Loading...
•
Mar 31, 2020
Immersion Q1 2020 Earnings Report
Immersion's Q1 2020 results were reported, with a focus on improving profitability and enhancing shareholder value.
Key Takeaways
Immersion Corporation reported a 22% increase in revenue compared to the same quarter last year. GAAP operating expenses decreased by 35% year-over-year. The company repurchased $12 million of common stock during the quarter.
Total revenues grew 22% to $6.3 million compared to $5.1 million in Q1 2019.
GAAP operating expenses declined 35% to $10.8 million from $16.6 million in Q1 2019.
GAAP net loss was $4.8 million, or $0.16 per diluted share, compared to a net loss of $11.0 million, or $0.35, in Q1 2019.
Non-GAAP net loss was $2.6 million, or $0.08 per diluted share, compared to a non-GAAP net loss of $8.6 million, or $0.28, in Q1 2019.
Immersion
Immersion
Forward Guidance
Immersion expects to be profitable on a non-GAAP basis for the fiscal year and intends to exit 2020 with an annual non-GAAP operating expense run rate of approximately $21 to $23 million.
Positive Outlook
- Confident in strategy.
- Focused on executing across opportunities to unlock Immersion’s full profit and growth potential.
- Anticipated launch later this year of the PlayStation 5 console leveraging Sony’s license of Immersion’s haptic technology for gaming and VR controllers.
- Management team is working collaboratively with new Board to optimize business.
- Improve profitability to maximize value for shareholders.
Challenges Ahead
- Do not intend to provide revenue guidance.
- Uncertainty and the potential variability of many of the costs and expenses that may be incurred in the future.
- Effects of the COVID-19 global pandemic on the Company and its business, and on the business of its suppliers and customers.
- Unanticipated changes in the markets in which the Company operates.
- Effects of the current macroeconomic climate (especially in light of the ongoing adverse effects of the COVID-19 global pandemic).