Financial Analysis

3. BUSINESS COMBINAT ION On June 10, 2024 (Closing Date), the Transactions (defined below) were consummated pursuant to the terms of the Purchase Agreement among Barnes & Noble Education and the Purchasers (as defined in the Purchase Agreement), following Barnes & Noble Educations receipt of the requisite approval of its stockholders at a special meeting of its stockholders held on June 5, 2024. The following is presented on a post-reverse stock split basis, which is defined as a reverse stock split of Barnes & Noble Educations outstanding shares of common stock at a ratio of 1-for-100, effective at June 11, 2024. Pursuant to the terms of the Purchase Agreement, Barnes & Noble Education conducted a rights offering (the Rights Offering), whereby Barnes & Noble Education distributed at no charge to the holders of its common stock (BNED Common Stock) non-transferable subscription rights (Rights) to purchase up to an aggregate of 9,000,000 new shares of BNED Common Stock (the Offered Shares) at a subscription price of $ 5.00 per share (the Subscription Price). On the Closing Date, Barnes & Noble Education issued the Offered Shares, including approximately $ 10 million of Offered Shares purchased by Toro 18 Holdings LLC, a wholly-owned subsidiary of Immersion, (Investor) pursuant to the Backstop Commitment (as defined in the Purchase Agreement). Pursuant to the Backstop Commitment, Immersion through Investor, purchased 2,006,701 shares of BNED Common Stock. …

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10. DEB T The following summarizes Barnes & Noble Educations outstanding borrowings for the following periods (in thousands): Maturity Date April 30, 2026 April 30, 2025 Restated ABL Facility June 9, 2028 $ 71,000 $ 103,098 Balance Sheet Classification: Short-term borrowings $ $ Long-term borrowings 71,000 103,098 Total Long-term borrowings $ 71,000 $ 103,098 Restated ABL Credit Facility On the Closing Date, Barnes & Noble Education amended and restated and extended the maturity of its existing asset-based credit facility with Bank of America, N.A., as administrative agent, collateral agent and swing line lender, and other lenders from time to time party thereto (such amended and restated credit facility, the Restated ABL Facility). Pursuant to the Restated ABL Facility, the lenders thereunder have committed to provide a four-year asset-backed revolving credit facility in an aggregate committed principal amount of up to $ 325 million. The Restated ABL Facility has a maturity date of June 9, 2028. Barnes & Noble Education has interest only obligations until June 9, 2028 , at which time the total principal is due and payable. Interest under the Restated ABL Facility accrues, at the election of Barnes & Noble Education, either (x) based on the Secured Overnight Financing Rate (SOFR) , which is subject to a floor of 2.5 % per annum, plus a spread of 3.5 % per annum or (y) at an alternate base rate , which is subject to a floor of 3.5 % per annum, plus a spread of …

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"12. STOCK -BASED COMPENSATION Immersion Stock Options and Awards Our equity incentive program is a long-term retention program that is intended to attract, retain, and provide incentives for employees, consultants, officers, and directors and to align stockholder and employee interests. We may grant time-based options, market condition-based options, stock appreciation rights, restricted stock awards (RSAs), restricted stock units (RSUs), performance shares, market condition-based performance restricted stock units (PSUs), and other stock-based equity awards to employees, officers, directors, and consultants. On January 18, 2022, our stockholders approved the 2021 Equity Incentive Plan (as amended, the 2021 Plan), which provides for a total number of shares reserved and available for grant and issuance equal to 3,525,119 shares plus up to an additional 855,351 shares that are subject to stock options or other awards previously granted under the 2011 Equity Incentive Plan. On March 30, 2023, our stockholders approved an amendment to the 2021 Plan which increased the total number of shares reserved and available for grant and issuance equal to 8,146,607 shares plus up to an additional 855,351 shares that are subject to stock options or other awards previously granted under the 2011 Equity Incentive Plan. Under our equity incentive plans, stock options may be granted at prices not less than the fair market value on the date of the grant for stock options. Stock options generall …

