Here's your one-page FY2025 executive brief for the CEO:

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# FY2025 Executive Summary

## Headline

FY2025 revenue was $11.2M against a budget of $11.6M, and operating income was $388K against $583K.

## Results

| Measure | Actual | Budget | Variance |
|---------|--------|--------|----------|
| Revenue | $11.2M | $11.6M | ($362K) |
| Gross profit | $2.9M | $3.1M | ($194K) |
| Gross margin | 25.9% | 26.8% | (0.9) pts |
| Operating expenses | $2.5M | $2.5M | ($649) |
| Operating income | $388K | $583K | ($195K) |

## Quarterly revenue

| Quarter | Actual | Budget | Variance |
|---------|--------|--------|----------|
| Q1 | $2.8M | $3.0M | ($121K) |
| Q2 | $2.8M | $2.9M | ($4K) |
| Q3 | $2.9M | $3.1M | ($229K) |
| Q4 | $2.7M | $2.7M | ($7K) |

## Drivers

- **Revenue**: ($362K), unfavourable for the year. Shortfall was steepest in Q1 and Q3.
- **Cost of goods sold**: $196K, favourable. Efficiency gains offset revenue pressure.
- **Salaries and wages**: ($38K), unfavourable. Reflects headcount additions.
- **Marketing and Technology combined**: $63K, favourable. Cost controls below budget.

## Watch list

- **Days sales outstanding**: 51.2 days against a target of 45.0 days; months off target: 3. Collections deteriorated through the year.
- **On-time delivery percent**: 93.3% against a target of 95.0%; months off target: 3. Fulfillment fell below service levels in the second half.
- **Active customers**: 40 against a target of 42; months off target: 2. What drove the two-customer decline?

## Data notes

- pnl_fy2025.csv, 120 rows, sha256 `eaa52ac89e97`
- kpis_fy2025.csv, 96 rows, sha256 `2e6384a8aaac`

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The brief is saved to `output/exec-summary.md`. Bottom line: revenue fell $362K short due to Q1 and Q3 weakness, while cost management and COGS efficiency partially offset the miss. Operating income declined 33.5%. Three operational metrics need attention: collections slowed, on-time delivery slipped, and customer count fell two below target.