Ann: CV1 strong start to Q2, $0.4m cash flow positive in October, page-3

I think the cash pile is ear marked for growth, whether through another acquisition (not my preference unless an extremely good deal) or boosting sales/marketing to drive organic growth.
My guess is they will keep driving growth as long as it is there to be had before they look at dividends or buy backs. That is also my strong preference, as this is a land grab to grow the installed base in HR departments across Australia/NZ.
The market will work out what is happening soon enough.
There are already people posting on here looking at valuing this business as a mature entity on trailing figures. I think that is premature, as the real growth is happening right now, and will only flow through to the bottom line over coming quarters.
Let the numbers tell the story over the next year or two and move to dividends and buy backs when the growth slows.