). Pursuant to the Restated ABL Facility, the lenders thereunder have committed to provide a four-year asset-backed revolving credit facility in an aggregate committed principal amount of up to $325 million. The Restated ABL Facility has a maturity date of June 9, 2028. Barnes & Noble Education has interest only obligations until June 9, 2028, at which time the total principal is due and payable.
Interest under the Restated ABL Facility accrues, at the election of Barnes & Noble Education, either (x) based on the Secured Overnight Financing Rate (\u201cSOFR\u201d), which is subject to a floor of 2.5% per annum, plus a spread of 3.5% per annum or (y) at an alternate base rate, which is subject to a floor of 3.5% per annum, plus a spread of 2.5% per annum, provided that, in the event Barnes & Noble Education meets certain financial metrics for a consecutive six-month period beginning and ending after the one-year anniversary of the Closing Date, the foregoing spreads shall be reduced by 0.25% per annum.
The Restated ABL Facility contains customary negative covenants that limit Barnes & Noble Education\u2019s ability to incur or assume additional indebtedness, grant or permit liens, make investments, make dividend payments, make Restricted Payments (as defined under the Restated ABL Facility agreement) and other specified payments, merge with other entities, dispose of or acquire
assets, or engage in transactions with affiliates, among other things. Additionally, the Restated ABL Facility includes the following financial maintenance covenants:
The Restated ABL Facility contains customary events of default, including for non-payment of obligations owing under the Credit Facility, material breaches of representations and warranties, failure to perform or observe covenants, default on other material indebtedness, customary ERISA events of default, bankruptcy and insolvency, material judgments, invalidity of liens on collateral, change of control or cessation of business. The Restated ABL Facility also contains customary affirmative covenants and representations and warranties. In connection with the timing of Barnes & Noble Education\u2019s financial statement filings, Barnes & Noble Education entered into a series of limited consent and waiver agreements with the lenders under the Restated ABL Facility to extend certain financial reporting deadlines. These waivers related solely to the timing of Barnes & Noble Education\u2019s filings and did not arise from noncompliance with any financial covenants. The Investigation and related restatement of Barnes & Noble Education\u2019s previously issued financial statements have been completed.
The credit facility is secured by substantially all the inventory, accounts receivable and related assets of the borrowers under the credit facility. This is considered an all asset lien (inclusive of proceeds from tax refunds payable to Barnes & Noble Education and pledge of equity from subsidiaries, exclusive of real estate). None of the liabilities of Barnes & Noble Education have recourse to the general credit of Immersion Corporation.
In connection with the Restated ABL Facility, with respect to the 1.0% fee payable in connection with the eighth amendment to the Restated ABL Facility (prior to its having been restated), (x) 50% was paid on September 2, 2024, and (y) 50% was paid on June 10, 2025.
As previously disclosed, Barnes & Noble Education was unable to timely file certain periodic reports due to the completion of a review of certain accounting matters and, as a result, has restated its previously-issued consolidated financial statements for certain prior periods. Starting in the quarter ended October 31, 2025, Barnes & Noble Education entered into a series of limited consent and waiver arrangements with its lenders related to extending the timing of required financial statement deliveries through January 20, 2026, and did not arise from the noncompliance with any financial covenants.
During the six months ended October 31, 2025, Barnes & Noble Education borrowed $349.2 million and repaid $329.8 million under the Restated ABL Facility, with $122.5 million of outstanding borrowings under the Restated ABL Facility as of October 31, 2025.
As of October 31, 2025, Barnes & Noble Education was in compliance with all debt covenants under the Restated ABL Facility.
"}]},{"name":"rpt:f-1000","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtTableTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"The following is a summary of Barnes & Noble Education\u2019s outstanding borrowing as of October 31, 2025 and April 30, 2025 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As of | \n \u00a0 | \n |||||
| \n \u00a0 | \n Maturity Date | \n \u00a0 | \n October 31, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Total debt - Barnes & Noble Education credit facility | \n \u00a0 | \n June 9, 2028 | \n \u00a0 | \n $ | \n 122,500 | \n \u00a0 | \n \u00a0 | \n $ | \n 103,098 | \n \u00a0 | \n
Balance sheet classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Long-term borrowings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 122,500 | \n \u00a0 | \n \u00a0 | \n $ | \n 103,098 | \n \u00a0 | \n
NOTE 11. PARTICIPATION INTEREST PURCHASE AGREEMENT
Participation Interest Purchase Agreement
In April 2025, Barnes & Noble Education entered into a Participation Interest Purchase Agreement (the \u201cAgreement\u201d) with Jefferies Leveraged Credit Products LLC (\u201cJefferies\u201d), under which Jefferies paid Barnes & Noble Education $12.6 million in exchange for a participation interest in the proceeds of a specified litigation claim. The Agreement is non-recourse to Barnes & Noble Education with respect to financial risk, and Jefferies\u2019 entitlement to payment is limited to proceeds, if any, received from the litigation.
Barnes & Noble Education has continuing contractual obligations under the Agreement, including remaining the plaintiff of record, cooperating with Jefferies and its counsel, providing access to litigation-related documents, and complying with certain settlement-related provisions. These obligations are protective in nature and are intended to preserve Jefferies\u2019 contractual rights; however, they do not require Barnes & Noble Education to repay amounts received, provide services, or otherwise create a debt obligation.
Effective May 4, 2025, the first day of Barnes & Noble Education\u2019s fiscal year 2026, Barnes & Noble Education early adopted ASU No. 2025-07, Derivatives and Hedging (Topic 815): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. Upon adoption, the Agreement no longer met the definition of a derivative under ASC 815, as the arrangement qualifies for the scope exception for litigation funding arrangements that do not create or modify debt.
Accordingly, upon adoption, the previously recognized derivative liability was reclassified to deferred income within other long-term liabilities, and the Agreement is accounted for under ASC 470, Debt, as deferred income. The deferred income will be recognized in earnings when the related litigation is resolved and proceeds, if any, are distributed.
