I built the FY2025 bridge and wrote the commentary note. The script confirmed the bridge reconciles to the cent.

FY2025 revenue was $11.2M against $11.2M in FY2024, a change of ($5K) or (0.04%). Large losses were almost fully offset by upsell and new customers.

| Step | Amount |
| --- | --- |
| FY2024 | $11.2M |
| Timing | $53K |
| Loss | ($1.3M) |
| Decline | ($443K) |
| Upsell | $1.2M |
| New | $463K |
| FY2025 | $11.2M |

- **Losses:** Fenwick Legal (($686K)) and Birchway Foods (($503K)) are the two largest of the 4 lost customers.
- **Upsell:** Harbor Freight Partners added $148K and Ember Analytics added $136K, the largest of 23 upsell customers.
- **New:** 6 new customers added $463K, led by Thistle Gardens at $116K.

The note doesn't give causes for any of these movements, because the data doesn't show them.

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