Even though Tesla is expected to report its fourth consecutive quarterly loss after the market close Tuesday, one analyst says don't count out the electric carmaker just yet.

The company, which has seen its stock plummet by double digits in the past 12 weeks, could fight off the negative sentiment by what it says about next year.

The production ramp up in connection with the Model X and Model S is a key element in the report, according to Pacific Crest Securities research analyst Brad Erickson. Tesla's website has revealed there's an eight-month waitlist for the Model X.

"We think there is a significant execution risk involved," Erickson said on CNBC's "Fast Money."

Also on Erickson's watch list: Gross margins and the production schedule — particularly around the Model 3, the mass-market sedan which is expected to be unveiled in the first quarter of 2016, and a progress update on the Tesla Gigafactory.

"We think those two things could buoy sentiment here over the near to medium term that could provide some stabilization for the shares. But longer term, we still do have skepticism," added Erickson.

The Street is looking for Tesla to post a loss of 60 cents a share on $1.24 billion in revenue, according to FactSet.

Disclosure: Pacific Crest Securities (part of KeyBanc CapitalMarkets) expects to receive or intends to seek compensation for investmentbanking services from Tesla Motors Inc. within the next three months.