The guidance was applied using a modified retrospective approach, resulting in the reclassification of the derivative liability to deferred income as of the adoption date. The cumulative-effect adjustment to retained earnings upon adoption was immaterial. No amounts related to this arrangement are subject to recurring fair-value measurement after adoption.
"}]},{"name":"rpt:f-1035","factDimensions":{"xbrl:concept":"immr:ProceedsFromExchangeOfParticipationInterestForLitigationClaim","xbrl:period":"2025-04-01T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"12600000","decimals":-5}]},{"name":"rpt:f-1036","factDimensions":{"xbrl:concept":"immr:CumulativeEffectAdjustmentToRecurringFairValueMeasurement","xbrl:period":"2025-05-05T00:00:00/2025-05-06T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1037","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"NOTE 12. \ufeffSTOCK-BASED COMPENSATION
Immersion
Our equity incentive program is a long-term retention program that is intended to attract, retain, and provide incentives for employees, consultants, officers, and directors and to align stockholder and employee interests. We may grant time-based options, market condition-based options, stock appreciation rights, restricted stock awards (\u201cRSAs\u201d), restricted stock units (\u201cRSUs\u201d), performance shares, market condition-based performance restricted stock units (\u201cPSUs\u201d), and other stock-based equity awards to employees, officers, directors, and consultants.
On January 18, 2022, our stockholders approved the 2021 Equity Incentive Plan (as amended, the \u201c2021 Plan\u201d), which provides for a total number of shares reserved and available for grant and issuance equal to 3,525,119 shares plus up to an additional 855,351 shares that are subject to stock options or other awards previously granted under the 2011 Equity Incentive Plan. On March 30, 2023, our stockholders approved an amendment to the 2021 Plan which increased the total number of shares reserved and available for grant and issuance equal to 8,146,607 shares plus up to an additional 855,351 shares that are subject to stock options or other awards previously granted under the 2011 Equity Incentive Plan.
Under our equity incentive plans, stock options may be granted at prices not less than the fair market value on the date of grant for such stock options. Stock options generally vest over four years and expire seven years from the applicable grant date. Market condition-based stock awards are subject to a market conditions whereby the closing price of our common stock must exceed a certain level for a number of trading days within a specified time frame or the awards will be canceled before expiration. RSAs generally vests over one year. RSUs generally vest over three years. Awards granted other than a stock option or a stock appreciation right shall reduce the common stock shares available for grant by 1.75 shares for every share issued.
A summary of our equity incentive program as of October 31, 2025 is as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Common stock shares available for grant | \n \u00a0 | \n \u00a0 | \n 2,226 | \n \u00a0 | \n
RSUs outstanding | \n \u00a0 | \n \u00a0 | \n 554 | \n \u00a0 | \n
RSAs outstanding | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
PSUs outstanding | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
\u00a0
As of October 31, 2025, the Company did not have any outstanding stock options.
Restricted Stock Units
The following summarizes RSU activities for the six months ended October 31, 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n |||
Outstanding at April 30, 2025 | \n \u00a0 | \n \u00a0 | \n 1,125 | \n \u00a0 | \n \u00a0 | \n $ | \n 8.24 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.30 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Released | \n \u00a0 | \n \u00a0 | \n (571 | \n ) | \n \u00a0 | \n \u00a0 | \n 8.69 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Forfeited | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Outstanding at October 31, 2025 | \n \u00a0 | \n \u00a0 | \n 554 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.78 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.54 | \n \u00a0 | \n
\u00a0
The aggregate intrinsic value is calculated as the market value as of the end of the reporting period.
\u00a0
\u00a0
Stock-based Compensation Expense
Stock-based compensation is based on the estimated fair value of awards, net of estimated forfeitures, and recognized over the requisite service period. Estimated forfeitures are based on historical experience at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The following summarizes the Company\u2019s stock-based compensation expense related to all of Immersion\u2019s stock-based awards for the three and six months ended October 31, 2025 and 2024 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
Stock options | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
RSUs, RSAs and PSUs | \n \u00a0 | \n \u00a0 | \n 1,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,770 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,685 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 1,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,154 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,770 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,685 | \n \u00a0 | \n
Selling and administrative expenses | \n \u00a0 | \n $ | \n 1,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,154 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,770 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,685 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 1,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,154 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,770 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,685 | \n \u00a0 | \n
\u00a0
As of October 31, 2025, there was $1.9 million of unrecognized compensation cost adjusted for estimated forfeitures related to unvested, RSUs, RSAs, and PSUs granted to our employees and directors. This unrecognized compensation cost will be recognized over an estimated weighted-average period of approximately 1.1 years. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures.
Barnes & Noble Education
\u00a0
Stock-based Compensation Expense
The following summarizes the total stock-based compensation expense for options, RSAs, RSUs, and PSUs for the three and six months ended October 31, 2025 and 2024 (in thousands):
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||||
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Stock options | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
RSUs, RSAs and PSUs | \n \u00a0 | \n 1,761 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,031 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,241 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,115 | \n \u00a0 | \n
Total | \n $ | \n 1,761 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,031 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,115 | \n \u00a0 | \n
Selling and administrative expenses | \n $ | \n 1,761 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,031 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,115 | \n \u00a0 | \n
Total | \n $ | \n 1,761 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,031 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,115 | \n \u00a0 | \n
\u00a0
The total unrecognized compensation cost related to unvested awards as of October 31, 2025 was $6.6 million and is expected to be recognized over a weighted-average period of 1.84 years.
