Factor donates five refrigerated vans to Aurora-area food pantries
Factor, a packaged meal delivery service, recently donated five refrigerated vans to food pantries operating in and around Aurora.
The five vans, which were filled with Factor meals also donated by the company, were officially handed over at a ceremony held Wednesday at the company's facility at 2372 W. Indian Trail in Aurora.
Late last year, company officials pledged during a press conference in Aurora to donate 10 refrigerated vans to food pantries over the course of 2025.
'This generous donation from Factor is a game-changer for our local food banks and for families in need,' Aurora Ald. Carl Franco, 5th Ward, said at Wednesday's ceremony. 'This isn't just about transportation, it's about ensuring no one in our community goes hungry.'
The vans were given to the Northern Illinois Food Bank, Marie Wilkinson Food Pantry, Aurora Area Interfaith Food Pantry, Loaves & Fishes Community Services and Kendall County Food Pantry.
Marie Wilkinson Food Pantry Executive Director Annette Johnson told The Beacon-News after the ceremony that Factor is a great community partner to the pantry — not only because of the donation of the refrigerated truck, which was set to go deliver food the same afternoon it was donated, but also because the company donates 3,000 meals each week to the organization.
'There has never been a better community partner than Factor,' she said.
A vehicle is a huge donation, Mike Keane, director of programs at the Northern Illinois Food Bank, said after the ceremony. The new refrigerated van will allow the organization to be versatile in getting meals to those in need, he said, in the most timely and fresh way possible.
It is a core belief of Factor that everyone deserves access to healthy and nutritious meals, according to Dan Seidel, chief operating officer of HelloFresh North America, which is Factor's parent company.
He said during Wednesday's ceremony that this core belief is behind Factor's Fuel for Change initiative, through which the company has donated more than 2 million meals to food pantries like those represented at the ceremony. Late last year, Factor celebrated a milestone of one million meals donated to the Aurora community during a similar ceremony.
Although meaningful progress has been made in fighting food insecurity, the challenge is 'only deepening,' Seidel said. In Illinois, one in eight people face food insecurity, meaning they do not have reliable access to nutritious food needed for healthy lifestyles, he said.
Tackling the problem requires a commitment from 'every corner of society,' Seidel said, and 'only through collaboration can we build a future where everyone has access to healthy, nourishing food.'
Aurora Deputy Mayor Casildo 'Casey' Cuevas, speaking during the ceremony, thanked Factor and all the food pantries for the work they do.
He has a special place in his heart for this issue, he said, because he has personally worked to combat food insecurity in Aurora, which he called a growing problem. The donation of these vans 'really means a lot' because it means food will get to those who need it in the community, and he has personally seen the blessings that come from delivering food, he said.
Aurora Deputy Chief of Staff Nicholas Richard-Thompson said during the ceremony that communities are seeing an increase in economic pressures like food insecurity because of what's happening at the federal level. So, he said collective action and cooperation are needed now more than ever, and he commended Factor for stepping up to partner with community organizations.
During his own speech, Franco called Factor 'one of our most generous and benevolent local businesses' and said that, since locating here a few years back, have 'stepped up as a significant community partner contributing to many of our local not-for profits, helping them to provide for our residents.'
