Episode Details

Immersion Corporation (IMMR) Q1 FY2027 — FMP September 16 regular close $7.12; financial anchor July 31 and latest common count September 8. Post-release dated observation, not a live quote. Immersion returned to parent-attributable profit, but investment gains did much of the work. We separate recurring haptic economics, BNED minority ownership and claims against the parent cash balance. THE CALL: HOLD (2/5, LOW) — base-case value ~$7.50 vs ~$7.12 today. KEY METRICS: - Consolidated revenue $294.399M; haptic licensing $3.804M - Parent GAAP income $4.876M; reported diluted EPS $0.17 uses a $5.752M adjusted numerator - Equity and derivative gains $13.763M; haptic operating profit $0.306M - Parent cash $167.000M; all parent liabilities $54.375M including written options $22.674M - BNED ownership 32.3%; debt nonrecourse to parent; quoted stake valued separately - HOLD 2/5, Very High uncertainty; base $7.50, scenario weighted $7.35 - Central method range $7–$8; scenario range $5–$10.50 What to watch: Watch parent liquid bridge $147.323 M, written options $22.674 M and haptic EBIT $0.306 M. A conditional entry about $5.63 requires an intact thesis; above $9 prompts a valuation review. Full research packet: https://chargedalpha.com/research/immr-q1-fy2027 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.