DOCUMENTS INCORPORATED BY REFERENCE
Items 10 (as to directors and executive officers, and Delinquent Section 16(a) Reports (if any)), 11, 12 (as to Beneficial Ownership), 13 and 14 of Part III of this Annual Report on Form 10-K incorporate by reference portions of the Registrant\u2019s definitive Proxy Statement for the Fiscal Year 2026 Annual Meeting of Stockholders.
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We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.
We conduct periodic risk assessments to identify cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks.
Following these risk assessments, we re-design, implement, and maintain reasonable safeguards to minimize identified risks; reasonably address any identified gaps in existing safeguards; and regularly monitor the effectiveness of our safeguards. Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with an IT consultant who reports to our Chief Financial Officer, to manage the risk assessment and mitigation process.
As part of our overall risk management system, we monitor and test our safeguards and train our employees on these safeguards, in collaboration with IT and management. Personnel at all levels and departments are made aware of our cybersecurity policies through training.
We engage consultants, or other third parties in connection with our risk assessment processes. These service providers assist us to design and implement our cybersecurity policies and procedures, as well as monitoring and testing our safeguards. We require each third-party service provider to certify that it has the ability to implement and maintain appropriate security measures, consistent with all applicable laws, to implement and maintain reasonable security measures in connection with their work with us, and to promptly report any suspected breach of its security measures that may affect our company.
We have not encountered cybersecurity incidents that have materially impaired our operations or financial standing. For additional information regarding risks from cybersecurity threats, please refer to Item 1A. Risk Factors in this Annual Report on Form 10-K.
Governance Disclosure
Our Board is periodically informed of our risk management process, including risks from cybersecurity threats. Our Board is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our Board administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee.
Our Chief Executive Officer and Chief Financial Officer are primarily responsible to assess and manage our material risks from cybersecurity threats with assistance from third-party service providers.
Our Chief Executive Officer and Chief Financial Officer oversee our cybersecurity policies and processes, including those described in \u201cRisk Management and Strategy\u201d above. The cybersecurity risk management program includes tools and activities to prevent, detect, and analyze current and emerging cybersecurity threats, and plans and strategies to address threats and incidents.
Our Chief Financial Officer and IT consultant provide periodic briefings to the audit committee regarding the Company\u2019s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. Our audit committee provides regular updates to the Board on such reports.
Our Board is periodically informed of our risk management process, including risks from cybersecurity threats. Our Board is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our Board administers its cybersecurity risk oversight function directly as a whole, as well as through the audit committee.
Our Chief Executive Officer and Chief Financial Officer are primarily responsible to assess and manage our material risks from cybersecurity threats with assistance from third-party service providers.
Our Chief Executive Officer and Chief Financial Officer oversee our cybersecurity policies and processes, including those described in \u201cRisk Management and Strategy\u201d above. The cybersecurity risk management program includes tools and activities to prevent, detect, and analyze current and emerging cybersecurity threats, and plans and strategies to address threats and incidents.
Our Chief Financial Officer and IT consultant provide periodic briefings to the audit committee regarding the Company\u2019s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like. Our audit committee provides regular updates to the Board on such reports.
Our Chief Executive Officer and Chief Financial Officer are primarily responsible to assess and manage our material risks from cybersecurity threats with assistance from third-party service providers.
Our Chief Executive Officer and Chief Financial Officer oversee our cybersecurity policies and processes, including those described in \u201cRisk Management and Strategy\u201d above. The cybersecurity risk management program includes tools and activities to prevent, detect, and analyze current and emerging cybersecurity threats, and plans and strategies to address threats and incidents.
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We have audited the accompanying consolidated balance sheets of Immersion Corporation (the \u201cCompany\u201d) as of April 30, 2026 and 2025, the related consolidated statements of operations, comprehensive income (loss), stockholders\u2019 equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the \u201cconsolidated financial statements\u201d). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at April 30, 2026 and 2025, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
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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 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, consumer, mobile entertainment and other content; console gaming; automotive; medical; and commercial.
On June 10, 2024, we acquired a controlling interest in Barnes & Noble Education, Inc. (\u201cBarnes & Noble Education\u201d), a Delaware corporation. See Note 3. Business Combination for additional information about the acquisition. The financial results of Barnes & Noble Education have been included from the acquisition date of June 10, 2024.
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.
BNC First Day\u00ae Equitable and Inclusive Access Programs
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 our 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 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 Consolidated Balance Sheet represents the portion of our net assets attributable to the other owners, based on the portion of the interest owned by such owners. At April 30, 2026 and 2025, the noncontrolling interest in Barnes & Noble Education was $270.2 million and $260.6 million, respectively. 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 Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) for financial information and with the instructions for Form 10-K and the applicable articles of Regulation S-X.
Due to their nonhomogeneous operations, our Consolidated Balance Sheets as of April 30, 2026 and 2025, and Consolidated Statement of Operations for the fiscal years ended April 30, 2026 and 2025, 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 of the assets of Barnes & Noble Education, reported on the 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.
Reporting Periods
The Company\u2019s fiscal year begins on May 1 and ends on April 30. Therefore, the financial results of the current fiscal year may not be comparable to prior fiscal years. References throughout these Consolidated Financial Statements refer to Immersion\u2019s Fiscal 2026 for the fiscal year ended April 30, 2026.
Barnes & Noble Education\u2019s Fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. The financial information presented in these Consolidated Financial Statements includes the financial information of Barnes & Noble Education for the fiscal year ended May 2, 2026 and the period from June 10, 2024 to May 3, 2025.
Seasonality
Our Barnes & Noble Education segment\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 Barnes & Noble Education\u2019s 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 textbook 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.
Summary of Significant Accounting Policies
Use of Estimates
In preparing financial statements in conformity with U.S. GAAP, we are required to make estimates and assumptions that affect the reported amounts in the Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.
Segment Information
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Following the closing of the Transactions (as defined herein) with Barnes & Noble Education, the Company operates as two operating and reportable segments, Immersion and Barnes & Noble Education. We identify these segments based on the distinct business activities of each company. See Note 4. Segment Information for additional information.
Earnings per Share
We present both basic and diluted earnings 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 Net Income (Loss) attributable to Immersion Stockholders by the Weighted-Average Common 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.
Business Combinations
The determination of the fair value of net assets acquired in a business combination requires estimates and judgments of future cash flow expectations for the acquired business and the related identifiable tangible and intangible assets. Fair values of net assets acquired are calculated using expected cash flows and industry-standard valuation techniques. For current assets and current liabilities, book value is generally assumed to approximate fair value. Goodwill is the amount by which consideration paid for an acquired entity exceeds the fair value of its acquired net assets. Acquisition costs are expensed as incurred and are included within general and administrative expenses on the Consolidated Statement of Operations.
Due to the time required to gather and analyze the necessary data for each acquisition, U.S. GAAP provides a \u201cmeasurement period\u201d of up to one year from the date of acquisition in which to finalize these fair value determinations. During the measurement period, preliminary fair value estimates may be revised if new information is obtained about the facts and circumstances existing as of the date of acquisition or based on the final net assets and working capital of the acquired business, as prescribed in the applicable purchase agreement. Such adjustments may result in the recognition of, or an adjustment to the fair values of, acquisition-related assets and liabilities and/or consideration paid, and are referred to as \u201cmeasurement period\u201d adjustments. Measurement period adjustments are recorded to goodwill. Other revisions to fair value estimates, including those relating to facts and circumstances that occur subsequent to the date of acquisition, are reflected as income or expense, as appropriate.
Goodwill and Indefinite-Lived Intangible Assets
The goodwill represents the future economic benefit attributable to Barnes & Noble Education\u2019s assembled workforce and the indefinite-lived intangible assets represent the future economic benefit attributable to the Barnes & Noble Education trade name. As such, the carrying value of the goodwill and trade name have been allocated to the Barnes & Noble Education segment and none of the goodwill or the indefinite-lived intangible assets have been allocated to the Immersion segment.
Goodwill and indefinite-lived intangible assets are not amortized but instead are tested for impairment at least annually. Immersion\u2019s goodwill and indefinite-lived intangible assets test first assesses qualitative factors to determine whether goodwill and indefinite-lived intangible assets are likely impaired. We monitor these factors on a quarterly basis for potential indicators of impairment. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount including goodwill or that the fair value of the indefinite-lived intangible asset is less than its carrying amount, Immersion will then perform a quantitative impairment test. Changes in goodwill may result from, among other things, impairments, future acquisitions, or future divestitures. 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. The impairment test for indefinite-lived intangible assets is performed at reporting unit level. The Company performed the annual impairment test during the fourth quarter of our fiscal year 2026 and no impairment was recognized for the fiscal year ended April 30, 2026.
See Note 8. Goodwill and Intangible Assets for additional information.
Impairment of Long-Lived Assets
Immersion\u2019s long-lived assets include Property and equipment, net; Operating lease right-of-use assets; and amortizable Intangible assets, net, 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.
Many colleges and universities are providing alternatives to traditional in-person instruction, including online and hybrid learning options. Additionally, enrollment trends have been negatively impacted at physical campuses. Many other events, such as parent and alumni weekends and prospective student campus tour activities, offer a virtual option. These combined events have reduced on-campus activity, as well as increased competition and disintermediation, continue to impact Barnes & Noble Education\u2019s course materials and general merchandise business.
Barnes & Noble Education evaluated certain of its long-lived assets in the retail business for impairment and based on the results of the impairment tests, noncash impairment losses of $5.1 million and $1.2 million were recognized for the fiscal years ended April 30, 2026 and 2025, respectively.
The fair value of the impaired long-lived assets were determined using an income approach, a level 3 input, using Barnes & Noble Education\u2019s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends, and performance expectations. The significant assumptions used in the income approach included annual revenue growth rates, gross margin rates, and the estimated relationship of selling and administrative costs to revenue used to estimate the projected cash-flow directly related to the future operation of the stores as well as the weighted-average cost of capital used to calculate the fair value. Significant assumptions used to determine the fair values of certain operating right-of-use assets included the current market rent and discount rate.
See Note 9. Impairment of Long-Lived Assets for additional information.
Foreign Currency Translation
The functional currency of our foreign subsidiaries is U.S. dollars. Gains and losses from the remeasurement of the financial statements of the foreign subsidiaries into U.S. dollars and from foreign currency transactions are reported as Interest income and other income (expense), net in our Consolidated Statements of Operations.
Revenue Recognition and Deferred Revenue
The Company\u2019s Immersion segment revenue is primarily derived from fixed fee license agreements and per-unit royalty agreements. A key part of our business strategy has been to license our software and patents (and other IP) to companies that manufacture and sell products incorporating our touch-enabling technologies. The majority of the Barnes & Noble Education revenue is derived from product sales and rentals.
Fixed fee license revenue. We recognize revenue from a fixed fee license agreement when we have satisfied our performance obligations, which typically occurs upon the transfer of rights to our technology upon the execution of the license agreement. However, in certain contracts, we grant a license to our existing patent portfolio at the inception of the license agreement as well as rights to the portfolio as it evolves throughout the contract term. For such arrangements, we have concluded that there are two separate performance obligations:
If a fixed fee license agreement contains only Performance Obligation A, we recognize the revenue from the agreement at the inception of the contract. For fixed fee license agreements that contain both Performance Obligation A and B, we allocate the transaction price based on the standalone selling price for each of the two performance obligations. We use a number of factors primarily related to the attributes of our patent portfolio to estimate standalone selling prices related to Performance Obligation A and B. Once the transaction price is allocated, the portion of the transaction price allocable to Performance Obligation A is recognized in the period the license agreement is signed and the customer can benefit from rights provided in the contract. The portion allocable to Performance Obligation B is recognized on a straight-line basis over the contract term which best represents the ongoing and continuous nature of the patent prosecution process. For such contracts, a contract liability account is established and included within Deferred revenue - current and Deferred Revenue - noncurrent on the Consolidated Balance Sheets. As the rights and obligations in a contract are interdependent, contract assets and contract liabilities that arise in the same contract are presented on a net basis.
Payments for fixed fee license contracts typically are due in full within 30 - 45 days from execution of the contract. From time to time, we enter into a fixed fee license contract with payments due in a number of installments payable throughout the contract term. In such cases, we determine if a significant financing component exists and if it does, we will recognize more or less revenue and corresponding interest expense or income, as appropriate.
Per-unit Royalty revenue. We record per-unit royalty revenue in the same period in which the licensee\u2019s underlying sales occur. When we do not receive the per-unit licensee royalty reports for sales during a given quarter within the time frame that allows us to adequately review the reports and include the actual amounts in our quarterly results for such quarter, we accrue the related revenue based on estimates of our licensees\u2019 underlying sales, subject to certain constraints on our ability to estimate such amounts. We develop such estimates based on a combination of available data including, but not limited to, approved customer forecasts, a look back at historical royalty reporting for each of our customers, and industry information available for the licensed products.
Certain of our per-unit royalty agreements contain minimum royalty provisions which sets forth minimum amounts to be received by us during the contract term. Under ASC 606, Revenue from Contracts with Customers, (\u201cASC 606\u201d), minimum royalties are considered a fixed transaction price to which we have a right once all other performance obligations, if any, are satisfied. We recognize all minimum royalties as revenue at the inception of the license agreement, or in the period in which all remaining revenue recognition criteria have been met. We account for the unbilled minimum royalties as contract assets as Prepaid and other current assets and Other assets, net on our Consolidated Balance Sheets, and the balance of such contract assets will be reduced by the actual royalties to be reported by the licensee during the contract term until fully utilized, after which point any excess per-unit royalties reported are recognized as revenue. As the rights and obligations in a contract are interdependent, contract assets and contract liabilities that arise in the same contract are presented on a net basis.
Payments of per-unit royalties typically are due within 30 to 60 days from the end of the quarter in which the underlying sales took place.
Product sales and rentals revenue. 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 Barnes & Noble Education\u2019s 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 Barnes & Noble Education expects to be entitled to in exchange for the products.
Product 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 its websites and virtual bookstores. Wholesale product revenue is 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 revenue in our 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, our 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 the 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. Such buyouts have historically been, and continue to be, immaterial to the financial statements.
Revenue recognized for Barnes & Noble Education\u2019s BNC First Day\u00ae offerings is consistent with its 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\u00ae 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 Barnes & Noble Education\u2019s BNC First Day\u00ae affordable access course material program 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 the fiscal third quarter, given the timing of the Spring Term and the fiscal 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.
Returns are estimated based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold 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. Barnes & Noble Education\u2019s determination is based on its 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, Barnes & Noble Education records revenue on a gross basis, and for those transactions where Barnes & Noble Education is an agent to a third-party, Barnes & Noble Education records revenue on a net basis.
Barnes & Noble Education\u2019s logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics and commission revenue earned for these sales on a net basis is recognized in the consolidated financial statements.
Barnes & Noble Education does not have gift card 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. Barnes & Noble Education\u2019s service and other revenue is primarily derived from brand marketing services which includes promotional activities and advertisements within Barnes & Noble Education\u2019s physical bookstores and web properties performed on behalf of third-party customers, shipping and handling, non-return rental penalty fees, and revenue from other programs.
Brand marketing agreements often include multiple performance obligations which are individually negotiated with our 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.
Deferred Revenue. Immersion deferred revenue consists of amounts that have been invoiced or paid but have not been recognized as revenue. The amounts are primarily derived from our fixed license fee agreements under which we are obliged to transfer both rights to our patent portfolio that exists when the contract is executed and rights to its patent portfolio as it evolves over the contract term.
Barnes & Noble Education\u2019s deferred revenue consists of: advanced payments from customers related to textbook rental performance obligations, which are recognized ratably over the terms of the related rental period; unsatisfied performance obligations associated with partnership marketing services, which are recognized when the contracted services are provided to its partnership marketing customers; and unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the merchandising contracts for Fanatics and Lids., respectively.
Deferred revenue that will be recognizable during the succeeding 12-month period is recorded as Deferred Revenue - current, and the remaining deferred revenue is recorded as Deferred Revenue - noncurrent on the Consolidated Balance Sheets. See Note 5. Revenue for additional information.
Cost of Sales
Cost of sales primarily includes: (i) merchandise costs; (ii) textbook rental amortization; (iii) warehouse costs related to inventory management and order fulfillment; (iv) insurance; (v) certain payroll costs; and (vi) management service agreement costs, including rent expense related to Barnes & Noble Education\u2019s college and university contracts; and (vii) other facility-related expenses.
Fair Value Measurement
We measure the fair value of financial assets as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use the GAAP fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are as follows:
Level 1 \u2014 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 \u2014 Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3 \u2014 Unobservable inputs for the asset or liability, which include assumptions market participants would use in pricing the asset or liability.
Cash and Cash Equivalents
We consider all highly liquid instruments with an original maturity of 90 days or less at the date of purchase to be cash equivalents.
Restricted Cash
As of April 30, 2026 and 2025, the Company had restricted cash of $19.8 million and $19.7 million, respectively, comprised of $17.4 million and $17.3 million, respectively, in Prepaid expenses and other current assets on the Consolidated Balance Sheets related to segregated funds for commission due to Lids for logo merchandise sales as per the Lids service provider merchandising agreement and $2.4 million and $2.4 million, respectively, in Other assets - noncurrent on the Consolidated Balance Sheets related to amounts held in trust for future distributions related to employee benefit plans. The restricted cash was part of net assets acquired as part of the acquisition of Barnes & Noble Education.
Investments in Marketable Securities
Equity Securities. We hold marketable equity investments over which we do not have a controlling interest or significant influence. Our investments in marketable equity securities are classified based on the nature of the securities and their availability for use in current operations.
As of April 30, 2026, our marketable equity securities primarily consisted of mutual funds and corporate common and preferred stocks. Marketable equity investments are reported as Investment-current on the Consolidated Balance Sheets. They are measured using quoted prices in active markets with changes recorded in Interest income and other income (expense), net on the Consolidated Statements of Operations.
Debt Securities. Debt securities primarily consist of investments in corporate bonds and U.S. treasury securities and are classified and accounted for as available-for-sale at the time of purchase. We report marketable debt securities as either Investments-current or Investments-noncurrent on our Consolidated Balance Sheets based on each instrument\u2019s underlying contractual maturity date and management's intended holding period.
Unrealized gains on available-for-sale securities are included in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets, except for credit-related impairment losses for available-for-sale debt securities. Available-for-sale securities in an unrealized loss position are written down to its fair value with the corresponding charge recorded in Interest income and other income (expense), net, on our Consolidated Statements of Operations, if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, or we have the intention to sell the security. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized through an allowance for credit losses with changes in the allowance for credit losses recorded in Interest income and other income (expense), net in the Consolidated Statements of Operations. As of April 30, 2026, we did not have any available-for-sale debt securities with unrealized loss positions.
We elected to exclude the applicable accrued interest from both the fair value and amortized cost basis. Applicable accrued interest, net of the allowance for credit losses (if any), of nil and $0.6 million, were recorded in on the Consolidated Balance Sheets as of April 30, 2026 and 2025, respectively.
Realized gains and losses from the sales of available-for-sale debt securities are determined based on the specific identification method and are reported in Interest income and other income (expense), net in the Consolidated Statements of Operations.
Derivative Financial Instruments
We invest in derivatives that are not designated as hedging instruments and which consist of call and put options. When we sell call or put options, the premium received is reported as Other current liabilities on our Consolidated Balance Sheets. When we purchase put or call options, the premium paid is reported as Investments-current on our Consolidated Balance Sheets. The carrying value of these options is adjusted to the fair value, measured using the practical expedient of the midpoint of the bid-ask spread, at the end of each reporting period until the options expire. Gains and losses recognized from the periodic adjustments to fair value are recognized as Interest income and other income (expense), net on our Consolidated Statements of Operations.
Accounts Receivable
Receivables represent customer, private and public institutional and government billings (colleges, universities, and other financial-aid providers), credit/debit card receivables, advances for book buybacks, advertising, and other receivables due within one year. The following summarizes the components of our Accounts receivable, net balance presented on the Consolidated Balance Sheets for the following periods (in thousands):
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\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 2,112 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,767 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Trade Accounts, net | \n \u00a0 | \n \u00a0 | \n 67,749 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,952 | \n \u00a0 | \n
Advances for book buybacks | \n \u00a0 | \n \u00a0 | \n 677 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 993 | \n \u00a0 | \n
Credit/debit card receivables | \n \u00a0 | \n \u00a0 | \n 7,535 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,991 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 40,565 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,139 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 116,526 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 98,075 | \n \u00a0 | \n
Total receivables, net | \n
| \n $ | \n 118,638 | \n \u00a0 | \n \u00a0 | \n $ | \n 100,842 | \n \u00a0 | \n
As of April 30, 2026 and 2025, the allowance for expected credit losses included on the Consolidated Balance Sheets of Immersion were not material.
The following summarizes the changes to the allowance for expected credit losses related to Barnes & Noble Education\u2019s accounts receivable (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n For the Fiscal | \n \u00a0 | \n From | \n \u00a0 | \n ||
Allowance, beginning of period | \n \u00a0 | \n $ | \n 2,148 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Current period provision | \n \u00a0 | \n \u00a0 | \n 3,172 | \n \u00a0 | \n \u00a0 | \n 4,016 | \n \u00a0 | \n
Recoveries | \n \u00a0 | \n \u00a0 | \n (2,246 | \n ) | \n \u00a0 | \n (1,868 | \n ) | \n
Write-offs charged against allowance | \n \u00a0 | \n \u00a0 | \n (2,097 | \n ) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Allowance, end of period | \n \u00a0 | \n $ | \n 977 | \n \u00a0 | \n $ | \n 2,148 | \n \u00a0 | \n
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Accounts receivable are presented on our Consolidated Balance Sheets net of allowances. An allowance for expected credit losses is determined through an analysis of the aging of accounts receivable and assessments of collectability based on historical trends, the financial condition of our customers and an evaluation of current economic conditions. Barnes & Noble Education will write off uncollectible trade receivables once collection efforts have been exhausted and it will record bad debt expense related to textbook rentals not returned and Barnes & Noble Education is unable to successfully charge the customer. Expense for credit losses on trade receivables is recorded in operating expenses on our Consolidated Statements of Operations.
Concentrations of Credit Risk, Geographic Area, and Significant Customers
Immersion. Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, investments, and accounts receivable. Deposits held by banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand.
We license technology primarily to companies in North America, Europe, and Asia. To reduce credit risk, management performs periodic credit evaluations of the financial conditions of our customers. We periodically evaluate potential credit losses to ensure adequate reserves are maintained, but historically we have not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic area.
Barnes & Noble Education. A significant portion of Barnes & Noble Education\u2019s purchases are from a related-party supplier and accounted for approximately 50% and 45% of Barnes & Noble Education\u2019s total purchases for the fiscal years ended April 30, 2026 and 2025, respectively. In accordance with ASC 850 \u2013 Related Parties, Barnes & Noble Education discloses this related-party relationship and evaluates all transactions with this supplier to ensure they are conducted on terms comparable to those with unrelated parties. While Barnes & Noble Education actively monitors supplier performance, seeks to diversify its supplier base, and when feasible, pursues alternative sources of supply, a disruption in the supply chain of this supplier could have a material adverse effect on the Barnes & Noble Education\u2019s operations and financial results. See Note 11. Related-Party Transactions for additional information on related-party transactions.
Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of Barnes & Noble Education\u2019s 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\u2019s retail business. Textbook and trade book inventories for retail and wholesale are valued using the LIFO method. For the fiscal year ended April 30, 2026, there was no required LIFO adjustment. For the fiscal year ended April 30, 2025, Barnes & Noble Education recorded a LIFO adjustment in the amount of $6.4 million.
\u00a0
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. The related amortization expense is included in cost of sales. 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.
Cloud Computing Arrangements
Implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract are amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. Implementation costs are included in Prepaid expenses and other assets in the Consolidated Balance Sheets and amortized to Selling and administrative expense in the Consolidated Statements of Operations. As of April 30, 2026 and 2025, implementation costs incurred in cloud computing arrangements reflected in Prepaid and other assets in the Consolidated Balance Sheets were $3.5 million and $5.5 million, respectively. Amortization of implementation costs in Selling and administrative expense in the Consolidated Statement of Operations was $3.7 million and $2.5 million for the fiscal year ended April 30, 2026 and the period from June 10, 2024 to April 30, 2025, respectively.
Property and Equipment, net
Property and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over estimated useful lives. Maintenance and repairs are expensed as incurred, however major maintenance and remodeling costs are capitalized if they extend the useful life of the asset. For the fiscal years ended April 30, 2026 and 2025, depreciation expense of $38.7 million and $32.0 million, respectively, was included in the Consolidated Statement of Operations.
The components of Property and equipment, net are as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Useful Life | \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Property and equipment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Leasehold improvements | \n \u00a0 | \n (a) | \n \u00a0 | \n $ | \n 32,869 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,483 | \n \u00a0 | \n
Machinery, equipment, and display fixtures | \n \u00a0 | \n 5\u00a0years | \n \u00a0 | \n \u00a0 | \n 48,829 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,552 | \n \u00a0 | \n
Computer hardware and capitalized software | \n \u00a0 | \n (b) | \n \u00a0 | \n \u00a0 | \n 36,789 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,184 | \n \u00a0 | \n
Office furniture and others | \n \u00a0 | \n 5\u00a0- 7\u00a0years | \n \u00a0 | \n \u00a0 | \n 14,848 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,406 | \n \u00a0 | \n
Construction in progress | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,767 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,698 | \n \u00a0 | \n
Total property and equipment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 135,102 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 128,323 | \n \u00a0 | \n
Less: Accumulated depreciation and amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (66,885 | \n ) | \n \u00a0 | \n \u00a0 | \n (32,508 | \n ) | \n
Total property and equipment, net | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 68,217 | \n \u00a0 | \n \u00a0 | \n $ | \n 95,815 | \n \u00a0 | \n
\u00a0
Leases
Operating leases are accounted for as right-of-use (\u201cROU\u201d) assets and lease liability obligations in the Consolidated Balance Sheets. ROU assets and lease liabilities are recognized at lease commencement date (or business combination date, as applicable) based on the present value of lease payments over the lease term. Barnes & Noble Education elected to combine lease and non-lease components and account for them as a single lease component. As Barnes & Noble Education\u2019s leases typically do not provide an implicit rate, Barnes & Noble Education estimates its incremental borrowing rate based on the information available at the commencement date (or business combination date, as applicable) in determining the present value of lease payments. ROU assets also include any lease payments made and exclude lease incentives and direct costs. Barnes & Noble Education elected to not present leases with an initial term of 12 months or less on Barnes & Noble Education\u2019s Consolidated Balance Sheets. Variable lease payments primarily include rent payments based on percentages of sales generated, as specified in Barnes & Noble Education\u2019s college and university contracts, reimbursements of costs incurred by lessors for common area maintenance and utilities and are expensed as incurred and are not included within the ROU asset and lease liability calculation, except to the extent of the Next Year MAG (defined below) for which Barnes & Noble Education recognizes lease expense for contracts with fixed lease payments on a straight-line basis over the contractual term. Barnes & Noble Education recognizes variable lease payments as incurred. Barnes & Noble Education recognizes lease expense related to its college and university contracts as cost of sales in the Consolidated Statements of Operations and recognizes lease expense related to its various office spaces as selling and administrative expenses in the Consolidated Statements of Operations. See Note 7. Leases for additional information.
Legal Proceedings and Litigations
We are involved in legal proceedings on an ongoing basis. If we believe that a loss arising from such matters is probable and can be reasonably estimated, we accrue the estimated loss in our Consolidated Financial Statements. If only a range of estimated losses can be determined, we accrue an amount within the range that, in our judgment, reflects the most likely outcome; if none of
the estimates within that range is a better estimate than any other amount, we accrue the low end of the range.
Patent Defense Costs
Costs associated with patent applications, patent prosecution, patent defense and the maintenance of patents are charged to expense as incurred and included in Selling and administrative expenses on the Consolidated Statements of Operations.
Income Taxes
We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized and are reversed at such a time that realization is believed to be more-likely-than-not.
Selling and Administrative Expenses
Immersion\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.
Stock-based Compensation
We recognize stock-based compensation cost for shares, net of estimated forfeiture over the requisite service period of the award, which is the vesting period. We use the Black-Scholes Merton option pricing model to determine the fair value of stock options and employee stock purchase plan shares. For awards with market conditions, we use a Monte Carlo simulation model which requires the input of assumptions, including expected term, stock price volatility and the risk-free rate of return. In addition, judgment is also required in estimating the number of stock-based awards that are expected to be forfeited. Forfeitures are estimated based on historical experience at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Barnes & Noble Education has granted stock-based compensation in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan (the \u201cBarnes & Noble Education Equity Incentive Plan\u201d). The types of equity awards that can be granted under the Barnes & Noble Education Equity Incentive Plan include options, restricted stock, restricted stock units, performance shares, performance share units, and phantom share units. See Note 12. Stock-Based Compensation for additional information.
Advertising Costs
The costs of advertising are expensed as incurred during the year pursuant to ASC No. 720-35, Advertising Costs. There were advertising costs of $4.1 million and $4.7 million of advertising costs included in Selling and administrative expenses on the Consolidated Statement of Operations for the fiscal year ended April 30, 2026 and the period from June 10, 2024 to April 30, 2025, respectively.
Recently Adopted Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (the \"FASB\") issued ASU No. 2025-07 (\u201cASU 2025-07\u201d), Derivatives and Hedging (Topic 815) (\"Topic 815\") and \"Revenue from Contracts with Customers (Topic 606).\" The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. This ASU also provides clarification under Topic 606 for 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 reporting periods, with early adoption permitted. The Company adopted ASU No. 2025-07 during the fiscal quarter ending October 31, 2025. See Note 15. Participation Interest Purchase Agreement for additional information.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances annual income tax disclosure requirements, including additional information related to the effective tax rate reconciliation and income taxes paid. The Company adopted this guidance on a prospective basis during the fourth quarter of fiscal 2026. Adoption of the ASU did not impact the Company's consolidated financial position, results of operations, cash flows, or earnings per share, but resulted in enhanced income tax disclosures. See Note 17. Income Taxes for additional information.
Recent Accounting Pronouncements Not Yet Adopted
In September 2025, the FASB issued ASU 2025-06, Intangibles\u2014Goodwill and Other\u2014Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (\u201cASU 2025-06\u201d). ASU 2025-06 modernizes and simplifies the accounting for software development costs by establishing a single capitalization framework for all internally developed or acquired software, regardless of whether the software is intended for internal use, to be sold, or to be used in delivering products and services. The new guidance retains the concept of project stages but eliminates the historical distinction between internal-use software and software to be sold or marketed. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The guidance is required to be applied prospectively, with optional retrospective or modified retrospective transition methods. The Company is currently evaluating the impact of ASU 2025-06 on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement \u2013 Reporting Comprehensive Income \u2013 Expense Disaggregation Disclosures. The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. This ASU is effective for annual and interim periods beginning after December 15, 2026 (our 2028 fiscal year), with early adoption permitted. We are currently assessing this guidance and determining the impact on our consolidated financial statements.
Principles of Consolidation and Basis of Presentation
The results of operations reflected in our 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 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 Consolidated Balance Sheet represents the portion of our net assets attributable to the other owners, based on the portion of the interest owned by such owners. At April 30, 2026 and 2025, the noncontrolling interest in Barnes & Noble Education was $270.2 million and $260.6 million, respectively. 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 Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) for financial information and with the instructions for Form 10-K and the applicable articles of Regulation S-X.
Due to their nonhomogeneous operations, our Consolidated Balance Sheets as of April 30, 2026 and 2025, and Consolidated Statement of Operations for the fiscal years ended April 30, 2026 and 2025, 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 of the assets of Barnes & Noble Education, reported on the 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.
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The Company\u2019s fiscal year begins on May 1 and ends on April 30. Therefore, the financial results of the current fiscal year may not be comparable to prior fiscal years. References throughout these Consolidated Financial Statements refer to Immersion\u2019s Fiscal 2026 for the fiscal year ended April 30, 2026.
Barnes & Noble Education\u2019s Fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. The financial information presented in these Consolidated Financial Statements includes the financial information of Barnes & Noble Education for the fiscal year ended May 2, 2026 and the period from June 10, 2024 to May 3, 2025.
"}]},{"name":"rpt:f-469","factDimensions":{"xbrl:concept":"immr:SeasonalityPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Seasonality
Our Barnes & Noble Education segment\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 Barnes & Noble Education\u2019s 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 textbook 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.
"}]},{"name":"rpt:f-470","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Use of Estimates
In preparing financial statements in conformity with U.S. GAAP, we are required to make estimates and assumptions that affect the reported amounts in the Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-471","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingPolicyPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Segment Information
\u00a0
Following the closing of the Transactions (as defined herein) with Barnes & Noble Education, the Company operates as two operating and reportable segments, Immersion and Barnes & Noble Education. We identify these segments based on the distinct business activities of each company. See Note 4. Segment Information for additional information.
"}]},{"name":"rpt:f-472","factDimensions":{"xbrl:concept":"us-gaap:NumberOfOperatingSegments","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"immr:Number"},"factValues":[{"value":"2"}]},{"name":"rpt:f-473","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"immr:Number"},"factValues":[{"value":"2"}]},{"name":"rpt:f-474","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Earnings per Share
We present both basic and diluted earnings 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 Net Income (Loss) attributable to Immersion Stockholders by the Weighted-Average Common 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-475","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationsPolicy","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Business Combinations
The determination of the fair value of net assets acquired in a business combination requires estimates and judgments of future cash flow expectations for the acquired business and the related identifiable tangible and intangible assets. Fair values of net assets acquired are calculated using expected cash flows and industry-standard valuation techniques. For current assets and current liabilities, book value is generally assumed to approximate fair value. Goodwill is the amount by which consideration paid for an acquired entity exceeds the fair value of its acquired net assets. Acquisition costs are expensed as incurred and are included within general and administrative expenses on the Consolidated Statement of Operations.
Due to the time required to gather and analyze the necessary data for each acquisition, U.S. GAAP provides a \u201cmeasurement period\u201d of up to one year from the date of acquisition in which to finalize these fair value determinations. During the measurement period, preliminary fair value estimates may be revised if new information is obtained about the facts and circumstances existing as of the date of acquisition or based on the final net assets and working capital of the acquired business, as prescribed in the applicable purchase agreement. Such adjustments may result in the recognition of, or an adjustment to the fair values of, acquisition-related assets and liabilities and/or consideration paid, and are referred to as \u201cmeasurement period\u201d adjustments. Measurement period adjustments are recorded to goodwill. Other revisions to fair value estimates, including those relating to facts and circumstances that occur subsequent to the date of acquisition, are reflected as income or expense, as appropriate.
"}]},{"name":"rpt:f-476","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Goodwill and Indefinite-Lived Intangible Assets
The goodwill represents the future economic benefit attributable to Barnes & Noble Education\u2019s assembled workforce and the indefinite-lived intangible assets represent the future economic benefit attributable to the Barnes & Noble Education trade name. As such, the carrying value of the goodwill and trade name have been allocated to the Barnes & Noble Education segment and none of the goodwill or the indefinite-lived intangible assets have been allocated to the Immersion segment.
Goodwill and indefinite-lived intangible assets are not amortized but instead are tested for impairment at least annually. Immersion\u2019s goodwill and indefinite-lived intangible assets test first assesses qualitative factors to determine whether goodwill and indefinite-lived intangible assets are likely impaired. We monitor these factors on a quarterly basis for potential indicators of impairment. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount including goodwill or that the fair value of the indefinite-lived intangible asset is less than its carrying amount, Immersion will then perform a quantitative impairment test. Changes in goodwill may result from, among other things, impairments, future acquisitions, or future divestitures. 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. The impairment test for indefinite-lived intangible assets is performed at reporting unit level. The Company performed the annual impairment test during the fourth quarter of our fiscal year 2026 and no impairment was recognized for the fiscal year ended April 30, 2026.
See Note 8. Goodwill and Intangible Assets for additional information.
"}]},{"name":"rpt:f-477","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-478","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Impairment of Long-Lived Assets
Immersion\u2019s long-lived assets include Property and equipment, net; Operating lease right-of-use assets; and amortizable Intangible assets, net, 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.
Many colleges and universities are providing alternatives to traditional in-person instruction, including online and hybrid learning options. Additionally, enrollment trends have been negatively impacted at physical campuses. Many other events, such as parent and alumni weekends and prospective student campus tour activities, offer a virtual option. These combined events have reduced on-campus activity, as well as increased competition and disintermediation, continue to impact Barnes & Noble Education\u2019s course materials and general merchandise business.
Barnes & Noble Education evaluated certain of its long-lived assets in the retail business for impairment and based on the results of the impairment tests, noncash impairment losses of $5.1 million and $1.2 million were recognized for the fiscal years ended April 30, 2026 and 2025, respectively.
The fair value of the impaired long-lived assets were determined using an income approach, a level 3 input, using Barnes & Noble Education\u2019s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends, and performance expectations. The significant assumptions used in the income approach included annual revenue growth rates, gross margin rates, and the estimated relationship of selling and administrative costs to revenue used to estimate the projected cash-flow directly related to the future operation of the stores as well as the weighted-average cost of capital used to calculate the fair value. Significant assumptions used to determine the fair values of certain operating right-of-use assets included the current market rent and discount rate.
See Note 9. Impairment of Long-Lived Assets for additional information.
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The functional currency of our foreign subsidiaries is U.S. dollars. Gains and losses from the remeasurement of the financial statements of the foreign subsidiaries into U.S. dollars and from foreign currency transactions are reported as Interest income and other income (expense), net in our Consolidated Statements of Operations.
"}]},{"name":"rpt:f-482","factDimensions":{"xbrl:concept":"us-gaap:RevenueRecognitionPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Revenue Recognition and Deferred Revenue
The Company\u2019s Immersion segment revenue is primarily derived from fixed fee license agreements and per-unit royalty agreements. A key part of our business strategy has been to license our software and patents (and other IP) to companies that manufacture and sell products incorporating our touch-enabling technologies. The majority of the Barnes & Noble Education revenue is derived from product sales and rentals.
Fixed fee license revenue. We recognize revenue from a fixed fee license agreement when we have satisfied our performance obligations, which typically occurs upon the transfer of rights to our technology upon the execution of the license agreement. However, in certain contracts, we grant a license to our existing patent portfolio at the inception of the license agreement as well as rights to the portfolio as it evolves throughout the contract term. For such arrangements, we have concluded that there are two separate performance obligations:
If a fixed fee license agreement contains only Performance Obligation A, we recognize the revenue from the agreement at the inception of the contract. For fixed fee license agreements that contain both Performance Obligation A and B, we allocate the transaction price based on the standalone selling price for each of the two performance obligations. We use a number of factors primarily related to the attributes of our patent portfolio to estimate standalone selling prices related to Performance Obligation A and B. Once the transaction price is allocated, the portion of the transaction price allocable to Performance Obligation A is recognized in the period the license agreement is signed and the customer can benefit from rights provided in the contract. The portion allocable to Performance Obligation B is recognized on a straight-line basis over the contract term which best represents the ongoing and continuous nature of the patent prosecution process. For such contracts, a contract liability account is established and included within Deferred revenue - current and Deferred Revenue - noncurrent on the Consolidated Balance Sheets. As the rights and obligations in a contract are interdependent, contract assets and contract liabilities that arise in the same contract are presented on a net basis.
Payments for fixed fee license contracts typically are due in full within 30 - 45 days from execution of the contract. From time to time, we enter into a fixed fee license contract with payments due in a number of installments payable throughout the contract term. In such cases, we determine if a significant financing component exists and if it does, we will recognize more or less revenue and corresponding interest expense or income, as appropriate.
Per-unit Royalty revenue. We record per-unit royalty revenue in the same period in which the licensee\u2019s underlying sales occur. When we do not receive the per-unit licensee royalty reports for sales during a given quarter within the time frame that allows us to adequately review the reports and include the actual amounts in our quarterly results for such quarter, we accrue the related revenue based on estimates of our licensees\u2019 underlying sales, subject to certain constraints on our ability to estimate such amounts. We develop such estimates based on a combination of available data including, but not limited to, approved customer forecasts, a look back at historical royalty reporting for each of our customers, and industry information available for the licensed products.
Certain of our per-unit royalty agreements contain minimum royalty provisions which sets forth minimum amounts to be received by us during the contract term. Under ASC 606, Revenue from Contracts with Customers, (\u201cASC 606\u201d), minimum royalties are considered a fixed transaction price to which we have a right once all other performance obligations, if any, are satisfied. We recognize all minimum royalties as revenue at the inception of the license agreement, or in the period in which all remaining revenue recognition criteria have been met. We account for the unbilled minimum royalties as contract assets as Prepaid and other current assets and Other assets, net on our Consolidated Balance Sheets, and the balance of such contract assets will be reduced by the actual royalties to be reported by the licensee during the contract term until fully utilized, after which point any excess per-unit royalties reported are recognized as revenue. As the rights and obligations in a contract are interdependent, contract assets and contract liabilities that arise in the same contract are presented on a net basis.
Payments of per-unit royalties typically are due within 30 to 60 days from the end of the quarter in which the underlying sales took place.
Product sales and rentals revenue. 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 Barnes & Noble Education\u2019s 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 Barnes & Noble Education expects to be entitled to in exchange for the products.
Product 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 its websites and virtual bookstores. Wholesale product revenue is 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 revenue in our 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, our 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 the 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. Such buyouts have historically been, and continue to be, immaterial to the financial statements.
Revenue recognized for Barnes & Noble Education\u2019s BNC First Day\u00ae offerings is consistent with its 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\u00ae 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 Barnes & Noble Education\u2019s BNC First Day\u00ae affordable access course material program 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 the fiscal third quarter, given the timing of the Spring Term and the fiscal 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.
Returns are estimated based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold 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. Barnes & Noble Education\u2019s determination is based on its 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, Barnes & Noble Education records revenue on a gross basis, and for those transactions where Barnes & Noble Education is an agent to a third-party, Barnes & Noble Education records revenue on a net basis.
Barnes & Noble Education\u2019s logo and emblematic general merchandise sales are fulfilled by Lids and Fanatics and commission revenue earned for these sales on a net basis is recognized in the consolidated financial statements.
Barnes & Noble Education does not have gift card 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. Barnes & Noble Education\u2019s service and other revenue is primarily derived from brand marketing services which includes promotional activities and advertisements within Barnes & Noble Education\u2019s physical bookstores and web properties performed on behalf of third-party customers, shipping and handling, non-return rental penalty fees, and revenue from other programs.
Brand marketing agreements often include multiple performance obligations which are individually negotiated with our 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.
Deferred Revenue. Immersion deferred revenue consists of amounts that have been invoiced or paid but have not been recognized as revenue. The amounts are primarily derived from our fixed license fee agreements under which we are obliged to transfer both rights to our patent portfolio that exists when the contract is executed and rights to its patent portfolio as it evolves over the contract term.
Barnes & Noble Education\u2019s deferred revenue consists of: advanced payments from customers related to textbook rental performance obligations, which are recognized ratably over the terms of the related rental period; unsatisfied performance obligations associated with partnership marketing services, which are recognized when the contracted services are provided to its partnership marketing customers; and unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the merchandising contracts for Fanatics and Lids., respectively.
Deferred revenue that will be recognizable during the succeeding 12-month period is recorded as Deferred Revenue - current, and the remaining deferred revenue is recorded as Deferred Revenue - noncurrent on the Consolidated Balance Sheets. See Note 5. Revenue for additional information.
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Cost of sales primarily includes: (i) merchandise costs; (ii) textbook rental amortization; (iii) warehouse costs related to inventory management and order fulfillment; (iv) insurance; (v) certain payroll costs; and (vi) management service agreement costs, including rent expense related to Barnes & Noble Education\u2019s college and university contracts; and (vii) other facility-related expenses.
"}]},{"name":"rpt:f-488","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Fair Value Measurement
We measure the fair value of financial assets as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We use the GAAP fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the fair value hierarchy are as follows:
Level 1 \u2014 Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 \u2014 Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3 \u2014 Unobservable inputs for the asset or liability, which include assumptions market participants would use in pricing the asset or liability.
"}]},{"name":"rpt:f-489","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Cash and Cash Equivalents
We consider all highly liquid instruments with an original maturity of 90 days or less at the date of purchase to be cash equivalents.
Restricted Cash
As of April 30, 2026 and 2025, the Company had restricted cash of $19.8 million and $19.7 million, respectively, comprised of $17.4 million and $17.3 million, respectively, in Prepaid expenses and other current assets on the Consolidated Balance Sheets related to segregated funds for commission due to Lids for logo merchandise sales as per the Lids service provider merchandising agreement and $2.4 million and $2.4 million, respectively, in Other assets - noncurrent on the Consolidated Balance Sheets related to amounts held in trust for future distributions related to employee benefit plans. The restricted cash was part of net assets acquired as part of the acquisition of Barnes & Noble Education.
"}]},{"name":"rpt:f-490","factDimensions":{"xbrl:concept":"us-gaap:RestrictedCashAndCashEquivalents","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19800000","decimals":-5}]},{"name":"rpt:f-491","factDimensions":{"xbrl:concept":"us-gaap:RestrictedCashAndCashEquivalents","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19700000","decimals":-5}]},{"name":"rpt:f-492","factDimensions":{"xbrl:concept":"us-gaap:RestrictedCashAndCashEquivalents","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:StatementOfFinancialPositionLocationBalanceAxis":"us-gaap:PrepaidExpenseAndOtherAssetsCurrent"},"factValues":[{"value":"17400000","decimals":-5}]},{"name":"rpt:f-493","factDimensions":{"xbrl:concept":"us-gaap:RestrictedCashAndCashEquivalents","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:StatementOfFinancialPositionLocationBalanceAxis":"us-gaap:PrepaidExpenseAndOtherAssetsCurrent"},"factValues":[{"value":"17300000","decimals":-5}]},{"name":"rpt:f-494","factDimensions":{"xbrl:concept":"us-gaap:RestrictedCashAndCashEquivalents","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:StatementOfFinancialPositionLocationBalanceAxis":"us-gaap:OtherAssetsNoncurrent"},"factValues":[{"value":"2400000","decimals":-5}]},{"name":"rpt:f-495","factDimensions":{"xbrl:concept":"us-gaap:RestrictedCashAndCashEquivalents","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:StatementOfFinancialPositionLocationBalanceAxis":"us-gaap:OtherAssetsNoncurrent"},"factValues":[{"value":"2400000","decimals":-5}]},{"name":"rpt:f-496","factDimensions":{"xbrl:concept":"us-gaap:MarketableSecuritiesPolicy","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Investments in Marketable Securities
Equity Securities. We hold marketable equity investments over which we do not have a controlling interest or significant influence. Our investments in marketable equity securities are classified based on the nature of the securities and their availability for use in current operations.