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\u00a0
\n| \n | \n | \n | \n | \n |
Common stock shares available for grant | \n \u00a0 | \n \u00a0 | \n 2,226 | \n \u00a0 | \n
RSUs outstanding | \n \u00a0 | \n \u00a0 | \n 554 | \n \u00a0 | \n
RSAs outstanding | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
PSUs outstanding | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
The following summarizes RSU activities for the six months ended October 31, 2025:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n |||
Outstanding at April 30, 2025 | \n \u00a0 | \n \u00a0 | \n 1,125 | \n \u00a0 | \n \u00a0 | \n $ | \n 8.24 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.30 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Released | \n \u00a0 | \n \u00a0 | \n (571 | \n ) | \n \u00a0 | \n \u00a0 | \n 8.69 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Forfeited | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Outstanding at October 31, 2025 | \n \u00a0 | \n \u00a0 | \n 554 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.78 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.54 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
Stock options | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
RSUs, RSAs and PSUs | \n \u00a0 | \n \u00a0 | \n 1,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,770 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,685 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 1,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,154 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,770 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,685 | \n \u00a0 | \n
Selling and administrative expenses | \n \u00a0 | \n $ | \n 1,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,154 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,770 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,685 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 1,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,154 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,770 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,685 | \n \u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||||
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Stock options | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
RSUs, RSAs and PSUs | \n \u00a0 | \n 1,761 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,031 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,241 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,115 | \n \u00a0 | \n
Total | \n $ | \n 1,761 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,031 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,115 | \n \u00a0 | \n
Selling and administrative expenses | \n $ | \n 1,761 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,031 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,115 | \n \u00a0 | \n
Total | \n $ | \n 1,761 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,031 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,241 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,115 | \n \u00a0 | \n
\u00a0
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13. EMPLOYEE BENEFIT PLAN
Barnes & Noble Education sponsors defined contribution plans for the benefit of substantially all of its employees. MBS Textbook Exchange, LLC (\u201cMBS\u201d), a subsidiary of Barnes & Noble Education, maintains a profit-sharing plan covering substantially all full-time employees of MBS. For all plans, Barnes & Noble Education is responsible to fund the employer contributions directly, if any. There was no benefit expense for these plans during the three months ended October 31, 2025 and 2024, the six months ended October 31, 2025, and for the period from June 10, 2024 to October 31, 2024.
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Immersion Stock Repurchase Program
On December 29, 2022, the Board approved a stock repurchase program of up to $50.0 million of our common stock for a period of up to twelve months (the \u201cDecember 2022 Stock Repurchase Program\u201d), which terminated and superseded the stock repurchase program that had been approved by the Board on February 23, 2022. Any stock repurchases may be made through open market and privately negotiated transactions, at such times and in such amounts as management deems appropriate, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Additionally, the Board authorized the use of any derivative or similar instrument to effect stock repurchase transactions, including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, naked put options, floor transactions or other similar transactions or any combination of the foregoing transactions. The December 2022 Stock Repurchase Program was implemented as a method to return value to our stockholders. The timing, pricing and sizes of any repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The December 2022 Stock Repurchase Program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time. The December 2022 Stock Repurchase Program has been amended various times and the most recent amendment extended the expiration date to December 29, 2026.
During the three and six months ended October 31, 2025, the Company did not purchase shares under the December 2022 Stock Repurchase Program. As of October 31, 2025, the Company had $40.6 million available for repurchase under the December 2022 Stock Repurchase Program.
Barnes & Noble Education Stock Repurchase Program
On December 14, 2015, the Board of Directors authorized a stock repurchase program of up to $50 million in the aggregate outstanding Barnes & Noble Education\u2019s common stock (\u201cBNED\u2019s Common Stock\u201d). The stock repurchase program is carried out at the direction of Barnes & Noble Education\u2019s management (which may include a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. During the three and six months ended October 31, 2025, Barnes & Noble Education did not purchase shares under the stock repurchase program. As of October 31, 2025, approximately $26.7 million remains available under the stock repurchase program.
Immersion Dividends Declared and Dividend Payments
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Announcement | \n \u00a0 | \n Dividend | \n \u00a0 | \n Amount | \n \u00a0 | \n \u00a0 | \n Record | \n \u00a0 | \n Payment | \n |
November 13, 2023 | \n \u00a0 | \n Quarterly (increased) | \n \u00a0 | \n $ | \n 0.045 | \n \u00a0 | \n \u00a0 | \n January 14, 2024 | \n \u00a0 | \n January 25, 2024 | \n
March 7, 2024 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n April 12, 2024 | \n \u00a0 | \n April 19, 2024 | \n
May 8, 2024 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n July 8, 2024 | \n \u00a0 | \n July 26, 2024 | \n
August 20, 2024 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n October 4, 2024 | \n \u00a0 | \n October 18, 2024 | \n
November 8, 2024 | \n \u00a0 | \n Special | \n \u00a0 | \n \u00a0 | \n 0.245 | \n \u00a0 | \n \u00a0 | \n January 10, 2025 | \n \u00a0 | \n January 24, 2025 | \n
March 10, 2025 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n April 14, 2025 | \n \u00a0 | \n April 25, 2025 | \n
July 8, 2025 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n July 23, 2025 | \n \u00a0 | \n August 8, 2025 | \n
October 8, 2025 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n October 20, 2025 | \n \u00a0 | \n October 31, 2025 | \n
December 8, 2025 | \n \u00a0 | \n Quarterly (increased) | \n \u00a0 | \n \u00a0 | \n 0.075 | \n \u00a0 | \n \u00a0 | \n January 19, 2026 | \n \u00a0 | \n January 30, 2026 | \n
March 27, 2026 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.075 | \n \u00a0 | \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n May 1, 2026 | \n
Future dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw the quarterly dividend in future periods as it reviews our capital allocation strategy from time to time.
During the six months ended October 31, 2025 and 2024, the Company paid $3.0 million in dividends each period.