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8. GOODWILL AND INTANGIBLE ASSETS Goodwill We recognized $ 69.2 million in goodwill as the result of the business combination with Barnes & Noble Education on June 10, 2024. As of April 30, 2026 and 2025 , the Company recorded goodwill of $ 69.2 million on our Consolidated Balance Sheets. Intangible Assets, net The following summarizes our intangible assets, excluding goodwill, recorded as intangible assets on our Consolidated Balance Sheets as of the periods presented below (in thousands): April 30, 2026 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average remaining life (Years) Trade name $ 45,000 N/A $ 45,000 Indefinite Customer relationships 50,000 ( 7,267 ) 42,733 11.2 Total $ 95,000 $ ( 7,267 ) $ 87,733 April 30, 2025 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average remaining life (Years) Trade name $ 45,000 N/A $ 45,000 Indefinite Customer relationships 50,000 ( 3,419 ) 46,581 12.2 Total $ 95,000 $ ( 3,419 ) $ 91,581 Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. Trade name is determined to have an indefinite useful life and is not subject to amortization. Amortization expe nse was $ 3.8 million and $ 3.4 million for the fiscal years ended April 30, 2026 and 2025, respectively. Estimated amortization expense of the intangible assets to be recognized by the Company are (in thousands): Fiscal Year Ended April 30, 2027 $ 3,846 …

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17. INCO ME TAXES Income tax benefit (expense) for the following periods consisted of (in thousands): Fiscal Year Ended April 30, 2026 Fiscal Year Ended April 30, 2025 Income (loss) before income taxes $ 26,029 $ 119,292 Income tax benefit (expense) ( 16,816 ) ( 25,710 ) Effective tax rate ( 64.6 )% ( 21.6 )% Income tax expense for the fiscal years ended April 30, 2026 and 2025, resulted primarily from estimated domestic and foreign taxes included in the calculation of the effective tax rate. We provided no valuation allowance for federal assets and continue to maintain full valuation allowance for state and certain foreign deferred tax assets in the United States and Canada. The components of income (loss) before income taxes for the following periods consisted of (in thousands): Fiscal Year Ended April 30, 2026 Fiscal Year Ended April 30, 2025 Domestic $ 24,152 $ 102,041 Foreign 1,877 17,251 Total $ 26,029 $ 119,292 The income tax expense (benefit) for the following periods consisted of (in thousands): Fiscal Year Ended April 30, 2026 Fiscal Year Ended April 30, 2025 Current: U.S. federal $ ( 1,806 ) $ 16,750 State 1,576 3,364 Foreign 15,994 4,783 Total current 15,764 24,897 Deferred: U.S. federal 931 803 States and local 164 38 Foreign ( 43 ) ( 28 ) Total deferred 1,052 813 Total Income tax expense (benefit) $ 16,816 $ 25,710 Deferred tax assets and liabilities are recognized for the temporary differences between the carrying amounts of assets and liabilities for financial …

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7. LEASE S Immersion For the fiscal years ended April 30, 2026 and 2025, Immersions leases and related activity were not material. Barnes & Noble Education Barnes & Noble Education recognizes lease assets and lease liabilities on the Consolidated Balance Sheets for substantially all lease arrangements based on the present value of future lease payments as required by Leases . Barnes & Noble Educations portfolio of leases consists of operating leases comprised of operating agreements which grant Barnes & Noble Education the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. Barnes & Noble Education has one immaterial finance lease and no short-term leases (i.e., those with a term of twelve months or less). Barnes & Noble Education recognizes an ROU asset and lease liability on the Consolidated Balance Sheets for leases with a term greater than twelve months . Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised . Barnes & Noble Education lease terms generally range from one year to fifteen years , and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year. Payment terms a …

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"Recently Adopted Accounting Pronouncements In September 2025, the Financial Accounting Standards Board (the ""FASB"") issued ASU No. 2025-07 (ASU 2025-07), Derivatives and Hedging (Topic 815) ( ""Topic 815"") and ""Revenue from Contracts with Customers (Topic 606)."" The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. This ASU also provides clarification under Topic 606 for share-based payments from a customer in a revenue contract. The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim reporting periods, with early adoption permitted. The Company adopted ASU No. 2025-07 during the fiscal quarter ending October 31, 2025. See Note 15. Participation Interest Purchase Agreement for additional information. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which enhances annual income tax disclosure requirements, including additional information related to the effective tax rate reconciliation and income taxes paid. The Company adopted this guidance on a prospective basis during the fourth quarter of fiscal 2026. Adoption of the ASU did not impact the Company's consolidated financial position, results of operations, cash flows, or earnings per share, but resulted in enhanced income tax disclosures. See Note 17. Income Taxes for additional information. Recent Accounting Pronouncements Not Yet Adopted In Se …