As of April 30, 2026, our marketable equity securities primarily consisted of mutual funds and corporate common and preferred stocks. Marketable equity investments are reported as Investment-current on the Consolidated Balance Sheets. They are measured using quoted prices in active markets with changes recorded in Interest income and other income (expense), net on the Consolidated Statements of Operations.
Debt Securities. Debt securities primarily consist of investments in corporate bonds and U.S. treasury securities and are classified and accounted for as available-for-sale at the time of purchase. We report marketable debt securities as either Investments-current or Investments-noncurrent on our Consolidated Balance Sheets based on each instrument\u2019s underlying contractual maturity date and management's intended holding period.
Unrealized gains on available-for-sale securities are included in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets, except for credit-related impairment losses for available-for-sale debt securities. Available-for-sale securities in an unrealized loss position are written down to its fair value with the corresponding charge recorded in Interest income and other income (expense), net, on our Consolidated Statements of Operations, if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis, or we have the intention to sell the security. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized through an allowance for credit losses with changes in the allowance for credit losses recorded in Interest income and other income (expense), net in the Consolidated Statements of Operations. As of April 30, 2026, we did not have any available-for-sale debt securities with unrealized loss positions.
We elected to exclude the applicable accrued interest from both the fair value and amortized cost basis. Applicable accrued interest, net of the allowance for credit losses (if any), of nil and $0.6 million, were recorded in on the Consolidated Balance Sheets as of April 30, 2026 and 2025, respectively.
Realized gains and losses from the sales of available-for-sale debt securities are determined based on the specific identification method and are reported in Interest income and other income (expense), net in the Consolidated Statements of Operations.
"}]},{"name":"rpt:f-497","factDimensions":{"xbrl:concept":"us-gaap:DebtSecuritiesAvailableForSaleUnrealizedLossPosition","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-498","factDimensions":{"xbrl:concept":"us-gaap:DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLossCurrent","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"us-gaap:DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLossCurrent","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"600000","decimals":-5}]},{"name":"rpt:f-500","factDimensions":{"xbrl:concept":"us-gaap:DerivativesPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Derivative Financial Instruments
We invest in derivatives that are not designated as hedging instruments and which consist of call and put options. When we sell call or put options, the premium received is reported as Other current liabilities on our Consolidated Balance Sheets. When we purchase put or call options, the premium paid is reported as Investments-current on our Consolidated Balance Sheets. The carrying value of these options is adjusted to the fair value, measured using the practical expedient of the midpoint of the bid-ask spread, at the end of each reporting period until the options expire. Gains and losses recognized from the periodic adjustments to fair value are recognized as Interest income and other income (expense), net on our Consolidated Statements of Operations.
"}]},{"name":"rpt:f-501","factDimensions":{"xbrl:concept":"us-gaap:TradeAndOtherAccountsReceivablePolicy","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Accounts Receivable
Receivables represent customer, private and public institutional and government billings (colleges, universities, and other financial-aid providers), credit/debit card receivables, advances for book buybacks, advertising, and other receivables due within one year. The following summarizes the components of our Accounts receivable, net balance presented on the Consolidated Balance Sheets for the following periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 2,112 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,767 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Trade Accounts, net | \n \u00a0 | \n \u00a0 | \n 67,749 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,952 | \n \u00a0 | \n
Advances for book buybacks | \n \u00a0 | \n \u00a0 | \n 677 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 993 | \n \u00a0 | \n
Credit/debit card receivables | \n \u00a0 | \n \u00a0 | \n 7,535 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,991 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 40,565 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,139 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 116,526 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 98,075 | \n \u00a0 | \n
Total receivables, net | \n
| \n $ | \n 118,638 | \n \u00a0 | \n \u00a0 | \n $ | \n 100,842 | \n \u00a0 | \n
As of April 30, 2026 and 2025, the allowance for expected credit losses included on the Consolidated Balance Sheets of Immersion were not material.
The following summarizes the changes to the allowance for expected credit losses related to Barnes & Noble Education\u2019s accounts receivable (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n For the Fiscal | \n \u00a0 | \n From | \n \u00a0 | \n ||
Allowance, beginning of period | \n \u00a0 | \n $ | \n 2,148 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Current period provision | \n \u00a0 | \n \u00a0 | \n 3,172 | \n \u00a0 | \n \u00a0 | \n 4,016 | \n \u00a0 | \n
Recoveries | \n \u00a0 | \n \u00a0 | \n (2,246 | \n ) | \n \u00a0 | \n (1,868 | \n ) | \n
Write-offs charged against allowance | \n \u00a0 | \n \u00a0 | \n (2,097 | \n ) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Allowance, end of period | \n \u00a0 | \n $ | \n 977 | \n \u00a0 | \n $ | \n 2,148 | \n \u00a0 | \n
\u00a0
Accounts receivable are presented on our Consolidated Balance Sheets net of allowances. An allowance for expected credit losses is determined through an analysis of the aging of accounts receivable and assessments of collectability based on historical trends, the financial condition of our customers and an evaluation of current economic conditions. Barnes & Noble Education will write off uncollectible trade receivables once collection efforts have been exhausted and it will record bad debt expense related to textbook rentals not returned and Barnes & Noble Education is unable to successfully charge the customer. Expense for credit losses on trade receivables is recorded in operating expenses on our Consolidated Statements of Operations.
"}]},{"name":"rpt:f-502","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"The following summarizes the components of our Accounts receivable, net balance presented on the Consolidated Balance Sheets for the following periods (in thousands):\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 2,112 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,767 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Trade Accounts, net | \n \u00a0 | \n \u00a0 | \n 67,749 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,952 | \n \u00a0 | \n
Advances for book buybacks | \n \u00a0 | \n \u00a0 | \n 677 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 993 | \n \u00a0 | \n
Credit/debit card receivables | \n \u00a0 | \n \u00a0 | \n 7,535 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,991 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 40,565 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,139 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 116,526 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 98,075 | \n \u00a0 | \n
Total receivables, net | \n
| \n $ | \n 118,638 | \n \u00a0 | \n \u00a0 | \n $ | \n 100,842 | \n \u00a0 | \n
The following summarizes the changes to the allowance for expected credit losses related to Barnes & Noble Education\u2019s accounts receivable (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n For the Fiscal | \n \u00a0 | \n From | \n \u00a0 | \n ||
Allowance, beginning of period | \n \u00a0 | \n $ | \n 2,148 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Current period provision | \n \u00a0 | \n \u00a0 | \n 3,172 | \n \u00a0 | \n \u00a0 | \n 4,016 | \n \u00a0 | \n
Recoveries | \n \u00a0 | \n \u00a0 | \n (2,246 | \n ) | \n \u00a0 | \n (1,868 | \n ) | \n
Write-offs charged against allowance | \n \u00a0 | \n \u00a0 | \n (2,097 | \n ) | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Allowance, end of period | \n \u00a0 | \n $ | \n 977 | \n \u00a0 | \n $ | \n 2,148 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-518","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"2148000","decimals":-3}]},{"name":"rpt:f-519","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent","xbrl:period":"2024-06-10T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-520","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"3172000","decimals":-3}]},{"name":"rpt:f-521","factDimensions":{"xbrl:concept":"us-gaap:ProvisionForDoubtfulAccounts","xbrl:period":"2024-06-10T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"4016000","decimals":-3}]},{"name":"rpt:f-522","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableRecoveries","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"2246000","decimals":-3}]},{"name":"rpt:f-523","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableRecoveries","xbrl:period":"2024-06-10T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"1868000","decimals":-3}]},{"name":"rpt:f-524","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"2097000","decimals":-3}]},{"name":"rpt:f-525","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableWriteOffs","xbrl:period":"2024-06-10T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-526","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"977000","decimals":-3}]},{"name":"rpt:f-527","factDimensions":{"xbrl:concept":"us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"2148000","decimals":-3}]},{"name":"rpt:f-528","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Concentrations of Credit Risk, Geographic Area, and Significant Customers
Immersion. Our financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, investments, and accounts receivable. Deposits held by banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand.
We license technology primarily to companies in North America, Europe, and Asia. To reduce credit risk, management performs periodic credit evaluations of the financial conditions of our customers. We periodically evaluate potential credit losses to ensure adequate reserves are maintained, but historically we have not experienced any significant losses related to individual customers or groups of customers in any particular industry or geographic area.
Barnes & Noble Education. A significant portion of Barnes & Noble Education\u2019s purchases are from a related-party supplier and accounted for approximately 50% and 45% of Barnes & Noble Education\u2019s total purchases for the fiscal years ended April 30, 2026 and 2025, respectively. In accordance with ASC 850 \u2013 Related Parties, Barnes & Noble Education discloses this related-party relationship and evaluates all transactions with this supplier to ensure they are conducted on terms comparable to those with unrelated parties. While Barnes & Noble Education actively monitors supplier performance, seeks to diversify its supplier base, and when feasible, pursues alternative sources of supply, a disruption in the supply chain of this supplier could have a material adverse effect on the Barnes & Noble Education\u2019s operations and financial results. See Note 11. Related-Party Transactions for additional information on related-party transactions.
"}]},{"name":"rpt:f-529","factDimensions":{"xbrl:concept":"immr:PercentageOfInventoryPurchased","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","us-gaap:BusinessAcquisitionAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"0.50","decimals":2}]},{"name":"rpt:f-530","factDimensions":{"xbrl:concept":"immr:PercentageOfInventoryPurchased","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","us-gaap:BusinessAcquisitionAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"0.45","decimals":2}]},{"name":"rpt:f-531","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of Barnes & Noble Education\u2019s 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\u2019s retail business. Textbook and trade book inventories for retail and wholesale are valued using the LIFO method. For the fiscal year ended April 30, 2026, there was no required LIFO adjustment. For the fiscal year ended April 30, 2025, Barnes & Noble Education recorded a LIFO adjustment in the amount of $6.4 million.
\u00a0
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-532","factDimensions":{"xbrl:concept":"us-gaap:InventoryLIFOReservePeriodCharge","xbrl:period":"2024-05-01T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"6400000","decimals":-5}]},{"name":"rpt:f-533","factDimensions":{"xbrl:concept":"immr:TextbookRentalsInventoriesPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","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. The related amortization expense is included in cost of sales. 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-534","factDimensions":{"xbrl:concept":"immr:CloudComputingArrangementsPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Cloud Computing Arrangements
Implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract are amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. Implementation costs are included in Prepaid expenses and other assets in the Consolidated Balance Sheets and amortized to Selling and administrative expense in the Consolidated Statements of Operations. As of April 30, 2026 and 2025, implementation costs incurred in cloud computing arrangements reflected in Prepaid and other assets in the Consolidated Balance Sheets were $3.5 million and $5.5 million, respectively. Amortization of implementation costs in Selling and administrative expense in the Consolidated Statement of Operations was $3.7 million and $2.5 million for the fiscal year ended April 30, 2026 and the period from June 10, 2024 to April 30, 2025, respectively.
"}]},{"name":"rpt:f-535","factDimensions":{"xbrl:concept":"us-gaap:HostingArrangementServiceContractImplementationCostCapitalizedAfterAccumulatedAmortization","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3500000","decimals":-5}]},{"name":"rpt:f-536","factDimensions":{"xbrl:concept":"us-gaap:HostingArrangementServiceContractImplementationCostCapitalizedAfterAccumulatedAmortization","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"5500000","decimals":-5}]},{"name":"rpt:f-537","factDimensions":{"xbrl:concept":"us-gaap:HostingArrangementServiceContractImplementationCostExpenseAmortization","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"3700000","decimals":-5}]},{"name":"rpt:f-538","factDimensions":{"xbrl:concept":"us-gaap:HostingArrangementServiceContractImplementationCostExpenseAmortization","xbrl:period":"2024-06-10T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2500000","decimals":-5}]},{"name":"rpt:f-539","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Property and Equipment, net
Property and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over estimated useful lives. Maintenance and repairs are expensed as incurred, however major maintenance and remodeling costs are capitalized if they extend the useful life of the asset. For the fiscal years ended April 30, 2026 and 2025, depreciation expense of $38.7 million and $32.0 million, respectively, was included in the Consolidated Statement of Operations.
The components of Property and equipment, net are as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Useful Life | \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Property and equipment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Leasehold improvements | \n \u00a0 | \n (a) | \n \u00a0 | \n $ | \n 32,869 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,483 | \n \u00a0 | \n
Machinery, equipment, and display fixtures | \n \u00a0 | \n 5\u00a0years | \n \u00a0 | \n \u00a0 | \n 48,829 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,552 | \n \u00a0 | \n
Computer hardware and capitalized software | \n \u00a0 | \n (b) | \n \u00a0 | \n \u00a0 | \n 36,789 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,184 | \n \u00a0 | \n
Office furniture and others | \n \u00a0 | \n 5\u00a0- 7\u00a0years | \n \u00a0 | \n \u00a0 | \n 14,848 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,406 | \n \u00a0 | \n
Construction in progress | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,767 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,698 | \n \u00a0 | \n
Total property and equipment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 135,102 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 128,323 | \n \u00a0 | \n
Less: Accumulated depreciation and amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (66,885 | \n ) | \n \u00a0 | \n \u00a0 | \n (32,508 | \n ) | \n
Total property and equipment, net | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 68,217 | \n \u00a0 | \n \u00a0 | \n $ | \n 95,815 | \n \u00a0 | \n
\u00a0
The components of Property and equipment, net are as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Useful Life | \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Property and equipment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Leasehold improvements | \n \u00a0 | \n (a) | \n \u00a0 | \n $ | \n 32,869 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,483 | \n \u00a0 | \n
Machinery, equipment, and display fixtures | \n \u00a0 | \n 5\u00a0years | \n \u00a0 | \n \u00a0 | \n 48,829 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,552 | \n \u00a0 | \n
Computer hardware and capitalized software | \n \u00a0 | \n (b) | \n \u00a0 | \n \u00a0 | \n 36,789 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,184 | \n \u00a0 | \n
Office furniture and others | \n \u00a0 | \n 5\u00a0- 7\u00a0years | \n \u00a0 | \n \u00a0 | \n 14,848 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,406 | \n \u00a0 | \n
Construction in progress | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,767 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,698 | \n \u00a0 | \n
Total property and equipment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 135,102 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 128,323 | \n \u00a0 | \n
Less: Accumulated depreciation and amortization | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (66,885 | \n ) | \n \u00a0 | \n \u00a0 | \n (32,508 | \n ) | \n
Total property and equipment, net | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 68,217 | \n \u00a0 | \n \u00a0 | \n $ | \n 95,815 | \n \u00a0 | \n
\u00a0
Leases
Operating leases are accounted for as right-of-use (\u201cROU\u201d) assets and lease liability obligations in the Consolidated Balance Sheets. ROU assets and lease liabilities are recognized at lease commencement date (or business combination date, as applicable) based on the present value of lease payments over the lease term. Barnes & Noble Education elected to combine lease and non-lease components and account for them as a single lease component. As Barnes & Noble Education\u2019s leases typically do not provide an implicit rate, Barnes & Noble Education estimates its incremental borrowing rate based on the information available at the commencement date (or business combination date, as applicable) in determining the present value of lease payments. ROU assets also include any lease payments made and exclude lease incentives and direct costs. Barnes & Noble Education elected to not present leases with an initial term of 12 months or less on Barnes & Noble Education\u2019s Consolidated Balance Sheets. Variable lease payments primarily include rent payments based on percentages of sales generated, as specified in Barnes & Noble Education\u2019s college and university contracts, reimbursements of costs incurred by lessors for common area maintenance and utilities and are expensed as incurred and are not included within the ROU asset and lease liability calculation, except to the extent of the Next Year MAG (defined below) for which Barnes & Noble Education recognizes lease expense for contracts with fixed lease payments on a straight-line basis over the contractual term. Barnes & Noble Education recognizes variable lease payments as incurred. Barnes & Noble Education recognizes lease expense related to its college and university contracts as cost of sales in the Consolidated Statements of Operations and recognizes lease expense related to its various office spaces as selling and administrative expenses in the Consolidated Statements of Operations. See Note 7. Leases for additional information.
"}]},{"name":"rpt:f-567","factDimensions":{"xbrl:concept":"us-gaap:LegalCostsPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Legal Proceedings and Litigations
We are involved in legal proceedings on an ongoing basis. If we believe that a loss arising from such matters is probable and can be reasonably estimated, we accrue the estimated loss in our Consolidated Financial Statements. If only a range of estimated losses can be determined, we accrue an amount within the range that, in our judgment, reflects the most likely outcome; if none of
the estimates within that range is a better estimate than any other amount, we accrue the low end of the range.
"}]},{"name":"rpt:f-568","factDimensions":{"xbrl:concept":"immr:PatentDefenseCostsPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Patent Defense Costs
Costs associated with patent applications, patent prosecution, patent defense and the maintenance of patents are charged to expense as incurred and included in Selling and administrative expenses on the Consolidated Statements of Operations.
"}]},{"name":"rpt:f-569","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Income Taxes
We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized and are reversed at such a time that realization is believed to be more-likely-than-not.
"}]},{"name":"rpt:f-570","factDimensions":{"xbrl:concept":"us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Selling and Administrative Expenses
Immersion\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-571","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Stock-based Compensation
We recognize stock-based compensation cost for shares, net of estimated forfeiture over the requisite service period of the award, which is the vesting period. We use the Black-Scholes Merton option pricing model to determine the fair value of stock options and employee stock purchase plan shares. For awards with market conditions, we use a Monte Carlo simulation model which requires the input of assumptions, including expected term, stock price volatility and the risk-free rate of return. In addition, judgment is also required in estimating the number of stock-based awards that are expected to be forfeited. Forfeitures are estimated based on historical experience at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Barnes & Noble Education has granted stock-based compensation in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan (the \u201cBarnes & Noble Education Equity Incentive Plan\u201d). The types of equity awards that can be granted under the Barnes & Noble Education Equity Incentive Plan include options, restricted stock, restricted stock units, performance shares, performance share units, and phantom share units. See Note 12. Stock-Based Compensation for additional information.
"}]},{"name":"rpt:f-572","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingCostsPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Advertising Costs
The costs of advertising are expensed as incurred during the year pursuant to ASC No. 720-35, Advertising Costs. There were advertising costs of $4.1 million and $4.7 million of advertising costs included in Selling and administrative expenses on the Consolidated Statement of Operations for the fiscal year ended April 30, 2026 and the period from June 10, 2024 to April 30, 2025, respectively.
"}]},{"name":"rpt:f-573","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4100000","decimals":-5}]},{"name":"rpt:f-574","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2024-06-10T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"4700000","decimals":-5}]},{"name":"rpt:f-575","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Recently Adopted Accounting Pronouncements
In September 2025, the Financial Accounting Standards Board (the \"FASB\") issued ASU No. 2025-07 (\u201cASU 2025-07\u201d), Derivatives and Hedging (Topic 815) (\"Topic 815\") and \"Revenue from Contracts with Customers (Topic 606).\" The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. This ASU also provides clarification under Topic 606 for 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 reporting periods, with early adoption permitted. The Company adopted ASU No. 2025-07 during the fiscal quarter ending October 31, 2025. See Note 15. Participation Interest Purchase Agreement for additional information.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances annual income tax disclosure requirements, including additional information related to the effective tax rate reconciliation and income taxes paid. The Company adopted this guidance on a prospective basis during the fourth quarter of fiscal 2026. Adoption of the ASU did not impact the Company's consolidated financial position, results of operations, cash flows, or earnings per share, but resulted in enhanced income tax disclosures. See Note 17. Income Taxes for additional information.
Recent Accounting Pronouncements Not Yet Adopted
In September 2025, the FASB issued ASU 2025-06, Intangibles\u2014Goodwill and Other\u2014Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (\u201cASU 2025-06\u201d). ASU 2025-06 modernizes and simplifies the accounting for software development costs by establishing a single capitalization framework for all internally developed or acquired software, regardless of whether the software is intended for internal use, to be sold, or to be used in delivering products and services. The new guidance retains the concept of project stages but eliminates the historical distinction between internal-use software and software to be sold or marketed. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The guidance is required to be applied prospectively, with optional retrospective or modified retrospective transition methods. The Company is currently evaluating the impact of ASU 2025-06 on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement \u2013 Reporting Comprehensive Income \u2013 Expense Disaggregation Disclosures. The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. This ASU is effective for annual and interim periods beginning after December 15, 2026 (our 2028 fiscal year), with early adoption permitted. We are currently assessing this guidance and determining the impact on our consolidated financial statements.
"}]},{"name":"rpt:f-576","factDimensions":{"xbrl:concept":"us-gaap:BusinessCombinationDisclosureTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"3.\tBUSINESS COMBINATION
On June 10, 2024 (\u201cClosing Date\u201d), the Transactions (defined below) were consummated pursuant to the terms of the Purchase Agreement among Barnes & Noble Education and the Purchasers (as defined in the Purchase Agreement), following Barnes & Noble Education\u2019s receipt of the requisite approval of its stockholders at a special meeting of its stockholders held on June 5, 2024. The following is presented on a post-reverse stock split basis, which is defined as a reverse stock split of Barnes & Noble Education\u2019s outstanding shares of common stock at a ratio of 1-for-100, effective at June 11, 2024.
Pursuant to the terms of the Purchase Agreement, Barnes & Noble Education conducted a rights offering (the \u201cRights Offering\u201d), whereby Barnes & Noble Education distributed at no charge to the holders of its common stock (\u201cBNED Common Stock\u201d) non-transferable subscription rights (\u201cRights\u201d) to purchase up to an aggregate of 9,000,000 new shares of BNED Common Stock (the \u201cOffered Shares\u201d) at a subscription price of $5.00 per share (the \u201cSubscription Price\u201d). On the Closing Date, Barnes & Noble Education issued the Offered Shares, including approximately $10 million of Offered Shares purchased by Toro 18 Holdings LLC, a wholly-owned subsidiary of Immersion, (\u201cInvestor\u201d) pursuant to the Backstop Commitment (as defined in the Purchase Agreement). Pursuant to the Backstop Commitment, Immersion through Investor, purchased 2,006,701 shares of BNED Common Stock. Barnes & Noble Education reimbursed Immersion, through Investor, for reasonable legal and other expenses in connection with the Transactions in the amount of $2.5 million. Barnes & Noble Education also paid an amount equal to $2.5 million to Immersion, through Investor, as payment in consideration for its Backstop Commitment.
In addition to the Rights Offering, Immersion, through Investor, purchased from Barnes & Noble Education an aggregate of 9,000,000 new shares of BNED Common Stock at the Subscription Price for a purchase price of $45 million (the \u201cPIPE Transaction\u201d, and together with the Rights Offering, the \u201cTransactions\u201d).
As a result of the Transactions, 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 and $2.1 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 in the accompanying Consolidated Statement of Operations. The acquisition aims to expand Immersion's offerings, increase its customer reach, and diversify into the education sector.
The fair value of the noncontrolling interest of $203.7 million on the Closing Date was calculated using the acquisition-date fair value of $13.40 per share multiplied by the number of noncontrolling interest shares.
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 amounts presented below include the final measurement period adjustments to finalize the purchase price allocation and were recorded during the fiscal year ended April 30, 2025. See Note 8. Goodwill and Intangible Assets for additional information.
