v3.26.1
SEGMENT INFORMATION
 12 Months Ended
Apr. 30, 2026
SEGMENT REPORTING  
SEGMENT INFORMATION

4. SEGMENT 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’s 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.

Due to the nonhomogeneous operations of Immersion and Barnes & Noble Education, the Company’s 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’s business from the operating assets, liabilities, and operations of Barnes & Noble Education’s business. Our Consolidated Statements of Operations includes each segment’s significant segment expenses. Summarized financial information for our reportable segments is reported below (in thousands):

 

 

Fiscal Years Ended April 30,

 

 

2026

 

 

2025

 

REVENUES

 

 

 

 

 

 

Immersion

 

$

15,924

 

 

$

74,073

 

Barnes & Noble Education

 

 

1,714,770

 

 

 

1,481,803

 

Total revenues

 

 

1,730,694

 

 

 

1,555,876

 

 

 

 

 

 

 

COST OF SALES (excludes depreciation and amortization expense)

 

 

 

 

 

 

Barnes & Noble Education

 

 

1,359,411

 

 

 

1,124,175

 

OPERATING EXPENSES

 

 

 

 

 

 

Immersion

 

 

 

 

 

 

Selling and administrative expenses

 

 

12,153

 

 

 

25,757

 

Barnes & Noble Education

 

 

 

 

 

 

Selling and administrative expenses

 

 

288,487

 

 

 

252,754

 

Depreciation and amortization expense

 

 

42,499

 

 

 

35,274

 

Impairment loss

 

 

5,089

 

 

 

1,247

 

Other (income) expense

 

 

(2,859

)

 

 

(1,351

)

 

 

 

333,216

 

 

 

287,924

 

Total operating expenses

 

 

345,369

 

 

 

313,681

 

OPERATING INCOME (LOSS)

 

 

 

 

 

 

Immersion

 

 

3,771

 

 

 

48,316

 

Barnes & Noble Education

 

 

22,143

 

 

 

69,704

 

Operating Income (Loss)

 

$

25,914

 

 

$

118,020

 

 

The reconciliation between segment operating income (loss) and income (loss) before income taxes is included within our Consolidated Statements of Operations.

Geographically, Immersion’s 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):

 

 

Fiscal Years Ended April 30,

 

 

2026

 

 

2025

 

Property and Equipment Additions

 

 

 

 

 

 

Immersion

 

$

—

 

 

$

7

 

Barnes & Noble Education

 

 

16,196

 

 

 

11,230

 

Total property and equipment additions

 

$

16,196

 

 

$

11,237

 

 

 

 

 

 

 

Total Assets

 

 

 

 

 

 

Immersion

 

$

210,850

 

 

$

213,980

 

Barnes & Noble Education

 

 

841,492

 

 

 

888,293

 

Total assets

 

$

1,052,342

 

 

$

1,102,273

 

As of April 30, 2026, 87% and 13% of Immersion’s long-lived assets were located in Canada and the U.S., respectively, and Barnes & Noble Education’s long-lived assets were located in the U.S. As of April 30, 2025, 92% and 8% of Immersion’s long-lived assets were located in Canada and the U.S., respectively, and Barnes & Noble Education’s long-lived assets were located in the U.S.