Shares of Custom Truck One Source Inc (CTOS) plummeted 9.57% in pre-market trading on Tuesday following the release of its third-quarter earnings report, which fell short of analysts' expectations. The company, which specializes in truck and heavy equipment solutions, reported a larger-than-expected loss and missed revenue forecasts, disappointing investors.

Custom Truck One Source reported a quarterly adjusted loss of 3 cents per share, worse than the 2 cents loss per share analysts had predicted. This marks the fourth consecutive quarter that the company has missed earnings estimates. Revenue for the quarter rose 7.8% to $482.06 million, but still fell short of the $492.12 million expected by Wall Street. The company's total quarterly loss amounted to $5.76 million.

Despite the sharp decline, it's worth noting that Custom Truck One Source's stock had been performing well prior to this report, having risen 5.0% over the quarter and gained an impressive 40.1% year-to-date. The current average analyst rating on the shares remains "buy," with a median 12-month price target of $8.00, suggesting potential upside of about 15.7% from its last closing price. However, investors will be closely watching how the company addresses its recent underperformance in the coming quarters.