FY2025 revenue was $11.2M, flat on FY2024's $11.2M. The change was ($5K), or (0.04%). The script checked that volume, mix and price add up to the actual change to the cent.

**Bridge**

| Step | Amount |
| --- | --- |
| FY2024 | $11.2M |
| Volume | ($395K) |
| Mix | $135K |
| Price | $256K |
| FY2025 | $11.2M |

Price and mix together offset lower volume. Total units fell (3.5%), from 176,462 to 170,256.

**What drove it**
- **Enterprise lost ($749K).** Of that, ($627K) was mix: Enterprise's share of units fell. Paper sold to Enterprise accounted for ($300K) of that mix effect on its own.
- **SMB added $409K and Mid-Market added $335K.** Almost all of it was mix, $399K and $362K. You'd need unit data by customer to tell whether this is Enterprise customers leaving or accounts being moved between segments.
- **Paper led price with $167K.** Mid-Market contributed $75K of that and Enterprise $63K. Print Consumables added $125K of price.
- **Writing Instruments lost ($36K) on price and Desk Accessories lost ($44K).** They are the only two families where price went down. List price and discount data would show whether that was a price cut or bigger discounts.

**By family:** Print Consumables grew most, by $83K, followed by Breakroom at $53K. Writing Instruments fell most, by ($90K). Paper fell only ($20K) because its price gains nearly covered its volume and mix losses.

Files are in `output/`:
- pvm-note.md
- pvm.json