IMMR · CIK 1058811
What Immersion Corporation told the SEC could break it.
Immersion's disclosures split between its core licensing business and its consolidated Barnes & Noble Education subsidiary. Its haptics-licensing revenue is heavily geographically concentrated — about 95% is international and historically centered in Asia, with the region making up 87% of fiscal 2025 revenue versus 8% Europe and 5% North America — exposing it to Japan and Korea market, currency and foreign-tax risk. Through BNED it picks up retail supply-chain exposures: many of that subsidiary's products are sourced and manufactured abroad, so 2025 U.S. tariffs and ensuing trade frictions could raise costs, and its merchandise supply is concentrated, with BNED's four largest suppliers at about 54% of purchases and its largest — the related party VitalSource — at roughly 45%.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Licensing revenue concentrated in Asia (Japan/Korea); ~95% internationalhigh
About 95% of Immersion's revenue is international and historically concentrated in Asia — Asia was 87% of revenue (vs 8% Europe, 5% North America) for FY2025 — exposing it to Japan/Korea market, currency, and foreign-tax risks.
“International revenues accounted for approximately 95% of our total revenues in the fiscal year ended April 30, 2025.”
SEC filing →As of 2026
Regulatory & policy
- Tariffs on Barnes & Noble Education's imported merchandisemedium
Many of BNED's products are sourced and manufactured abroad; 2025 U.S. tariffs and ensuing trade wars could materially raise costs and disrupt its supply of foreign-sourced merchandise.
“Tariffs or other restrictions placed on imports, and any ensuing trade wars may have a material adverse impact on our financial condition and results of operations. Many of Barnes & Noble Education's products are sourced and manufactured abroad.”
Supplier concentration
- BNED merchandise supplier concentration (4 suppliers = 54%, largest = 45%)medium
Consolidated subsidiary Barnes & Noble Education's four largest suppliers were ~54% of merchandise purchased, with the largest (a related party, VitalSource) ~45%, concentrating supply risk in a few vendors.
“Barnes & Noble Education's four largest suppliers accounted for approximately 54% of its merchandise purchased, with the largest supplier accounting for approximately 45% of its merchandise purchased.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
LG Electronics Inc. (LGE)
“In the event that it is determined that we are obligated to further indemnify LGE for withholding taxes imposed by the Korean tax authorities, receive further requests for reimbursement of tax liabilities from other licensees, we could incur significant expenses.”
Cited →Stanley
“Our current licensees include Stanley, Nippon Seiki, Sensel, Wacom Co., Ltd., and others.”
Cited →Sensel, Inc.
“Our current licensees include Stanley, Nippon Seiki, Sensel, Wacom Co., Ltd., and others.”
Cited →Wacom Co., Ltd.
“Our current licensees include Stanley, Nippon Seiki, Sensel, Wacom Co., Ltd., and others.”
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