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.

Laser Focus World Membership

Never miss any articles, videos, podcasts, or webinars by signing up for membership access to Laser Focus World online. You can manage your preferences all in one place—and provide our editorial team with your valued feedback.

Magazine Subscription

Can you subscribe to receive our print issue for free? Yes, you sure can!

Newsletter Subscription

Laser Focus World newsletter subscription is free to qualified professionals:

The Daily Beam

Showcases the newest content from Laser Focus World, including photonics- and optics-based applications, components, research, and trends. (Daily)

Product Watch

The latest in products within the photonics industry. (9x per year)

Bio & Life Sciences Product Watch

The latest in products within the biophotonics industry. (4x per year)

Laser Processing Product Watch

The latest in products within the laser processing industry. (3x per year)

Get Published!

If you’d like to write an article for us, reach out with a short pitch to Sally Cole Johnson: [email protected]. We love to hear from you.

Photonics Hot List

Laser Focus World produces a video newscast that gives a peek into what’s happening in the world of photonics.

Following the Photons: A Photonics Podcast

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 We Approach with Caution

FWRG 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.

Just because a company is spending heavily doesn’t mean it’s on the right track, and StockStory is here to separate the winners from the losers. Keeping that in mind, here are three cash-burning companies that don’t make the cut and some better opportunities instead.

First Watch (FWRG)

Trailing 12-Month Free Cash Flow Margin: -2.4%

Based on a nautical reference to the first work shift aboard a ship, First Watch (NASDAQ: FWRG) is a chain of breakfast and brunch restaurants whose menu is heavily-focused on eggs and griddle items such as pancakes.

Why Are We Hesitant About FWRG?

  1. Long-term business health is up for debate as its cash burn has increased over the last year
  2. ROIC of 2.2% reflects management’s challenges in identifying attractive investment opportunities
  3. Short cash runway increases the probability of a capital raise that dilutes existing shareholders

At $17.42 per share, First Watch trades at 44.5x forward P/E. To fully understand why you should be careful with FWRG, check out our full research report (it’s free).

Trex (TREX)

Trailing 12-Month Free Cash Flow Margin: -9.9%

Addressing the demand for aesthetically-pleasing and unique outdoor living spaces, Trex Company (NYSE: TREX) makes wood-alternative decking, railing, and patio furniture.

Why Does TREX Worry Us?

  1. Muted 5.4% annual revenue growth over the last two years shows its demand lagged behind its industrials peers
  2. Earnings per share were flat over the last five years while its revenue grew, showing its incremental sales were less profitable
  3. Eroding returns on capital suggest its historical profit centers are aging

Trex is trading at $64.34 per share, or 29.9x forward P/E. Dive into our free research report to see why there are better opportunities than TREX.

Byrna (BYRN)

Trailing 12-Month Free Cash Flow Margin: -8.3%

Providing civilians with tools to disable, disarm, and deter would-be assailants, Byrna (NASDAQ: BYRN) is a provider of non-lethal weapons.

Why Are We Wary of BYRN?

  1. Suboptimal cost structure is highlighted by its history of operating margin losses
  2. Cash-burning history makes us doubt the long-term viability of its business model
  3. Limited cash reserves may force the company to seek unfavorable financing terms that could dilute shareholders

Byrna’s stock price of $22.37 implies a valuation ratio of 50.4x forward EV-to-EBITDA. If you’re considering BYRN for your portfolio, see our FREE research report to learn more.

High-Quality Stocks for All Market Conditions

When Trump unveiled his aggressive tariff plan in April 2024, markets tanked as investors feared a full-blown trade war. But those who panicked and sold missed the subsequent rebound that’s already erased most losses.

Don’t let fear keep you from great opportunities and take a look at 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-small-cap company Comfort Systems (+782% 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.

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms Of Service.