\u00a0
The following table presents the final purchase price allocation for the acquisition (in thousands):
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Final Purchase Price Allocation | \n \u00a0 | \n |
Assets acquired | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Cash and cash equivalents | \n \u00a0 | \n $ | \n 14,736 | \n \u00a0 | \n
Accounts receivable | \n \u00a0 | \n \u00a0 | \n 115,320 | \n \u00a0 | \n
Merchandise inventories | \n \u00a0 | \n \u00a0 | \n 336,741 | \n \u00a0 | \n
Textbook rental inventories | \n \u00a0 | \n \u00a0 | \n 5,158 | \n \u00a0 | \n
Prepaid expenses and other current assets (including $4.8\u00a0million in restricted cash) | \n \u00a0 | \n \u00a0 | \n 26,969 | \n \u00a0 | \n
Property and equipment | \n \u00a0 | \n \u00a0 | \n 118,818 | \n \u00a0 | \n
Operating lease right-of-use assets | \n \u00a0 | \n \u00a0 | \n 186,180 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n 95,000 | \n \u00a0 | \n
Other assets noncurrent (including $1.0\u00a0million in restricted cash) | \n \u00a0 | \n \u00a0 | \n 11,796 | \n \u00a0 | \n
Total assets acquired | \n \u00a0 | \n $ | \n 910,718 | \n \u00a0 | \n
Liabilities assumed | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Accounts payable | \n \u00a0 | \n \u00a0 | \n 279,456 | \n \u00a0 | \n
Accrued liabilities | \n \u00a0 | \n \u00a0 | \n 98,974 | \n \u00a0 | \n
Deferred revenue - current | \n \u00a0 | \n \u00a0 | \n 7,651 | \n \u00a0 | \n
Operating lease liabilities - current | \n \u00a0 | \n \u00a0 | \n 76,677 | \n \u00a0 | \n
Deferred income taxes \u2013 noncurrent | \n \u00a0 | \n \u00a0 | \n 4,790 | \n \u00a0 | \n
Operating lease liabilities - noncurrent | \n \u00a0 | \n \u00a0 | \n 141,501 | \n \u00a0 | \n
Deferred revenue - noncurrent | \n \u00a0 | \n \u00a0 | \n 3,393 | \n \u00a0 | \n
Other long-term liabilities | \n \u00a0 | \n \u00a0 | \n 12,413 | \n \u00a0 | \n
Long-term borrowings | \n \u00a0 | \n \u00a0 | \n 101,235 | \n \u00a0 | \n
Total liabilities assumed | \n \u00a0 | \n $ | \n 726,090 | \n \u00a0 | \n
Net assets acquired | \n \u00a0 | \n $ | \n 184,628 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Total consideration transferred | \n \u00a0 | \n $ | \n 50,133 | \n \u00a0 | \n
Less: Net assets acquired | \n \u00a0 | \n \u00a0 | \n (184,628 | \n ) | \n
Plus: Noncontrolling interest | \n \u00a0 | \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 life):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
| \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\u00a0years | \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 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 acquisition 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 acquisition date.
The acquired entity\u2019s results of operations were included in our Consolidated Financial Statements from the date of acquisition, June 10, 2024. For the fiscal year ended April 30, 2025, Barnes & Noble Education contributed net revenue of $1.5 billion and net income (loss) of $49.1 million, which are both reflected in the accompanying Consolidated Statement of Operations.
The following unaudited pro forma combined financial information gives effect to the acquisition of Barnes & Noble Education as if it was consummated on May 1, 2024 (the beginning of the comparable prior reporting period), and includes pro forma adjustments related to the amortization of acquired intangible assets and other adjustments that were not material.
This unaudited data is presented for informational purposes only and is not intended to represent or be indicative of the results of operations that would have been reported had the acquisition occurred on May 1, 2024. It should not be taken as representative of future results of operations of the combined company.
The following presents the unaudited pro forma combined financial information (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, | \n \u00a0 | \n |
Revenues | \n \u00a0 | \n $ | \n 1,684,243 | \n \u00a0 | \n
Net Income (Loss) | \n \u00a0 | \n \u00a0 | \n (14,551 | \n ) | \n
The following table presents the final purchase price allocation for the acquisition (in thousands):
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Final Purchase Price Allocation | \n \u00a0 | \n |
Assets acquired | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Cash and cash equivalents | \n \u00a0 | \n $ | \n 14,736 | \n \u00a0 | \n
Accounts receivable | \n \u00a0 | \n \u00a0 | \n 115,320 | \n \u00a0 | \n
Merchandise inventories | \n \u00a0 | \n \u00a0 | \n 336,741 | \n \u00a0 | \n
Textbook rental inventories | \n \u00a0 | \n \u00a0 | \n 5,158 | \n \u00a0 | \n
Prepaid expenses and other current assets (including $4.8\u00a0million in restricted cash) | \n \u00a0 | \n \u00a0 | \n 26,969 | \n \u00a0 | \n
Property and equipment | \n \u00a0 | \n \u00a0 | \n 118,818 | \n \u00a0 | \n
Operating lease right-of-use assets | \n \u00a0 | \n \u00a0 | \n 186,180 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n 95,000 | \n \u00a0 | \n
Other assets noncurrent (including $1.0\u00a0million in restricted cash) | \n \u00a0 | \n \u00a0 | \n 11,796 | \n \u00a0 | \n
Total assets acquired | \n \u00a0 | \n $ | \n 910,718 | \n \u00a0 | \n
Liabilities assumed | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Accounts payable | \n \u00a0 | \n \u00a0 | \n 279,456 | \n \u00a0 | \n
Accrued liabilities | \n \u00a0 | \n \u00a0 | \n 98,974 | \n \u00a0 | \n
Deferred revenue - current | \n \u00a0 | \n \u00a0 | \n 7,651 | \n \u00a0 | \n
Operating lease liabilities - current | \n \u00a0 | \n \u00a0 | \n 76,677 | \n \u00a0 | \n
Deferred income taxes \u2013 noncurrent | \n \u00a0 | \n \u00a0 | \n 4,790 | \n \u00a0 | \n
Operating lease liabilities - noncurrent | \n \u00a0 | \n \u00a0 | \n 141,501 | \n \u00a0 | \n
Deferred revenue - noncurrent | \n \u00a0 | \n \u00a0 | \n 3,393 | \n \u00a0 | \n
Other long-term liabilities | \n \u00a0 | \n \u00a0 | \n 12,413 | \n \u00a0 | \n
Long-term borrowings | \n \u00a0 | \n \u00a0 | \n 101,235 | \n \u00a0 | \n
Total liabilities assumed | \n \u00a0 | \n $ | \n 726,090 | \n \u00a0 | \n
Net assets acquired | \n \u00a0 | \n $ | \n 184,628 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Total consideration transferred | \n \u00a0 | \n $ | \n 50,133 | \n \u00a0 | \n
Less: Net assets acquired | \n \u00a0 | \n \u00a0 | \n (184,628 | \n ) | \n
Plus: Noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 203,657 | \n \u00a0 | \n
Goodwill | \n \u00a0 | \n $ | \n 69,162 | \n \u00a0 | \n
\u00a0
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intangible assets acquired were comprised of the following (in thousands except for estimated life):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
| \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\u00a0years | \n
Total intangible assets | \n \u00a0 | \n $ | \n 95,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The following presents the unaudited pro forma combined financial information (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, | \n \u00a0 | \n |
Revenues | \n \u00a0 | \n $ | \n 1,684,243 | \n \u00a0 | \n
Net Income (Loss) | \n \u00a0 | \n \u00a0 | \n (14,551 | \n ) | \n
4.\tSEGMENT INFORMATION
Following the closing of the Transactions with Barnes & Noble Education, the Company operates as two operating and reporting segments, Immersion and Barnes & Noble Education. We identify these segments based on the distinct business activities of each company as they are managed separately.
Our Chief Executive Officer, as the Company\u2019s 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.
Due to the nonhomogeneous operations of Immersion and Barnes & Noble Education, the Company\u2019s Consolidated Balance Sheets and Consolidated Statement of Operations for the fiscal year ended April 30, 2026 and 2025, separately present the operating assets, liabilities, and operations of Immersion\u2019s business from the operating assets, liabilities, and operations of Barnes & Noble Education\u2019s business. Our Consolidated Statements of Operations includes each segment\u2019s significant segment expenses. Summarized financial information for our reportable segments is reported below (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Years Ended April 30, | \n \u00a0 | \n |||||
| \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||
REVENUES | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n $ | \n 15,924 | \n \u00a0 | \n \u00a0 | \n $ | \n 74,073 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 1,714,770 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,481,803 | \n \u00a0 | \n
Total revenues | \n \u00a0 | \n \u00a0 | \n 1,730,694 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,555,876 | \n \u00a0 | \n
| \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 ||
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 1,359,411 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,124,175 | \n \u00a0 | \n
OPERATING EXPENSES | \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 ||
Selling and administrative expenses | \n \u00a0 | \n \u00a0 | \n 12,153 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,757 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Selling and administrative expenses | \n \u00a0 | \n \u00a0 | \n 288,487 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 252,754 | \n \u00a0 | \n
Depreciation and amortization expense | \n \u00a0 | \n \u00a0 | \n 42,499 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,274 | \n \u00a0 | \n
Impairment loss | \n \u00a0 | \n \u00a0 | \n 5,089 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,247 | \n \u00a0 | \n
Other (income) expense | \n \u00a0 | \n \u00a0 | \n (2,859 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,351 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 333,216 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 287,924 | \n \u00a0 | \n
Total operating expenses | \n \u00a0 | \n \u00a0 | \n 345,369 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 313,681 | \n \u00a0 | \n
OPERATING INCOME (LOSS) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n \u00a0 | \n 3,771 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 48,316 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 22,143 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 69,704 | \n \u00a0 | \n
Operating Income (Loss) | \n \u00a0 | \n $ | \n 25,914 | \n \u00a0 | \n \u00a0 | \n $ | \n 118,020 | \n \u00a0 | \n
\u00a0
The reconciliation between segment operating income (loss) and income (loss) before income taxes is included within our Consolidated Statements of Operations.
Geographically, Immersion\u2019s revenues have historically been concentrated in Asia, primarily in Japan and Korea. The geographic distribution of revenues for Asia, Europe, and North America for the fiscal year ended April 30, 2026, represented 73%, 2%, and 25%, respectively, of our total revenue as compared to 87%, 8%, and 5%, respectively for the fiscal year ended April 30, 2025.
The following table is a summary of Property and Equipment Additions and Total Assets by reportable segment (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Years Ended April 30, | \n \u00a0 | \n |||||
| \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||
Property and Equipment Additions | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 7 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 16,196 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,230 | \n \u00a0 | \n
Total property and equipment additions | \n \u00a0 | \n $ | \n 16,196 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,237 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Total Assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n $ | \n 210,850 | \n \u00a0 | \n \u00a0 | \n $ | \n 213,980 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 841,492 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 888,293 | \n \u00a0 | \n
Total assets | \n \u00a0 | \n $ | \n 1,052,342 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,102,273 | \n \u00a0 | \n
As of April 30, 2026, 87% and 13% of Immersion\u2019s long-lived assets were located in Canada and the U.S., respectively, and Barnes & Noble Education\u2019s long-lived assets were located in the U.S. As of April 30, 2025, 92% and 8% of Immersion\u2019s long-lived assets were located in Canada and the U.S., respectively, and Barnes & Noble Education\u2019s long-lived assets were located in the U.S.
"}]},{"name":"rpt:f-635","factDimensions":{"xbrl:concept":"us-gaap:NumberOfOperatingSegments","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"immr:Number"},"factValues":[{"value":"2"}]},{"name":"rpt:f-636","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"immr:Number"},"factValues":[{"value":"2"}]},{"name":"rpt:f-637","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingCodmProfitLossMeasureHowUsedDescription","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Our Chief Executive Officer, 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. "}]},{"name":"rpt:f-638","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","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 \u00a0 | \n Fiscal Years Ended April 30, | \n \u00a0 | \n |||||
| \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||
REVENUES | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n $ | \n 15,924 | \n \u00a0 | \n \u00a0 | \n $ | \n 74,073 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 1,714,770 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,481,803 | \n \u00a0 | \n
Total revenues | \n \u00a0 | \n \u00a0 | \n 1,730,694 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,555,876 | \n \u00a0 | \n
| \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 ||
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 1,359,411 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,124,175 | \n \u00a0 | \n
OPERATING EXPENSES | \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 ||
Selling and administrative expenses | \n \u00a0 | \n \u00a0 | \n 12,153 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,757 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Selling and administrative expenses | \n \u00a0 | \n \u00a0 | \n 288,487 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 252,754 | \n \u00a0 | \n
Depreciation and amortization expense | \n \u00a0 | \n \u00a0 | \n 42,499 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,274 | \n \u00a0 | \n
Impairment loss | \n \u00a0 | \n \u00a0 | \n 5,089 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,247 | \n \u00a0 | \n
Other (income) expense | \n \u00a0 | \n \u00a0 | \n (2,859 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,351 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 333,216 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 287,924 | \n \u00a0 | \n
Total operating expenses | \n \u00a0 | \n \u00a0 | \n 345,369 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 313,681 | \n \u00a0 | \n
OPERATING INCOME (LOSS) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n \u00a0 | \n 3,771 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 48,316 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 22,143 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 69,704 | \n \u00a0 | \n
Operating Income (Loss) | \n \u00a0 | \n $ | \n 25,914 | \n \u00a0 | \n \u00a0 | \n $ | \n 118,020 | \n \u00a0 | \n
The following table is a summary of Property and Equipment Additions and Total Assets by reportable segment (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Years Ended April 30, | \n \u00a0 | \n |||||
| \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||
Property and Equipment Additions | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 7 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 16,196 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,230 | \n \u00a0 | \n
Total property and equipment additions | \n \u00a0 | \n $ | \n 16,196 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,237 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Total Assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Immersion | \n \u00a0 | \n $ | \n 210,850 | \n \u00a0 | \n \u00a0 | \n $ | \n 213,980 | \n \u00a0 | \n
Barnes & Noble Education | \n \u00a0 | \n \u00a0 | \n 841,492 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 888,293 | \n \u00a0 | \n
Total assets | \n \u00a0 | \n $ | \n 1,052,342 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,102,273 | \n \u00a0 | \n
5.\tREVENUE
Immersion
Disaggregated Revenue
The following presents the disaggregation of Immersion\u2019s revenue for these periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Years Ended April 30, | \n \u00a0 | \n |||||
| \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||
Fixed fee license revenue | \n \u00a0 | \n $ | \n 2,963 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,519 | \n \u00a0 | \n
Per-unit royalty revenue | \n \u00a0 | \n \u00a0 | \n 12,961 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,554 | \n \u00a0 | \n
Total royalty and license revenue | \n \u00a0 | \n $ | \n 15,924 | \n \u00a0 | \n \u00a0 | \n $ | \n 74,073 | \n \u00a0 | \n
Contract Assets
At April 30, 2026, we had contract assets of $8.2 million included within Prepaid expenses and other current assets and $19.8 million within Other assets - noncurrent on the Consolidated Balance Sheets. 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 included within Other assets - noncurrent on the Consolidated Balance Sheets.
Contract assets decreased by approximately $(7.2) million for the fiscal year ended April 30, 2026, primarily due to the actual billing of unbilled amounts during the fiscal year ended April 30, 2026. Contract assets increased by $28.5 million for the fiscal year ended April 30, 2025, primarily due to an increase in unbilled revenue related to the new contracts we entered into during the fiscal year ended April 30, 2025.
Deferred Revenue
The following table presents changes in deferred revenue associated with Immersion\u2019s contract liabilities (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fiscal Years Ended April 30, | \n \u00a0 | \n |||||
| \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \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 - | \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 (2,938 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,626 | \n ) | \n
Deferred revenue balance end of the period | \n \u00a0 | \n $ | \n 5,790 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,728 | \n \u00a0 | \n
\u00a0
Revenue recognized during the fiscal years ended April 30, 2026 and 2025 that was included in the deferred revenue balance at the beginning of the period was $2.9 million and $12.5 million, respectively.
\u00a0
Based on contracts signed and payments received at April 30, 2026, we expect to recognize $5.8 million in revenue under our fixed fee license agreements, which are satisfied over time, including $5.5 million over one to three years, and $0.3 million over more than three years.
Barnes & Noble Education
Revenue from sales of Barnes & Noble Education\u2019s products and services is recognized either at the point in time when control of the products is transferred to its customers or over time as services are provided in an amount that reflects the consideration Barnes & Noble Education expects to be entitled to in exchange for the products or services.
Disaggregated Revenue
The following table 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 |
\u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From | \n \u00a0 | \n ||
Course material product sales | \n \u00a0 | \n $ | \n 1,128,820 | \n \u00a0 | \n \u00a0 | \n $ | \n 937,235 | \n \u00a0 | \n
General merchandise product sales\u00a0(a) | \n \u00a0 | \n \u00a0 | \n 358,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 325,298 | \n \u00a0 | \n
Services and other revenue\u00a0(b) | \n \u00a0 | \n \u00a0 | \n 77,444 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 79,904 | \n \u00a0 | \n
Total product and other revenue | \n \u00a0 | \n \u00a0 | \n 1,564,365 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,342,437 | \n \u00a0 | \n
Course materials rental income | \n \u00a0 | \n \u00a0 | \n 150,405 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 139,366 | \n \u00a0 | \n
Total revenue | \n \u00a0 | \n $ | \n 1,714,770 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,481,803 | \n \u00a0 | \n
\u00a0
\u00a0
Contract Assets and Contract Liabilities
Contract assets represent the sale of goods or services to a customer before we have 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 $1.2 million and $0.6 million at May 2, 2026 and May 3, 2025, respectively, on Barnes & Noble Education\u2019s Consolidated Balance Sheets.
Contract liabilities represent an obligation to transfer goods or services to a customer for which we have received consideration and consists of our deferred revenue liability (deferred revenue). Deferred revenue consists of the following:
\u00a0
Deferred Revenue
The following table presents changes in deferred revenue associated with Barnes & Noble Education's contract liabilities (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to April 30, 2025 | \n \u00a0 | \n ||
Deferred revenue at beginning of 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 179,893 | \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 (180,266 | \n ) | \n \u00a0 | \n \u00a0 | \n (171,447 | \n ) | \n
Deferred revenue balance at the end of period | \n \u00a0 | \n $ | \n 13,193 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,566 | \n \u00a0 | \n
\u00a0
Revenue recognized during the 52 weeks ended May 2, 2026 and the 53 weeks ended May 3, 2025 that was included in the contract liability balance at the beginning of each respective fiscal year was $10.7 million and $11.5 million respectively.
The following presents the disaggregation of Immersion\u2019s revenue for these periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Years Ended April 30, | \n \u00a0 | \n |||||
| \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||
Fixed fee license revenue | \n \u00a0 | \n $ | \n 2,963 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,519 | \n \u00a0 | \n
Per-unit royalty revenue | \n \u00a0 | \n \u00a0 | \n 12,961 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,554 | \n \u00a0 | \n
Total royalty and license revenue | \n \u00a0 | \n $ | \n 15,924 | \n \u00a0 | \n \u00a0 | \n $ | \n 74,073 | \n \u00a0 | \n
The following table presents changes in deferred revenue associated with Immersion\u2019s contract liabilities (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fiscal Years Ended April 30, | \n \u00a0 | \n |||||
| \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \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 - | \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 (2,938 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,626 | \n ) | \n
Deferred revenue balance end of the period | \n \u00a0 | \n $ | \n 5,790 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,728 | \n \u00a0 | \n
The following table 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 |
\u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From | \n \u00a0 | \n ||
Course material product sales | \n \u00a0 | \n $ | \n 1,128,820 | \n \u00a0 | \n \u00a0 | \n $ | \n 937,235 | \n \u00a0 | \n
General merchandise product sales\u00a0(a) | \n \u00a0 | \n \u00a0 | \n 358,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 325,298 | \n \u00a0 | \n
Services and other revenue\u00a0(b) | \n \u00a0 | \n \u00a0 | \n 77,444 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 79,904 | \n \u00a0 | \n
Total product and other revenue | \n \u00a0 | \n \u00a0 | \n 1,564,365 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,342,437 | \n \u00a0 | \n
Course materials rental income | \n \u00a0 | \n \u00a0 | \n 150,405 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 139,366 | \n \u00a0 | \n
Total revenue | \n \u00a0 | \n $ | \n 1,714,770 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,481,803 | \n \u00a0 | \n
\u00a0
The following table presents changes in deferred revenue associated with Barnes & Noble Education's contract liabilities (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to April 30, 2025 | \n \u00a0 | \n ||
Deferred revenue at beginning of 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 179,893 | \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 (180,266 | \n ) | \n \u00a0 | \n \u00a0 | \n (171,447 | \n ) | \n
Deferred revenue balance at the end of period | \n \u00a0 | \n $ | \n 13,193 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,566 | \n \u00a0 | \n
\u00a0
Revenue recognized during the 52 weeks ended May 2, 2026 and the 53 weeks ended May 3, 2025 that was included in the contract liability balance at the beginning of each respective fiscal year was $10.7 million and $11.5 million respectively.
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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 April 30, 2026 and 2025 (in thousands):
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Investments \u2013 current | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Marketable-equity securities | \n \u00a0 | \n $ | \n 42,168 | \n \u00a0 | \n \u00a0 | \n $ | \n 55,784 | \n \u00a0 | \n
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,005 | \n \u00a0 | \n
Total Investments \u2013 current | \n \u00a0 | \n $ | \n 42,168 | \n \u00a0 | \n \u00a0 | \n $ | \n 88,789 | \n \u00a0 | \n
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Investments \u2013 noncurrent | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Corporate bonds | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,880 | \n \u00a0 | \n
Total Investments \u2013 noncurrent | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,880 | \n \u00a0 | \n
\u00a0
Marketable Securities
Marketable securities consisted of the following as of these periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2026 | \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 47,087 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,365 | \n \u00a0 | \n \u00a0 | \n $ | \n (10,284 | \n ) | \n \u00a0 | \n $ | \n 42,168 | \n \u00a0 | \n
Total marketable securities | \n \u00a0 | \n $ | \n 47,087 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,365 | \n \u00a0 | \n \u00a0 | \n $ | \n (10,284 | \n ) | \n \u00a0 | \n $ | \n 42,168 | \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
Total marketable securities | \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
Derivative Financial Instruments
Immersion\u2019s derivative instruments consisted of call and put options sold at their fair value at the balance sheet date. These derivative instruments are reported as Other current liabilities on our Consolidated Balance Sheets as of April 30, 2026 and 2025 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Unrealized Gains (Losses) | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n |||
Derivative instruments | \n \u00a0 | \n $ | \n 10,690 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,185 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,875 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 10,690 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,185 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,875 | \n \u00a0 | \n
\u00a0
\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 Gains (Losses) | \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
Total | \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 our marketable-debt securities for the following periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n Fiscal Year Ended April 30, | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, | \n \u00a0 | \n ||
Net unrealized gains (losses) recognized on marketable-equity securities | \n \u00a0 | \n $ | \n 2,974 | \n \u00a0 | \n \u00a0 | \n $ | \n (7,744 | \n ) | \n
Net realized gains (losses) recognized on marketable-equity securities | \n \u00a0 | \n \u00a0 | \n (6,618 | \n ) | \n \u00a0 | \n \u00a0 | \n 6,538 | \n \u00a0 | \n
Net unrealized gains (losses) recognized on derivative instruments | \n \u00a0 | \n \u00a0 | \n 2,525 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6,204 | \n ) | \n
Net realized gains (losses) recognized on derivative instruments | \n \u00a0 | \n \u00a0 | \n 6,884 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,192 | \n \u00a0 | \n
Net realized gains (losses) recognized on marketable-debt securities | \n \u00a0 | \n \u00a0 | \n (107 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,604 | \n \u00a0 | \n
Total net gains (losses) recognized in interest income and other income (expense), net | \n \u00a0 | \n $ | \n 5,658 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,386 | \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.
