I know there are a few more watching Austin Engineering after it was recently discussed by Claude and Chris Steptoe on the 'A Small Cap Wrap'.

They just came out today with a revenue downgrade aka 'a kick in the shins', and a buiness update.

There's a few layers to this s*** sandwich, but at a high level the commercial viability of a contract in Chile has now impacted it's Indonesian operations - so much so that profitability in Indonesia is now questionable. Further compunding this was a customer moving work into H2FY26, and a reduction in Aussie coal sector orders. As a result, they have reduced their workforce - this will have some flow on effects.

On the flip side, in North America they can't keep up with growth/demand and are having to outsource labour and manufacturing which comes at a higher cost and won't benefit the business over the longer term.

The full announcement is worth a read as it not only provides insight into the business but the difficulties associated with capital-heavy organisations such as ANG.

Can't see this resolving anytime soon, they're in for some headaches - and shareholders now have sore shins.

I have no position in the company but will continue to watch from the sidelines.