Immersion Corp - IMMR STOCK NEWS

Immersion Corporation (NASDAQ: IMMR) has initiated patent infringement lawsuits against various Xiaomi Group companies in Germany, France, and India. The lawsuits, filed in Düsseldorf Regional Court, Paris First Instance Civil Court, and the High Court of Delhi, allege that Xiaomi's smartphones, including the Xiaomi 12, violate Immersion's patents related to haptic technology. Immersion seeks injunctions to prevent Xiaomi from selling these devices in the mentioned countries, along with damages for the infringement. CEO Eric Singer emphasized the importance of protecting their intellectual property after years of innovation in haptic technology.

Immersion Corporation (NASDAQ: IMMR) reported strong financial results for Q4 2022, with a GAAP net income of $19.7 million, equating to $0.60 per diluted share, compared to $1.3 million, or $0.04 per diluted share, in Q4 2021. Total revenues reached $9.2 million, slightly down from $9.7 million year-over-year. For the full year 2022, revenues grew to $38.5 million, up from $35.1 million in 2021. The company also declared a quarterly dividend of $0.03 per share and a one-time special dividend of $0.10. Immersion executed a licensing agreement with Vishay Intertechnology (NYSE: VSH) and renewed a multi-year license with Dongwoon Anatech.

Immersion Corporation (NASDAQ: IMMR) has signed a license agreement with Vishay Intertechnology, Inc. (NYSE: VSH) to bundle haptic patent licenses for Vishay's solenoid-based haptic actuators. This partnership aims to simplify the design-in process, allowing OEMs easy access to Immersion's haptic technology without separate licensing agreements. Both companies expect this collaboration to enhance customer experience and promote the adoption of near HD quality haptic technology across various applications.

Immersion Corporation (NASDAQ: IMMR) announced management changes, a special cash dividend of 10 cents per share, and a $50 million stock repurchase program. Eric Singer, previously Executive Chairman, has taken over as President and CEO, aiming to enhance long-term shareholder value. This special dividend reflects the company's strong performance in 2022, alongside a quarterly dividend of 3 cents per share. The stock repurchase program replaces the previous one and emphasizes financial flexibility while navigating uncertain market conditions.

Immersion Corporation (NASDAQ: IMMR) has renewed a multi-year licensing agreement with Dongwoon Anatech, focusing on haptic technology for mobile, wearable, and PC OEMs. This partnership aims to facilitate easier access to Immersion’s haptic patents, aligning with the growing demand for haptic solutions worldwide. Nobumitsu Shimada, a representative of Immersion, emphasized the importance of this relationship in meeting market demands. Immersion's innovations in haptics aim to enhance digital interactions across various sectors.

Immersion Corporation (NASDAQ: IMMR) reported strong third-quarter results for 2022, with total revenues of $14.0 million, up from $7.2 million in Q3 2021. Royalty and license revenues reached $13.9 million. GAAP net income was $7.7 million, or $0.23 per diluted share, compared to $3.8 million or $0.12 per diluted share a year earlier. The company repurchased 2.54 million shares year-to-date, accounting for 7.4% of outstanding shares. A quarterly dividend of $0.03 per share was announced, reflecting confidence in financial strength. Cash reserves stood at $133.5 million.

Immersion Corporation (NASDAQ: IMMR) has renewed and expanded its multi-year licensing agreement with Nippon Seiki Co., Ltd. This partnership allows Nippon Seiki to utilize Immersion's haptic technology for both its printer/copier products and automotive applications. The growing trend of integrating haptic technology in vehicles enhances user interaction with infotainment and climate control systems. Immersion's financial results for Q3 2022 will be reported on November 14, 2022.

Immersion Corporation (NASDAQ: IMMR) reported Q2 2022 revenues of $8.0 million, down from $11.0 million in Q2 2021. Royalty and license revenues declined from $10.9 million to $7.9 million. GAAP operating expenses decreased by 25% to $3.9 million, while non-GAAP operating expenses fell 23% to $2.9 million. The company reported a GAAP net loss of $1.8 million, compared to a net income of $5.3 million in the same quarter last year. Cash reserves stood at $136.9 million. Immersion is pursuing legal action against Meta for patent infringement and has renewed a license with Google/Fitbit.

Immersion Corporation (NASDAQ: IMMR) has signed a licensing agreement with ELAN Microelectronics to provide haptic technology licenses to PC laptop OEMs through ELAN’s Smart-Haptic Pad™ Technology. This partnership aims to enhance user experience by offering advanced haptic capabilities as part of Windows 11 integration. With ELAN's expertise in human-machine interfaces and Immersion’s innovations in haptics, the collaboration is expected to meet growing market demands for touch feedback technology. Financial results for the second quarter of 2022 will be reported on August 15, 2022.