I've written the one-page FY2025 summary for the CFO to `FY2025_CFO_summary.md`. It is Markdown, so say if you want it as a PDF or Word file.

**FY2025 results against budget**
- **Revenue:** $11.24M, which is 3.1% under budget.
- **Gross margin:** 25.9% against 26.8% budget.
- **Operating expenses:** $2.53M, essentially on budget.
- **Operating profit:** $388k, which is 33% under the $583k budget.

**What drove the miss**
- **Revenue:** Most of the shortfall came from three months: March, July and August. The other nine months were within about 1% of budget.
- **Margin:** Freight ran 8% over budget, and gross margin was below budget in every month.
- **Opex mix:** Salaries and rent were over budget, offset by marketing and technology underspend.

**Watch items for FY2026**
- **Collections and inventory:** Days sales outstanding rose to 51.2 against a 45 target, and inventory turns fell to 5.33 against 6.5.
- **Service levels:** Fill rate and on-time delivery dipped in July and August, the same months revenue missed.
- **Customer count:** Active customers have not grown and are not yet at the 42 target.

**Questions for you**
- **Margin target:** The KPI file's gross margin target is 26.0%, but the P&L budget implies 26.8%. I used the P&L budget, which makes the margin gap look larger. Which target should the CFO see?
- **Professional fees timing:** March professional fees ran about $31k over budget and May ran about $30k under. This looks like a timing difference, but I haven't confirmed it, so check with accounting before presenting it as one.
- **Scope:** The data has no interest or tax, so the summary stops at operating profit.