Non-Financial Assets and Liabilities Fair Value Measurements
Our non-financial assets include property and equipment, operating lease right-of-use assets, and intangible assets. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. 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 in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. See Note 2. Basis of Presentation and Summary of Significant Accounting Policies for additional information.
Barnes & Noble Education granted phantom share units as long-term incentive awards that are settled in cash based on the fair market value of a share of common stock of the Company at each vesting date. The fair value of the liability for the cash-settled phantom share unit awards will be remeasured at the end of each reporting period through settlement to reflect current risk-free rate and volatility assumptions. At April 30, 2026 a liability was recorded, which is not material to the balance sheet (Level 2 input) and is reflected in Accrued liabilities on the Consolidated Balance Sheets. See Note 12. Stock-Based Compensation for additional information.
\u00a0
Immersion\u2019s financial instruments measured at fair value, on a recurring basis, at April 30, 2026 and 2025, are classified based on the valuation technique 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 April 30, 2026 | \n \u00a0 | \n |||||||||||||
| \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Quoted Prices in Active Markets for Identical Assets (Level 1) | \n \u00a0 | \n \u00a0 | \n Significant Other Observable Inputs (Level 2) | \n \u00a0 | \n \u00a0 | \n Significant Unobservable Inputs (Level 3) | \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 109,631 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 109,631 | \n \u00a0 | \n
Equity securities | \n \u00a0 | \n \u00a0 | \n 42,168 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,168 | \n \u00a0 | \n
Total assets at fair value | \n \u00a0 | \n $ | \n 151,799 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 151,799 | \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 2,166 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,709 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,875 | \n \u00a0 | \n
Total liabilities at fair value | \n \u00a0 | \n $ | \n 2,166 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,709 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,875 | \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 Fair Value Measurements Using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Quoted Prices in Active Markets for Identical Assets (Level 1) | \n \u00a0 | \n \u00a0 | \n Significant Other Observable Inputs (Level 2) | \n \u00a0 | \n \u00a0 | \n Significant Unobservable Inputs (Level 3) | \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 \u2014 | \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
\u00a0 | \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 |
| \n \u00a0 | \n April 30, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Investments \u2013 current | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Marketable-equity securities | \n \u00a0 | \n $ | \n 42,168 | \n \u00a0 | \n \u00a0 | \n $ | \n 55,784 | \n \u00a0 | \n
U.S. treasury securities | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,005 | \n \u00a0 | \n
Total Investments \u2013 current | \n \u00a0 | \n $ | \n 42,168 | \n \u00a0 | \n \u00a0 | \n $ | \n 88,789 | \n \u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, | \n \u00a0 | \n \u00a0 | \n April 30, | \n \u00a0 | \n ||
Investments \u2013 noncurrent | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Corporate bonds | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,880 | \n \u00a0 | \n
Total Investments \u2013 noncurrent | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,880 | \n \u00a0 | \n
Marketable securities consisted of the following as of these periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2026 | \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 47,087 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,365 | \n \u00a0 | \n \u00a0 | \n $ | \n (10,284 | \n ) | \n \u00a0 | \n $ | \n 42,168 | \n \u00a0 | \n
Total marketable securities | \n \u00a0 | \n $ | \n 47,087 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,365 | \n \u00a0 | \n \u00a0 | \n $ | \n (10,284 | \n ) | \n \u00a0 | \n $ | \n 42,168 | \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
Total marketable securities | \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
Immersion\u2019s derivative instruments consisted of call and put options sold at their fair value at the balance sheet date. These derivative instruments are reported as Other current liabilities on our Consolidated Balance Sheets as of April 30, 2026 and 2025 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n Cost | \n \u00a0 | \n \u00a0 | \n Unrealized Gains (Losses) | \n \u00a0 | \n \u00a0 | \n Fair Value | \n \u00a0 | \n |||
Derivative instruments | \n \u00a0 | \n $ | \n 10,690 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,185 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,875 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 10,690 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,185 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,875 | \n \u00a0 | \n
\u00a0
\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 Gains (Losses) | \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
Total | \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
The following summarizes the realized and unrealized gains and losses from Immersion\u2019s equity securities and derivative instruments and realized gains and losses from our marketable-debt securities for the following periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n Fiscal Year Ended April 30, | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, | \n \u00a0 | \n ||
Net unrealized gains (losses) recognized on marketable-equity securities | \n \u00a0 | \n $ | \n 2,974 | \n \u00a0 | \n \u00a0 | \n $ | \n (7,744 | \n ) | \n
Net realized gains (losses) recognized on marketable-equity securities | \n \u00a0 | \n \u00a0 | \n (6,618 | \n ) | \n \u00a0 | \n \u00a0 | \n 6,538 | \n \u00a0 | \n
Net unrealized gains (losses) recognized on derivative instruments | \n \u00a0 | \n \u00a0 | \n 2,525 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6,204 | \n ) | \n
Net realized gains (losses) recognized on derivative instruments | \n \u00a0 | \n \u00a0 | \n 6,884 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,192 | \n \u00a0 | \n
Net realized gains (losses) recognized on marketable-debt securities | \n \u00a0 | \n \u00a0 | \n (107 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,604 | \n \u00a0 | \n
Total net gains (losses) recognized in interest income and other income (expense), net | \n \u00a0 | \n $ | \n 5,658 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,386 | \n \u00a0 | \n
Immersion\u2019s financial instruments measured at fair value, on a recurring basis, at April 30, 2026 and 2025, are classified based on the valuation technique 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 April 30, 2026 | \n \u00a0 | \n |||||||||||||
| \n \u00a0 | \n Fair Value Measurements Using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Quoted Prices in Active Markets for Identical Assets (Level 1) | \n \u00a0 | \n \u00a0 | \n Significant Other Observable Inputs (Level 2) | \n \u00a0 | \n \u00a0 | \n Significant Unobservable Inputs (Level 3) | \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 109,631 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 109,631 | \n \u00a0 | \n
Equity securities | \n \u00a0 | \n \u00a0 | \n 42,168 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,168 | \n \u00a0 | \n
Total assets at fair value | \n \u00a0 | \n $ | \n 151,799 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 151,799 | \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 2,166 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,709 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,875 | \n \u00a0 | \n
Total liabilities at fair value | \n \u00a0 | \n $ | \n 2,166 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,709 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,875 | \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 Fair Value Measurements Using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Quoted Prices in Active Markets for Identical Assets (Level 1) | \n \u00a0 | \n \u00a0 | \n Significant Other Observable Inputs (Level 2) | \n \u00a0 | \n \u00a0 | \n Significant Unobservable Inputs (Level 3) | \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 \u2014 | \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
\u00a0 | \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
7.\tLEASES
Immersion
\u00a0
For the fiscal years ended April 30, 2026 and 2025, Immersion\u2019s leases and related activity were not material.
Barnes & Noble Education
Barnes & Noble Education recognizes lease assets and lease liabilities on the Consolidated Balance Sheets for substantially all lease arrangements based on the present value of future lease payments as required by Leases. Barnes & Noble Education\u2019s portfolio of leases consists of operating leases comprised of operating agreements which grant Barnes & Noble Education 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 an ROU asset and lease liability on the 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 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 lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
Barnes & Noble Education uses its 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 summarizes lease expense for the periods presented below (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From | \n \u00a0 | \n ||
Operating lease costs | \n \u00a0 | \n $ | \n 55,186 | \n \u00a0 | \n \u00a0 | \n $ | \n 60,179 | \n \u00a0 | \n
Variable lease costs | \n \u00a0 | \n \u00a0 | \n 143,392 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 59,650 | \n \u00a0 | \n
Short-term lease costs | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,970 | \n \u00a0 | \n
Total lease costs | \n \u00a0 | \n $ | \n 198,578 | \n \u00a0 | \n \u00a0 | \n $ | \n 136,799 | \n \u00a0 | \n
The following summarizes Barnes & Noble Education\u2019s minimum fixed lease obligations, excluding variable commissions, at (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
| \n \u00a0 | \n Operating lease liabilities | \n \u00a0 | \n |
Fiscal 2027 | \n \u00a0 | \n $ | \n 78,772 | \n \u00a0 | \n
Fiscal 2028 | \n \u00a0 | \n \u00a0 | \n 25,099 | \n \u00a0 | \n
Fiscal 2029 | \n \u00a0 | \n \u00a0 | \n 21,523 | \n \u00a0 | \n
Fiscal 2030 | \n \u00a0 | \n \u00a0 | \n 14,919 | \n \u00a0 | \n
Fiscal 2031 | \n \u00a0 | \n \u00a0 | \n 16,821 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 7,500 | \n \u00a0 | \n
Total lease payments | \n \u00a0 | \n \u00a0 | \n 164,634 | \n \u00a0 | \n
Less: imputed interest | \n \u00a0 | \n \u00a0 | \n (12,953 | \n ) | \n
Operating lease liabilities at period end | \n \u00a0 | \n $ | \n 151,681 | \n \u00a0 | \n
\u00a0
Future lease payment obligations related to leases that were entered into, but did not commence at April 30, 2026, were not material.
The following is additional information related to Barnes & Noble Education\u2019s operating leases as of (in thousands except weighted-average information):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Weighted-average remaining lease term (in years) | \n \u00a0 | \n 4.4 | \n \u00a0 | \n \u00a0 | \n 4.7 | \n \u00a0 | \n ||
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n 6.7 | \n % | \n \u00a0 | \n \u00a0 | \n 6.8 | \n % | \n
Supplemental cash flow information: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Cash payments for lease liabilities within operating activities | \n \u00a0 | \n $ | \n 55,343 | \n \u00a0 | \n \u00a0 | \n $ | \n 110,853 | \n \u00a0 | \n
ROU assets obtained in exchange for lease liabilities from initial recognition | \n \u00a0 | \n \u00a0 | \n 42,580 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,977 | \n \u00a0 | \n
The following summarizes lease expense for the periods presented below (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From | \n \u00a0 | \n ||
Operating lease costs | \n \u00a0 | \n $ | \n 55,186 | \n \u00a0 | \n \u00a0 | \n $ | \n 60,179 | \n \u00a0 | \n
Variable lease costs | \n \u00a0 | \n \u00a0 | \n 143,392 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 59,650 | \n \u00a0 | \n
Short-term lease costs | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,970 | \n \u00a0 | \n
Total lease costs | \n \u00a0 | \n $ | \n 198,578 | \n \u00a0 | \n \u00a0 | \n $ | \n 136,799 | \n \u00a0 | \n
The following summarizes Barnes & Noble Education\u2019s minimum fixed lease obligations, excluding variable commissions, at (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
| \n \u00a0 | \n Operating lease liabilities | \n \u00a0 | \n |
Fiscal 2027 | \n \u00a0 | \n $ | \n 78,772 | \n \u00a0 | \n
Fiscal 2028 | \n \u00a0 | \n \u00a0 | \n 25,099 | \n \u00a0 | \n
Fiscal 2029 | \n \u00a0 | \n \u00a0 | \n 21,523 | \n \u00a0 | \n
Fiscal 2030 | \n \u00a0 | \n \u00a0 | \n 14,919 | \n \u00a0 | \n
Fiscal 2031 | \n \u00a0 | \n \u00a0 | \n 16,821 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 7,500 | \n \u00a0 | \n
Total lease payments | \n \u00a0 | \n \u00a0 | \n 164,634 | \n \u00a0 | \n
Less: imputed interest | \n \u00a0 | \n \u00a0 | \n (12,953 | \n ) | \n
Operating lease liabilities at period end | \n \u00a0 | \n $ | \n 151,681 | \n \u00a0 | \n
The following is additional information related to Barnes & Noble Education\u2019s operating leases as of (in thousands except weighted-average information):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Weighted-average remaining lease term (in years) | \n \u00a0 | \n 4.4 | \n \u00a0 | \n \u00a0 | \n 4.7 | \n \u00a0 | \n ||
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n 6.7 | \n % | \n \u00a0 | \n \u00a0 | \n 6.8 | \n % | \n
Supplemental cash flow information: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Cash payments for lease liabilities within operating activities | \n \u00a0 | \n $ | \n 55,343 | \n \u00a0 | \n \u00a0 | \n $ | \n 110,853 | \n \u00a0 | \n
ROU assets obtained in exchange for lease liabilities from initial recognition | \n \u00a0 | \n \u00a0 | \n 42,580 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,977 | \n \u00a0 | \n
8.\tGOODWILL AND INTANGIBLE ASSETS
Goodwill
We recognized $69.2 million in goodwill as the result of the business combination with Barnes & Noble Education on June 10, 2024. As of April 30, 2026 and 2025, the Company recorded goodwill of $69.2 million on our Consolidated Balance Sheets.
Intangible Assets, net
The following summarizes our intangible assets, excluding goodwill, recorded as intangible assets on our Consolidated Balance Sheets as of the periods presented 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 April 30, 2026 | \n \u00a0 | \n |||||||||||||
| \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Carrying Amount | \n \u00a0 | \n \u00a0 | \n Weighted-average remaining life (Years) | \n \u00a0 | \n ||||
Trade name | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n \u00a0 | \n N/A | \n \u00a0 | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n \u00a0 | \n Indefinite | \n \u00a0 | \n ||
Customer relationships | \n \u00a0 | \n \u00a0 | \n 50,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7,267 | \n ) | \n \u00a0 | \n \u00a0 | \n 42,733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11.2 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 95,000 | \n \u00a0 | \n \u00a0 | \n $ | \n (7,267 | \n ) | \n \u00a0 | \n $ | \n 87,733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \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 Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Carrying Amount | \n \u00a0 | \n \u00a0 | \n Weighted-average remaining life (Years) | \n \u00a0 | \n ||||
Trade name | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n \u00a0 | \n N/A | \n \u00a0 | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n \u00a0 | \n Indefinite | \n \u00a0 | \n ||
Customer relationships | \n \u00a0 | \n \u00a0 | \n 50,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,419 | \n ) | \n \u00a0 | \n \u00a0 | \n 46,581 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12.2 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 95,000 | \n \u00a0 | \n \u00a0 | \n $ | \n (3,419 | \n ) | \n \u00a0 | \n $ | \n 91,581 | \n \u00a0 | \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 $3.8 million and $3.4 million for the fiscal years ended April 30, 2026 and 2025, respectively.
Estimated amortization expense of the intangible assets to be recognized by the Company are (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Fiscal Year Ended April 30, | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
2027 | \n \u00a0 | \n $ | \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
2031 | \n \u00a0 | \n \u00a0 | \n 3,846 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 23,503 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 42,733 | \n \u00a0 | \n
The following summarizes our intangible assets, excluding goodwill, recorded as intangible assets on our Consolidated Balance Sheets as of the periods presented 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 April 30, 2026 | \n \u00a0 | \n |||||||||||||
| \n \u00a0 | \n Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Carrying Amount | \n \u00a0 | \n \u00a0 | \n Weighted-average remaining life (Years) | \n \u00a0 | \n ||||
Trade name | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n \u00a0 | \n N/A | \n \u00a0 | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n \u00a0 | \n Indefinite | \n \u00a0 | \n ||
Customer relationships | \n \u00a0 | \n \u00a0 | \n 50,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7,267 | \n ) | \n \u00a0 | \n \u00a0 | \n 42,733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11.2 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 95,000 | \n \u00a0 | \n \u00a0 | \n $ | \n (7,267 | \n ) | \n \u00a0 | \n $ | \n 87,733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \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 Gross Carrying Amount | \n \u00a0 | \n \u00a0 | \n Accumulated Amortization | \n \u00a0 | \n \u00a0 | \n Net Carrying Amount | \n \u00a0 | \n \u00a0 | \n Weighted-average remaining life (Years) | \n \u00a0 | \n ||||
Trade name | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n \u00a0 | \n N/A | \n \u00a0 | \n \u00a0 | \n $ | \n 45,000 | \n \u00a0 | \n \u00a0 | \n Indefinite | \n \u00a0 | \n ||
Customer relationships | \n \u00a0 | \n \u00a0 | \n 50,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,419 | \n ) | \n \u00a0 | \n \u00a0 | \n 46,581 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12.2 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 95,000 | \n \u00a0 | \n \u00a0 | \n $ | \n (3,419 | \n ) | \n \u00a0 | \n $ | \n 91,581 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Estimated amortization expense of the intangible assets to be recognized by the Company are (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Fiscal Year Ended April 30, | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
2027 | \n \u00a0 | \n $ | \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
2031 | \n \u00a0 | \n \u00a0 | \n 3,846 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 23,503 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 42,733 | \n \u00a0 | \n
9.\tIMPAIRMENT OF LONG-LIVED ASSETS
Barnes & Noble Education performed long-lived asset impairment testing of the asset groups associated with the affected locations. Each asset group consists of the following assets attributable to each bookstore location or portfolio: (i) operating lease right-of-use (\"ROU\") assets; (ii) customer relationship intangible assets recognized in connection with the respective bookstore management services agreements; (iii) leasehold improvements, capitalized implementation and signing bonuses, and capital improvement reimbursements classified within property and equipment; and (iv) other assets.
Barnes & Noble Education determined that the carrying values of the affected asset groups were not recoverable, as the sum of the expected undiscounted future cash flows attributable to each asset group was insufficient to recover the respective carrying values given the planned cessation of operations. Accordingly, Barnes & Noble Education measured and recognized an impairment loss equal to the amount by which each asset group's carrying value exceeded its estimated fair value. Fair value was estimated using a discounted cash flow approach; for operating lease ROU assets, fair value reflected the present value of reasonably obtainable sublease income, which was determined to be nominal given the campus-specific nature of the bookstore locations.
For the fiscal years ended April 30, 2026 and 2025, the aggregate impairment charges of $5.1 million and $1.2 million are presented within the Impairment Loss on the Consolidated Statement of Operations and the following tables summarize the impairment charges by asset class (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n |||||||||||
\u00a0 | \n \u00a0 | \n Property and equipment, net | \n \u00a0 | \n \u00a0 | \n Operating Lease | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Impairment loss | \n \u00a0 | \n $ | \n 2,765 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,324 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,089 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Fiscal Year Ended April 30, 2025 | \n \u00a0 | \n |||||||||||
\u00a0 | \n \u00a0 | \n Property and equipment, net | \n \u00a0 | \n \u00a0 | \n Operating Lease | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Impairment loss | \n \u00a0 | \n $ | \n 647 | \n \u00a0 | \n \u00a0 | \n $ | \n 600 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,247 | \n \u00a0 | \n
For the fiscal years ended April 30, 2026 and 2025, the aggregate impairment charges of $5.1 million and $1.2 million are presented within the Impairment Loss on the Consolidated Statement of Operations and the following tables summarize the impairment charges by asset class (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n |||||||||||
\u00a0 | \n \u00a0 | \n Property and equipment, net | \n \u00a0 | \n \u00a0 | \n Operating Lease | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Impairment loss | \n \u00a0 | \n $ | \n 2,765 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,324 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,089 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Fiscal Year Ended April 30, 2025 | \n \u00a0 | \n |||||||||||
\u00a0 | \n \u00a0 | \n Property and equipment, net | \n \u00a0 | \n \u00a0 | \n Operating Lease | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Impairment loss | \n \u00a0 | \n $ | \n 647 | \n \u00a0 | \n \u00a0 | \n $ | \n 600 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,247 | \n \u00a0 | \n
10.\tDEBT
\u00a0
The following summarizes Barnes & Noble Education\u2019s outstanding borrowings for the following periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Maturity Date | \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Restated ABL Facility | \n \u00a0 | \n June 9, 2028 | \n \u00a0 | \n $ | \n 71,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 103,098 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Balance Sheet Classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Short-term borrowings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Long-term borrowings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 71,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 103,098 | \n \u00a0 | \n
Total Long-term borrowings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 71,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 103,098 | \n \u00a0 | \n
Restated ABL Credit Facility
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. During the fiscal year ended April 30, 2026 and for the period from June 10, 2024 to April 30, 2025, Barnes & Noble Education incurred interest expense of $12.2 million and $14.3 million, respectively.
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.
As a result of the Investigation and related restatement process during the fiscal year ended April 30, 2025, Barnes & Noble Education was unable to deliver its fiscal 2025 annual financial statements, as well as its first and second quarter fiscal 2026 financial statements, by the dates originally required under the Credit Facility. The lenders provided several waivers to extend the reporting deadlines and waive certain related representations and warranties that may have been impacted by the Investigation and related restatement of Barnes & Noble Education\u2019s previously-issued financial statements. The aggregate fees incurred in connection with these waivers totaled approximately $1.0 million and were recognized as interest expense in the Consolidated Statements of Operations for the fiscal year ended April 30, 2026.
\u00a0
The credit facility is secured by substantially all of 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% is due and payable on June 10, 2025.
As of April 30, 2026, Barnes & Noble Education was in compliance with all debt covenants under the Restated ABL Facility.
During the fiscal year ended April 30, 2026, Barnes & Noble Education borrowed $812.9 million and repaid $845.0 million under the Restated ABL Facility, with $71 million of outstanding borrowings under the Restated ABL Facility as of April 30, 2026. As of April 30, 2026, Barnes & Noble Education issued $0.7 million in letters of credit under the Restated ABL Facility.
During the period from June 10, 2024 to April 30, 2025, Barnes & Noble Education borrowed $836.2 million and repaid $834.3 million under the Restated ABL Facility, with $103.1 million of outstanding borrowings under the Restated ABL Facility as of April 30, 2025. As of April 30, 2025, Barnes & Noble Education issued $0.6 million in letters of credit under the Restated ABL Facility.
"}]},{"name":"rpt:f-937","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtTableTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"The following summarizes Barnes & Noble Education\u2019s outstanding borrowings for the following periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Maturity Date | \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Restated ABL Facility | \n \u00a0 | \n June 9, 2028 | \n \u00a0 | \n $ | \n 71,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 103,098 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Balance Sheet Classification: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Short-term borrowings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
Long-term borrowings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 71,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 103,098 | \n \u00a0 | \n
Total Long-term borrowings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 71,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 103,098 | \n \u00a0 | \n
TopLids LendCo, LLC
In December 2020, Barnes & Noble Education entered into the F/L Relationship to execute a merchandising agreement with Fanatics and Lids which included a strategic equity investment in Barnes & Noble Education by Fanatics, Inc. and Lids Holdings, Inc., jointly as TopLids LendCo, LLC (\u201cTopLids\u201d). On June 7, 2022, Barnes & Noble Education entered into a Term Loan Credit Agreement with TopLids LendCo, LLC and Vital Fundco, LLC (see discussion below). On June 10, 2024, Barnes & Noble Education completed the Transactions, including the Rights Offering, the Private Investment, the Term Loan Debt Conversion, and the Credit Facility Refinancing, to substantially deleverage Barnes & Noble Education\u2019s Consolidated Balance Sheet. TopLids ceased to be a related party during the fourth quarter of fiscal 2025. Total commission revenue from the F/L Relationship was $104.0 million for the period from June 10, 2024 to April 30, 2025. Total receivables from Fanatics was $1.2 million as of April 30, 2025.
