Lilium (LILM) Q1 2024 earnings summary

Executive summary

• Advanced air mobility company progressing toward first piloted flight by late 2024 and entry into service in 2026, with a focus on regional air mobility and industry-leading technology.

• Significant progress toward industrialization and market entry of the all-electric jet, with first test aircraft advancing in assembly and battery pack production underway.

• Commercial order book expanded, including UrbanLink's order for 20 jets (plus 20 options) and eVolare's binding agreements for 4 jets.

• Five differentiators: experienced management, regional air mobility focus, proprietary battery and jet tech, high certification standards, and a business model targeting OEM and aftermarket segments.

• Raised $114 million in gross proceeds and advanced discussions for government-backed loans in Germany and France.

Financial highlights

• End of Q1 cash and cash equivalents: €102 million ($110 million), not including recent capital raise proceeds.

• Adjusted Q1 cash spend: €94.7 million; H1 2024 expected spend: €185–195 million; H2 2024 spend expected to be slightly higher.

• Recent $114 million capital raise completed, with strong support from largest shareholder Tencent.

Outlook and guidance

• Targeting first piloted flight by end of 2024 and commercial entry into service in 2026.

• Liquidity roadmap in place for first piloted flight, with additional government-backed funding expected.

• Expecting meaningful pre-delivery payments (PDPs) in 2025, with industry-standard structures and up to 50% of aircraft cost paid prior to delivery.

• Second half 2024 adjusted cash spend expected to be slightly higher than first half, driven by increased supply chain activity.

• Continued conversion of MoUs into firm orders with pre-delivery payments; ongoing discussions with airlines for fleet orders.