"}]},{"name":"rpt:f-1117","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramAuthorizedAmount1","xbrl:period":"2022-12-30T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ShareRepurchaseProgramAxis":"immr:StockRepurchaseProgramMember","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"50000000","decimals":-5}]},{"name":"rpt:f-1118","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased","xbrl:period":"2025-11-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:December2022StockRepurchaseProgramMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1119","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1","xbrl:period":"2025-11-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:December2022StockRepurchaseProgramMember"},"factValues":[{"value":"40600000","decimals":-5}]},{"name":"rpt:f-1120","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramAuthorizedAmount1","xbrl:period":"2015-12-15T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:RangeAxis":"srt:MaximumMember","srt:ShareRepurchaseProgramAxis":"immr:BarnesAndNobleEducationStockRepurchaseProgramMember"},"factValues":[{"value":"50000000","decimals":-6}]},{"name":"rpt:f-1121","factDimensions":{"xbrl:concept":"srt:StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased","xbrl:period":"2025-11-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:BarnesAndNobleEducationStockRepurchaseProgramMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1122","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1","xbrl:period":"2025-11-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:BarnesAndNobleEducationStockRepurchaseProgramMember"},"factValues":[{"value":"26700000","decimals":-5}]},{"name":"rpt:f-1123","factDimensions":{"xbrl:concept":"immr:ScheduleOfDividendsDeclaredAndPaidTableTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Immersion Dividends Declared and Dividend Payments
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Announcement | \n \u00a0 | \n Dividend | \n \u00a0 | \n Amount | \n \u00a0 | \n \u00a0 | \n Record | \n \u00a0 | \n Payment | \n |
November 13, 2023 | \n \u00a0 | \n Quarterly (increased) | \n \u00a0 | \n $ | \n 0.045 | \n \u00a0 | \n \u00a0 | \n January 14, 2024 | \n \u00a0 | \n January 25, 2024 | \n
March 7, 2024 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n April 12, 2024 | \n \u00a0 | \n April 19, 2024 | \n
May 8, 2024 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n July 8, 2024 | \n \u00a0 | \n July 26, 2024 | \n
August 20, 2024 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n October 4, 2024 | \n \u00a0 | \n October 18, 2024 | \n
November 8, 2024 | \n \u00a0 | \n Special | \n \u00a0 | \n \u00a0 | \n 0.245 | \n \u00a0 | \n \u00a0 | \n January 10, 2025 | \n \u00a0 | \n January 24, 2025 | \n
March 10, 2025 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n April 14, 2025 | \n \u00a0 | \n April 25, 2025 | \n
July 8, 2025 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n July 23, 2025 | \n \u00a0 | \n August 8, 2025 | \n
October 8, 2025 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.045 | \n \u00a0 | \n \u00a0 | \n October 20, 2025 | \n \u00a0 | \n October 31, 2025 | \n
December 8, 2025 | \n \u00a0 | \n Quarterly (increased) | \n \u00a0 | \n \u00a0 | \n 0.075 | \n \u00a0 | \n \u00a0 | \n January 19, 2026 | \n \u00a0 | \n January 30, 2026 | \n
March 27, 2026 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.075 | \n \u00a0 | \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n May 1, 2026 | \n
NOTE 15. NONCONTROLLING INTEREST
Immersion is the primary beneficiary of Barnes & Noble Education and as a result, consolidates the financial results of Barnes & Noble Education and reports a noncontrolling interest representing BNED Common Stock held by other Barnes & Noble Education\u2019s stockholders. Changes in Immersion\u2019s ownership interest in Barnes & Noble Education while Immersion retains its controlling interest in Barnes & Noble Education are accounted for as equity transactions.
The following table summarizes the ownership interest in Barnes & Noble Education:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n |||||
| \n \u00a0 | \n Shares | \n \u00a0 | \n \u00a0 | \n % of | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n \u00a0 | \n 11,208,746 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32.9 | \n % | \n
Noncontrolling Interest | \n \u00a0 | \n \u00a0 | \n 22,845,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 67.1 | \n % | \n
Total BNED Common Stock outstanding | \n \u00a0 | \n \u00a0 | \n 34,053,847 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 100.0 | \n % | \n
\u00a0
The weighted average ownership percentages for the applicable reporting periods are used to attribute net income to the non-controlling interest holders and were as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Six Months Ended | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to | \n \u00a0 | \n ||
| \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n October 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||
Noncontrolling interest's weighted-average ownership percentage | \n \u00a0 | \n 67.3 | \n % | \n \u00a0 | \n \u00a0 | \n 58.7 | \n % | \n
\u00a0
The following table summarizes the effect of changes in ownership of Barnes & Noble Education on the Company\u2019s equity for the periods presented (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to | \n \u00a0 | \n |||||||
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n October 31, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Net Income (loss) attributable to Immersion stockholders | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,804 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 57,881 | \n \u00a0 | \n
Transfers from (to) noncontrolling interest: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Increase (decrease) in additional paid-in capital as a result of common stock issuances pursuant to vesting of equity awards, and sales of common stock | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (250 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 55,270 | \n \u00a0 | \n
Total effect of changes in ownership interest on equity attributable to Immersion stockholders | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,554 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 113,151 | \n \u00a0 | \n
The following table summarizes the ownership interest in Barnes & Noble Education:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n |||||
| \n \u00a0 | \n Shares | \n \u00a0 | \n \u00a0 | \n % of | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n \u00a0 | \n 11,208,746 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32.9 | \n % | \n
Noncontrolling Interest | \n \u00a0 | \n \u00a0 | \n 22,845,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 67.1 | \n % | \n
Total BNED Common Stock outstanding | \n \u00a0 | \n \u00a0 | \n 34,053,847 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 100.0 | \n % | \n
The weighted average ownership percentages for the applicable reporting periods are used to attribute net income to the non-controlling interest holders and were as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Six Months Ended | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to | \n \u00a0 | \n ||
| \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n October 31, 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||
Noncontrolling interest's weighted-average ownership percentage | \n \u00a0 | \n 67.3 | \n % | \n \u00a0 | \n \u00a0 | \n 58.7 | \n % | \n
The following table summarizes the effect of changes in ownership of Barnes & Noble Education on the Company\u2019s equity for the periods presented (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to | \n \u00a0 | \n |||||||
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n October 31, 2025 | \n \u00a0 | \n \u00a0 | \n October 31, 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Net Income (loss) attributable to Immersion stockholders | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,804 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 57,881 | \n \u00a0 | \n
Transfers from (to) noncontrolling interest: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Increase (decrease) in additional paid-in capital as a result of common stock issuances pursuant to vesting of equity awards, and sales of common stock | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (250 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 55,270 | \n \u00a0 | \n
Total effect of changes in ownership interest on equity attributable to Immersion stockholders | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,554 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 113,151 | \n \u00a0 | \n
NOTE 16. INCOME TAXES
Income tax benefit (expense) for the three and six months ended October 31, 2025 and 2024, consisted of the following (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||||
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Income (Loss) Before Income Taxes | \n $ | \n 41,632 | \n \u00a0 | \n \u00a0 | \n $ | \n 69,423 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,189 | \n \u00a0 | \n \u00a0 | \n $ | \n 91,310 | \n \u00a0 | \n
Income tax benefit (expense) | \n \u00a0 | \n (14,750 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,036 | \n ) | \n \u00a0 | \n \u00a0 | \n (7,023 | \n ) | \n \u00a0 | \n \u00a0 | \n (14,723 | \n ) | \n
Effective tax rate | \n \u00a0 | \n 35.4 | \n % | \n \u00a0 | \n \u00a0 | \n 7.3 | \n % | \n \u00a0 | \n \u00a0 | \n 34.8 | \n % | \n \u00a0 | \n \u00a0 | \n 16.1 | \n % | \n
\u00a0
Income tax benefit (expense) for the three and six months ended October 31, 2025, resulted primarily from estimated domestic and foreign taxes included in the calculation of the effective tax rate.
