Perfect. Here's your full-year FY2025 budget versus actual commentary:

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## Headline

YTD 2025 revenue was $11,238K against a $11,600K budget, unfavourable by ($362K), or (3.1%); operating income $388K against $583K, unfavourable by ($195K), or (33.5%).

## Results

| Measure | Actual | Budget | Variance |
| --- | --- | --- | --- |
| Revenue | $11,238K | $11,600K | ($362K) |
| COGS | $8,324K | $8,491K | $167K |
| Gross profit | $2,914K | $3,109K | ($194K) |
| Gross margin | 25.9% | 26.8% | (0.9) pts |
| Operating expenses | $2,527K | $2,526K | ($1K) |
| 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 was unfavourable by ($362K), or (3.1%), with largest monthly shortfalls in July (($132K)), August (($105K)), and March (($123K)).
- Salaries and wages unfavourable by ($38K), or (2.5%), and Freight out unfavourable by ($29K), or (8.3%).
- 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`

Each amount is rounded on its own, so the Gross profit and Operating income rows do not add exactly in Results.

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The commentary shows operating income underperformed by $195K (33.5%) despite near-flat opex—driven by a $362K revenue shortfall concentrated in Q3, partially offset by lower COGS and disciplined spending in marketing and technology.