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 Third Quarter Business Update. Lilium will host a webcast and conference call to discuss the update today at 8:00 a.m. ET. The details for the webcast, in addition to the Third Quarter Shareholder Letter, can be accessed on the Lilium investor relations website.

Q3 Highlights

• Commercial contract with pre-delivery deposits: eVolare a subsidiary of Volare Aviation, one of the United Kingdom’s largest helicopter and private jet operators, secures deliveries of 10 aircraft, with option to purchase an additional 10.
• Breakthrough commercial agreement in the Middle East with SAUDIA intending to purchase up to 100 aircraft, together with eVolare bringing total order pipeline to 603 aircraft.
• Formal launch of the Lilium Pioneer Edition, limited to 50 aircraft with compelling service support, training package and customizable cabin configurations options including exclusive fabrics and materials.
• Successful fundraising round with a capital raise of $119 million from existing shareholders, new investors and strategic partners.
• Significant progress towards Type Certification with about 80 percent of certification plans now submitted to EASA (up from 38% in Q2) alongside third DOA audit scheduled before end of year.
• Continuation of Flight Test Campaign including a new top speed of 120 kts / 222 km/h, with demonstrator aircraft performing precisely as predicted by Lilium’s computer-aided flight models.
• Collaboration with suppliers accelerates, with agreements already in place for aerostructures, avionics, battery cells, energy management system, e-motors, propulsion system, aircraft interior and landing gear, amongst others.
• Total cash spend at €69 million in Q3 (Q2 2022: €63 million) mainly driven by the ramp-up in one-time supplier payments; in line with target budget of €250 million in 2022.
• Liquidity as of the end of Q3 – and prior to the recently completed investment round – stood at €160 million (end of Q2: €229 million).

Lilium CEO Klaus Roewe commented on the company’s Q3 performance:

“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 focused on achieving the development and certification of the Lilium Jet and 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.”