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Factor donates five refrigerated vans to Aurora-area food pantries
Factor, a packaged meal delivery service, recently donated five refrigerated vans to food pantries operating in and around Aurora. The five vans, which were filled with Factor meals also donated by the company, were officially handed over at a ceremony held Wednesday at the company's facility at 2372 W. Indian Trail in Aurora. Late last year, company officials pledged during a press conference in Aurora to donate 10 refrigerated vans to food pantries over the course of 2025. 'This generous donation from Factor is a game-changer for our local food banks and for families in need,' Aurora Ald. Carl Franco, 5th Ward, said at Wednesday's ceremony. 'This isn't just about transportation, it's about ensuring no one in our community goes hungry.' The vans were given to the Northern Illinois Food Bank, Marie Wilkinson Food Pantry, Aurora Area Interfaith Food Pantry, Loaves & Fishes Community Services and Kendall County Food Pantry. Marie Wilkinson Food Pantry Executive Director Annette Johnson told The Beacon-News after the ceremony that Factor is a great community partner to the pantry — not only because of the donation of the refrigerated truck, which was set to go deliver food the same afternoon it was donated, but also because the company donates 3,000 meals each week to the organization. 'There has never been a better community partner than Factor,' she said. A vehicle is a huge donation, Mike Keane, director of programs at the Northern Illinois Food Bank, said after the ceremony. The new refrigerated van will allow the organization to be versatile in getting meals to those in need, he said, in the most timely and fresh way possible. It is a core belief of Factor that everyone deserves access to healthy and nutritious meals, according to Dan Seidel, chief operating officer of HelloFresh North America, which is Factor's parent company. He said during Wednesday's ceremony that this core belief is behind Factor's Fuel for Change initiative, through which the company has donated more than 2 million meals to food pantries like those represented at the ceremony. Late last year, Factor celebrated a milestone of one million meals donated to the Aurora community during a similar ceremony. Although meaningful progress has been made in fighting food insecurity, the challenge is 'only deepening,' Seidel said. In Illinois, one in eight people face food insecurity, meaning they do not have reliable access to nutritious food needed for healthy lifestyles, he said. Tackling the problem requires a commitment from 'every corner of society,' Seidel said, and 'only through collaboration can we build a future where everyone has access to healthy, nourishing food.' Aurora Deputy Mayor Casildo 'Casey' Cuevas, speaking during the ceremony, thanked Factor and all the food pantries for the work they do. He has a special place in his heart for this issue, he said, because he has personally worked to combat food insecurity in Aurora, which he called a growing problem. The donation of these vans 'really means a lot' because it means food will get to those who need it in the community, and he has personally seen the blessings that come from delivering food, he said. Aurora Deputy Chief of Staff Nicholas Richard-Thompson said during the ceremony that communities are seeing an increase in economic pressures like food insecurity because of what's happening at the federal level. So, he said collective action and cooperation are needed now more than ever, and he commended Factor for stepping up to partner with community organizations. During his own speech, Franco called Factor 'one of our most generous and benevolent local businesses' and said that, since locating here a few years back, have 'stepped up as a significant community partner contributing to many of our local not-for profits, helping them to provide for our residents.' rsmith@
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5 days ago
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Factor donates five refrigerated vans to Aurora-area food pantries
Factor, a packaged meal delivery service, recently donated five refrigerated vans to food pantries operating in and around Aurora. The five vans, which were filled with Factor meals also donated by the company, were officially handed over at a ceremony held Wednesday at the company's facility at 2372 W. Indian Trail in Aurora. Late last year, company officials pledged during a press conference in Aurora to donate 10 refrigerated vans to food pantries over the course of 2025. 'This generous donation from Factor is a game-changer for our local food banks and for families in need,' Aurora Ald. Carl Franco, 5th Ward, said at Wednesday's ceremony. 'This isn't just about transportation, it's about ensuring no one in our community goes hungry.' The vans were given to the Northern Illinois Food Bank, Marie Wilkinson Food Pantry, Aurora Area Interfaith Food Pantry, Loaves & Fishes Community Services and Kendall County Food Pantry. Marie Wilkinson Food Pantry Executive Director Annette Johnson told The Beacon-News after the ceremony that Factor is a great community partner to the pantry — not only because of the donation of the refrigerated truck, which was set to go deliver food the same afternoon it was donated, but also because the company donates 3,000 meals each week to the organization. 'There has never been a better community partner than Factor,' she said. A vehicle is a huge donation, Mike Keane, director of programs at the Northern Illinois Food Bank, said after the ceremony. The new refrigerated van will allow the organization to be versatile in getting meals to those in need, he said, in the most timely and fresh way possible. It is a core belief of Factor that everyone deserves access to healthy and nutritious meals, according to Dan Seidel, chief operating officer of HelloFresh North America, which is Factor's parent company. He said during Wednesday's ceremony that this core belief is behind Factor's Fuel for Change initiative, through which the company has donated more than 2 million meals to food pantries like those represented at the ceremony. Late last year, Factor celebrated a milestone of one million meals donated to the Aurora community during a similar ceremony. Although meaningful progress has been made in fighting food insecurity, the challenge is 'only deepening,' Seidel said. In Illinois, one in eight people face food insecurity, meaning they do not have reliable access to nutritious food needed for healthy lifestyles, he said. Tackling the problem requires a commitment from 'every corner of society,' Seidel said, and 'only through collaboration can we build a future where everyone has access to healthy, nourishing food.' Aurora Deputy Mayor Casildo 'Casey' Cuevas, speaking during the ceremony, thanked Factor and all the food pantries for the work they do. He has a special place in his heart for this issue, he said, because he has personally worked to combat food insecurity in Aurora, which he called a growing problem. The donation of these vans 'really means a lot' because it means food will get to those who need it in the community, and he has personally seen the blessings that come from delivering food, he said. Aurora Deputy Chief of Staff Nicholas Richard-Thompson said during the ceremony that communities are seeing an increase in economic pressures like food insecurity because of what's happening at the federal level. So, he said collective action and cooperation are needed now more than ever, and he commended Factor for stepping up to partner with community organizations. During his own speech, Franco called Factor 'one of our most generous and benevolent local businesses' and said that, since locating here a few years back, have 'stepped up as a significant community partner contributing to many of our local not-for profits, helping them to provide for our residents.'
