Your full-year FY2025 budget versus actual commentary is ready:

## Headline

YTD 2025 revenue was $11.2M against a $11.6M budget, unfavourable by ($362K), or (3.1%); operating income $388K against $583K, unfavourable by ($195K), or (33.5%).

## Results

| Measure | Actual | Budget | Variance |
| --- | --- | --- | --- |
| Revenue | $11.2M | $11.6M | ($362K) |
| COGS | $8.3M | $8.5M | $167K |
| 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) |

## Month

December 2025 revenue was $827K against a budget of $824K, a favourable $3K. Operating income was $8K against $13K, an unfavourable ($5K).

## Drivers

- Revenue shortfall of ($362K), or (3.1%), concentrated in March ($123K), July ($132K), and August ($105K).
- Salaries and wages unfavourable by ($38K), or (2.5%).
- Freight out unfavourable by ($29K), or (8.3%), offset by Cost of goods sold favourable by $196K, or 2.4%.
- Marketing favourable by $38K, or 28.5%, and Technology favourable by $25K, or 15.0%.

## Data notes

pnl_fy2025.csv, 120 rows, sha256 `eaa52ac89e97`

The analysis has been saved to `output/bva-note.md`. The commentary identifies the revenue miss as the primary driver of the $195K operating income shortfall, with three months accounting for nearly the entire ($362K) revenue variance. Cost pressures from labor and freight partially offset gains in COGS and discretionary spending controls.