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Get filing alertsStanding Risk Factors
- Material Weakness (improved) — One of the five Barnes & Noble Education material weaknesses (IT user-access controls) was fully remediated during FY2026, though four other weaknesses remain unremediated.
- Disclosure Controls Not Effective (unchanged) — Filing states that management concluded the company's disclosure controls and procedures were not effective. The same conclusion appeared in the baseline filing.
- Cryptocurrency Treasury Strategy (unchanged) — Filing discloses a named Bitcoin treasury/financing strategy. On minimal cash, this non-standard treasury pivot is material.
Operating income fell 78% as Immersion license revenue dropped 79% on prior-year one-time deals
Filed July 24, 2026 · Period ending April 30, 2026 · Compared to 10-K Mar 12, 2026 · ~2 min read
Key Changes
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Immersion's fixed-fee license revenue fell $59.6M (95%) to $3.0M, driven by the absence of one-time perpetual license agreements that contributed $44.1M in Mobile and $10.4M in Gaming revenue in FY2025. Per-unit royalty revenue rose modestly ($1.4M, 12%) but could not offset the fixed-fee decline.
MD&A: Immersion license revenue verify on EDGAR → -
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Immersion's worldwide patent portfolio declined from just over 400 to just under 300 patents year-over-year, a reduction of approximately 25%. The filing does not explain whether this reflects expirations, abandonments, sales, or strategic pruning.
Business: Patent portfolio verify on EDGAR → -
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Immersion discontinued litigation over Korean withholding taxes related to LGE royalty payments and wrote off the remaining $5.9 million in provisional deposits (net $5.6 million after reversing a $0.3 million tax-benefit accrual) following an adverse Samsung appeal decision in November 2025.
Notes: Korean tax litigation view on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jul 27, 2026 · How we verify