Lilium third quarter business update highlights orders, capital injection and EASA type certification

Lil­i­um yes­ter­day host­ed a web­cast and con­fer­ence call to dis­cuss its third quar­ter busi­ness update, which includ­ed:
1) A con­tract with pre-deliv­ery deposits from eVolare, one of the UK’s largest heli­copter and pri­vate jet oper­a­tors, to secure deliv­er­ies of 10 air­craft, with an option to pur­chase an addi­tion­al 10.

Lil­i­um expands into UK mar­ket with eVolare with up to 20 air­craft

2) Break­through com­mer­cial agree­ment in the Mid­dle East with Saudia intend­ing to pur­chase up to 100 air­craft, which togeth­er with eVolare brings the total order pipeline to 603 air­craft.
3) For­mal launch of the Lil­i­um Pio­neer Edi­tion, lim­it­ed to 50 air­craft with ser­vice sup­port, train­ing pack­age and cus­tomis­able cab­in con­fig­u­ra­tion options includ­ing exclu­sive fab­rics and mate­ri­als.
4) Suc­cess­ful fundrais­ing round of $119 mil­lion from exist­ing share­hold­ers, new investors and part­ners.

Lil­i­um Announces $119M Cap­i­tal Raise to Con­tin­ue Devel­op­ment of New Elec­tric Air­craft

5) Sig­nif­i­cant progress towards Type Cer­ti­fi­ca­tion with about 80 per­cent of cer­ti­fi­ca­tion plans now sub­mit­ted to EASA, up from 38% in the sec­ond quar­ter, along­side the third DOA audit sched­uled before the end of the year.
6) Con­tin­u­a­tion of Flight Test Cam­paign includ­ing a new top speed of 222 km/h, with demon­stra­tor air­craft per­form­ing pre­cise­ly as pre­dict­ed by Lilium’s com­put­er-aid­ed flight mod­els.
7) Col­lab­o­ra­tion with sup­pli­ers, with agree­ments already in place for aerostruc­tures, avion­ics, bat­tery cells, ener­gy man­age­ment sys­tem, e‑motors, propul­sion sys­tem, air­craft inte­ri­or and land­ing gear.
8) Total cash spend at €69 mil­lion in the third quar­ter, com­pared with €63 mil­lion in the sec­ond quar­ter, main­ly dri­ven by the ramp-up in one-time sup­pli­er pay­ments in line with a tar­get bud­get of €250 mil­lion in 2022.
9) Third quar­ter liq­uid­i­ty pri­or to the recent­ly com­plet­ed invest­ment round stood at €160 mil­lion com­pared with €229 mil­lion in the sec­ond quar­ter.

Lil­i­um CEO Klaus Roewe com­ment­ed: “The first firm order and the strong mar­ket response to our Lil­i­um Pio­neer Edi­tion are sig­nif­i­cant achieve­ments for Lil­i­um this quar­ter.

“Hav­ing suc­cess­ful­ly com­plet­ed the lat­est fundraise, our teams are now ful­ly focussed on the devel­op­ment and cer­ti­fi­ca­tion of the Lil­i­um Jet, and on build­ing our man­u­fac­tur­ing and sup­ply chain capa­bil­i­ties. We are con­fi­dent we have the right tech­nol­o­gy and the right team to bring this trans­for­ma­tion­al prod­uct to mar­ket.