When it comes to Tesla Motors (TSLA) earnings, even the biggest brains on Wall Street have a tough time figuring things out.

After the closing bell on Wednesday, Nov. 5, Tesla is slated to release earnings for the third quarter. Interestingly, analysts’ estimates are all over the place on whether Tesla will report a profit, or whether Q3 will be a loser.

To give you a sense of how divided the analyst community is on Tesla earnings, consider that EPS estimates for the three months ended Sept. 30 range from a loss of 15 cents to a profit of 10 cents. On average, the expectations are for EPS of basically breakeven, or for a slight gain of a penny per share, according to Bloomberg.

As for the top line, estimates also vary, with revenue projections ranging from $786.3 million to $973.7 million. The consensus estimate is for revenue of $894.6 million.

Given the uncertainty over the Tesla earnings numbers for Q3, it’s difficult to peg the impact on TSLA stock once the big reveal takes place on Wednesday. Of course, if Elon Musk and company fail to come close to consensus, then that’s almost certain to drive TSLA stock lower. The flipside is that if the numbers come in decidedly better than expectations, we’re likely to see a big spike higher in the shares.

Yet aside from the obvious earnings miss/earnings beat reactions, Wall Street will be looking at a few other key aspects of the Tesla earnings numbers to see how well the company is executing, and whether there are enough positives in the report and the subsequent earnings conference call to inspire buyers going forward.

Earnings Aren’t the Only Thing That Matter for TSLA Stock

One key to look for in Tesla earnings will be the number of Model S deliveries during Q3. The magic number here to focus on is 7,800. If that number is met or exceeded, Tesla bulls will likely let out a sigh of relief. If, however, deliveries fail to meet this level, it won’t be a positive for TSLA stock.

Thanks to Musk and his Twitter feed, I think the delivery numbers will be outstanding. That’s because Musk actually tweeted about it, boasting that September was a record high for the company. Of course, Musk also famously tweeted about the “D,” which turned out to be the foreshadowed unveiling of the new high-performance, dual motor Model S version.

Demand for the Model S “D” version could actually turn out to delay Model S deliveries, as I suspect some customers who already ordered a Model S would choose to upgrade to the “D” version. Still, the increased demand for the higher-priced, and highly prized, supercar version of the Model S will be a long-term positive, in my view.

Then there’s the Model X. When will the company begin selling the crossover model in its all-electric fleet? This unknown is something TSLA stock owners need to find out more about, and the earnings call will be a good chance to do so.

Other considerations to look out for in Wednesday’s Q3 Tesla earnings report and conference have to do with China, and the potentially huge market the country represents. I know I will want to see Musk reveal some positive updates on China operations in Wednesday’s call.

Then there’s the long-term positive of the new Gigafactory, which is slated to begin construction early next year. Once again, positive updates on this front will also be bullish catalysts for TSLA stock.

Finally, over the past several weeks we’ve witnessed TSLA stock come under some selling pressure. Shares are down about 6.5% over the past month, but the stock remains a big year-to-date winner, with a gain of 62%.

Will Tesla earnings in Q3 help reverse TSLA stock’s recent decline? We’ll find out Wednesday during the after-hours response to Musk and company, and again on Thursday when the real trading begins.

As of this writing, Jim Woods was long TSLA.