Immersion is a holding company with two segments: haptic technology licensing and campus bookstore operations. The haptics segment licenses a portfolio of nearly 300 patents covering touch feedback technology to OEMs such as Samsung, Sony, and Google for use in mobile devices, gaming consoles, and automotive systems. This business generates revenue through royalty and license fees, though its agreement with Microsoft recently concluded. In June 2024, Immersion acquired a controlling interest in Barnes & Noble Education, which operates 1,116 college bookstores across the U.S. Barnes & Noble Education sells textbooks, digital content, and apparel through multi-year contracts with universities. The bookstore segment focuses on scaling its First Day Complete program, which bundles course materials into student fees to capture higher unit volumes and sell-through. While the haptics business is a low-overhead operation focused on IP monetization, the bookstore segment operates at a much larger scale and experiences significant seasonality tied to the academic calendar. Immersion seeks to expand its haptic IP into new markets like wearables and virtual reality while Barnes & Noble Education continues to transition partner institutions to its bundled delivery model.