We maintain a valuation allowance for certain deferred tax assets in the United States and Canada, which management believes are not more likely than not to be realizable in the future. Changes in provision for income taxes resulted primarily from the change in income from continuing operations across various tax jurisdictions.
In the event that we determine the deferred tax assets are realizable based on an assessment of relevant factors, an adjustment to the valuation allowance may increase income in the period such determination is made. The valuation allowance does not impact our ability to utilize the underlying net operating loss carryforwards. We also maintain liabilities for uncertain tax positions.
As of October 31, 2025, we had unrecognized tax benefits under ASC 740 Income Taxes of approximately $13.3 million, of which $11.7 million could be payable in cash. In addition, interest and penalty of $1.3 million could also be payable in cash in relation to unrecognized tax benefits. The total amount of unrecognized tax benefits that would affect our effective tax rate, if recognized, is $13.0 million. We account for interest and penalties related to uncertain tax positions as a component of income tax provision.
Barnes & Noble Education
Barnes & Noble Education recorded an income tax expense of $1.8 million on pre-tax income of $4.9 million during the six months ended October 31, 2025, which represented an effective income tax rate of 36.2%.
In assessing the realizability of the deferred tax assets, management considered whether it is more likely than not that some or all of the deferred tax assets would be realized. As of October 31, 2025, Barnes & Noble Education determined that it was more likely than not that it would not realize all deferred tax assets and its tax rate for the current fiscal year reflects this determination. Barnes & Noble Education will continue to evaluate this position.
"}]},{"name":"rpt:f-1189","factDimensions":{"xbrl:concept":"immr:ScheduleOfIncomeTaxProvisionsFromContinuingOperationsTableTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Income tax benefit (expense) for the three and six months ended October 31, 2025 and 2024, consisted of the following (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||||
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Income (Loss) Before Income Taxes | \n $ | \n 41,632 | \n \u00a0 | \n \u00a0 | \n $ | \n 69,423 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,189 | \n \u00a0 | \n \u00a0 | \n $ | \n 91,310 | \n \u00a0 | \n
Income tax benefit (expense) | \n \u00a0 | \n (14,750 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,036 | \n ) | \n \u00a0 | \n \u00a0 | \n (7,023 | \n ) | \n \u00a0 | \n \u00a0 | \n (14,723 | \n ) | \n
Effective tax rate | \n \u00a0 | \n 35.4 | \n % | \n \u00a0 | \n \u00a0 | \n 7.3 | \n % | \n \u00a0 | \n \u00a0 | \n 34.8 | \n % | \n \u00a0 | \n \u00a0 | \n 16.1 | \n % | \n
NOTE 17. EARNINGS PER SHARE
We use the two-class method of computing EPS, which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared. Under the two-class method, basic earnings per share is computed by dividing the income attributable to Immersion stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. Potential common stock, computed using the treasury stock method, includes stock options and stock awards.
The following are reconciliations of the denominators used in computing basic and diluted net income per share (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||||
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Basic | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income (loss) attributable to Immersion Stockholders | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,804 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 57,881 | \n \u00a0 | \n
Adjustment for Immersion's portion of Barnes & Noble Education's EPS to be included in the numerator for Immersion's basic EPS calculation\u00a0(a) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (32 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 267 | \n \u00a0 | \n
Net income (loss) attributable to Immersion Stockholders, basic | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 58,148 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Weighted-average shares outstanding, basic | \n \u00a0 | \n 32,838 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,222 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,728 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,093 | \n \u00a0 | \n
Net income (loss) attributable to Immersion stockholders per share, basic | \n $ | \n 0.37 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.95 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.34 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.81 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Diluted | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income (loss) attributable to Immersion Stockholders | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,804 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 57,881 | \n \u00a0 | \n
Adjustment for Immersion's portion of Barnes & Noble Education's EPS to be included in the numerator for Immersion's diluted EPS calculation\u00a0(a) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (45 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 260 | \n \u00a0 | \n
Net income (loss) attributable to Immersion stockholders, diluted | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,759 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 58,141 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Weighted-average shares outstanding, basic | \n \u00a0 | \n 32,838 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,222 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,728 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,093 | \n \u00a0 | \n
Shares related to outstanding options, unvested RSUs, RSAs, and PSUs | \n \u00a0 | \n 402 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 695 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 298 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 796 | \n \u00a0 | \n
Weighted average shares outstanding, diluted | \n \u00a0 | \n 33,240 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,917 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,026 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,889 | \n \u00a0 | \n
Net income (loss) attributable to Immersion stockholders per share, diluted | \n $ | \n 0.36 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.93 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.33 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.77 | \n \u00a0 | \n
We include PSUs in the calculation of diluted earnings per share if the applicable performance conditions have been satisfied as of the end of the reporting period and exclude stock equity awards if the performance condition has not been met.
