Tesla reports its first-quarter earnings on Wednesday.

Analysts expect a staggering Tesla loss.

Tesla's stock has been sliding from 2017 highs, so the pressure will be on for CEO Elon Musk to reverse the decline.

The numbers don't lie: Tesla has never made any money, but investors haven't cared, seeing the all-electric automaker as a play for growth and as a dominant force in the future of cars.

Since its 2010 IPO, Tesla has obliterated billions in capital — and yet if you had invested, you'd be looking at a return that has, at points, surpassed 1,000%. The company's market cap is higher than Ford's or Fiat Chrysler Automobiles and has threatened General Motors. For the record, GM also staged an IPO in 2010; by the end of 2017, it had made over $70 billion. Last year, Tesla sold just over 100,000 vehicles; GM sold 10 million.

Of late, however, Tesla's stock has been stubbornly sliding. 2017 saw shares push toward $400. With the first quarter of 2018 in the books, the stock is down 11%. It all depends on how you like your volatility — and if you're a Tesla buyer, you'd better love the ups and downs — but if the markets are predictors of future value, then Tesla is currently being priced with less enthusiasm than in the past.

Usually, the company and CEO Elon Musk move the needle back toward the black by making some sort of proclamation about looming profits or by unveiling a new product or initiative. Musk recently declared that Tesla's staggering cash burn will reverse later this year, and at some point in 2018, everybody expects the carmaker to reveal its Model Y compact SUV — and to start taking deposits, à la the Model 3, for at least $1,000 a pop.

But again, the number's don't lie, and as Tesla continues to struggle to get Model 3 production on track, Q1 losses are expected to be on the order of $4.50 per share.

Tesla reports next Wednesday, and it's safe to say that this could be the gnarliest quarter in the company's history. Here's what to expect.