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Rivian Releases First Quarter 2025 Financial Results
IRVINE, Calif.--(BUSINESS WIRE)--Rivian Automotive, Inc. (NASDAQ: RIVN) today announced its first-quarter 2025 financial results. Rivian achieved a gross profit of $206 million, its second consecutive quarter of gross profit. Hitting this milestone has unlocked an expected $1 billion investment from Volkswagen Group as part of its investment in Rivian following the formation of their joint venture - Rivian and VW Group Technology, LLC. The investment is expected to be funded on June 30, 2025.* As previously announced, in the first quarter Rivian produced 14,611 vehicles at its manufacturing facility in Normal, Illinois and delivered 8,640 vehicles. These figures were in line with management's guidance. RJ Scaringe, Rivian Founder and CEO, said: 'This quarter we hit our second consecutive gross profit and our highest gross profit to date at $206 million. We have continued to make significant progress on R2, including vehicle validation builds underway and our Normal, Illinois manufacturing facility expansion on track." Rivian has continued to make good progress on the development of R2. The company has begun design validation builds on its prototype line using majority production tooling. The 1.1 million sq. ft. manufacturing expansion in Normal, Illinois is progressing rapidly and on schedule. R2 production remains on track for the first half of 2026. While Rivian has 100 percent U.S. vehicle manufacturing and a majority of its bill of materials (excluding cells) coming from the U.S. or USMCA-qualified, Rivian is not immune to the impacts of the global trade and economic environment. The company's guidance represents management's current view on evolving trade regulation, policies, tariffs and the overall impact these items may have on consumer sentiment and demand. As a result of these impacts, Rivian has revised its delivery outlook to 40,000 to 46,000 vehicles. Due to its strong first quarter results, Rivian is maintaining its outlook range for adj. EBITDA of a $(1,700) million loss to a $(1,900) million loss. Rivian also continues to expect to achieve modest positive gross profit for the full year 2025. In addition, due to the expected impact from tariffs, the company is raising its capital expenditure guidance to $1,800 million to $1,900 million. 2025 Guidance In March, Rivian carried out more than 7,000 'electric joyrides' at SXSW festival in Austin, allowing participants to experience the on and off road capabilities of its vehicles. Its spaces and services centers, combined with events like SXSW, have enabled Rivian to provide over 36,000 demo drives in the first quarter of 2025. This quarter Rivian also announced a partnership with HelloFresh which has incorporated 70 Rivian Commercial Vans into its fleet, outfitted in the company's Factor branding. Factor is Rivian's first major fleet customer since it opened van sales more broadly earlier this year. Rivian will host an audio webcast to discuss its results and provide a business update at 2:00pm PT / 5:00pm ET on Tuesday, May 6, 2025. The link to the webcast and shareholder letter will be made available on the company's Investor Relations website at After the call, a replay will be available at for four weeks. *subject to customary closing conditions Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Production 13,980 9,612 13,157 12,727 14,611 Delivery 13,588 13,790 10,018 14,183 8,640 Revenues Automotive $ 1,116 $ 1,074 $ 776 $ 1,520 $ 922 Software and services 88 84 98 214 318 Total revenues 2 $ 1,204 $ 1,158 $ 874 $ 1,734 $ 1,240 Cost of revenues Automotive $ 1,613 $ 1,515 $ 1,155 $ 1,410 $ 830 Software and services 118 94 111 154 204 Total cost of revenues 2 $ 1,731 $ 1,609 $ 1,266 $ 1,564 $ 1,034 Gross profit $ (527 ) $ (451 ) $ (392 ) $ 170 $ 206 Gross margin (44 )% (39 )% (45 )% 10 % 17 % Research and development $ 461 $ 428 $ 350 $ 374 $ 381 Selling, general, and administrative 496 496 427 457 480 Total operating expenses $ 957 $ 924 $ 777 $ 831 $ 861 Adjusted research and development (non-GAAP)¹ $ 319 $ 312 $ 271 $ 277 $ 285 Adjusted selling, general, and administrative (non-GAAP)¹ 358 364 328 343 345 Total adjusted operating expenses (non-GAAP)¹ $ 677 $ 676 $ 599 $ 620 $ 630 Adjusted EBITDA (non-GAAP) 1,2 $ (798 ) $ (857 ) $ (757 ) $ (277 ) $ (329 ) Cash, cash equivalents, and short-term investments 3 $ 7,858 $ 7,867 $ 6,739 $ 7,700 $ 7,178 Net cash (used in) provided by operating activities $ (1,269 ) $ (754 ) $ (876 ) $ 1,183 $ (188 ) Capital expenditures (254 ) (283 ) (277 ) (327 ) (338 ) Free cash flow (non-GAAP)¹ $ (1,523 ) $ (1,037 ) $ (1,153 ) $ 856 $ (526 ) Depreciation and amortization expense Cost of revenues $ 210 $ 203 $ 186 $ 145 $ 75 Research and development 18 18 20 18 17 Selling, general, and administrative 52 53 53 55 55 Total depreciation and amortization expense $ 280 $ 274 $ 259 $ 218 $ 147 Stock-based compensation expense Cost of revenues $ 23 $ 17 $ 6 $ 16 $ 24 Research and development 124 98 59 79 79 Selling, general, and administrative 86 79 46 59 80 Total stock-based compensation expense $ 233 $ 194 $ 111 $ 154 $ 183 Inventory write-downs Inventory LCNRV write-downs 3 $ 328 $ 148 $ 130 $ 66 $ 23 Liabilities for losses on firm purchase commitments 3 45 31 10 5 — Total inventory write-downs and liabilities for losses on firm purchase commitments 3 $ 373 $ 179 $ 140 $ 71 $ 23 1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided later in this document. 