Lilium (LILM) Q1 2024 earnings summary

Executive summary

• Advanced production of first Lilium Jets, with key components delivered, assembly progressing, and battery pack production underway.

• Order pipeline exceeds 780 jets, including firm orders, MoUs, and recent binding agreements in the UK, US, and globally.

• Aftermarket service business expanded, with new partnerships for infrastructure and support in Europe and the US.

• Entry into service targeted for 2026, with first piloted flight planned for late 2024.

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

Financial highlights

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

• Adjusted Q1 cash spend: €94.7 million ($102 million); H1 2024 expected: €185–195 million; H2 spend to be slightly higher.

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

Outlook and guidance

• Liquidity roadmap in place for first piloted flight in 2024, supported by recent and expected government-backed funding.

• Expect meaningful pre-delivery payments (PDPs) in 2025, with industry-standard structures and milestones.

• Second half 2024 cash spend to increase due to supply chain ramp-up for jet assembly.

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