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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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 Unprofitable Stocks with Open Questions

HCAT Cover Image

Running at a loss can be a red flag. Many of these businesses face mounting challenges as competition increases and funding becomes harder to secure.

Unprofitable companies face an uphill battle, but not all are created equal. Luckily for you, StockStory is here to separate the promising ones from the weak. Keeping that in mind, here are three unprofitable companiesto steer clear of and a few better alternatives.

Health Catalyst (HCAT)

Trailing 12-Month GAAP Operating Margin: -28%

Built on its "Health Catalyst Flywheel" methodology that emphasizes measurable outcomes, Health Catalyst (NASDAQ: HCAT) provides data and analytics technology and services that help healthcare organizations manage their data and drive measurable clinical, financial, and operational improvements.

Why Do We Steer Clear of HCAT?

  1. Muted 6% annual revenue growth over the last three years shows its demand lagged behind its software peers
  2. Long payback periods on sales and marketing expenses limit customer growth and signal the company operates in a highly competitive environment
  3. Limited cash reserves may force the company to seek unfavorable financing terms that could dilute shareholders

Health Catalyst’s stock price of $3.30 implies a valuation ratio of 0.7x forward price-to-sales. Check out our free in-depth research report to learn more about why HCAT doesn’t pass our bar.

Funko (FNKO)

Trailing 12-Month GAAP Operating Margin: -4.2%

Boasting partnerships with media franchises like Marvel and One Piece, Funko (NASDAQ: FNKO) is a company specializing in creating and distributing licensed pop culture collectibles.

Why Do We Pass on FNKO?

  1. Sales tumbled by 9.7% annually over the last two years, showing consumer trends are working against its favor
  2. Waning returns on capital from an already weak starting point displays the inefficacy of management’s past and current investment decisions
  3. Depletion of cash reserves could lead to a fundraising event that triggers shareholder dilution

At $3.39 per share, Funko trades at 16.6x forward P/E. Read our free research report to see why you should think twice about including FNKO in your portfolio.

Tilray (TLRY)

Trailing 12-Month GAAP Operating Margin: -278%

Founded in 2013, Tilray Brands (NASDAQ: TLRY) engages in cannabis research, cultivation, and distribution, offering a range of medical and recreational cannabis products, hemp-based foods, and alcoholic beverages.

Why Do We Think TLRY Will Underperform?

  1. Expenses have increased as a percentage of revenue over the last year as its operating margin fell by 255.8 percentage points
  2. Earnings per share fell by 32.4% annually over the last three years while its revenue grew, showing its incremental sales were much less profitable
  3. 8.1 percentage point decline in its free cash flow margin over the last year reflects the company’s increased investments to defend its market position

Tilray is trading at $1.05 per share, or 14.7x forward EV-to-EBITDA. If you’re considering TLRY 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 2025, 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 9 Market-Beating Stocks. 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 Exlservice (+354% 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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