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11. RELATED-PARTY TRANSACTIONS TopLids LendCo, LLC In December 2020, Barnes & Noble Education entered into the F/L Relationship to execute a merchandising agreement with Fanatics and Lids which included a strategic equity investment in Barnes & Noble Education by Fanatics, Inc. and Lids Holdings, Inc., jointly as TopLids LendCo, LLC (TopLids). On June 7, 2022, Barnes & Noble Education entered into a Term Loan Credit Agreement with TopLids LendCo, LLC and Vital Fundco, LLC (see discussion below). On June 10, 2024, Barnes & Noble Education completed the Transactions, including the Rights Offering, the Private Investment, the Term Loan Debt Conversion, and the Credit Facility Refinancing, to substantially deleverage Barnes & Noble Educations Consolidated Balance Sheet. TopLids ceased to be a related party during the fourth quarter of fiscal 2025. Total commission revenue from the F/L Relationship was $ 104.0 million for the period from June 10, 2024 to April 30, 2025. Total receivables from Fanatics was $ 1.2 million as of April 30, 2025. VitalSource Technologies, Inc. On June 7, 2022, Barnes & Noble Education entered into a Term Loan Credit Agreement with TopLids LendCo, LLC (see discussion above) and Vital Fundco, LLC (a subsidiary of Vital Technologies, Inc. (VitalSource)). Barnes & Noble Education has contracted with VitalSource to provide digitally formatted courseware, from all major publishers. On June 10, 2024, Barnes & Noble Education com …

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5. REV ENUE Immersion Disaggregated Revenue The following presents the disaggregation of Immersions revenue for these periods (in thousands): Fiscal Years Ended April 30, 2026 2025 Fixed fee license revenue $ 2,963 $ 62,519 Per-unit royalty revenue 12,961 11,554 Total royalty and license revenue $ 15,924 $ 74,073 Contract Assets At April 30, 2026 , we had contract assets of $ 8.2 million included within Prepaid expenses and other current assets and $ 19.8 million within Other assets - noncurrent on the Consolidated Balance Sheets. As of April 30, 2025 , we had contract assets of $ 7.8 million included within Prepaid expenses and other current assets and $ 27.4 million included within Other assets - noncurrent on the Consolidated Balance Sheets . Contract assets decreased by approximately $( 7.2 ) million for the fiscal year ended April 30, 2026, primarily due to the actual billing of unbilled amounts during the fiscal year ended April 30, 2026 . Contract assets increased by $ 28.5 million for the fiscal year ended April 30, 2025, primarily due to an increase in unbilled revenue related to the new contracts we entered into during the fiscal year ended April 30, 2025. Deferred Revenue The following table presents changes in deferred revenue associated with Immersions contract liabilities (in thousands): Fiscal Years Ended April 30, 2026 2025 Deferred revenue beginning of the period $ 8,728 $ 20,472 Additions to deferred revenue during the period - 882 Reductions to deferred rev …

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4. SEGMENT I NFORMATION Following the closing of the Transactions with Barnes & Noble Education, the Company operates as two operating and reporting segments, Immersion and Barnes & Noble Education. We identify these segments based on the distinct business activities of each company as they are managed separately. Our Chief Executive Officer, as the Companys Chief Operating Decision Maker, uses Operating income (loss ) as the profitability metric for the purposes of making decisions related to the allocation of resources to each segment and assessing performance of each segment. Due to the nonhomogeneous operations of Immersion and Barnes & Noble Education, the Companys Consolidated Balance Sheets and Consolidated Statement of Operations for the fiscal year ended April 30, 2026 and 2025, separately present the operating assets, liabilities, and operations of Immersions business from the operating assets, liabilities, and operations of Barnes & Noble Educations business. Our Consolidated Statements of Operations includes each segments significant segment expenses. Summarized financial information for our reportable segments is reported below (in thousands): Fiscal Years Ended April 30, 2026 2025 REVENUES Immersion $ 15,924 $ 74,073 Barnes & Noble Education 1,714,770 1,481,803 Total revenues 1,730,694 1,555,876 COST OF SALES (excludes depreciation and amortization expense) Barnes & Noble Education 1,359,411 1,124,175 OPERATING EXPENSES Immersion Selling …