2 The prior periods have been recast to conform to current period presentation. 3 Amount as of date shown. Expand Condensed Consolidated Balance Sheets (in millions, except per share amounts) (unaudited) Expand Assets March 31, 2025 Current assets: Cash and cash equivalents $ 5,294 $ 4,693 Short-term investments 2,406 2,485 Accounts receivable, net 443 412 Inventory 2,248 2,589 Other current assets 192 215 Total current assets 10,583 10,394 Property, plant, and equipment, net 3,965 4,104 Operating lease assets, net 416 461 Other non-current assets 446 546 Total assets $ 15,410 $ 15,505 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 499 $ 713 Accrued liabilities 835 945 Current portion of deferred revenues, lease liabilities, and other liabilities 917 1,130 Total current liabilities 2,251 2,788 Long-term debt 4,441 4,443 Non-current lease liabilities 379 426 Other non-current liabilities 1,777 1,618 Total liabilities 8,848 9,275 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value; 10 shares authorized and 0 shares issued and outstanding as of December 31, 2024 and March 31, 2025 — — Common stock, $0.001 par value; 3,508 and 3,508 shares authorized and 1,131 and 1,146 shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively 1 1 Additional paid-in capital 29,866 30,072 Accumulated deficit (23,305 ) (23,850 ) Accumulated other comprehensive loss (4 ) (1 ) Noncontrolling interest 4 8 Total stockholders' equity 6,562 6,230 Total liabilities and stockholders' equity $ 15,410 $ 15,505 Expand Condensed Consolidated Statements of Operations (in millions, except per share amounts) (unaudited) Expand Three Months Ended March 31, 2024 2025 Automotive $ 1,116 $ 922 Software and services 88 318 Total revenues 1,204 1,240 Automotive 1,613 830 Software and services 118 204 Total cost of revenues 1,731 1,034 Gross profit (527 ) 206 Operating expenses Research and development 461 381 Selling, general, and administrative 496 480 Total operating expenses 957 861 Loss from operations (1,484 ) (655 ) Interest income 112 81 Interest expense (75 ) (72 ) Other income, net 2 107 Loss before income taxes (1,445 ) (539 ) Provision for income taxes (1 ) (2 ) Net loss $ (1,446 ) $ (541 ) Less: Net income attributable to noncontrolling interest — 4 Net loss attributable to common stockholders $ (1,446 ) $ (545 ) Net loss attributable to common stockholders, basic and diluted $ (1,446 ) $ (545 ) Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (1.48 ) $ (0.48 ) Weighted-average common shares outstanding, basic and diluted 978 1,137 1 The prior period has been recast to conform to current period presentation. Expand Condensed Consolidated Statements of Cash Flows 1 (in millions) (unaudited) Expand Three Months Ended March 31, 2024 2025 Cash flows from operating activities: Net loss $ (1,446 ) $ (541 ) Depreciation and amortization 280 200 Stock-based compensation expense 233 188 Gain on equity method investment — (101 ) Other non-cash activities 203 20 Changes in operating assets and liabilities: Accounts receivable, net (228 ) 31 Inventory (435 ) (364 ) Other assets (81 ) 14 Accounts payable and accrued liabilities 113 334 Deferred revenue 32 59 Other liabilities 60 (28 ) Net cash used in operating activities (1,269 ) (188 ) Cash flows from investing activities: Purchases of short-term investments (902 ) (835 ) Sales of short-term investments — 48 Maturities of short-term investments 550 717 Capital expenditures (254 ) (338 ) Net cash used in investing activities (606 ) (408 ) Cash flows from financing activities: Proceeds from issuance of capital stock including employee stock purchase plan 2 3 Other financing activities (4 ) (9 ) Net cash used in financing activities (2 ) (6 ) Effect of exchange rate changes on cash and cash equivalents (1 ) 1 Net change in cash (1,878 ) (601 ) Cash, cash equivalents, and restricted cash—Beginning of period 7,857 5,294 Cash, cash equivalents, and restricted cash—End of period $ 5,979 $ 4,693 Supplemental disclosure of non-cash investing and financing activities: Capital expenditures included in liabilities $ 383 $ 423 Capital