v3.26.1
REVENUE
 12 Months Ended
Apr. 30, 2026
REVENUE  
REVENUE

5. REVENUE

Immersion

Disaggregated Revenue

The following presents the disaggregation of Immersion’s revenue for these periods (in thousands):

 

 

Fiscal Years Ended April 30,

 

 

2026

 

 

2025

 

Fixed fee license revenue

 

$

2,963

 

 

$

62,519

 

Per-unit royalty revenue

 

 

12,961

 

 

 

11,554

 

Total royalty and license revenue

 

$

15,924

 

 

$

74,073

 

Contract Assets

At April 30, 2026, we had contract assets of $8.2 million included within Prepaid expenses and other current assets and $19.8 million within Other assets - noncurrent on the Consolidated Balance Sheets. As of April 30, 2025, we had contract assets of $7.8 million included within Prepaid expenses and other current assets and $27.4 million included within Other assets - noncurrent on the Consolidated Balance Sheets.

Contract assets decreased by approximately $(7.2) million for the fiscal year ended April 30, 2026, primarily due to the actual billing of unbilled amounts during the fiscal year ended April 30, 2026. Contract assets increased by $28.5 million for the fiscal year ended April 30, 2025, primarily due to an increase in unbilled revenue related to the new contracts we entered into during the fiscal year ended April 30, 2025.

Deferred Revenue

The following table presents changes in deferred revenue associated with Immersion’s contract liabilities (in thousands):

 

 

 

Fiscal Years Ended April 30,

 

 

2026

 

 

2025

 

Deferred revenue beginning of the period

 

$

8,728

 

 

$

20,472

 

Additions to deferred revenue during the period

 

 

-

 

 

 

882

 

Reductions to deferred revenue for revenue recognized during the period

 

 

(2,938

)

 

 

(12,626

)

Deferred revenue balance end of the period

 

$

5,790

 

 

$

8,728

 

 

Revenue recognized during the fiscal years ended April 30, 2026 and 2025 that was included in the deferred revenue balance at the beginning of the period was $2.9 million and $12.5 million, respectively.

 

Based on contracts signed and payments received at April 30, 2026, we expect to recognize $5.8 million in revenue under our fixed fee license agreements, which are satisfied over time, including $5.5 million over one to three years, and $0.3 million over more than three years.

Barnes & Noble Education

Revenue from sales of Barnes & Noble Education’s products and services is recognized either at the point in time when control of the products is transferred to its customers or over time as services are provided in an amount that reflects the consideration Barnes & Noble Education expects to be entitled to in exchange for the products or services.

Disaggregated Revenue

The following table disaggregated the revenue associated with Barnes & Noble Education’s major products and service offerings (in thousands):

 

 

 

Fiscal Year Ended April 30, 2026

 

 

From
June 10, 2024 to April 30, 2025

 

Course material product sales

 

$

1,128,820

 

 

$

937,235

 

General merchandise product sales (a)

 

 

358,101

 

 

 

325,298

 

Services and other revenue (b)

 

 

77,444

 

 

 

79,904

 

Total product and other revenue

 

 

1,564,365

 

 

 

1,342,437

 

Course materials rental income

 

 

150,405

 

 

 

139,366

 

Total revenue

 

$

1,714,770

 

 

$

1,481,803

 

 

(a)
Logo general merchandise sales are recognized on a net basis as commission revenue in the consolidated financial statements.
(b)
Service and other revenue primarily relates to brand marketing programs and other service revenues.

 

Contract Assets and Contract Liabilities

Contract assets represent the sale of goods or services to a customer before we have the right to obtain consideration from the customer. Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract assets (unbilled receivables) were $1.2 million and $0.6 million at May 2, 2026 and May 3, 2025, respectively, on Barnes & Noble Education’s Consolidated Balance Sheets.

Contract liabilities represent an obligation to transfer goods or services to a customer for which we have received consideration and consists of our deferred revenue liability (deferred revenue). Deferred revenue consists of the following:

•
advanced payments from customers related to textbook rental performance obligations, which are recognized ratably over the terms of the related rental period;
•
unsatisfied performance obligations associated with partnership marketing services, which are recognized when the contracted services are provided to our partnership marketing customers; and
•
unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the merchandising contracts for Fanatics and Lids., respectively.

 

Deferred Revenue

The following table presents changes in deferred revenue associated with Barnes & Noble Education's contract liabilities (in thousands):

 

 

Fiscal Year Ended April 30, 2026

 

 

From June 10, 2024 to April 30, 2025

 

Deferred revenue at beginning of period

 

$

13,566

 

 

$

11,044

 

Additions to deferred revenue during the period

 

 

179,893

 

 

 

173,969

 

Reductions to deferred revenue for revenue recognized during the period

 

 

(180,266

)

 

 

(171,447

)

Deferred revenue balance at the end of period

 

$

13,193

 

 

$

13,566

 

 

Revenue recognized during the 52 weeks ended May 2, 2026 and the 53 weeks ended May 3, 2025 that was included in the contract liability balance at the beginning of each respective fiscal year was $10.7 million and $11.5 million respectively.