VitalSource Technologies, Inc.
On June 7, 2022, Barnes & Noble Education entered into a Term Loan Credit Agreement with TopLids LendCo, LLC (see discussion above) and Vital Fundco, LLC (a subsidiary of Vital Technologies, Inc. (\u201cVitalSource\u201d)). Barnes & Noble Education has contracted with VitalSource to provide digitally formatted courseware, from all major publishers. On June 10, 2024, Barnes & Noble Education completed the Transactions, including the Rights Offering, the Private Investment, the Term Loan Debt Conversion, and the Credit Facility Refinancing, to substantially deleverage Barnes & Noble Education\u2019s Consolidated Balance Sheet. VitalSource owns more than 5% of BNED Common Stock outstanding following the closing of the Transactions. Total purchases from VitalSource were $573.4 million and $398.6 million for the fiscal years ended April 30, 2026 and 2025, respectively. Total accounts payable to VitalSource was $21.5 million and $38.5 million as of April 30, 2026 and 2025, respectively.
"}]},{"name":"rpt:f-984","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-06-10T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"immr:FanaticsAndLidsRelationshipMember"},"factValues":[{"value":"104000000","decimals":-5}]},{"name":"rpt:f-985","factDimensions":{"xbrl:concept":"us-gaap:AccountsReceivableNetCurrent","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"immr:FanaticsAndLidsRelationshipMember"},"factValues":[{"value":"1200000","decimals":-5}]},{"name":"rpt:f-986","factDimensions":{"xbrl:concept":"us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners","xbrl:period":"2024-06-11T00:00:00","xbrl:entity":"cik:0001058811","srt:OwnershipAxis":"immr:VitalTechnologiesIncMember"},"factValues":[{"value":"0.05","decimals":2}]},{"name":"rpt:f-987","factDimensions":{"xbrl:concept":"us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"immr:VitalSourceTechnologiesIncMember"},"factValues":[{"value":"573400000","decimals":-5}]},{"name":"rpt:f-988","factDimensions":{"xbrl:concept":"us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty","xbrl:period":"2024-05-01T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"immr:VitalSourceTechnologiesIncMember"},"factValues":[{"value":"398600000","decimals":-5}]},{"name":"rpt:f-989","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableCurrent","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"immr:VitalSourceTechnologiesIncMember"},"factValues":[{"value":"21500000","decimals":-5}]},{"name":"rpt:f-990","factDimensions":{"xbrl:concept":"us-gaap:AccountsPayableCurrent","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"immr:VitalSourceTechnologiesIncMember"},"factValues":[{"value":"38500000","decimals":-5}]},{"name":"rpt:f-991","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"12.\tSTOCK-BASED COMPENSATION
Immersion
Stock Options and Awards
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 the grant for stock options. Stock options generally vest over four years and expire seven years from the grant date. Market condition-based stock awards are subject to a market condition 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.
The following table summarizes our equity incentive program at April 30, 2026 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Common stock shares available for grant | \n \u00a0 | \n \u00a0 | \n 1,555 | \n \u00a0 | \n
RSUs outstanding | \n \u00a0 | \n \u00a0 | \n 576 | \n \u00a0 | \n
RSAs outstanding | \n \u00a0 | \n \u00a0 | \n 65 | \n \u00a0 | \n
Restricted Stock Units
The following summarizes RSU activities for the fiscal year ended April 30, 2026:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Number of Restricted | \n \u00a0 | \n \u00a0 | \n Weighted Average | \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 318 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6.43 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Vested | \n \u00a0 | \n \u00a0 | \n (867 | \n ) | \n \u00a0 | \n \u00a0 | \n 8.43 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Outstanding at April 30, 2026 | \n \u00a0 | \n \u00a0 | \n 576 | \n \u00a0 | \n \u00a0 | \n $ | \n 6.95 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.23 | \n \u00a0 | \n
\u00a0
During the fiscal year ended April 30, 2026, the fair value of RSU awards that vested was $6.3 million.
Restricted Stock Awards
The following summarizes RSA activities for the fiscal year ended April 30, 2026:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Number of Restricted | \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 \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n 65 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.73 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Vested | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \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 \u2014 | \n \u00a0 | \n
Outstanding at April 30, 2026 | \n \u00a0 | \n \u00a0 | \n 65 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.73 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.93 | \n \u00a0 | \n
Stock-based Compensation Expense
Valuation and amortization methods 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 table summarizes the stock-based compensation related to all of our stock-based awards for the following periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year | \n \u00a0 | \n \u00a0 | \n Fiscal Year | \n \u00a0 | \n ||
Stock options | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
RSUs, RSAs, and PSUs | \n \u00a0 | \n \u00a0 | \n 4,639 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,714 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 4,639 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,714 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Selling and administrative expenses | \n \u00a0 | \n $ | \n 4,639 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,714 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 4,639 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,714 | \n \u00a0 | \n
\u00a0
As of April 30, 2026, there was $2.6 million of unrecognized compensation cost adjusted for estimated forfeitures related to non-vested stock options, 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 1.19 years. Total unrecognized compensation cost will be adjusted for future changes in estimated forfeitures.
Barnes & Noble Education
Barnes & Noble Education has reserved 2,179,093 shares of its common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock (\u201cRS\u201d), restricted stock units (\u201cRSU\u201d), performance shares (\u201cPS\u201d), performance share units (\u201cPSU\u201d), and phantom share units (or \u201cPhantom Shares\u201d).
Barnes & Noble Education recognizes compensation expense for restricted stock awards and performance share awards ratably over the requisite service period of the award, which is generally three years. Barnes & Noble Education recognizes compensation expense for these awards based on the number of awards expected to vest, which includes an estimated average forfeiture rate. Barnes & Noble Education calculates the fair value of these awards based on the closing stock price on the date the award was granted. For those awards with market conditions, Barnes & Noble Education has determined the grant date fair value using the Monte Carlo simulation model and compensation expense is recognized ratably over the requisite service period regardless of whether the market condition is satisfied.
Restricted Stock Awards
An RS award is an award of common stock that is subject to certain restrictions during a specified period. RS awards are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the shares before the restricted shares vest. Shares of unvested restricted stock have the same voting rights as common stock, are entitled to receive dividends and other distributions thereon (although payment may be deferred until the shares have vested) and are considered to be currently issued and outstanding. RS awards will have a minimum vesting period of one year.
An RSU is a grant valued in terms of Barnes & Noble Education\u2019s common stock, but no stock is issued at the time of grant. Each RSU may be redeemed for one share of Barnes & Noble Education common stock once vested. RSUs are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the units except in very limited circumstances and with the consent of the compensation committee. Shares associated with unvested RSUs have no voting rights but are entitled to receive dividends and other distributions thereon (although payment may be deferred until the units have vested). RSUs generally vest over a period of three years, but will have a minimum vesting period of one year.
Stock Options
For stock options granted with an \u201cat market\u201d exercise price, Barnes & Noble Education determined the grant fair value using the Black-Scholes model and for stock options granted with \"a premium\" exercise price, Barnes & Noble Education determined the grant date fair value using the Monte Carlo simulation model. The fair value models for stock options use assumptions that include the risk-free interest rate, expected volatility, expected dividend yield and expected term of the options. The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Volatility is based on the historical volatility of Barnes & Noble Education\u2019s common stock over a period of time corresponding to the expected stock option term. The stock options are exercised in four equal annual installments commencing one year after the date of grant and have a ten-year term. Holders are not entitled to receive dividends (if any) prior to vesting and exercising of the options.
Long-Term Incentive Compensation Activity
On June 11, 2024, Barnes & Noble Education completed the reverse stock split, which was approved by stockholders at a special meeting held on June 5, 2024. In connection with the reverse stock split, every 100 shares of the common stock issued and outstanding were converted into one share of BNED Common Stock. The following table presents a summary of awards activity related to our current Equity Incentive Plan and reflects the reverse stock split for all periods presented:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Restricted Stock Awards | \n \u00a0 | \n \u00a0 | \n Restricted Stock Units | \n \u00a0 | \n \u00a0 | \n Performance Share Units | \n \u00a0 | \n |||||||||||||||
| \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n ||||||
Balance at April 30, 2025 | \n \u00a0 | \n \u00a0 | \n 81,720 | \n \u00a0 | \n \u00a0 | \n $ | \n 9.79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 61,993 | \n \u00a0 | \n \u00a0 | \n $ | \n 12.39 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,636,950 | \n \u00a0 | \n \u00a0 | \n $ | \n 9.55 | \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 143,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8.38 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7.85 | \n \u00a0 | \n
Vested | \n \u00a0 | \n \u00a0 | \n (81,720 | \n ) | \n \u00a0 | \n \u00a0 | \n 9.79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,197 | \n ) | \n \u00a0 | \n \u00a0 | \n 336.79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (374,766 | \n ) | \n \u00a0 | \n \u00a0 | \n 7.62 | \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 \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (86,720 | \n ) | \n \u00a0 | \n \u00a0 | \n 9.55 | \n \u00a0 | \n
Balance at April 30, 2026 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 203,998 | \n \u00a0 | \n \u00a0 | \n $ | \n 8.80 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,185,464 | \n \u00a0 | \n \u00a0 | \n $ | \n 9.53 | \n \u00a0 | \n
\u00a0
\u00a0
During the fiscal year ended April 30, 2026, Barnes & Noble Education granted the following awards under their Barnes & Noble Education Equity Incentive Plan:
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
March 12, 2026 | \n \u00a0 | \n PSU Tranche #1 | \n \u00a0 | \n \u00a0 | \n PSU Tranche #2 | \n \u00a0 | \n \u00a0 | \n PSU Tranche #3 | \n \u00a0 | \n |||
Performance Milestone (VWAP) | \n \u00a0 | \n $ | \n 10.00 | \n \u00a0 | \n \u00a0 | \n $ | \n 15.00 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20.00 | \n \u00a0 | \n
Valuation method utilized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Risk-free interest rate | \n \u00a0 | \n \u00a0 | \n 3.96 | \n % | \n \u00a0 | \n \u00a0 | \n 3.96 | \n % | \n \u00a0 | \n \u00a0 | \n 3.96 | \n % | \n
Company volatility | \n \u00a0 | \n \u00a0 | \n 122.83 | \n % | \n \u00a0 | \n \u00a0 | \n 122.83 | \n % | \n \u00a0 | \n \u00a0 | \n 122.83 | \n % | \n
Derived service period | \n \u00a0 | \n 0.45\u00a0years | \n \u00a0 | \n \u00a0 | \n 0.90\u00a0years | \n \u00a0 | \n \u00a0 | \n 1.21\u00a0years | \n \u00a0 | \n |||
Grant date fair value per award | \n \u00a0 | \n $ | \n 7.94 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.85 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.77 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
March 12, 2026 | \n \u00a0 | \n PSU Tranche #1 | \n \u00a0 | \n \u00a0 | \n PSU Tranche #2 | \n \u00a0 | \n \u00a0 | \n PSU Tranche #3 | \n \u00a0 | \n |||
Performance Milestone (VWAP) | \n \u00a0 | \n $ | \n 10.00 | \n \u00a0 | \n \u00a0 | \n $ | \n 15.00 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20.00 | \n \u00a0 | \n
Valuation method utilized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Risk-free interest rate | \n \u00a0 | \n \u00a0 | \n 3.98 | \n % | \n \u00a0 | \n \u00a0 | \n 3.98 | \n % | \n \u00a0 | \n \u00a0 | \n 3.98 | \n % | \n
Company volatility | \n \u00a0 | \n \u00a0 | \n 121.72 | \n % | \n \u00a0 | \n \u00a0 | \n 121.70 | \n % | \n \u00a0 | \n \u00a0 | \n 121.70 | \n % | \n
Derived service period | \n \u00a0 | \n 0.45\u00a0years | \n \u00a0 | \n \u00a0 | \n 0.91\u00a0years | \n \u00a0 | \n \u00a0 | \n 1.23\u00a0years | \n \u00a0 | \n |||
Grant date fair value per award | \n \u00a0 | \n $ | \n 7.94 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.85 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.77 | \n \u00a0 | \n
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Stock Options | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n |||
Balance at April 30, 2025 | \n \u00a0 | \n \u00a0 | \n 3,818 | \n \u00a0 | \n \u00a0 | \n $ | \n 261.35 | \n \u00a0 | \n \u00a0 | \n $ | \n 552.07 | \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 \u2014 | \n \u00a0 | \n
Exercised | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \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 \u2014 | \n \u00a0 | \n
Expired | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Balance at April 30, 2026 | \n \u00a0 | \n \u00a0 | \n 3,818 | \n \u00a0 | \n \u00a0 | \n $ | \n 261.35 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 552.07 | \n \u00a0 | \n
Exercisable at April 30, 2026 | \n \u00a0 | \n \u00a0 | \n 3,612 | \n \u00a0 | \n \u00a0 | \n $ | \n 268.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 562.69 | \n \u00a0 | \n
The aggregate grant date fair value of stock options that vested for the fiscal years ended April 30, 2026 and 2025, was $0.2 million and $0.6 million, respectively, and the total fair value of vested share awards for the fiscal years ended April 30, 2026 and 2025 were $4.0 million and $2.3 million, respectively.
Long-Term Incentive Compensation Expense
We recognized compensation expense for long-term incentive plan awards in selling and administrative expenses as follows (in thousand):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to April 30, 2025 | \n \u00a0 | \n ||
Stock-based awards | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Restricted stock expense | \n \u00a0 | \n $ | \n 333 | \n \u00a0 | \n \u00a0 | \n $ | \n 667 | \n \u00a0 | \n
Restricted stock units expense | \n \u00a0 | \n \u00a0 | \n 250 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 419 | \n \u00a0 | \n
Performance share units expense (a) | \n \u00a0 | \n \u00a0 | \n 5,545 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,913 | \n \u00a0 | \n
Stock option expense | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Sub-total stock-based awards: | \n \u00a0 | \n $ | \n 6,128 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,999 | \n \u00a0 | \n
Cash settled awards | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Phantom share units expense | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total compensation expense for long-term incentive awards | \n \u00a0 | \n $ | \n 6,128 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,999 | \n \u00a0 | \n
\u00a0
Total unrecognized compensation cost related to unvested awards as of April 30, 2026, was $5.6 million and is expected to be recognized over a weighted-average period of 1.55 years.
"}]},{"name":"rpt:f-992","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized","xbrl:period":"2022-01-19T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"immr:A2021PlanMember","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"3525119","decimals":0}]},{"name":"rpt:f-993","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized","xbrl:period":"2022-01-18T00:00:00/2022-01-19T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember","us-gaap:PlanNameAxis":"immr:A2021PlanMember"},"factValues":[{"value":"855351","decimals":0}]},{"name":"rpt:f-994","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized","xbrl:period":"2023-03-31T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember","us-gaap:PlanNameAxis":"immr:A2021PlanMember"},"factValues":[{"value":"8146607","decimals":0}]},{"name":"rpt:f-995","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized","xbrl:period":"2023-03-30T00:00:00/2023-03-31T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember","us-gaap:PlanNameAxis":"immr:A2021PlanMember"},"factValues":[{"value":"855351","decimals":0}]},{"name":"rpt:f-996","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1","xbrl:period":"2022-01-18T00:00:00/2022-01-19T00:00:00","xbrl:entity":"cik:0001058811","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"P4Y"}]},{"name":"rpt:f-997","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod","xbrl:period":"2022-01-18T00:00:00/2022-01-19T00:00:00","xbrl:entity":"cik:0001058811","srt:RangeAxis":"srt:MinimumMember","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"P7Y"}]},{"name":"rpt:f-998","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1","xbrl:period":"2022-01-18T00:00:00/2022-01-19T00:00:00","xbrl:entity":"cik:0001058811","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockMember"},"factValues":[{"value":"P1Y"}]},{"name":"rpt:f-999","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1","xbrl:period":"2022-01-18T00:00:00/2022-01-19T00:00:00","xbrl:entity":"cik:0001058811","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-1000","factDimensions":{"xbrl:concept":"immr:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsReductionInSharesAvailableForGrantForEveryShareIssued","xbrl:period":"2022-01-19T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"0.0175","decimals":4}]},{"name":"rpt:f-1001","factDimensions":{"xbrl:concept":"immr:ScheduleOfStockOptionsAndAwardsTableTableTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"The following table summarizes our equity incentive program at April 30, 2026 (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
Common stock shares available for grant | \n \u00a0 | \n \u00a0 | \n 1,555 | \n \u00a0 | \n
RSUs outstanding | \n \u00a0 | \n \u00a0 | \n 576 | \n \u00a0 | \n
RSAs outstanding | \n \u00a0 | \n \u00a0 | \n 65 | \n \u00a0 | \n
The following summarizes RSU activities for the fiscal year ended April 30, 2026:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Number of Restricted | \n \u00a0 | \n \u00a0 | \n Weighted Average | \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 318 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6.43 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Vested | \n \u00a0 | \n \u00a0 | \n (867 | \n ) | \n \u00a0 | \n \u00a0 | \n 8.43 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Outstanding at April 30, 2026 | \n \u00a0 | \n \u00a0 | \n 576 | \n \u00a0 | \n \u00a0 | \n $ | \n 6.95 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.23 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-1006","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"1125000","decimals":-3}]},{"name":"rpt:f-1007","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue","xbrl:period":"2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"8.24","decimals":2}]},{"name":"rpt:f-1008","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms","xbrl:period":"2024-05-01T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"P1Y3M18D"}]},{"name":"rpt:f-1009","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"318000","decimals":-3}]},{"name":"rpt:f-1010","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"6.43","decimals":2}]},{"name":"rpt:f-1011","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"867000","decimals":-3}]},{"name":"rpt:f-1012","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"8.43","decimals":2}]},{"name":"rpt:f-1013","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"576000","decimals":-3}]},{"name":"rpt:f-1014","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"6.95","decimals":2}]},{"name":"rpt:f-1015","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"P1Y2M23D"}]},{"name":"rpt:f-1016","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"6300000","decimals":-5}]},{"name":"rpt:f-1017","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"The following summarizes RSA activities for the fiscal year ended April 30, 2026:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Number of Restricted | \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 \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n 65 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.73 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Vested | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \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 \u2014 | \n \u00a0 | \n
Outstanding at April 30, 2026 | \n \u00a0 | \n \u00a0 | \n 65 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.73 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.93 | \n \u00a0 | \n
The following table summarizes the stock-based compensation related to all of our stock-based awards for the following periods (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year | \n \u00a0 | \n \u00a0 | \n Fiscal Year | \n \u00a0 | \n ||
Stock options | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n
RSUs, RSAs, and PSUs | \n \u00a0 | \n \u00a0 | \n 4,639 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,714 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 4,639 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,714 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Selling and administrative expenses | \n \u00a0 | \n $ | \n 4,639 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,714 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 4,639 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,714 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Restricted Stock Awards | \n \u00a0 | \n \u00a0 | \n Restricted Stock Units | \n \u00a0 | \n \u00a0 | \n Performance Share Units | \n \u00a0 | \n |||||||||||||||
| \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n ||||||
Balance at April 30, 2025 | \n \u00a0 | \n \u00a0 | \n 81,720 | \n \u00a0 | \n \u00a0 | \n $ | \n 9.79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 61,993 | \n \u00a0 | \n \u00a0 | \n $ | \n 12.39 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,636,950 | \n \u00a0 | \n \u00a0 | \n $ | \n 9.55 | \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 143,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8.38 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7.85 | \n \u00a0 | \n
Vested | \n \u00a0 | \n \u00a0 | \n (81,720 | \n ) | \n \u00a0 | \n \u00a0 | \n 9.79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,197 | \n ) | \n \u00a0 | \n \u00a0 | \n 336.79 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (374,766 | \n ) | \n \u00a0 | \n \u00a0 | \n 7.62 | \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 \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (86,720 | \n ) | \n \u00a0 | \n \u00a0 | \n 9.55 | \n \u00a0 | \n
Balance at April 30, 2026 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 203,998 | \n \u00a0 | \n \u00a0 | \n $ | \n 8.80 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,185,464 | \n \u00a0 | \n \u00a0 | \n $ | \n 9.53 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Stock Options | \n \u00a0 | \n |||||||||
| \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n |||
Balance at April 30, 2025 | \n \u00a0 | \n \u00a0 | \n 3,818 | \n \u00a0 | \n \u00a0 | \n $ | \n 261.35 | \n \u00a0 | \n \u00a0 | \n $ | \n 552.07 | \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 \u2014 | \n \u00a0 | \n
Exercised | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \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 \u2014 | \n \u00a0 | \n
Expired | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Balance at April 30, 2026 | \n \u00a0 | \n \u00a0 | \n 3,818 | \n \u00a0 | \n \u00a0 | \n $ | \n 261.35 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 552.07 | \n \u00a0 | \n
Exercisable at April 30, 2026 | \n \u00a0 | \n \u00a0 | \n 3,612 | \n \u00a0 | \n \u00a0 | \n $ | \n 268.05 | \n \u00a0 | \n \u00a0 | \n $ | \n 562.69 | \n \u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
March 12, 2026 | \n \u00a0 | \n PSU Tranche #1 | \n \u00a0 | \n \u00a0 | \n PSU Tranche #2 | \n \u00a0 | \n \u00a0 | \n PSU Tranche #3 | \n \u00a0 | \n |||
Performance Milestone (VWAP) | \n \u00a0 | \n $ | \n 10.00 | \n \u00a0 | \n \u00a0 | \n $ | \n 15.00 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20.00 | \n \u00a0 | \n
Valuation method utilized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Risk-free interest rate | \n \u00a0 | \n \u00a0 | \n 3.96 | \n % | \n \u00a0 | \n \u00a0 | \n 3.96 | \n % | \n \u00a0 | \n \u00a0 | \n 3.96 | \n % | \n
Company volatility | \n \u00a0 | \n \u00a0 | \n 122.83 | \n % | \n \u00a0 | \n \u00a0 | \n 122.83 | \n % | \n \u00a0 | \n \u00a0 | \n 122.83 | \n % | \n
Derived service period | \n \u00a0 | \n 0.45\u00a0years | \n \u00a0 | \n \u00a0 | \n 0.90\u00a0years | \n \u00a0 | \n \u00a0 | \n 1.21\u00a0years | \n \u00a0 | \n |||
Grant date fair value per award | \n \u00a0 | \n $ | \n 7.94 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.85 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.77 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
March 12, 2026 | \n \u00a0 | \n PSU Tranche #1 | \n \u00a0 | \n \u00a0 | \n PSU Tranche #2 | \n \u00a0 | \n \u00a0 | \n PSU Tranche #3 | \n \u00a0 | \n |||
Performance Milestone (VWAP) | \n \u00a0 | \n $ | \n 10.00 | \n \u00a0 | \n \u00a0 | \n $ | \n 15.00 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20.00 | \n \u00a0 | \n
Valuation method utilized | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Risk-free interest rate | \n \u00a0 | \n \u00a0 | \n 3.98 | \n % | \n \u00a0 | \n \u00a0 | \n 3.98 | \n % | \n \u00a0 | \n \u00a0 | \n 3.98 | \n % | \n
Company volatility | \n \u00a0 | \n \u00a0 | \n 121.72 | \n % | \n \u00a0 | \n \u00a0 | \n 121.70 | \n % | \n \u00a0 | \n \u00a0 | \n 121.70 | \n % | \n
Derived service period | \n \u00a0 | \n 0.45\u00a0years | \n \u00a0 | \n \u00a0 | \n 0.91\u00a0years | \n \u00a0 | \n \u00a0 | \n 1.23\u00a0years | \n \u00a0 | \n |||
Grant date fair value per award | \n \u00a0 | \n $ | \n 7.94 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.85 | \n \u00a0 | \n \u00a0 | \n $ | \n 7.77 | \n \u00a0 | \n
We recognized compensation expense for long-term incentive plan awards in selling and administrative expenses as follows (in thousand):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to April 30, 2025 | \n \u00a0 | \n ||
Stock-based awards | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Restricted stock expense | \n \u00a0 | \n $ | \n 333 | \n \u00a0 | \n \u00a0 | \n $ | \n 667 | \n \u00a0 | \n
Restricted stock units expense | \n \u00a0 | \n \u00a0 | \n 250 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 419 | \n \u00a0 | \n
Performance share units expense (a) | \n \u00a0 | \n \u00a0 | \n 5,545 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,913 | \n \u00a0 | \n
Stock option expense | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Sub-total stock-based awards: | \n \u00a0 | \n $ | \n 6,128 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,999 | \n \u00a0 | \n
Cash settled awards | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Phantom share units expense | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Total compensation expense for long-term incentive awards | \n \u00a0 | \n $ | \n 6,128 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,999 | \n \u00a0 | \n
\u00a0
13.\tEMPLOYEE BENEFIT PLAN
Barnes & Noble Education sponsors a defined contribution plan for the benefit of substantially all of Barnes & Noble Education\u2019s employees. Barnes & Noble Education is responsible to fund the employer contributions directly. The 401(k)-retirement savings plan provides an annual end of plan year discretionary match, in lieu of the current pay period match. There were no employee benefit expense for these plans during the fiscal years ended April 30, 2026 and 2025.