stock issued to settle bonuses $ 179 $ 47 Right-of-use assets obtained in exchange for operating lease liabilities $ 52 $ 73 1 The prior period has been recast to conform to current period presentation. Expand Reconciliation of Non-GAAP Financial Measures (in millions) (unaudited) Expand Adjusted EBITDA Three Months Ended March 31, 2024 2025 Net loss attributable to common stockholders $ (1,446 ) $ (545 ) Interest income, net (37 ) (9 ) Provision for income taxes 1 2 Depreciation and amortization 280 147 Stock-based compensation expense 233 183 Other income, net (2 ) (107 ) Cost of revenue efficiency initiatives 127 — Restructuring expenses 30 — Asset impairments and write-offs 16 — Adjusted EBITDA (non-GAAP) $ (798 ) $ (329 ) Expand About Rivian: Rivian (NASDAQ: RIVN) is an American automotive manufacturer that develops and builds category-defining electric vehicles as well as software and services that address the entire lifecycle of the vehicle. The company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are built in the United States and are sold directly to consumer and commercial customers. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal — preserving the natural world for generations to come. Learn more about the company, products, and careers at Forward-Looking Statements: This press release and statements that are made on our earnings call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release and made on our earnings call that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our future operations, initiatives and business strategy, our future financial results, vehicle profitability and future gross profits, our future capital expenditures, the underlying trends in our business (including customer preferences and expectation), global economic conditions, including evolving trade regulation, policies and tariffs and the resulting impact on our global supply chain and material costs and access, our market opportunity, and our potential for growth, our production ramp and manufacturing capacity expansion and anticipated production levels, our expected future production and deliveries, scaling our service infrastructure, our expected future products and technology and product enhancements (including the launches of R2 and R3), potential expansion of commercial van sales, future revenue opportunities, including with respect to the emerging autonomous driving market, our joint venture with Volkswagen Group, including the expected benefits from the partnership and future VW investments, and other expected incremental available capital pursuant to agreements with VW and the U.S. Department of Energy. These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to: our history of losses as a growth-stage company and our limited operating history; we may underestimate or not effectively manage our capital expenditures and costs; that we will require additional financing and capital to support our business; our ability to maintain strong demand for our vehicles and attract and retain a large number of consumers; our ability to grow sales of our commercial vehicles, risks relating to the highly competitive automotive market, including competitors that may take steps to compete more effectively against us; consumers' willingness to adopt electric vehicles; risks associated with our joint venture with Volkswagen Group, risks associated with additional strategic alliances or acquisitions, that we may experience significant delays in the manufacture and delivery of our vehicles; that our long-term results depend on our ability to successfully introduce and market new products and services; that we have experienced and could continue to experience cost increases or disruptions in supply of raw materials or other components used in our vehicles; our dependence on suppliers and volatility in pricing of components and raw materials; our ability to accurately estimate the supply and demand for our vehicles and predict our manufacturing requirements; our ability to scale our business and manage future growth effectively; our ability to maintain our relationship with one customer that has generated a significant portion of our revenues; that we are highly dependent on the services and reputation of our Founder and Chief Executive Officer; our ability to offer attractive financing and leasing options; that we may not succeed in maintaining and strengthening our brand; that our focus on delivering a high-quality and engaging Rivian experience may not maximize short-term financial results; risks relating to our distribution model; that we rely on complex machinery, and production involves a significant degree of risk and uncertainty; that our operations, IT systems and vehicles rely on highly technical software and hardware that could contain errors