Lilium Cash Spend on Target in Q1 2023

Lilium, the eVTOL manufacturer, said in its shareholder letter that its adjusted cash spend of 62 million euros (USD$66 million) in the first quarter of 2023 was in line with expectations.

The German-based firm has a budget of 125 million euros (USD$134 million) in place for the first half of 2023, and has spent the money making payments to suppliers for the Lilium Jet’s wings, doors, fuselage, fairings, and avionics in the first quarter. 

Lilium also announced that at the end of March, the company’s liquidity stood at €143 million euros (USD$154 million).

On the certification front, 78% of Lilium Jet’s Means of Compliance (MoCs) have been accepted by the European Union Aviation Safety Agency (EASA). Lilium expects the remainder of the MoCs and Certification Plans to be agreed upon in the second half of 2023. 

At the beginning of May, the Weßling-based eVTOL manufacturer announced plans to raise USD$250 million for the development of the Lilium Jet. So far, USD$100 million has been procured from Tencent Holdings affiliate Aceville, who will pledge a further USD$75 million should Lilium secure an additional USD$75 million of equity, debt, or grants from certain third parties.

Additional funding is being sought from other investors, strategic partners, and government agencies.

Klaus Roewe, Lilium’s CEO, hailed the company’s accomplishments and said the aim is to have its eVTOL certificated in two years. 

“We are thrilled at the progress we are making in our Lilium Jet program. Our latest capital raise will enable us to continue to advance at speed towards our key milestones – start of final assembly of the type-conforming aircraft this year, first manned flight in the second half of 2024 and type certification in late 2025,” he said. 

In the past couple of days, Lilium has signed agreements with Air-Dynamic SA and ASL Group for five and six Lilium Jets, respectively. The firm plans to continue focusing on sales to private, charter, and business aviation customers in the future as its potential orders have grown to 645 aircraft. 

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