non-dividend-paying company
A company that does not pay dividends to shareholders, typically due to insufficient profits or a policy of reinvesting earnings.
That non-dividend-paying company reinvests all its profits into research and development.
配当 means 'dividend'; 無配会社 is a company that does not issue such dividends.
Compound of 無配 (no dividend) and 会社 (company). The exact historical derivation is uncertain; the term is a straightforward financial compound.