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Lilium N.V. (Nasdaq: LILM) (“Lilium” or the “Company”), developer of the first all-electric vertical take-off and landing (“eVTOL”) jet, has released its Q1 2023 Shareholder Letter. The Shareholder Letter, which discusses Lilium’s progress towards important milestones in the development of its revolutionary Lilium Jet, can be accessed on the Lilium investor relations website.
- Secured funding for up to $250 million, extending cash runway towards first manned flight of type-conforming aircraft.
- Progressed type-certification, with 78% of the Lilium Jet’s Means of Compliance (MoCs) agreed, driven by EASA’s acceptance of MoCs in areas of propulsion and energy system.
- Continued type-conforming aircraft development at full pace with wind tunnel testing underway of complete aircraft model with powered engines and actuators, successful testing of battery packs, and fan test launched on full-size engine.
- Secured intellectual property rights in key eVTOL technologies, with new patents granted in battery management, electrical power distribution, and actuation of ducted fans.
- Executed on go-to-market-strategy with commercial agreements including pre-delivery payments with Air-Dynamic and ASL Group; potential order pipeline grew to 645 aircraft.
- Contracted a state-of-the-art Lilium Jet cockpit simulator to support certification and pilot training
- Q1 adjusted cash spend on target (€62 million), while Lilium continues to meet timelines on aircraft development plan.
Lilium CEO Klaus Roewe commented: “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. We look forward to continuing to keep you updated on these and our progress on all fronts in the coming months including securing the next stage of financing, coming to agreement with EASA on Full Certification Plan and signing further binding customer agreements.”
This press release was prepared and distributed by Lilium.