Revenue was flat: $11.2M in FY2025 against $11.2M in FY2024, a change of ($5K) or (0.04%). The script reconciled PY + Volume + Mix + Price = CY to the cent.

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

- **Volume:** Units fell (3.5%), from 176,462 to 170,256, which cost ($395K).
- **Price:** Price added $256K and offset most of the volume loss. Paper added $167K and Print Consumables $125K. Writing Instruments (($36K)) and Desk Accessories (($44K)) lost on price.
- **Mix:** Mix added $135K net. Enterprise lost ($627K) of mix, while Mid-Market added $362K and SMB $399K. Paper Enterprise alone lost ($300K).
- **Print Consumables:** It was the only large family that grew, adding $83K.
- **Writing Instruments:** It was the weakest family, down ($90K).

The data does not show why Enterprise units fell. Contract or customer-level data would answer that.

The note is in `output/pvm-note.md` and the figures are in `output/pvm.json`.