I wrote the note to forward: **`output/bridge-note.md`**. The figures come from the pack's bridge script, which checked that FY2024 plus each movement adds up to FY2025 to the cent.

**The short answer for your VP:** revenue didn't really go anywhere. FY2025 was $11.2M, the same as FY2024's $11.2M, a change of ($5K), or (0.04%). Underneath that flat total, accounts moved a lot in both directions.

| Movement | Amount | Customers | Largest accounts |
| --- | --- | --- | --- |
| Lost | ($1.3M) | 4 | Fenwick Legal ($686K), Birchway Foods ($503K), Quill Publishing ($50K) |
| Shrank | ($443K) | 11 | Driftwood Media ($113K), Juniper Schools ($107K), Saltmarsh Energy ($52K) |
| Grew | $1.2M | 23 | Harbor Freight Partners $148K, Ember Analytics $136K, Alder Logistics $126K |
| New | $463K | 6 | Thistle Gardens $116K, Verdant Landscaping $95K, Wren Architecture $74K |
| Timing | $53K | 3 | Revenue that moved between years because renewal dates shifted, not because customers changed what they buy |
| No change | — | 4 | |

- **Most of the lost revenue is two accounts.** Fenwick Legal and Birchway Foods make up most of the ($1.3M) lost.
- **Growth and new customers covered it.** Growth across 23 customers and six new customers offset the losses and shrinkage almost exactly.

This dataset shows who moved and by how much, not why. To explain why Fenwick and Birchway left, you'd need churn reasons from the CRM or the account owners.