Immersion is a holding company with two distinct, unrelated businesses: a haptic technology licensing operation and a majority-owned campus bookstore operator, Barnes & Noble Education (BNED). The haptics business licenses Immersion's portfolio of roughly 400 patents covering touch and tactile feedback technology to device makers, chip manufacturers, and platform operators across mobile, gaming, and automotive markets. Key licensees include Samsung, Google, Sony, Nintendo, and Microsoft. Immersion does not manufacture products — it collects royalties under fixed, variable, or mixed license structures. With only 8 full-time employees and low fixed costs, the haptics business is high-margin, and revenue skews toward Q2 and Q3 ahead of the holiday season. Immersion acquired a controlling interest in BNED in June 2024, and BNED is now consolidated into Immersion's financials. BNED operates 1,146 campus bookstore locations (653 physical, 493 virtual) across U.S. colleges, universities, and K-12 schools, serving as the official store operator for partner institutions. BNED sells and rents course materials, general merchandise, and operates a wholesale textbook distribution business. BNED does not own real estate — it signs management agreements with schools and pays a percentage of sales for the right to operate. BNED's key initiative is its First Day Complete program, under which schools adopt institution-wide course material bundles billed directly to students as a course fee, shifting BNED away from reliance on individual student purchases. First Day Complete sales grew 25% in FY25. BNED's business is highly seasonal, with most revenue concentrated in Q2 and Q3.