or defects; that we may not successfully develop the complex software and technology systems in coordination with the Volkswagen Group joint venture and our other vendors needed to produce our vehicles; inadequate access to charging stations and not being able to realize the benefits of our charging networks; risks related to our use of lithium-ion battery cells; that we have limited experience servicing and repairing our vehicles; that the automotive industry is rapidly evolving and may be subject to unforeseen changes; risks associated with advanced driver assistance systems technology; the unavailability, reduction or elimination of government and economic incentives and credits for electric vehicles; that we may not be able to obtain the government grants, loans, and other incentives, including regulatory credits, for which we apply or on which we rely; that vehicle retail sales depend heavily on affordable interest rates and availability of credit; insufficient warranty reserves to cover warranty claims; that future field actions, including product recalls, could harm our business; risks related to product liability claims; risks associated with international operations; our ability to attract and retain key employees and qualified personnel; our ability to maintain our culture; that our business may be adversely affected by labor and union activities; that our financial results may vary significantly from period to period; that we have incurred a significant amount of debt and expect to incur significant additional indebtedness; risks related to third-party vendors for certain product and service offerings; potential conflicts of interest involving our principal stockholders or their affiliates; risks associated with exchange rate and interest rate fluctuations; that breaches in data security, failure of technology systems, cyber-attacks or other security or privacy-related incidents could harm our business; risks related to our use of artificial intelligence technologies; risk of intellectual property infringement claims; that our use of open source software in our applications could subject our proprietary software to general release; our ability to prevent unauthorized use of our intellectual property; risks related to governmental regulation and legal proceedings; effect of trade tariffs or other trade barriers; effects of export and import control laws; delays, limitations and risks related to permits and approvals required to operate or expand operations; our internal control over financial reporting; and the other factors described in our filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, except as may be required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. *Non-GAAP Financial Measures In addition to our results determined in accordance with generally accepted accounting principles in the United States ('GAAP'), we review financial measures that are not calculated and presented in accordance with GAAP ('non-GAAP financial measures'). We believe our non-GAAP financial measures are useful in evaluating our operating performance. We use the following non-GAAP financial information, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors, because it focuses on underlying operating results and trends, provides consistency and comparability with past financial performance, and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation of each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP is provided above. Reconciliations of forward- looking non-GAAP financial measures are not provided because we are unable to provide such reconciliations without unreasonable effort due to the uncertainty regarding, and potential variability of, certain items, such as stock-based compensation expense and other costs and expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Our non-GAAP financial measures include adjusted EBITDA defined as net loss before interest expense (income), net, provision for income taxes, depreciation and amortization, stock-based compensation, other (expense) income, net, and special items. Our management team ordinarily excludes special items from its review of the results of the ongoing operations. Special items is comprised of (i) cost of revenue efficiency initiatives which include costs incurred as we transition between major vehicle programs, cost incurred for negotiations with major suppliers regarding changing demand forecasts or design modifications, and other costs for enhancing capital and cost optimization of the Company (ii) restructuring expenses for significant actions taken by the Company, (iii) significant asset impairments and write-offs, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities, including fair value gain or loss on convertible note, net, and joint venture formation expenses.