For the three and six months ended October 31, 2025 and 2024, the Company had no outstanding stock options or awards that could potentially dilute basic earnings per share in the future.
"}]},{"name":"rpt:f-1210","factDimensions":{"xbrl:concept":"immr:NumberOfCommonClassMethodsUsingEarningPerShare","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"immr:Number"},"factValues":[{"value":"2"}]},{"name":"rpt:f-1211","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2025-05-01T00:00:00/2025-11-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"The following are reconciliations of the denominators used in computing basic and diluted net income per share (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n Three Months Ended October 31, | \n \u00a0 | \n \u00a0 | \n Six Months Ended October 31, | \n \u00a0 | \n ||||||||||
| \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n As Restated | \n \u00a0 | \n ||||
Basic | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income (loss) attributable to Immersion Stockholders | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,804 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 57,881 | \n \u00a0 | \n
Adjustment for Immersion's portion of Barnes & Noble Education's EPS to be included in the numerator for Immersion's basic EPS calculation\u00a0(a) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (32 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 267 | \n \u00a0 | \n
Net income (loss) attributable to Immersion Stockholders, basic | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 58,148 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Weighted-average shares outstanding, basic | \n \u00a0 | \n 32,838 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,222 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,728 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,093 | \n \u00a0 | \n
Net income (loss) attributable to Immersion stockholders per share, basic | \n $ | \n 0.37 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.95 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.34 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.81 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Diluted | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net income (loss) attributable to Immersion Stockholders | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,804 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 57,881 | \n \u00a0 | \n
Adjustment for Immersion's portion of Barnes & Noble Education's EPS to be included in the numerator for Immersion's diluted EPS calculation\u00a0(a) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (45 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 260 | \n \u00a0 | \n
Net income (loss) attributable to Immersion stockholders, diluted | \n $ | \n 11,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,759 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,061 | \n \u00a0 | \n \u00a0 | \n $ | \n 58,141 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Weighted-average shares outstanding, basic | \n \u00a0 | \n 32,838 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,222 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,728 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,093 | \n \u00a0 | \n
Shares related to outstanding options, unvested RSUs, RSAs, and PSUs | \n \u00a0 | \n 402 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 695 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 298 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 796 | \n \u00a0 | \n
Weighted average shares outstanding, diluted | \n \u00a0 | \n 33,240 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,917 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,026 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,889 | \n \u00a0 | \n
Net income (loss) attributable to Immersion stockholders per share, diluted | \n $ | \n 0.36 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.93 | \n \u00a0 | \n \u00a0 | \n $ | \n 0.33 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.77 | \n \u00a0 | \n
NOTE 18. COMMITMENTS AND CONTINGENCIES
We are involved in a variety of claims, suits, investigations and proceedings that arise from time to time in the ordinary course of our business, including actions with respect to contracts, intellectual property, taxation, employment, benefits, personal injuries
and other matters. The results of these proceedings in the ordinary course of business are not expected to have a material adverse effect on our consolidated financial position, results of operations, or cash flows.
In the normal course of business, we provide indemnification of varying scope to customers, most commonly to licensees in connection with licensing arrangements that include our IP, although these provisions can cover additional matters. Historically, costs related to these guarantees have not been significant, and we are unable to estimate the maximum potential impact of these guarantees on our future results of operations.
LGE Korean Withholding Tax Matter
On October 16, 2017, we received a letter from LG Electronics Inc. (\"LGE\") requesting that we reimburse LGE with respect to withholding tax imposed on LGE by the Korean tax authorities following an investigation where the tax authority determined that LGE failed to withhold on LGE's royalty payments to Immersion Software Ireland Limited, a subsidiary of the Company, from 2012 to 2014. Pursuant to an agreement reached with LGE, on April 8, 2020, we provided a provisional deposit to LGE in the amount of KRW 5,916,845,454 (approximately $5.0 million) representing the amount of such withholding tax that was imposed on LGE, which provisional deposit would be returned to us to the extent we ultimately prevail in the appeal in the Korean courts. In the second quarter of 2020, we recorded this deposit in Long\u2011term deposits on our Condensed Consolidated Balance Sheets. In the fourth quarter of 2021, we recorded an impairment charge of $0.8 million related to the long\u2011term deposits paid to LGE.
On November 3, 2017, on behalf of LGE, we filed an appeal with the Korea Tax Tribunal regarding its findings with respect to the withholding taxes related to the 2012 to 2017 period. The Korea Tax Tribunal hearing took place on March 5, 2019. On March 19, 2019, the Korea Tax Tribunal issued its ruling in which it decided not to accept our arguments with respect to the Korean tax authorities' assessment of withholding tax and penalties imposed on LGE. On behalf of LGE, we filed an appeal with the Korea Administrative Court on June 10, 2019. We had numerous hearings before the Korea Administrative Court in the years 2019 through 2022. We had a hearing on April 27, 2023, and the Korea Administrative Court rendered a decision on this matter on June 8, 2023, in which it ruled that the withholding taxes and penalties which were imposed by the Korean tax authorities on LGE should be cancelled with litigation costs to be borne by the Korean tax authorities.
