FY2025 revenue was $11.2M, the same as FY2024's $11.2M, a change of ($5K), or (0.04%). The flat total hides real movement underneath: lower volume was offset by higher prices and a better mix.

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

The script checked that the four steps add up to FY2025 exactly, both in total and for every product family and customer segment. All rows use cartons as the unit, so units can be compared across rows.

**What drove it:**
- **Volume fell in every family**, and units went from 176,462 to 170,256, a drop of (3.5%). Print Consumables lost the most to volume, at ($128K).
- **Revenue moved away from Enterprise customers.** The Enterprise segment lost ($627K) to mix, while SMB added $399K and Mid-Market added $362K. Paper sold to Enterprise accounts for ($300K) of that mix loss on its own.
- **Paper drove the price gain** with $167K. But volume of ($101K) and mix of ($85K) left Paper at ($20K) overall.
- **Writing Instruments fell ($90K)**, the largest drop of any family, and lost on price, mix and volume.

The data doesn't show why Enterprise volume fell. Unit data by customer account would show whether it came from lost customers or smaller orders.

Files are in `output/`:
- `pvm-note.md`: the full note, including a breakdown by product family
- `pvm.json`: the script's figures