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Dec 31, 2020
Immersion Q4 2020 Earnings Report
Immersion reported Q4 2020 results exceeding preliminary announcements, with over 40% sequential quarterly revenue growth and GAAP and Non-GAAP EPS of $0.30 and $0.29 per share respectively.
Key Takeaways
Immersion Corporation reported a strong fourth quarter with a 40% increase in revenue compared to the previous quarter. The company achieved GAAP net income of $8.1 million, or $0.30 per diluted share, and non-GAAP net income of $8.0 million, or $0.29 per diluted share. Cash and cash equivalents increased to $59.5 million.
Total revenues reached $10.9 million, slightly down from $11.5 million in Q4 2019.
GAAP operating expenses decreased by 48% to $5.7 million compared to $11.0 million in Q4 2019.
GAAP net income was $8.1 million, or $0.30 per diluted share, a significant increase from $1.0 million, or $0.03 per diluted share, in Q4 2019.
Cash and cash equivalents increased to $59.5 million as of December 31, 2020.
Immersion
Immersion
Forward Guidance
Immersion anticipates double-digit top-line and profitability growth year-over-year in 2021.
Positive Outlook
- Strong fourth quarter performance with significant revenue growth.
- Effective control over operating expenses.
- Innovation in next-generation haptic technology.
- Several exciting customer wins.
- Positive momentum entering 2021.
Challenges Ahead
- The 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
- The effects of the current macroeconomic climate (especially in light of the ongoing adverse effects of the COVID-19 global pandemic)
- Delay in or failure to achieve adoption of or commercial demand for the Company’s products or third party products incorporating the Company’s technologies
- The inability of Immersion to renew existing licensing arrangements, or enter into new licensing arrangements on favorable terms