FY2025 revenue was **$11.2M, flat on FY2024's $11.2M**. The change was ($5K), or (0.04%). Higher prices offset lower volume.

| Step | Amount |
| --- | --- |
| FY2024 | $11.2M |
| Volume | ($395K) |
| Mix | $135K |
| Price | $256K |
| FY2025 | $11.2M |

**What drove it**
- **Volume:** units fell (3.5%), from 176,462 to 170,256 cartons, which cost ($395K).
- **Price:** added $256K. Paper gave $167K of that, mostly from Mid-Market at $75K and Enterprise at $63K. Print Consumables added $125K.
- **Mix:** units moved out of Enterprise and into the smaller segments.
  - Enterprise lost ($749K), including ($627K) of mix. Paper Enterprise alone accounted for ($300K) of that mix.
  - SMB added $409K and Mid-Market added $335K. Their mix effects were $399K and $362K.
  - Net mix across the company was +$135K.
- **Where price fell:** Writing Instruments lost ($36K) and Desk Accessories lost ($44K). This data can't say why; customer-level sales data would show whether it was discounting or lost accounts.

The volume effect applies the company's overall unit change to every family. A family's volume figure therefore says nothing about how its own units moved; that difference shows up in mix.

The script confirmed that FY2024 plus volume, mix and price equals FY2025 to the cent. That holds in total and for every family and segment.

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