Shares of New Fortress Energy (NFE) plummeted 29.94% in a 24-hour period on Wednesday, following the release of its disappointing first-quarter results and amid concerns over weakening natural gas demand. The liquefied natural gas (LNG) company reported significant underperformance across all its business segments, leading to a substantial net loss.

New Fortress Energy reported a net loss of $197.4 million, or $0.73 per share, for the quarter ended March 31, compared to a net income of $56.7 million, or $0.26 per share, in the same period last year. The company's revenue came in at $470.5 million, falling far short of analysts' expectations of $575.3 million. Adjusted EBITDA stood at $82.3 million, significantly below the estimated $231.8 million.

The poor performance was evident across all of New Fortress Energy's business segments. The terminals and infrastructure unit saw its operating margin decline by a staggering 78.7% to $74.6 million, while the ships segment's operating margin also fell from $34.2 million to $31.4 million year-over-year. Adding to the company's woes, natural gas futures dropped 3.4% due to lower-than-expected demand forecasts, particularly in light of reduced gas flows to LNG export plants during the spring maintenance season. This broader market trend has affected several companies in the natural gas sector, further pressuring New Fortress Energy's stock price.