Immersion announces preliminary results for fiscal second quarter 2021

Immersion Corporation [IMMR], the leading developer and provider of technologies for haptics, announced today preliminary results for the fiscal second quarter ended June 30, 2021.

Based on preliminary financial data, Immersion expects fiscal second quarter:

•Revenues to be between $10.5 to $11.0 million

•GAAP Operating expenses to be between $5.1 and $5.5 million

•GAAP Net Income to be between $5.0 and $5.5 million or $0.16 and $0.18 per diluted share

•Non-GAAP Operating expenses to be between $3.9 and $4.3 million

•Non-GAAP Net Income to be between $6.8 and $7.3 million or $0.22 and $0.23 per diluted share

Jared Smith, Immersion’s Interim Chief Executive Officer commented, “We finished the first half of 2021 with strong momentum in our business, delivering sequential and year-over-year growth while continuing to innovate. I’m excited to capitalize on this momentum and look forward to providing a more comprehensive update in our upcoming earnings call.”

Please refer to the note below on forward-looking statements and the risks involved with such statements as well as the note on non-GAAP financial measures. These preliminary financial results are subject to revision until the Company reports its full fiscal second quarter 2021 results on August 16, 2021.

Use of Non-GAAP Financial Measures

Immersion reports all financial information required in accordance with generally accepted accounting principles (GAAP), but it believes that evaluating its ongoing operating results may be difficult to understand if limited to reviewing only GAAP financial measures. Immersion discloses this non-GAAP information, such as non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share because it is useful in understanding the Company's performance as it excludes certain non-cash expenses like stock-based compensation expense and other special charges, such as deferred tax assets valuation allowance, depreciation, and restructuring costs, that many investors feel may obscure the Company's true operating performance. Likewise, management uses these non-GAAP financial measures to manage and assess the profitability of its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results under GAAP. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release.