My main issue with the annual report/quarterly was the average...

My main issue with the annual report/quarterly was the average ARR growth, which could be explained by the holiday season within the Northern hemisphere (Jul-Aug). I would be more concerned if there was a material drop in ARR. As the SP is already low, I don't see any further drops due to the average growth. Realistically, we really only need ~$3M a quarter in growth to ARR to have an annualised growth ~20% which is the target I have in mind. I am happy if the amount it grows in a quarter is within that range (give or take a few hundred thousand).

I think the R&D spend and cash flow update (~$500K for the quarter) is extremely positive. Despite having a higher R&D spend than previous periods, they were barely cashflow negative which is extremely good. They would be CF positive now if they reduce R&D spend. I think this sector is ripe for growth, so having a better product is key to winning more marketshare long term. R&D will get us a better product and considering the R&D tax benefit the Australian government gives, the more the company spends without burning cash, the better.

There is a reason why large tech companies don't turn a profit. It prevents them from growing their technology and becoming a larger company. I'd prefer LVT become a behemoth in the intranet/employee experience space than to turn a $10M profit a year and pay dividends. Income tax is dead money, just ask Amazon.