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Clean Energy Fuels just posted stronger-than-expected third-quarter results, keeping Wall Street optimistic -- even as the company keeps racking up net losses.

What does this mean?

The company reported $106.1 million in revenue last quarter, beating analyst forecasts by $3.6 million, and delivered adjusted EBITDA of $17.31 million -- over $4 million ahead of expectations. While Clean Energy Fuels still recorded a net loss of $23.81 million and an EPS of -$0.11, its ongoing investments seem to be paying off. The business boosted renewable natural gas sales by 3% year-over-year, and management doubled down on growth by investing in Pioneer Clean Fleet Solutions and launching three new RNG facilities. Despite projecting a full-year net loss up to $217 million, Clean Energy Fuels expects adjusted EBITDA in the $60-$65 million range. That optimism is reflected in Wall Street's stance: most analysts call the stock a buy, with none pushing a sell.

Clean Energy Fuels' better-than-expected results and growing focus on renewable natural gas have kept investor optimism buoyant. Even with ongoing losses in the mix, analysts see upside, pointing to a median 12-month price target of $4.00 -- a 28% premium over the latest close. The total lack of 'sell' ratings points to lasting faith in the company's green transition strategy.

The bigger picture: Green infrastructure picks up speed.

The firm's expansion into new RNG sites, along with strategic partnerships, highlights surging momentum for cleaner energy infrastructure. It's solid proof that the industry's funneling more capital into scalable, practical low-carbon solutions -- especially as governments press for progress on climate targets and transportation pushes toward net zero.