No need for a buy back, better to have the cash at hand in case...

No need for a buy back, better to have the cash at hand in case of opportunities.

This company is riding a wave to cement their services and technology in as many customers as possible.
Think of it like changing the way the workplace buys the milk.
You set up an account with the local supplier, and pay the bill for $40 a month. Nobody has any desire to shop the market to pay $39 a month if the milk turns up as desired. And if the price went up to $42 a month, nobody is going to churn suppliers over it,.

CV1 can have thousands and thousands of business customers who use them and only them for background checks, and they will have predictable, repeatable revenues for the foreseeable future from each customer they sign up.

Right now, establishing all these customers takes a little time and effort, but then it is an annuity business.

Add to that the extra capabilities of CITED. If you need more complex competency management, why wouldn’t you talk to the people already looking after the simpler stuff. It is an easy entry for an upsell.

At some point, the growth of new customers will slow a bit as they saturate the market. At that point they can trim some costs, swing from growth to enhancing profitability, and rapidly begin piling up profits.

I think the share price will look very different when they announce their first dividend.