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14. STOCK HOLDERS EQUITY Immersion Stock Repurchase Program On December 29, 2022, the Board approved a stock repurchase program of up to $ 50.0 million of our common stock for a period of up to twelve months (the December 2022 Stock Repurchase Program), which terminated and superseded the stock repurchase program that had been approved by the Board on February 23, 2022. Any stock repurchases may be made through open market and privately negotiated transactions, at such times and in such amounts as management deems appropriate, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Additionally, the Board authorized the use of any derivative or similar instrument to effect stock repurchase transactions, including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, naked put options, floor transactions, or other similar transactions or any combination of the foregoing transactions. The December 2022 Stock Repurchase Program was implemented as a method to return value to our stockholders. The timing, pricing and sizes of any repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The December 2022 Stock Repurchase Program does not obligate us to repurchase any dollar amount o …

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. SUBSEQUE NT EVENTS Immersion Dividends Declared On July 2, 2026 , our Board declared a quarterly dividend in the amount of $ 0.075 per share and will be payable, subject to any prior revocation, on July 31, 2026 , to stockholders of record on July 20, 2026 .

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NOTE 8. DEBT The following is a summary of Barnes & Noble Educations outstanding borrowing as of July 31, 2026 and April 30, 2026 (in thousands): As of Maturity Date July 31, 2026 April 30, 2026 Total debt - Barnes & Noble Education credit facility June 9, 2028 $ 123,500 $ 71,000 Balance sheet classification: Long-term borrowings $ 123,500 $ 71,000 In connection with the delayed filing of Barnes & Noble Education Annual Report on Form 10-K for fiscal 2025 and the Quarterly Reports on Form 10-Q for the first and second quarters of fiscal 2026, Barnes & Noble Education entered into a series of limited consent and waiver agreements with the lenders under its asset-based revolving credit facility (the Credit Facility) to extend certain financial reporting deadlines. These waivers related solely to the timing of the Barnes & Noble Educations filings and did not arise from noncompliance with any financial covenants. On August 8, 2025, Barnes & Noble Education and the administrative agent entered into a limited consent and waiver providing a 75 -day extension of the applicable reporting deadlines to October 22, 2025, in exchange for a fee equal to 0.10 % of the aggregate revolving commitments. On October 21, 2025, Barnes & Noble Education exercised an additional 45 -day extension option under the waiver, extending the reporting deadline to December 6, 2025, in exchange for an additional fee equal to 0.10 % of the revolving commitments. On December 5, 2025 …

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NOTE 10. STOCK-BASED COMPENSATION Immersion The following summarizes the Companys stock-based compensation expense related to all of Immersions stock-based awards for the three months ended July 31, 2026 and 2025 (in thousands): Three Months Ended July 31, 2026 2025 RSUs, RSAs and PSUs 954 1,998 Total $ 954 $ 1,998 Selling and administrative expenses $ 954 $ 1,998 Total $ 954 $ 1,998 The total unrecognized compensation cost related to unvested awards as of July 31, 2026 , was $ 1.9 million and is expected to be recognized over an estimated weighted-average period of approximately 1.1 years. Barnes & Noble Education The following summarizes the total stock-based compensation expense for options, RSAs, RSUs, and PSUs for the three months ended July 31, 2026 and 2025 (in thousands): Three Months Ended July 31, 2026 2025 Stock options $ 3 $ RSUs, RSAs and PSUs 1,081 2,480 Total $ 1,084 $ 2,480 Selling and administrative expenses $ 1,084 $ 2,480 Total $ 1,084 $ 2,480 The total unrecognized compensation cost related to unvested awards as of July 31, 2026 was $ 4.2 million and is expected to be recognized over an estimated weighted-average period of approximately 1.14 years. …

