FY2026 EBITDA fell from $452K in Prior to $303K in Current, a change of ($149K), or (32.9%). Three of the six drivers changed, and the walk adds up exactly to the total change.

**What moved EBITDA**, taking the drivers one at a time in the model's fixed order:

| Step | Amount |
| --- | --- |
| Prior EBITDA | $452K |
| Active customers | ($133K) |
| Revenue per customer | $0 |
| Gross margin | $39K |
| Headcount | ($54K) |
| Cost per head | $0 |
| Other opex | $0 |
| Current EBITDA | $303K |

**What changed in the inputs:**
- **Active customers** went from 46 to 44, in all 12 months. This is the biggest drag, and it is the only thing behind the revenue change of ($509K), or (4.3%).
- **Gross margin** went from 26.2% to 26.6%, in all 12 months. This partly offsets the drop, at $39K.
- **Headcount** went from 23.00 to 23.75 FTE, changed in 9 months, which costs ($54K).

Revenue per customer, cost per head and other opex did not change.

**Why the drivers moved:** the drivers file shows how much each change moved EBITDA, but not the reason behind it. The note puts one question to each driver's owner: which documented assumption supports the change? The assumption register would answer this, since it links each assumption to its driver. If you share it, I can review it.

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