I built the FY2025 bridge and wrote the commentary note. The bridge script reconciled to the cent: FY2024 plus the movements equals FY2025.

FY2025 revenue was $11.2M against $11.2M in FY2024, a change of ($5K) or (0.04%). Large losses and gains nearly cancelled out:

| Step | Amount |
| --- | --- |
| Timing | $53K |
| Loss | ($1.3M) |
| Decline | ($443K) |
| Upsell | $1.2M |
| New | $463K |

- **Losses:** Four customers were lost. Fenwick Legal (($686K)) and Birchway Foods (($503K)) account for most of it.
- **Upsell:** 23 customers grew. Harbor Freight Partners added $148K and Ember Analytics added $136K.
- **New:** Six customers added $463K, led by Thistle Gardens at $116K.
- **Declines:** 11 customers shrank, with Driftwood Media down ($113K). The data doesn't show why, so the note calls the causes unknown.

The note's figures are copied from the script output, not recalculated.

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