Immersed held $2m of refundable Visor deposits at June 30 and reports substantial doubt

Immersed was holding $1,999,429 of refundable Visor pre-order deposits at June 30, 2026, and the company reports “substantial doubt about the Company’s ability to continue as a going concern”. Both come from the Form 1-SA that Immersed filed with the SEC on September 29, a semiannual report under Regulation A covering the six months to June 30, 2026.

A render of Visor units in white, gold, blue and bronze, from Immersed’s own Regulation A offering site. Image: Immersed

The Austin company sustained a net loss of $12,576,581 in those six months, against $1,876,218 in the same period of 2025, on revenue of $0.16 million, down from $0.49 million. It closed the half with cash and cash equivalents of $3,757,201, a working capital deficit of $6,207,828 and an accumulated deficit of $48,107,993.

Immersed cites those numbers itself as the basis for the going-concern language, and the filing sets out management’s plans to deal with them: “immediate plans to raise additional funds to meet obligations through both a private capital raise and public crowdfunding and to increase revenue through hiring sales staff and aggressively selling current and future product offerings”.

Most of the half-year’s costs were not the headset

Operating expenses came to $12.54 million for the six months, up from $1.94 million a year earlier. Immersed attributes the rise mainly to three items: internet advertising of $5.09 million “incurred in connection with the Regulation A+”, stock-based compensation of $5.06 million for vested options issued to key employees, and professional fees of $0.82 million. Product development expenses fell by $0.22 million and contractor expenses by $0.17 million.

The Regulation A+ named there is Immersed’s own share offering. On the company’s own accounting, the single largest driver of a $12.58 million half-year loss was advertising to sell shares in itself, and it cost more than 30 times the revenue the business took in over the same period.

The deposit balance fell by $216,868

Immersed’s deferred revenue table puts Visor pre-order and Visor Plus deposits at $1,999,429 on June 30, 2026, against $2,216,297 on December 31, 2025. That is a fall of $216,868 over the half, and the filing says additional pre-order deposits were also received during the period. It gives no refund total. Deposits stay on the balance sheet as deferred revenue and are recognised as revenue only when the related orders are fulfilled.

Production units are targeted for Q4 2026

Immersed announced Visor in August 2023 and opened pre-orders in September 2023, so anyone who ordered at the start has now been waiting three years. The filing says initial evaluation units were delivered in 2025 “to obtain final feedback prior to shipping larger batches of production units, targeted in Q4 2026”, and that those distributions are “subject to completion of the development and manufacturing of Visor within the anticipated schedule”. Our archive has the first look at a partially functional Visor from Immersed’s IRL event in 2024, and the pre-order tiers the company set out in 2023.

On funding, the company writes that “if we raise the primary offering maximum amount, we will have sufficient capital to finance our operations at least through the end of December 2027”. Stock subscriptions received in advance of $1,004,075 sat on the June 30 balance sheet, against nil six months earlier.

Two caveats. The financial statements in a 1-SA are unaudited, and the description of Visor as “70% lighter weight and 70% less expensive than other 4K-per-eye headsets” is Immersed’s own marketing line carried into the filing, with no comparison headset named. The 1-SA gives no Visor price and no unit count.

What it does give is the company’s expectation for the software that made its name: “We expect subscription revenues to decline until Visor manufacturing and fulfillment increases due to the user attrition on bulkier headsets.”

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