"}]},{"name":"rpt:f-1155","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanCostRecognized","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1156","factDimensions":{"xbrl:concept":"us-gaap:DefinedContributionPlanCostRecognized","xbrl:period":"2024-05-01T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","srt:ConsolidatedEntitiesAxis":"immr:BarnesAndNobleEducationIncMember"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1157","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityNoteDisclosureTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"14.\tSTOCKHOLDERS\u2019 EQUITY
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 program has been amended various times and the most recent amendment extended the expiration date to December 29, 2026.
During the fiscal year ended April 30, 2026, the Company repurchased 1,700 shares of our common stock for $10 thousand at an average purchase price of $6.30 per share. During the fiscal year ended April 30, 2025, we repurchased 310,643 shares of our common stock for $2.4 million at an average purchase price of $7.64 per share.
As of April 30, 2026, Immersion has $39.3 million available for repurchase under the December 2022 Stock Repurchase Program.
Immersion Dividends Declared and Dividend Payments
The following table summarizes the dividend declaration and payment activity for the fiscal years ended April 30, 2026 and 2025:
\u00a0
\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 |
May 8, 2024 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n $ | \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 20, 2026 | \n \u00a0 | \n May 1, 2026 | \n
July 2, 2026 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.075 | \n \u00a0 | \n \u00a0 | \n July 20, 2026 | \n \u00a0 | \n July 31, 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 declare, adjust, or withdraw quarterly dividends in future periods as it reviews the Company\u2019s capital allocation strategy from time-to-time.
For the fiscal years ended April 30, 2026 and 2025, the total dividends paid were $8.1 million and $12.9 million, respectively.
Barnes & Noble Education At-the-Market Equity Offerings
On September 19, 2024, Barnes & Noble Education entered into an at-the market (\u201cATM\u201d) sales agreement (the \u201cSeptember ATM Sales Agreement\u201d) with BTIG, LLC (\u201cBTIG\u201d), under which Barnes & Noble Education sold the maximum of $40.0 million of BNED Common Stock from time to time at a weighted-average price of $10.06 per share and received $39.2 million in proceeds, net of commissions. BTIG, as the sales agent, sold the shares based upon Barnes & Noble Education\u2019s instructions (including as to price, time or size limits or other customary parameters or conditions). Barnes & Noble Education paid BTIG a commission of 2% of the gross sales proceeds of the BNED Common Stock sold under the September ATM Sales Agreement. Barnes & Noble Education was not obligated to make any sales of Common Stock under the September ATM Sales Agreement.
On December 20, 2024, Barnes & Noble Education entered into an additional ATM sales agreement with BTIG (the \u201cDecember ATM Sales Agreement\u201d), under which Barnes & Noble Education sold the maximum of $40.0 million of its Common Stock from time to time at a weighted-average price of $10.42 per share and received $39.2 million in proceeds, net of commissions. BTIG, as the sales agent, sold the shares based upon Barnes & Noble Education\u2019s instructions (including as to price, time or size limits or other customary parameters or conditions). Barnes & Noble Education paid BTIG a commission of 2% of the gross sales proceeds of the Common Stock sold under the December ATM Sales Agreement. Barnes & Noble Education was not obligated to make any sales of Common Stock under the December ATM Sales Agreement.
"}]},{"name":"rpt:f-1158","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-1159","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockSharesAcquired","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:December2022StockRepurchaseProgramMember"},"factValues":[{"value":"1700"}]},{"name":"rpt:f-1160","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockValueAcquiredCostMethod","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:December2022StockRepurchaseProgramMember"},"factValues":[{"value":"10000","decimals":-3}]},{"name":"rpt:f-1161","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockAcquiredAverageCostPerShare","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:December2022StockRepurchaseProgramMember"},"factValues":[{"value":"6.3","decimals":2}]},{"name":"rpt:f-1162","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockSharesAcquired","xbrl:period":"2024-05-01T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:December2022StockRepurchaseProgramMember"},"factValues":[{"value":"310643"}]},{"name":"rpt:f-1163","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockValueAcquiredCostMethod","xbrl:period":"2024-05-01T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:December2022StockRepurchaseProgramMember"},"factValues":[{"value":"2400000","decimals":-5}]},{"name":"rpt:f-1164","factDimensions":{"xbrl:concept":"us-gaap:TreasuryStockAcquiredAverageCostPerShare","xbrl:period":"2024-05-01T00:00:00/2025-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:December2022StockRepurchaseProgramMember"},"factValues":[{"value":"7.64","decimals":2}]},{"name":"rpt:f-1165","factDimensions":{"xbrl:concept":"us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1","xbrl:period":"2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"iso4217:USD","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember","srt:ShareRepurchaseProgramAxis":"immr:December2022StockRepurchaseProgramMember"},"factValues":[{"value":"39300000","decimals":-5}]},{"name":"rpt:f-1166","factDimensions":{"xbrl:concept":"immr:ScheduleOfDividendsDeclaredAndPaidTableTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"The following table summarizes the dividend declaration and payment activity for the fiscal years ended April 30, 2026 and 2025:
\u00a0
\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 |
May 8, 2024 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n $ | \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 20, 2026 | \n \u00a0 | \n May 1, 2026 | \n
July 2, 2026 | \n \u00a0 | \n Quarterly | \n \u00a0 | \n \u00a0 | \n 0.075 | \n \u00a0 | \n \u00a0 | \n July 20, 2026 | \n \u00a0 | \n July 31, 2026 | \n
15.\tPARTICIPATION INTEREST PURCHASE AGREEMENT
Participation Interest Purchase Agreement
During April 2025, Barnes & Noble Education entered into a Participation Interest Purchase Agreement (the \u201cParticipation Agreement\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 related to the Visa and Mastercard interchange litigation. The Participation Agreement was non-recourse to Barnes & Noble Education with respect to financial risk; Jefferies' entitlement to payment was limited to proceeds, if any, received from the litigation.
During the fiscal quarter ended October 31, 2025, Barnes & Noble Education early adopted ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, using the modified retrospective transition method. Upon adoption, the Participation Agreement qualified for the operations and activities scope exception under ASC 815 and no longer met the definition of a derivative. As a result, the previously recognized derivative liability of $12.6 million was reclassified to deferred income as of the first day of fiscal year 2026. No cumulative-effect adjustment to retained earnings was required, as the fair value of the derivative liability at adoption equaled the initial transaction price of $12.6 million and no mark-to-market adjustments had been recognized in any prior period.
During February 2026, the Visa and Mastercard interchange litigation was resolved through a settlement among the plaintiffs and the Visa and Mastercard defendants. Pursuant to the terms of the Participation Agreement, all proceeds attributable to Barnes
& Noble Education\u2019s claims were distributed directly to Jefferies and its assignees, net of legal fees and expenses. Barnes & Noble Education received no cash proceeds from the settlement. Upon resolution of the litigation and distribution of proceeds, Barnes & Noble Education\u2019s obligations under the Participation Agreement were fully discharged.
As a result of the settlement, the deferred income balance of $12.6 million was recognized in earnings during the fiscal year ended April 30, 2026, and is presented within \u201cOther income (expense)\u201d on the Consolidated Statements of Operations. As of April 30, 2026, no deferred income balance remains on the Consolidated Balance Sheet related to the Participation Agreement.
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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. Any 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 summarizes the ownership of BNED Common Stock as of the periods presented below:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Shares | \n \u00a0 | \n \u00a0 | \n Ownership % | \n \u00a0 | \n \u00a0 | \n Shares | \n \u00a0 | \n \u00a0 | \n Ownership % | \n \u00a0 | \n ||||
Immersion | \n \u00a0 | \n \u00a0 | \n 11,208,746 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32.6 | \n % | \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 23,220,964 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 67.4 | \n % | \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 34,429,710 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 100.0 | \n % | \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 are used to attribute net income (loss) to the noncontrolling interests and were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 | \n \u00a0 | \n ||
Noncontrolling interest's weighted-average ownership percentage | \n \u00a0 | \n \u00a0 | \n 67.4 | \n % | \n \u00a0 | \n \u00a0 | \n 59.7 | \n % | \n
The following summarizes the effect of changes in ownership of Barnes & Noble Education on the Company\u2019s equity for the following period (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to April 30, 2025 | \n \u00a0 | \n ||
Net income (loss) attributable to Immersion stockholders | \n \u00a0 | \n $ | \n 4,524 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,284 | \n \u00a0 | \n
Transfers from (to) noncontrolling interest | \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 \u00a0 | \n 313 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,444 | \n \u00a0 | \n
Total effect of changes in ownership interest on equity attributable to Immersion stockholders | \n \u00a0 | \n $ | \n 4,837 | \n \u00a0 | \n \u00a0 | \n $ | \n 120,728 | \n \u00a0 | \n
The following summarizes the ownership of BNED Common Stock as of the periods presented below:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||||||||||
| \n \u00a0 | \n Shares | \n \u00a0 | \n \u00a0 | \n Ownership % | \n \u00a0 | \n \u00a0 | \n Shares | \n \u00a0 | \n \u00a0 | \n Ownership % | \n \u00a0 | \n ||||
Immersion | \n \u00a0 | \n \u00a0 | \n 11,208,746 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32.6 | \n % | \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 23,220,964 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 67.4 | \n % | \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 34,429,710 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 100.0 | \n % | \n \u00a0 | \n \u00a0 | \n 34,053,847 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 100.0 | \n % | \n
The weighted average ownership percentages are used to attribute net income (loss) to the noncontrolling interests and were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 | \n \u00a0 | \n ||
Noncontrolling interest's weighted-average ownership percentage | \n \u00a0 | \n \u00a0 | \n 67.4 | \n % | \n \u00a0 | \n \u00a0 | \n 59.7 | \n % | \n
The following summarizes the effect of changes in ownership of Barnes & Noble Education on the Company\u2019s equity for the following period (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n From June 10, 2024 to April 30, 2025 | \n \u00a0 | \n ||
Net income (loss) attributable to Immersion stockholders | \n \u00a0 | \n $ | \n 4,524 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,284 | \n \u00a0 | \n
Transfers from (to) noncontrolling interest | \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 \u00a0 | \n 313 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,444 | \n \u00a0 | \n
Total effect of changes in ownership interest on equity attributable to Immersion stockholders | \n \u00a0 | \n $ | \n 4,837 | \n \u00a0 | \n \u00a0 | \n $ | \n 120,728 | \n \u00a0 | \n
17.\tINCOME TAXES
Income tax benefit (expense) for the following periods consisted of (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n Fiscal Year Ended April 30, | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, | \n \u00a0 | \n ||
Income (loss) before income taxes | \n \u00a0 | \n $ | \n 26,029 | \n \u00a0 | \n \u00a0 | \n $ | \n 119,292 | \n \u00a0 | \n
Income tax benefit (expense) | \n \u00a0 | \n \u00a0 | \n (16,816 | \n ) | \n \u00a0 | \n \u00a0 | \n (25,710 | \n ) | \n
Effective tax rate | \n \u00a0 | \n \u00a0 | \n (64.6 | \n )% | \n \u00a0 | \n \u00a0 | \n (21.6 | \n )% | \n
\u00a0
Income tax expense for the fiscal years ended April 30, 2026 and 2025, resulted primarily from estimated domestic and foreign taxes included in the calculation of the effective tax rate. We provided no valuation allowance for federal assets and continue to maintain full valuation allowance for state and certain foreign deferred tax assets in the United States and Canada.
The components of income (loss) before income taxes for the following periods consisted of (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, 2025 | \n \u00a0 | \n ||
Domestic | \n \u00a0 | \n $ | \n 24,152 | \n \u00a0 | \n \u00a0 | \n $ | \n 102,041 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n 1,877 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,251 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 26,029 | \n \u00a0 | \n \u00a0 | \n $ | \n 119,292 | \n \u00a0 | \n
\u00a0
The income tax expense (benefit) for the following periods consisted of (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, 2025 | \n \u00a0 | \n ||
Current: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
U.S. federal | \n \u00a0 | \n $ | \n (1,806 | \n ) | \n \u00a0 | \n $ | \n 16,750 | \n \u00a0 | \n
State | \n \u00a0 | \n \u00a0 | \n 1,576 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,364 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n 15,994 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,783 | \n \u00a0 | \n
Total current | \n \u00a0 | \n \u00a0 | \n 15,764 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,897 | \n \u00a0 | \n
Deferred: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
U.S. federal | \n \u00a0 | \n \u00a0 | \n 931 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 803 | \n \u00a0 | \n
States and local | \n \u00a0 | \n \u00a0 | \n 164 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n (43 | \n ) | \n \u00a0 | \n \u00a0 | \n (28 | \n ) | \n
Total deferred | \n \u00a0 | \n \u00a0 | \n 1,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 813 | \n \u00a0 | \n
Total Income tax expense (benefit) | \n \u00a0 | \n $ | \n 16,816 | \n \u00a0 | \n \u00a0 | \n $ | \n 25,710 | \n \u00a0 | \n
\u00a0
Deferred tax assets and liabilities are recognized for the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, tax losses, and credit carryforwards.
Significant components of the net deferred tax assets and liabilities consisted of (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Deferred tax assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net operating loss carryforwards | \n \u00a0 | \n $ | \n 64,199 | \n \u00a0 | \n \u00a0 | \n $ | \n 69,286 | \n \u00a0 | \n
State income taxes | \n \u00a0 | \n \u00a0 | \n 60 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 143 | \n \u00a0 | \n
Deferred revenue | \n \u00a0 | \n \u00a0 | \n 1,091 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,653 | \n \u00a0 | \n
Research and development and other credits | \n \u00a0 | \n \u00a0 | \n 4,267 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,289 | \n \u00a0 | \n
Reserve and accruals recognized in different periods | \n \u00a0 | \n \u00a0 | \n 26,042 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,890 | \n \u00a0 | \n
Capitalized research and development expenses | \n \u00a0 | \n \u00a0 | \n 2,289 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,628 | \n \u00a0 | \n
Depreciation and amortization | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 634 | \n \u00a0 | \n
Lease liability | \n \u00a0 | \n \u00a0 | \n 33,130 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,153 | \n \u00a0 | \n
Interest and loss carryovers | \n \u00a0 | \n \u00a0 | \n 13,551 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,685 | \n \u00a0 | \n
Deferred financing costs | \n \u00a0 | \n \u00a0 | \n 1,988 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,954 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 944 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,399 | \n \u00a0 | \n
Total deferred tax assets | \n \u00a0 | \n \u00a0 | \n 147,561 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 169,714 | \n \u00a0 | \n
Valuation allowance | \n \u00a0 | \n \u00a0 | \n (80,491 | \n ) | \n \u00a0 | \n \u00a0 | \n (80,079 | \n ) | \n
Net deferred tax assets | \n \u00a0 | \n \u00a0 | \n 67,070 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 89,635 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred tax liability | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
ROU assets | \n \u00a0 | \n \u00a0 | \n (30,963 | \n ) | \n \u00a0 | \n \u00a0 | \n (39,702 | \n ) | \n
Intangibles | \n \u00a0 | \n \u00a0 | \n (19,025 | \n ) | \n \u00a0 | \n \u00a0 | \n (19,714 | \n ) | \n
Property and Equipment | \n \u00a0 | \n \u00a0 | \n (7,583 | \n ) | \n \u00a0 | \n \u00a0 | \n (11,666 | \n ) | \n
LIFO | \n \u00a0 | \n \u00a0 | \n (8,351 | \n ) | \n \u00a0 | \n \u00a0 | \n (16,944 | \n ) | \n
Depreciation and amortization | \n \u00a0 | \n \u00a0 | \n (26 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Outside Basis Difference on Investment | \n \u00a0 | \n \u00a0 | \n (17,524 | \n ) | \n \u00a0 | \n \u00a0 | \n (16,836 | \n ) | \n
Total deferred tax liabilities | \n \u00a0 | \n \u00a0 | \n (83,472 | \n ) | \n \u00a0 | \n \u00a0 | \n (104,862 | \n ) | \n
Net Deferred tax assets (liabilities) | \n \u00a0 | \n $ | \n (16,402 | \n ) | \n \u00a0 | \n $ | \n (15,227 | \n ) | \n
\u00a0
We account for deferred taxes under ASC 740 which requires a reduction of the carrying amounts of deferred tax assets by a valuation allowance if, based on available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the ASC 740 more-likely-than-not realization threshold criterion. This assessment considers matters such as future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The evaluation of the recoverability of the deferred tax assets requires that we weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax assets will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. At April\u202f30, 2026, based on our assessment of the realizability of our deferred tax assets, we recorded valuation allowances for certain federal, state, and foreign deferred tax assets whose realization is not considered more likely than not. As of April 30, 2025, based on our assessment of the realizability of our deferred tax assets, we put partial valuation allowance for certain federal assets, whose future realization is not more likely than not and continue to maintain full valuation allowance for state and certain foreign deferred tax assets in the United States and Canada.
\u00a0
As of April 30, 2026, Immersion net operating loss carryforwards for state income tax purposes were approximately $52.8 million. The state net operating losses begin to expire in 2028. Immersion has no net operating loss carryforward from federal or foreign jurisdictions. As of April 30, 2026, Immersion had state tax credit carryforwards of approximately $2.5 million available to offset future tax liabilities. The state tax credits will carryforward indefinitely. In addition, as of April 30, 2026, Immersion has Canadian research and development credit carryforwards of $1.5 million, which will begin to expire in 2038. These operating losses and credit carryforwards have not been reviewed by the relevant tax authorities and could be subject to adjustment upon examinations.
As of April 30, 2026, Barnes & Noble Education\u2019s net operating loss carryforwards for federal and state income tax purposes were approximately $195.8 million and $389.6 million, respectively. The federal net operating losses do not expire while the state net operating losses begin to expire in 2027. Barnes & Noble Education has no net operating loss carryforward from foreign jurisdictions. As of April 30, 2026, Barnes & Noble Education had federal and state tax credit carryforwards of approximately $1.1 million and $0.2 million, respectively, available to offset future tax liabilities. The federal tax credits will begin to expire in 2040 while the state tax credits will begin to expire in 2027. These operating losses and credit carryforwards have not been reviewed by the relevant tax authorities and could be subject to adjustment upon examinations.
Section 382 of the Internal Revenue Code (\u201cIRC Section 382\u201d) imposes limitations on a corporation\u2019s ability to utilize its net operating losses and credit carryforwards if it experiences an \u201cownership change\u201d as defined by IRC Section 382. Utilization of a portion of our federal net operating loss carryforward was limited in accordance with IRC Section 382, due to an ownership change that occurred during 1999. This limitation has fully lapsed as of December 31, 2010.
