## Summary

Revenue FY2024 to FY2025 was essentially flat at $11.2M—down just ($5K). Here's what drove it:

**By Effect:**
- **Price** gained $256K, the strongest driver
- **Mix** added $135K as volume shifted toward smaller segments (SMB +$399K mix gain despite lower margin)
- **Volume** fell ($395K) overall, driven by unit declines across all businesses (176K → 170K units)

**By Business:**
- **Enterprise** collapsed ($749K) on both volume ($220K) and a dramatic mix shift ($627K)—primarily Paper Enterprise, which accounted for ($300K) of the mix impact alone
- **Mid-Market** grew $335K on price ($115K) and mix ($362K), despite volume headwinds ($142K)
- **SMB** surged $409K almost entirely from mix shift ($399K), with pricing adding $43K

**The Story:**
Price discipline across Paper and Print Consumables held the line, but the real story is a customer mix rotation: Enterprise contracted sharply while Mid-Market and SMB expanded, each with higher growth rates but lower margins. This mix unfavorably impacted consolidated results even as price and growth offset volume declines in the two growing segments.

The analysis and detailed tables are in `/output/pvm-note.md`.