In connection with the Korea Administrative Court's decision, the Korean tax authorities filed an appeal on June 28, 2023, with the Seoul High Court to seek the cancellation of the lower court's decision. The appellate case is in progress at the Seoul High Court and the first and second hearings took place on November 30, 2023, and February 1, 2024, respectively. As of the date of this filing, the next hearing date had not yet been set. The Seoul Administrative Court also issued an additional judgment on July 27, 2022, clarifying the ratio of software versus patent usage, and, as of the date of this filing, the Seoul High Court appeal remains pending.
On April 25, 2023, we received notice from LGE requesting us to reimburse LGE with respect to its withholding tax imposed on LGE by the Korean tax authorities following a recent tax audit of LGE for the years 2018 through 2022. Pursuant to an agreement reached with LGE, on June 2, 2023, we provided a provisional deposit to LGE in the amount of KRW 3,024,877,044 (approximately $2.3 million) representing the amount of such withholding tax that was imposed on LGE, which provisional deposit would be returned to us to the extent we ultimately prevail in the appeal in the Korean courts. In the second quarter of 2023, we recorded this deposit in Long\u2011term deposits on our Condensed Consolidated Balance Sheets. In the second quarter of 2023, we recorded an impairment charge of $0.3 million related to the long\u2011term deposits paid to LGE.
On June 29, 2023, on behalf of LGE, we filed an appeal with the Korea Tax Tribunal regarding their findings with respect to the withholding taxes related to the 2018 to 2022 period. On August 7, 2023, the Korean tax authority submitted its answer against the tax appeal. On September 8, 2023, on behalf of LGE, we submitted our rebuttal brief in response thereto. On September 25, 2023, the Korean tax authority submitted an additional response brief, and on November 23, 2023, the Korea Tax Tribunal rendered a decision against LGE, dismissing our claims on the grounds that they are without merit. In response thereto, on behalf of LGE, we filed an appeal with the Korea Administrative Court on December 29, 2023.
On July 25, 2024, the Korea Tax Tribunal rendered a decision against LGE on the related local income tax assessment, and the deadline for the court appeal of the local income tax claim was October 21, 2024. On October 18, 2024, we filed a complaint and a brief with the Korea Administrative Court for the local income tax appeal. This case has been reassigned due to its significance, and the Korean tax authority filed its answer on November 27, 2024. The first hearing date, which was originally scheduled for March 21, 2025, has been set at a later date, as the counsel for the plaintiff submitted an application for hearing date to be set at a later date by obtaining the defendant\u2019s consent. No subsequent changes have been made so far.
Based on the developments in these cases, we regularly reassess the likelihood that we will prevail in the claims from the Korean tax authorities with respect to the LGE case. To the extent that we determine that it is more likely than not that we will prevail against the claims from the Korean tax authorities, then no additional tax expense is provided for in our Condensed Consolidated Statements of Operations. In the event that we determine that it is more likely than not that we will not prevail against the claims from the Korean tax authorities, or a portion thereof, then we would estimate the anticipated additional tax expense associated with that outcome and record it as additional income tax expense in our Condensed Consolidated Statements of Operations in the period of the new determination. If the additional income tax expense was related to the periods assessed by Korean tax authorities and for which we recorded a Long\u2011term deposit on our Condensed Consolidated Balance Sheets, then the additional income tax expense would be recorded as an impairment to the Long\u2011term deposits. If the additional income tax expense was not related to the periods assessed by Korean tax authorities and for which we recorded Long\u2011term deposits on our Condensed Consolidated Balance Sheets, then the additional income tax expense would be accrued as Other current liabilities.
In the event that we do not ultimately prevail in our appeal in the Korean courts with respect to this case, the applicable deposits included in Long\u2011term deposits would be recorded as additional income tax expense on our Condensed Consolidated Statements of Operations in the period in which we do not ultimately prevail.
Immersion Corporation vs. Xiaomi Group
On or about March 3, 2023, the Company initiated patent infringement lawsuits against several companies of the Xiaomi\u2011Group in Germany, France and India (the \u201cXiaomi Litigation\u201d). Immersion filed complaints against Xiaomi\u2011Group companies and their agents in the D\u00fcsseldorf Regional Court in Germany, the Tribunal judiciaire de Paris (Paris First Instance Civil Court) in France, and the High Court of Delhi, at New Delhi, in India. The complaints alleged that the Xiaomi\u2011Group's devices, including the Xiaomi 12, infringed Immersion's patents that cover various uses of haptic effects in connection with such devices.
On June 12, 2024, the Company entered into a Patent License Agreement (the \u201cXiaomi License Agreement\u201d) with the Xiaomi Group, pursuant to which the parties agreed to terms for resolving the Xiaomi Litigation and the Xiaomi Group will license, on a non\u2011exclusive basis, the Company's patent portfolio for use in its products. The Xiaomi Litigation was dismissed in October 2024. Any consideration related to the Xiaomi License Agreement is recognized in accordance with our revenue recognition policy described elsewhere in these Condensed Consolidated Financial Statements.
Immersion Corporation vs. Valve Corporation (\u201cValve\u201d)
On May 15, 2023, the Company filed a complaint against Valve in the United States District Court for the Western District of Washington. The complaint alleges that Valve's AR/VR systems, including the Valve Index, and handheld Steam Deck, infringe seven of our patents that cover various uses of haptic effects in connection with such AR/VR systems and other video game systems. The Company is seeking to enjoin Valve from further infringement and to recover a reasonable royalty for such infringement.
The complaint against Valve asserts infringement of the following patents:
Valve responded to the complaint on July 24, 2023, with a motion to dismiss. Valve re\u2011noted its motion, which changed Immersion's response deadline from August 14, 2023, to August 21, 2023. Immersion timely filed its response, and Valve filed its reply on August 25, 2023. The Court heard arguments on Valve\u2019s motion on February 8, 2024. The Court entered a case schedule on November 21, 2023. The case schedule did not include a trial date but set the pretrial conference for May 30, 2025.