For the fiscal year ended April 30, 2026, the reconciliation of federal statutory income tax rate to our effective tax rate was as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n ||
Federal statutory rate | \n \u00a0 | \n $ | \n 5,466 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21.00 | \n % | \n
State and local income taxes (net of federal income tax effect)\u00a0(a) | \n \u00a0 | \n \u00a0 | \n 1,569 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6.03 | \n % | \n
Foreign tax effects | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Ireland | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0True-up from amended prior-year tax filing | \n \u00a0 | \n \u00a0 | \n (1,532 | \n ) | \n \u00a0 | \n \u00a0 | \n (5.88 | \n )% | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n 103 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.40 | \n % | \n
Korea | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Foreign withholding tax | \n \u00a0 | \n \u00a0 | \n 16,723 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64.24 | \n % | \n
Canada | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Change in valuation allowance | \n \u00a0 | \n \u00a0 | \n (393 | \n ) | \n \u00a0 | \n \u00a0 | \n (1.51 | \n )% | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0True-up from amended prior-year tax filing | \n \u00a0 | \n \u00a0 | \n 349 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.59 | \n % | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n 58 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (0.03 | \n )% | \n
India | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Foreign withholding tax | \n \u00a0 | \n \u00a0 | \n 76 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.29 | \n % | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n 196 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.75 | \n % | \n
Other | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n (24 | \n ) | \n \u00a0 | \n \u00a0 | \n (0.09 | \n )% | \n
Effect of cross-border tax laws (GILTI/FDII/SubF) | \n \u00a0 | \n \u00a0 | \n (41 | \n ) | \n \u00a0 | \n \u00a0 | \n (0.16 | \n )% | \n
Tax credits | \n \u00a0 | \n \u00a0 | \n (1,314 | \n ) | \n \u00a0 | \n \u00a0 | \n (5.05 | \n )% | \n
Change in valuation allowance | \n \u00a0 | \n \u00a0 | \n (2,236 | \n ) | \n \u00a0 | \n \u00a0 | \n (8.59 | \n )% | \n
Nontaxable or nondeductible items | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Non-deductible officer compensation 162m | \n \u00a0 | \n \u00a0 | \n 1,387 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.33 | \n % | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n 61 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.24 | \n % | \n
Changes in unrecognized tax benefits | \n \u00a0 | \n \u00a0 | \n (785 | \n ) | \n \u00a0 | \n \u00a0 | \n (3.01 | \n )% | \n
Other: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Impacts for amended return filings | \n \u00a0 | \n \u00a0 | \n (5,462 | \n ) | \n \u00a0 | \n \u00a0 | \n (20.98 | \n )% | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0PPA amortization | \n \u00a0 | \n \u00a0 | \n 2,253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8.66 | \n % | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0RTP/True-up from amended prior-year tax filing | \n \u00a0 | \n \u00a0 | \n (35 | \n ) | \n \u00a0 | \n \u00a0 | \n (0.14 | \n )% | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0DTL on outside basis difference for investment | \n \u00a0 | \n \u00a0 | \n 480 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.84 | \n % | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n (83 | \n ) | \n \u00a0 | \n \u00a0 | \n (0.32 | \n )% | \n
Effective tax rate | \n \u00a0 | \n $ | \n 16,816 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64.61 | \n % | \n
\u00a0
As previously disclosed for the fiscal year ended April 30, 2025, prior to the adoption of ASU 2023-09, the reconciliation of federal statutory income tax rate to our effective tax rate was as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2025 | \n \u00a0 | \n |
Federal statutory rate | \n \u00a0 | \n \u00a0 | \n 21.00 | \n % | \n
Foreign withholding | \n \u00a0 | \n \u00a0 | \n 1.68 | \n % | \n
Stock-based compensation expense | \n \u00a0 | \n \u00a0 | \n 0.01 | \n % | \n
Foreign rate differential | \n \u00a0 | \n \u00a0 | \n (0.80 | \n )% | \n
True-up from amended prior-year tax filing | \n \u00a0 | \n \u00a0 | \n (0.44 | \n )% | \n
Tax reserves | \n \u00a0 | \n \u00a0 | \n 1.25 | \n % | \n
Transaction costs | \n \u00a0 | \n \u00a0 | \n 0.05 | \n % | \n
Purchase accounting amortization | \n \u00a0 | \n \u00a0 | \n (6.36 | \n )% | \n
Other | \n \u00a0 | \n \u00a0 | \n 0.15 | \n % | \n
FTC and R&D Credits | \n \u00a0 | \n \u00a0 | \n (3.31 | \n )% | \n
State taxes, net of federal benefit | \n \u00a0 | \n \u00a0 | \n 2.73 | \n % | \n
Subpart F, GILTI and FDII | \n \u00a0 | \n \u00a0 | \n (0.33 | \n )% | \n
Non-deductible officers compensation | \n \u00a0 | \n \u00a0 | \n 3.02 | \n % | \n
Valuation allowance | \n \u00a0 | \n \u00a0 | \n (0.50 | \n )% | \n
Deductible dividend | \n \u00a0 | \n \u00a0 | \n (0.12 | \n )% | \n
Deferred tax liability on outside basis difference in investment | \n \u00a0 | \n \u00a0 | \n 3.52 | \n % | \n
Effective tax rate | \n \u00a0 | \n \u00a0 | \n 21.55 | \n % | \n
Cash taxes paid, net for the fiscal year ended April 30, 2026, were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Immersion | \n \u00a0 | \n \u00a0 | \n Barnes & Noble Education | \n \u00a0 | \n ||
Federal | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,870 | \n \u00a0 | \n
State | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Florida | \n \u00a0 | \n \u00a0 | \n 340 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,772 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Ireland | \n \u00a0 | \n \u00a0 | \n 917 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
South Korea (WHT) | \n \u00a0 | \n \u00a0 | \n 10,814 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 275 | \n \u00a0 | \n
Income taxes paid (net of refunds received) | \n \u00a0 | \n $ | \n 12,130 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,917 | \n \u00a0 | \n
The undistributed earnings of our Ireland subsidiary are not considered to be indefinitely reinvested and accordingly, a provision for applicable income taxes has been considered thereon. As of April 30, 2026, the Company continues to assert permanent reinvestment of earnings in its other foreign jurisdictions.
We maintain liabilities for uncertain tax positions. These liabilities involve considerable judgment and estimation and are continuously monitored by management based on the best information available, including changes in tax regulations, the outcome of relevant court cases, and other information.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, 2025 | \n \u00a0 | \n ||
Balance at beginning of period | \n \u00a0 | \n $ | \n 13,269 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,580 | \n \u00a0 | \n
Increases for tax positions of prior years | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Gross increase (decreases) for federal tax rate change for tax positions of prior years | \n \u00a0 | \n \u00a0 | \n (923 | \n ) | \n \u00a0 | \n \u00a0 | \n 901 | \n \u00a0 | \n
Settlements | \n \u00a0 | \n \u00a0 | \n (1,772 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Gross increases for tax positions of current year | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,788 | \n \u00a0 | \n
Balance at end of period | \n \u00a0 | \n $ | \n 10,574 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,269 | \n \u00a0 | \n
\u00a0
The unrecognized tax benefits relate primarily to federal and state research and development credits, intercompany profit on the transfer of certain IP rights to one of our foreign subsidiaries as part of our tax reorganization completed in 2015 and deferred revenue.
We account for interest and penalties related to uncertain tax positions as a component of income tax expense. At April 30, 2026, we accrued $1.6 million interest or penalties related to uncertain tax positions. At April 30, 2026, the total amount of unrecognized tax benefits that would affect our effective tax rate, if recognized, was $11.6 million.
Because we have net operating loss and credit carryforwards, there are open statutes of limitations in which federal, state and foreign taxing authorities may examine our tax returns for all years from 2008 through the current period.
On July 4, 2025, the U.S. government enacted tax legislation commonly referred to as the One Big Beautiful Bill Act. The Company evaluated the impact of the legislation in accordance with ASC 740 and determined that it did not have a material effect on the Company\u2019s financial statements for the year ended April 30, 2026.
Barnes & Noble Education\u2019s Potential Limitation to Future Tax Attribute Utilization
Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), if a corporation undergoes an \u201cownership change\u201d (generally defined as a cumulative change in our ownership by \u201c5-percent shareholders\u201d that exceeds 50 percentage points over a rolling three-year period), Barnes & Noble Education\u2019s ability to use its pre-change net operating losses and certain other pre-change tax attributes to offset its post-change income and taxes may be limited. Similar rules may apply under state tax laws. As a result of the Rights Offering, Backstop Commitment, Private Investment, and Term Loan Debt Conversion completed on June 10, 2024, Barnes & Noble Education may have experienced an ownership change as defined by Sections 382 and 383. Barnes & Noble Education conducted a study to determine if an ownership change occurred. It was determined that an ownership change occurred under Section 382 and 383, and the corresponding annual limitations materially impact the utilization of Barnes & Noble Education\u2019s tax attributes including its $195.8 million NOL carryforwards, $44.3 million disallowed interest expense carryforwards, and $1.1 million tax credit carryforwards as of April 30, 2026. Barnes & Noble Education anticipates that $29.7 million of these tax attributes will be made available during fiscal year 2027. Barnes & Noble Education does not have any material uncertain tax positions requiring recognition in the financial statements as of April 30, 2026 and April 30, 2025 respectively.
"}]},{"name":"rpt:f-1244","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811"},"factValues":[{"value":"Income tax benefit (expense) for the following periods consisted of (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n Fiscal Year Ended April 30, | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, | \n \u00a0 | \n ||
Income (loss) before income taxes | \n \u00a0 | \n $ | \n 26,029 | \n \u00a0 | \n \u00a0 | \n $ | \n 119,292 | \n \u00a0 | \n
Income tax benefit (expense) | \n \u00a0 | \n \u00a0 | \n (16,816 | \n ) | \n \u00a0 | \n \u00a0 | \n (25,710 | \n ) | \n
Effective tax rate | \n \u00a0 | \n \u00a0 | \n (64.6 | \n )% | \n \u00a0 | \n \u00a0 | \n (21.6 | \n )% | \n
The income tax expense (benefit) for the following periods consisted of (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, 2025 | \n \u00a0 | \n ||
Current: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
U.S. federal | \n \u00a0 | \n $ | \n (1,806 | \n ) | \n \u00a0 | \n $ | \n 16,750 | \n \u00a0 | \n
State | \n \u00a0 | \n \u00a0 | \n 1,576 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,364 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n 15,994 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,783 | \n \u00a0 | \n
Total current | \n \u00a0 | \n \u00a0 | \n 15,764 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,897 | \n \u00a0 | \n
Deferred: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
U.S. federal | \n \u00a0 | \n \u00a0 | \n 931 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 803 | \n \u00a0 | \n
States and local | \n \u00a0 | \n \u00a0 | \n 164 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n (43 | \n ) | \n \u00a0 | \n \u00a0 | \n (28 | \n ) | \n
Total deferred | \n \u00a0 | \n \u00a0 | \n 1,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 813 | \n \u00a0 | \n
Total Income tax expense (benefit) | \n \u00a0 | \n $ | \n 16,816 | \n \u00a0 | \n \u00a0 | \n $ | \n 25,710 | \n \u00a0 | \n
The components of income (loss) before income taxes for the following periods consisted of (in thousands):
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, 2025 | \n \u00a0 | \n ||
Domestic | \n \u00a0 | \n $ | \n 24,152 | \n \u00a0 | \n \u00a0 | \n $ | \n 102,041 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n 1,877 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,251 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 26,029 | \n \u00a0 | \n \u00a0 | \n $ | \n 119,292 | \n \u00a0 | \n
Significant components of the net deferred tax assets and liabilities consisted of (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n April 30, 2026 | \n \u00a0 | \n \u00a0 | \n April 30, 2025 | \n \u00a0 | \n ||
Deferred tax assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net operating loss carryforwards | \n \u00a0 | \n $ | \n 64,199 | \n \u00a0 | \n \u00a0 | \n $ | \n 69,286 | \n \u00a0 | \n
State income taxes | \n \u00a0 | \n \u00a0 | \n 60 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 143 | \n \u00a0 | \n
Deferred revenue | \n \u00a0 | \n \u00a0 | \n 1,091 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,653 | \n \u00a0 | \n
Research and development and other credits | \n \u00a0 | \n \u00a0 | \n 4,267 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,289 | \n \u00a0 | \n
Reserve and accruals recognized in different periods | \n \u00a0 | \n \u00a0 | \n 26,042 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,890 | \n \u00a0 | \n
Capitalized research and development expenses | \n \u00a0 | \n \u00a0 | \n 2,289 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,628 | \n \u00a0 | \n
Depreciation and amortization | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 634 | \n \u00a0 | \n
Lease liability | \n \u00a0 | \n \u00a0 | \n 33,130 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,153 | \n \u00a0 | \n
Interest and loss carryovers | \n \u00a0 | \n \u00a0 | \n 13,551 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,685 | \n \u00a0 | \n
Deferred financing costs | \n \u00a0 | \n \u00a0 | \n 1,988 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,954 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 944 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,399 | \n \u00a0 | \n
Total deferred tax assets | \n \u00a0 | \n \u00a0 | \n 147,561 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 169,714 | \n \u00a0 | \n
Valuation allowance | \n \u00a0 | \n \u00a0 | \n (80,491 | \n ) | \n \u00a0 | \n \u00a0 | \n (80,079 | \n ) | \n
Net deferred tax assets | \n \u00a0 | \n \u00a0 | \n 67,070 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 89,635 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred tax liability | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
ROU assets | \n \u00a0 | \n \u00a0 | \n (30,963 | \n ) | \n \u00a0 | \n \u00a0 | \n (39,702 | \n ) | \n
Intangibles | \n \u00a0 | \n \u00a0 | \n (19,025 | \n ) | \n \u00a0 | \n \u00a0 | \n (19,714 | \n ) | \n
Property and Equipment | \n \u00a0 | \n \u00a0 | \n (7,583 | \n ) | \n \u00a0 | \n \u00a0 | \n (11,666 | \n ) | \n
LIFO | \n \u00a0 | \n \u00a0 | \n (8,351 | \n ) | \n \u00a0 | \n \u00a0 | \n (16,944 | \n ) | \n
Depreciation and amortization | \n \u00a0 | \n \u00a0 | \n (26 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Outside Basis Difference on Investment | \n \u00a0 | \n \u00a0 | \n (17,524 | \n ) | \n \u00a0 | \n \u00a0 | \n (16,836 | \n ) | \n
Total deferred tax liabilities | \n \u00a0 | \n \u00a0 | \n (83,472 | \n ) | \n \u00a0 | \n \u00a0 | \n (104,862 | \n ) | \n
Net Deferred tax assets (liabilities) | \n \u00a0 | \n $ | \n (16,402 | \n ) | \n \u00a0 | \n $ | \n (15,227 | \n ) | \n
For the fiscal year ended April 30, 2026, the reconciliation of federal statutory income tax rate to our effective tax rate was as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n ||
Federal statutory rate | \n \u00a0 | \n $ | \n 5,466 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21.00 | \n % | \n
State and local income taxes (net of federal income tax effect)\u00a0(a) | \n \u00a0 | \n \u00a0 | \n 1,569 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6.03 | \n % | \n
Foreign tax effects | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Ireland | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0True-up from amended prior-year tax filing | \n \u00a0 | \n \u00a0 | \n (1,532 | \n ) | \n \u00a0 | \n \u00a0 | \n (5.88 | \n )% | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n 103 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.40 | \n % | \n
Korea | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Foreign withholding tax | \n \u00a0 | \n \u00a0 | \n 16,723 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64.24 | \n % | \n
Canada | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Change in valuation allowance | \n \u00a0 | \n \u00a0 | \n (393 | \n ) | \n \u00a0 | \n \u00a0 | \n (1.51 | \n )% | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0True-up from amended prior-year tax filing | \n \u00a0 | \n \u00a0 | \n 349 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.59 | \n % | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n 58 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (0.03 | \n )% | \n
India | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Foreign withholding tax | \n \u00a0 | \n \u00a0 | \n 76 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.29 | \n % | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n 196 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.75 | \n % | \n
Other | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n (24 | \n ) | \n \u00a0 | \n \u00a0 | \n (0.09 | \n )% | \n
Effect of cross-border tax laws (GILTI/FDII/SubF) | \n \u00a0 | \n \u00a0 | \n (41 | \n ) | \n \u00a0 | \n \u00a0 | \n (0.16 | \n )% | \n
Tax credits | \n \u00a0 | \n \u00a0 | \n (1,314 | \n ) | \n \u00a0 | \n \u00a0 | \n (5.05 | \n )% | \n
Change in valuation allowance | \n \u00a0 | \n \u00a0 | \n (2,236 | \n ) | \n \u00a0 | \n \u00a0 | \n (8.59 | \n )% | \n
Nontaxable or nondeductible items | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Non-deductible officer compensation 162m | \n \u00a0 | \n \u00a0 | \n 1,387 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.33 | \n % | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n 61 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.24 | \n % | \n
Changes in unrecognized tax benefits | \n \u00a0 | \n \u00a0 | \n (785 | \n ) | \n \u00a0 | \n \u00a0 | \n (3.01 | \n )% | \n
Other: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Impacts for amended return filings | \n \u00a0 | \n \u00a0 | \n (5,462 | \n ) | \n \u00a0 | \n \u00a0 | \n (20.98 | \n )% | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0PPA amortization | \n \u00a0 | \n \u00a0 | \n 2,253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8.66 | \n % | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0RTP/True-up from amended prior-year tax filing | \n \u00a0 | \n \u00a0 | \n (35 | \n ) | \n \u00a0 | \n \u00a0 | \n (0.14 | \n )% | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0DTL on outside basis difference for investment | \n \u00a0 | \n \u00a0 | \n 480 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.84 | \n % | \n
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Other | \n \u00a0 | \n \u00a0 | \n (83 | \n ) | \n \u00a0 | \n \u00a0 | \n (0.32 | \n )% | \n
Effective tax rate | \n \u00a0 | \n $ | \n 16,816 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64.61 | \n % | \n
\u00a0
As previously disclosed for the fiscal year ended April 30, 2025, prior to the adoption of ASU 2023-09, the reconciliation of federal statutory income tax rate to our effective tax rate was as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n |
| \n \u00a0 | \n Fiscal Year Ended April 30, 2025 | \n \u00a0 | \n |
Federal statutory rate | \n \u00a0 | \n \u00a0 | \n 21.00 | \n % | \n
Foreign withholding | \n \u00a0 | \n \u00a0 | \n 1.68 | \n % | \n
Stock-based compensation expense | \n \u00a0 | \n \u00a0 | \n 0.01 | \n % | \n
Foreign rate differential | \n \u00a0 | \n \u00a0 | \n (0.80 | \n )% | \n
True-up from amended prior-year tax filing | \n \u00a0 | \n \u00a0 | \n (0.44 | \n )% | \n
Tax reserves | \n \u00a0 | \n \u00a0 | \n 1.25 | \n % | \n
Transaction costs | \n \u00a0 | \n \u00a0 | \n 0.05 | \n % | \n
Purchase accounting amortization | \n \u00a0 | \n \u00a0 | \n (6.36 | \n )% | \n
Other | \n \u00a0 | \n \u00a0 | \n 0.15 | \n % | \n
FTC and R&D Credits | \n \u00a0 | \n \u00a0 | \n (3.31 | \n )% | \n
State taxes, net of federal benefit | \n \u00a0 | \n \u00a0 | \n 2.73 | \n % | \n
Subpart F, GILTI and FDII | \n \u00a0 | \n \u00a0 | \n (0.33 | \n )% | \n
Non-deductible officers compensation | \n \u00a0 | \n \u00a0 | \n 3.02 | \n % | \n
Valuation allowance | \n \u00a0 | \n \u00a0 | \n (0.50 | \n )% | \n
Deductible dividend | \n \u00a0 | \n \u00a0 | \n (0.12 | \n )% | \n
Deferred tax liability on outside basis difference in investment | \n \u00a0 | \n \u00a0 | \n 3.52 | \n % | \n
Effective tax rate | \n \u00a0 | \n \u00a0 | \n 21.55 | \n % | \n
Cash taxes paid, net for the fiscal year ended April 30, 2026, were as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Immersion | \n \u00a0 | \n \u00a0 | \n Barnes & Noble Education | \n \u00a0 | \n ||
Federal | \n \u00a0 | \n $ | \n \u2014 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,870 | \n \u00a0 | \n
State | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Florida | \n \u00a0 | \n \u00a0 | \n 340 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,772 | \n \u00a0 | \n
Foreign | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Ireland | \n \u00a0 | \n \u00a0 | \n 917 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
South Korea (WHT) | \n \u00a0 | \n \u00a0 | \n 10,814 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 275 | \n \u00a0 | \n
Income taxes paid (net of refunds received) | \n \u00a0 | \n $ | \n 12,130 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,917 | \n \u00a0 | \n
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
| \n \u00a0 | \n Fiscal Year Ended April 30, 2026 | \n \u00a0 | \n \u00a0 | \n Fiscal Year Ended April 30, 2025 | \n \u00a0 | \n ||
Balance at beginning of period | \n \u00a0 | \n $ | \n 13,269 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,580 | \n \u00a0 | \n
Increases for tax positions of prior years | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Gross increase (decreases) for federal tax rate change for tax positions of prior years | \n \u00a0 | \n \u00a0 | \n (923 | \n ) | \n \u00a0 | \n \u00a0 | \n 901 | \n \u00a0 | \n
Settlements | \n \u00a0 | \n \u00a0 | \n (1,772 | \n ) | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Gross increases for tax positions of current year | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,788 | \n \u00a0 | \n
Balance at end of period | \n \u00a0 | \n $ | \n 10,574 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,269 | \n \u00a0 | \n
18.\tEARNINGS 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 (loss) 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, except per share amounts):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
| \n Fiscal Years Ended April 30, | \n \u00a0 | \n |||||
| \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||
Basic | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net income (loss) attributable to Immersion Stockholders | \n $ | \n 4,524 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,284 | \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 (8 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,626 | \n ) | \n
Net income (loss) attributable to Immersion Stockholders, basic | \n $ | \n 4,516 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,658 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Weighted-average shares outstanding, basic | \n \u00a0 | \n 32,864 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,219 | \n \u00a0 | \n
Net income (loss) attributable to Immersion stockholders per share, basic | \n $ | \n 0.14 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.94 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Diluted | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net income (loss) attributable to Immersion Stockholders | \n $ | \n 4,524 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,284 | \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 (27 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,659 | \n ) | \n
Net income (loss) attributable to Immersion stockholders, diluted | \n $ | \n 4,497 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,625 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Weighted-average shares outstanding, basic | \n \u00a0 | \n 32,864 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,219 | \n \u00a0 | \n
Shares related to outstanding options, unvested RSUs, RSAs, and PSUs | \n \u00a0 | \n 263 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 784 | \n \u00a0 | \n
Weighted-average shares outstanding, diluted | \n \u00a0 | \n 33,127 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,003 | \n \u00a0 | \n
Net income (loss) attributable to Immersion stockholders per share, diluted | \n $ | \n 0.14 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.90 | \n \u00a0 | \n
\u00a0
\u00a0
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 fiscal years ended April 30, 2026 and 2025, the Company had no outstanding stock options or awards that could potentially dilute basic earnings per share in the future.
"}]},{"name":"rpt:f-1425","factDimensions":{"xbrl:concept":"immr:NumberOfCommonClassMethodsUsingEarningPerShare","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","xbrl:entity":"cik:0001058811","xbrl:unit":"immr:Number"},"factValues":[{"value":"2"}]},{"name":"rpt:f-1426","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock","xbrl:period":"2025-05-01T00:00:00/2026-05-01T00:00:00","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, except per share amounts):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
| \n Fiscal Years Ended April 30, | \n \u00a0 | \n |||||
| \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||
Basic | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net income (loss) attributable to Immersion Stockholders | \n $ | \n 4,524 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,284 | \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 (8 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,626 | \n ) | \n
Net income (loss) attributable to Immersion Stockholders, basic | \n $ | \n 4,516 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,658 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Weighted-average shares outstanding, basic | \n \u00a0 | \n 32,864 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,219 | \n \u00a0 | \n
Net income (loss) attributable to Immersion stockholders per share, basic | \n $ | \n 0.14 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.94 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Diluted | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Numerator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net income (loss) attributable to Immersion Stockholders | \n $ | \n 4,524 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,284 | \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 (27 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,659 | \n ) | \n
Net income (loss) attributable to Immersion stockholders, diluted | \n $ | \n 4,497 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,625 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Denominator: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Weighted-average shares outstanding, basic | \n \u00a0 | \n 32,864 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,219 | \n \u00a0 | \n
Shares related to outstanding options, unvested RSUs, RSAs, and PSUs | \n \u00a0 | \n 263 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 784 | \n \u00a0 | \n
Weighted-average shares outstanding, diluted | \n \u00a0 | \n 33,127 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,003 | \n \u00a0 | \n
Net income (loss) attributable to Immersion stockholders per share, diluted | \n $ | \n 0.14 | \n \u00a0 | \n \u00a0 | \n $ | \n 1.90 | \n \u00a0 | \n
\u00a0
19.\tCOMMITMENTS 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.
Korean Withholding Tax Assessment \u2013 Samsung License
Immersion licenses certain of its patented technologies to Samsung 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 recognized this amount in the Company\u2019s Consolidated Financial Statements as an income tax charge and a corresponding cash payment for the fiscal year ended April 30, 2026. See Note 17. Income Taxes for additional information.
LGE Korean Withholding Tax Matter
On October 16, 2017, we received a letter from 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.
During the fiscal year ended April 30, 2026, the Company determined that it would discontinue litigation related to certain Korean withholding tax matters involving LGE. Because the recoverability of provisional deposits previously made in connection with those matters depended on successful resolution of the related proceedings, the Company concluded that the remaining carrying amount of such deposits was not recoverable. Accordingly, the Company recorded additional income tax expense of approximately $5.9 million and reduced the carrying amount of the related long-term deposits to zero. The income tax expense was partially offset by the reversal of the related unrecognized tax benefit accrual of $0.3 million. See Note 17. Income Taxes for additional information.
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 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 April 30, 2026.
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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