You are missing a few things. Paying a dividend out now when...

You are missing a few things. Paying a dividend out now when you’ve just barely scratched a profit and when the stated objective is to pursue growth would be stupid and contradictory. Paying out a dividend right now also tells the market your shareholder money is better in your bank account earning 4-5% interest and they have nowhere else to invest it that would do better. Brokers would almost certainly savage the stock and mark it as a company that is without ambition and ex-growth and the share price would get absolutely crushed.

The amount of cash they have now is not huge for a growth company of its size. There is a long list of areas to invest in the near future and while they are not actively pursuing an acquisition, they haven’t ruled it out and having less cash on hand makes opportunistic acquisitions harder.

DW is right, if you want a dividend just sell of a small portion of your shares, get your 50% cgt discount. It tends to just be boomers chasing franked dividends that drive this dividend talk for growth companies which is ridiculous.