FY2025 revenue was flat against FY2024. Both years round to $11.2M, and the change was ($5K), or (0.04%). Churn and expansion roughly cancelled each other out, and the bridge adds up exactly to FY2025 revenue.

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

- **Churn:** 4 customers left. Most of the loss came from two of them: Fenwick Legal at ($686K) and Birchway Foods at ($503K).
- **Expansion:** 23 customers grew, adding $1.2M. Harbor Freight Partners added the most, at $148K.
- **Contraction:** 11 customers shrank, removing ($443K). Driftwood Media fell the most, by ($113K).
- **New logos:** 6 new customers added $463K. Thistle Gardens was the largest, at $116K.
- **Timing:** for 3 customers, part of their FY2025 revenue moved between years because their renewal dates shifted. That $53K is shown on its own line so it isn't counted as expansion or contraction.

The board commentary is a one-page note with a headline, the bridge table, the main drivers and the source file. The data shows who churned or shrank but not why. To explain Fenwick Legal and Birchway Foods, the board would need CRM or account-team notes.

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