Shares of New Fortress Energy LLC (NFE) plummeted 65.56% in intraday trading on Thursday, reaching an all-time low, after the company reported disappointing first-quarter results that fell far short of analyst expectations. The liquefied natural gas (LNG) company's financial performance revealed significant challenges across all its business segments.

New Fortress Energy reported a net loss of $197.4 million, or $0.73 per share, for the quarter ended March 31, a stark contrast to the net income of $56.7 million, or $0.26 per share, reported in the same period last year. The company's revenue also took a substantial hit, falling to $470.5 million from $690.3 million a year ago. These results significantly missed analysts' expectations, who had forecast a much smaller loss of $0.06 per share and revenue of $575.3 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 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. In a move to streamline operations and reduce debt, the company announced the completion of the sale of its Jamaican assets and operations to Excelerate Energy for $1.06 billion. However, this positive development was overshadowed by the overall weak financial results, leading to the dramatic sell-off in NFE shares.