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NOTE 7. GOODWILL AND INTANGIBLE ASSETS Goodwill The Company recognized $ 69.2 million in goodwill as the result of the business combination with Barnes & Noble Education on June 10, 2024. See Note 3. Business Combination in the Companys Annual Report on Form 10-K for the fiscal year ended April 30, 2026 for additional information. The carrying value of goodwill was $ 69.2 million as of July 31, 2026 and April 30, 2026. The Company did not record any goodwill impairment losses during the three months ended July 31, 2026, and 2025. Intangible Assets, net The following is a summary of intangible assets, excluding goodwill, recorded as Intangible assets, net on the Companys Condensed Consolidated Balance Sheet s as of July 31, 2026 and April 30, 2026 (in thousands): July 31, 2026 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Life (years) Trade name $ 45,000 N/A $ 45,000 Indefinite Customer relationships 50,000 ( 8,229 ) 41,771 11.0 Total $ 95,000 $ ( 8,229 ) $ 86,771 April 30, 2026 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Life (years) Trade name $ 45,000 N/A $ 45,000 Indefinite Customer relationships 50,000 ( 7,267 ) 42,733 11.2 Total $ 95,000 $ ( 7,267 ) $ 87,733 Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. Trade name is determined to have an indefinite useful life and is not subject to amortizati …

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NOTE 14. INCOME TAXES Income tax benefit (expense) for the three months ended July 31, 2026 and 2025, consisted of the following (in thousands): Three Months Ended July 31, 2026 2025 Loss Before Income Taxes $ ( 6,685 ) $ ( 21,443 ) Income tax benefit 2,130 7,727 Effective tax rate 31.9 % 36.0 % Immersion Immersion recorded an income tax benefit of $ 2.1 million on a pre-tax loss of $ 6.7 million for the three months ended July 31, 2026, resulting in an effective tax rate of 31.9 %, compared to an income tax benefit of $ 7.7 million on a pre-tax loss of $ 21.4 million, resulting in an effective tax rate of 36.0 %, for the three months ended July 31, 2025. The effective tax rate for the three months ended July 31, 2026 differed from the U.S. federal statutory rate primarily due to foreign tax rate differentials, uncertain tax positions, return-to-provision adjustments, and other discrete tax items recognized during the period. The year-over-year change in the effective tax rate was primarily attributable to changes in the geographic mix of earnings and discrete tax items recognized in the current and prior-year periods. Barnes & Noble Education Barnes & Noble Education recorded an income tax benefit of $ 8.2 million on pre-tax loss of $ 22.1 million during the three months ended July 31, 2026 , which represented an effective income tax rate of 36.9 % and an income tax benefit of $ 8.6 million on pre-tax loss of $ 26.9 million during the three months ended July 31, 2025 …

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NOTE 6. LEASES Immersion For the three months ended July 31, 2026 and 2025, Immersions leases and related activity were not material. Barnes & Noble Education The following table summarizes additional information related to Barnes & Noble Educations operating leases (in thousands, except for lease term and discount rate): Three Months Ended July 31, 2026 2025 Operating lease cost $ 14,191 $ 17,579 Variable lease payments 17,650 20,912 Total lease cost $ 31,841 $ 38,491 July 31, 2026 July 31, 2025 Cash paid for amounts included in the measurement of lease liabilities $ 13,225 $ 14,199 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 14,680 $ 24,884 Weighted-average remaining lease term (in years) 4.3 4.7 Weighted-average discount rate 6.6 % 6.7 % …

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Accounting Pronouncements Recently Issued Accounting Pronouncements There were no new accounting pronouncements issued during the three months ended July 31, 2026, that are expected to have a material impact on the Companys Condensed Consolidated Financial Statements . In September 2025, the FASB issued ASU No. 2025-06, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) . ASU 2025-06 modernizes and simplifies the accounting for software development costs by establishing a single capitalization framework for all internally developed or acquired software, regardless of whether the software is intended for internal use, to be sold, or to be used in delivering products and services. The new guidance retains the concept of project stages but eliminates the historical distinction between internal-use software and software to be sold or marketed. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The guidance is required to be applied prospectively, with optional retrospective or modified retrospective transition methods. The Company is currently evaluating the impact of ASU 2025-06 on its condensed consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures . The ASU re …