On March 14, 2024, Valve filed a motion to stay the district court case pending the PTAB\u2019s decisions on Valve's inter partes review (\u201cIPR\u201d) petitions. Immersion opposed the motion on March 25, 2024, and Valve filed its reply brief on March 29, 2024. The Court granted Valve's motion to stay on April 4, 2024. In connection with that order, the Court struck Valve's motion to dismiss with leave to refile at a later date. The case remains stayed pending resolution of the IPR proceedings.
Valve filed multiple IPRs with the PTAB challenging the validity of the patents asserted in the district court litigation. As of the date of this filing, the status of these proceedings is as follows:
The parties submitted their joint claim construction statement and respective positions on March 29, 2024. The district court case is currently stayed pending the outcome of the IPR proceedings.
We are unable at this time to predict the ultimate outcome of the district court litigation or the related IPR proceedings, the impact of any PTAB decisions and any appeals therefrom, or to reasonably estimate the amount or range of any possible loss or recovery associated with these matters. Accordingly, we have not recorded a liability related to the Valve litigation or the associated IPRs as of October 31, 2025.
Other Matters
From time to time, we receive claims from third parties asserting that our technologies or those of our licensees infringe the other parties' intellectual property rights, and we are also periodically involved in other routine legal matters and contractual disputes incidental to our normal operations. In management's opinion, unless we disclose otherwise, the resolution of such matters will not have a material adverse effect on our consolidated financial condition, results of operations, or liquidity.
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Restructuring and other charges
During the three months ended October 31, 2025, Barnes & Noble Education recognized restructuring and other charges of $4.3 million, primarily related to investigation costs. During the comparable prior year period, restructuring and other charges were $0.06 million.
Restructuring and other charges totaled $7.2 million for the six months ended October 31, 2025, consisting primarily of investigation related costs of $5.6 million and impairment charges. For the period from June 10, 2024 to October 31, 2024, restructuring and other charges were $5.1 million, primarily consisting of $2.0 million of severance related to the resignation of the former Chief Executive Officer on June 11, 2024, $1.1 million of severance and other employee termination and benefit costs associated with cost reduction initiatives, and $0.5 million of legal and advisory fees related to restructuring, process improvements, and other charges.
Barnes & Noble Education recognized an increase to additional paid-in capital for the reimbursement of its former Chief Executive Officer\u2019s severance by VitalSource, a principal stockholder, as part of the June 10, 2024 financing transactions.
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Dividends Declared and Paid
On December 8, 2025, our Board announced that it had approved an increase in the quarterly dividend from $0.045 per share to $0.075 per share. The quarterly cash dividend of $0.075 per share, was paid on January 30, 2026, to stockholders of record on January 19, 2026. The total cash paid for this dividend was approximately $2.5 million.
On March 27, 2026, our Board declared a quarterly dividend in the amount of $ 0.075 per share, payable on May 1, 2026, to stockholders of record on April 30, 2026.
The total cash paid for these dividends is approximately $2.5 million. See Note 14. Stockholders' Equity for additional information.
Korean Withholding Tax Assessment \u2013 Samsung License
Immersion licenses certain of its patented technologies to Samsung Electronics Co., Ltd. (\u201cSamsung\u201d) and its affiliates under a license agreement that provides Samsung with the right to manufacture and sell Samsung products worldwide. Under the terms of this agreement, Immersion is obligated to indemnify Samsung for any Korean withholding taxes that may be imposed on royalty payments made by Samsung to Immersion.
In prior years, the Korean tax authorities, through the Suwon Regional Tax Office (\u201cSRTO\u201d), issued assessments to Samsung asserting that royalties paid to Immersion constituted Korean\u2011source royalty income subject to Korean withholding tax. Samsung contested these assessments, and the most recent matters were the subject of an administrative appeal before the Regional Tax Office Appeal (\u201cRATI\u201d).
On November 19, 2025, RATI issued a decision in favor of the SRTO, upholding the withholding tax assessments on royalties paid to Immersion. As a result of this decision, Samsung was required to remit the assessed withholding taxes to the Korean tax authorities by the end of December 2025. In accordance with its indemnification obligation under the license agreement, Immersion reimbursed Samsung in December 2025 for the full amount of the withholding taxes paid.
The total amount reimbursed by Immersion, including related surcharges and local withholding components, was approximately $9.7 million, based on the applicable KRW/USD exchange rate at the time of settlement. The Company expects to recognize this amount as an income tax charge and a corresponding liability in its third quarter of fiscal 2026, when the obligation became both probable and reasonably estimable.
Because the RATI decision and related reimbursement occurred after October 31, 2025, the Company\u2019s Consolidated Financial Statements for the three and six months ended October 31, 2025, have not been adjusted for this matter.
Barnes & Noble Education Credit Facility
As previously disclosed, Barnes & Noble Education was unable to timely file certain periodic reports due to the completion of a review of certain accounting matters and, as a result, has restated its previously-issued consolidated financial statements for certain prior periods. Starting in the quarter ended October 31, 2025, Barnes & Noble Education entered into a series of limited consent and waiver arrangements with its lenders related to extending the timing of required financial reporting deadlines.
\u00a0
\u00a0
Shareholder Rights Plan
On November 7, 2025, the Board declared a dividend to the holders of the Company\u2019s common stock outstanding at the close of business on November 17, 2025 (the \u201cRecord Date\u201d) of one preferred share purchase right (a \u201cRight\u201d) for each share of the Company\u2019s common stock. Each Right is payable on the Record Date and initially entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Junior Participating Preferred Stock, par value $0.001 per share (\u201cPreferred Share\u201d), of the Company at a price of $20.58 per one one-thousandth of a Preferred Share, subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement, dated November 7, 2025 (the \u201cRights Agreement\u201d), between the Company and Computershare Trust Company, N.A., as rights agent.
In general terms, the Rights Agreement imposes a significant penalty upon any person or group that acquires 9.99% or more of the shares of common stock without the approval of the Board. As a result, the overall effect of the Rights Agreement and the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board.
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