Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

Laser Focus World is part of Endeavor Business Media, a division of EndeavorB2B.

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Following the Photons: A Photonics Podcast dives deep into the fascinating world of photonics. Our weekly episodes feature interviews and discussions with industry and research experts, providing valuable perspectives on the issues, technologies, and trends shaping the photonics community.

Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

3 Cash-Burning Stocks with Open Questions

HCAT Cover Image

While some companies burn cash to fuel expansion, others struggle to turn spending into sustainable growth. A high cash burn rate without a strong balance sheet can leave investors exposed to significant downside.

Not all companies are worth the risk, and that’s why we built StockStory - to help you spot the red flags. That said, here are three cash-burning companies to steer clear of and a few better alternatives.

Health Catalyst (HCAT)

Trailing 12-Month Free Cash Flow Margin: -4.5%

Founded by healthcare professionals Tom Burton and Steve Barlow in 2008, Health Catalyst (NASDAQ: HCAT) provides data and analytics technology to healthcare organizations, enabling them to improve care and lower costs.

Why Are We Cautious About HCAT?

  1. Muted 7% annual revenue growth over the last three years shows its demand lagged behind its software peers
  2. Gross margin of 45.9% reflects its high servicing costs
  3. Competitive market means the company must spend more on sales and marketing to stand out even if the return on investment is low

Health Catalyst is trading at $3.74 per share, or 0.7x forward price-to-sales. Read our free research report to see why you should think twice about including HCAT in your portfolio.

Skillz (SKLZ)

Trailing 12-Month Free Cash Flow Margin: -19.1%

Taking a new twist at video gaming, Skillz (NYSE: SKLZ) offers developers a platform to create and distribute mobile games where players can pay fees to compete for cash prizes.

Why Should You Sell SKLZ?

  1. Intense competition is diverting traffic from its platform as its paying monthly active users fell by 33.6% annually
  2. Historical EBITDA margin losses point to an inefficient cost structure
  3. Cash-burning history makes us doubt the long-term viability of its business model

Skillz’s stock price of $6.79 implies a valuation ratio of 1.3x forward price-to-gross profit. If you’re considering SKLZ for your portfolio, see our FREE research report to learn more.

Boeing (BA)

Trailing 12-Month Free Cash Flow Margin: -18.2%

One of the companies that forms a duopoly in the commercial aircraft market, Boeing (NYSE: BA) develops, manufactures, and services commercial airplanes, defense products, and space systems.

Why Should You Dump BA?

  1. Declining unit sales over the past two years indicate demand is soft and that the company may need to revise its strategy
  2. Negative free cash flow raises questions about the return timeline for its investments
  3. Unfavorable liquidity position could lead to additional equity financing that dilutes shareholders

At $229.77 per share, Boeing trades at 32.6x forward EV-to-EBITDA. Check out our free in-depth research report to learn more about why BA doesn’t pass our bar.

Stocks We Like More

The market surged in 2024 and reached record highs after Donald Trump’s presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025.

While the crowd speculates what might happen next, we’re homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver’s seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025).

Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today for free. Find your next big winner with StockStory today. Find your next big winner with StockStory today

StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.

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