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NOTE 4. REVENUE RECOGNITION Immersion Disaggregated Revenue The following table presents the disaggregation of Immersions revenue for the three months ended July 31, 2026 and 2025 (in thousands): Three Months Ended July 31, 2026 2025 Fixed fee license revenue $ 832 $ 736 Per-unit royalty revenue 2,972 3,136 Total royalty and license revenue $ 3,804 $ 3,872 Contract Assets As of July 31, 2026, we had contract assets of $ 8.5 million included within Prepaid expenses and other current assets and $ 12.9 million within Other assets noncurrent on the Condensed Consolidated Balance Sheet. As of April 30, 2026 , we had contract assets of $ 8.2 million included within Prepaid expenses and other current assets and $ 19.8 million within Other assets - noncurrent on the Condensed Consolidated Balance Sheet. Deferred Revenue The following table presents changes in deferred revenue associated with our contract liabilities (in thousands): July 31, 2026 April 30, 2026 Deferred revenue beginning of the period $ 5,790 $ 8,728 Additions to deferred revenue during the period Reductions to deferred revenue for revenue recognized during the period ( 732 ) ( 2,938 ) Deferred revenue balance end of the period $ 5,058 $ 5,790 Based on contracts signed and payments received as of July 31, 2026, we expect to recognize $ 5.1 million in revenue under our fixed fee license agreements, which are satisfied over time, including $ 4.8 million over one to three years and $ 0.3 million over more than three year …

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NOTE 3. SEGMENT REPORTING The Company operates as two operating and reporting segments, Immersion and Barnes & Noble Education. We identify these segments based on the distinct business activities of each company as they are managed separately. Our Chief Executive Officer, as the Companys Chief Operating Decision Maker , uses Operating income (loss ) as the profitability metric for the purposes of making decisions related to the allocation of resources to each segment and assessing performance of each segment. Due to the nonhomogeneous operations of Immersion and Barnes & Noble Education, the Companys Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Operations , separately present the operating assets, liabilities, and operations of Immersions business from the operating assets, liabilities, and operations of Barnes & Noble Educations business. Our Condensed Consolidated Statements of Operations includes each segments significant segment expenses. Summarized financial information for our reportable segments is reported below (in thousands): Three Months Ended July 31, (in thousands) 2026 2025 Revenues: Immersion $ 3,804 $ 3,872 Barnes & Noble Education 290,595 288,160 Total revenues 294,399 292,032 Cost of sales (excludes depreciation and amortization expense): Barnes & Noble Education 234,015 233,594 Operating expenses: Immersion Selling and administrative expenses 3,498 3,695 Barnes & Noble Education Selling and administr …

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NOTE 12. STOCKHOLDERS EQUITY Immersion Stock Repurchase Program During the three months ended July 31, 2026 , the Company did no t repurchase shares of our common stock under its stock repurchase program. As of July 31, 2026 , the Company had $ 39.3 million available for repurchase under the December 2022 Stock Repurchase Program. Barnes & Noble Education Stock Repurchase Program During the three months ended July 31, 2026 , Barnes & Noble Education did no t purchase shares under its stock repurchase program. As of July 31, 2026 , approximately $ 26.7 million remains available under the Barnes & Noble Education stock repurchase program. Immersion Dividends Declared and Dividend Payments Announcement Date Dividend Type Amount per Share Record Date Payment Date May 8, 2024 Quarterly $ 0.045 July 8, 2024 July 26, 2024 August 20, 2024 Quarterly 0.045 October 4, 2024 October 18, 2024 November 8, 2024 Special 0.245 January 10, 2025 January 24, 2025 March 10, 2025 Quarterly 0.045 April 14, 2025 April 25, 2025 July 8, 2025 Quarterly 0.045 July 23, 2025 August 8, 2025 October 8, 2025 Quarterly 0.045 October 20, 2025 October 31, 2025 December 8, 2025 Quarterly (increased) 0.075 January 19, 2026 January 30, 2026 March 27, 2026 Quarterly 0.075 April 20, 2026 May 1, 2026 July 2, 2026 Quarterly 0.075 July 20, 2026 July 31, 2026 September 11, 2026 Quarterly 0.075 October 16, 2026 October 30, 2026 During the three months ended July 31, 2026, the Company paid $ 2.5 million in divi …

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NOTE 17. SUBSEQUENT EVENTS On September 11, 2026 , our Board declared a quarterly dividend in the amount of $ 0.075 per share, payable on October 30, 2026 , to stockholders of record on October 16, 2026 .

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