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

1 Cash-Burning Stock for Long-Term Investors and 2 Facing Challenges

NCLH Cover Image

Rapid spending isn’t always a sign of progress. Some cash-burning businesses fail to convert investments into meaningful competitive advantages, leaving them vulnerable.

Not all companies are worth the risk, and that’s why we built StockStory - to help you spot the red flags. That said, here is one high-risk, high-reward company with the potential to scale into a market leader and two that may struggle to stay afloat.

Two Stocks to Sell:

Norwegian Cruise Line (NCLH)

Trailing 12-Month Free Cash Flow Margin: -5.3%

With amenities like a full go-kart race track built into its ships, Norwegian Cruise Line (NYSE: NCLH) is a premier global cruise company.

Why Are We Cautious About NCLH?

  1. Demand for its offerings was relatively low as its number of passenger cruise days has underwhelmed
  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 $25.39 per share, Norwegian Cruise Line trades at 11.3x forward P/E. Check out our free in-depth research report to learn more about why NCLH doesn’t pass our bar.

Cogent (CCOI)

Trailing 12-Month Free Cash Flow Margin: -23.2%

Operating a massive network spanning 20,000 miles of fiber optic cable and connecting to over 3,200 buildings worldwide, Cogent Communications (NASDAQ: CCOI) provides high-speed Internet access, private network services, and data center colocation to businesses and bandwidth-intensive organizations across 54 countries.

Why Are We Wary of CCOI?

  1. Free cash flow margin shrank by 39.7 percentage points over the last five years, suggesting the company is consuming more capital to stay competitive
  2. Waning returns on capital imply its previous profit engines are losing steam
  3. Short cash runway increases the probability of a capital raise that dilutes existing shareholders

Cogent’s stock price of $40 implies a valuation ratio of 5.2x forward EV-to-EBITDA. Dive into our free research report to see why there are better opportunities than CCOI.

One Stock to Watch:

SoundHound AI (SOUN)

Trailing 12-Month Free Cash Flow Margin: -85.8%

Born from the idea that machines should understand human speech as naturally as people do, SoundHound AI (NASDAQ: SOUN) develops voice recognition and conversational intelligence technology that enables businesses to integrate voice assistants into their products and services.

Why Is SOUN on Our Radar?

  1. Average billings growth of 202% over the last year enhances its liquidity and shows there is steady demand for its products
  2. Expected revenue growth of 42.4% for the next year suggests its market share will rise
  3. Software platform has product-market fit given the rapid recovery of its customer acquisition costs

SoundHound AI is trading at $17.27 per share, or 37.1x forward price-to-sales. Is now the right time to buy? See for yourself in our comprehensive research report, it’s free.

High-Quality Stocks for All Market Conditions

Trump’s April 2025 tariff bombshell triggered a massive market selloff, but stocks have since staged an impressive recovery, leaving those who panic sold on the sidelines.

Take advantage of the rebound 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 Kadant (+351% 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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