Lilium releases Fiscal Year 2022 Shareholder Letter
Lilium N.V. (Nasdaq: LILM) has shared its fiscal year 2022 Shareholder Letter, highlighting key advancements in the development of the Lilium Jet, an innovative eVTOL aircraft. Significant milestones include achieving a cruise speed of 250 km/h, first pre-delivery payments from customers, and promising battery technology validated by independent labs. The company remains on track for type-certification, having submitted comprehensive certification plans meeting EASA’s requirements. As of year-end 2022, Lilium reported liquidity of €206 million and is in discussions for further funding.
- Achieved cruise speed of Lilium Jet at 250 km/h.
- Total order pipeline for Lilium Jets reaches 640 units.
- Significant battery advancements confirmed by third-party labs.
- On track for type-certification with complete EASA compliance.
- Liquidity of €206 million at year-end 2022.
- None.
MUNICH, Germany, March 28, 2023 (GLOBE NEWSWIRE) -- 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 fiscal year 2022 Shareholder Letter. The Shareholder Letter, which discusses Lilium’s achievement of important milestones in the development of its revolutionary Lilium Jet, can be accessed on the Lilium investor relations website.
Recent Accomplishments
- Achieved cruise speed of the Lilium Jet (250 km/h; 155 mph) with Phoenix demonstrator, underlining Lilium’s confidence in the flight physics and performance of the type-conforming aircraft due to start production later this year.
- Continued successful execution of Lilium’s commercial strategy with first pre-delivery payments from eVolare and additional new customers including ifly (Greece) bringing the total order pipeline to 640 Lilium Jets.
- Significant battery advancements with game-changing performance and cycle life confirmed by a third-party independent laboratory and a cell production line in place at Customcells, aligning towards rigorous aerospace standards.
- Remained on track for type-certification, with submission of Certification Plans covering
100% of EASA’s aircraft airworthiness requirements (up from approximately80% in December 2022); successfully completed third EASA DOA audit. - Signed key agreements with world-class aerospace suppliers including Collins Aerospace and GKN Aerospace and began ramping up collaboration with existing suppliers, including layup molds being built by Aciturri for type-conforming composite fuselage.
- Year-end 2022 liquidity at
€206 million ; active and constructive discussions on follow-up funding in progress.
Management Commentary
Lilium CEO Klaus Roewe commented:
“We are proud to share our progress in advancing the development of our Lilium Jet. Our team has achieved important milestones, which reinforce our conviction that we will deliver a truly differentiated jet engine-powered eVTOL aircraft.
“Building on the successes of 2022, we anticipate yet another transformational year for Lilium in 2023. Our leadership team, with its deep expertise in certifying aircraft, plans to complete and freeze the final design of our type-conforming aircraft. We are also in active discussions to secure additional funding and are very encouraged by the interest from potential investors and partners.”
Lilium contact information for Media:
Meredith Bell, Vice President, External Communications
+41 79 432 57 79
press@lilium.com
Contact Information for Investors:
Folke Rauscher, Head of Investor Relations
investors@lilium.com
About Lilium
Lilium (NASDAQ: LILM) is creating a sustainable and accessible mode of high-speed, regional transportation for people and goods. Using the Lilium Jet, an all-electric vertical take-off and landing jet, offering leading capacity, low noise and high performance with zero operating emissions, Lilium is accelerating the decarbonization of air travel. Working with aerospace, technology and infrastructure leaders, and with planned launch networks announced in Germany, the United States and Brazil, Lilium’s 800+ strong team includes approximately 450 aerospace engineers and a leadership team responsible for delivering some of the most successful aircraft in aviation history. Founded in 2015, Lilium’s headquarters and manufacturing facilities are in Munich, Germany, with teams based across Europe and the U.S. To learn more, visit www.lilium.com.
Lilium Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding Lilium’s proposed business and business model, the markets and industry in which Lilium N.V. and its subsidiaries (collectively, the “Lilium Group”) operate or intend to operate, the anticipated timing of the commercialization and launch of the Lilium Group’s business in phases, our ability to successfully patent our intellectual property and the future performance of our innovations and the expected results of the Lilium Group’s business and business model, including when launched in phases. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Such statements are based on management’s belief or interpretation of information currently available. Forward-looking statements are predictions, projections and other statements about future events that are based on management’s current expectations with respect to future events and are based on assumptions and subject to significant risk and uncertainties and subject to change at any time. The Lilium Group operates and will continue to operate in a rapidly changing emerging industry. New risks emerge daily. Given these risks and uncertainties, you should not rely on or place undue reliance on these forward-looking statements, including any statements regarding when or whether any strategic collaboration between the Lilium Group and the respective collaborator will be effected, the number, price or timing of any Lilium Jets to be sold (or if any such Lilium Jets will be sold at all), the price to be paid therefor and the timing of launch or manner in which any proposed eVTOL network or anticipated commercial activities will operate, the Lilium Group’s business and product development strategies or certification program, or the Lilium Group’s funding requirements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to, the following risks: (i) the Lilium Group’s future funding requirements and any inability to raise necessary capital on favorable terms (if at all); (ii) the eVTOL market may not continue to develop, or eVTOL aircraft may not be adopted by the transportation market; (iii) the Lilium Jet may not be certified by transportation and aviation authorities, including EASA or the FAA; (iv) the Lilium Jet may not deliver the expected reduction in operating costs or time savings that the Lilium Group anticipates; (v) adverse developments regarding the perceived safety and positive perception of the Lilium Jets, the convenience of expected future Vertiports and the Lilium Group’s ability to effectively market and sell regional air mobility services and aircraft; (vi) challenges in developing, certifying, manufacturing and launching the Lilium Group’s services in a new industry (urban and regional air transportation services); (vii) a delay in or failure to launch commercial services as anticipated; (viii) the RAM market for eVTOL passenger and goods transport does not exist, whether and how it develops is based on assumptions, and the RAM market may not achieve the growth potential the Lilium Group’s management expects or may grow more slowly than expected; (ix) if the Lilium Group is unable to adequately control the costs associated with pre-launch operations and/or its costs when operations are commenced (if ever); (x) difficulties in managing growth and commercializing operations; (xi) failure to commercialize the Lilium Group’s strategic plans; (xii) any delay in completing testing and certification, and any design changes that may be required to be implemented in order to receive type certification for the Lilium Jet; (xiii) any delays in the development, certification, manufacture and commercialization of the Lilium Jets and related technology, such as battery technology or electric motors; (xiv) any failure of the Lilium Jets to perform as expected or an inability to market and sell the Lilium Jets; (xvi) any failure to manage coordination with vendors and suppliers to achieve serial production of complex software, battery technology and other technology systems still in development; (xvii) reliance on third-party suppliers for the provision and development of key emerging technologies, components and materials used in the Lilium Jet, such as the lithium-ion batteries that will power the jets, a significant number of which may be single or limited source suppliers, and the related risk that any of these prospective suppliers or strategic partners may choose to not do business with the Lilium Group at all, or may insist on terms that are commercially disadvantageous, and as a result the Lilium Group may have significant difficulty procuring and producing the jets; (xviii) if any of the Lilium Group’s suppliers become financially distressed or go bankrupt, the Lilium Group may be required to provide substantial financial support or take other measures to ensure supplies of components or materials, which could increase costs, adversely affect liquidity and/or cause production disruptions; (xix) third-party air carriers are expected to operate Lilium network services in the U.S., Europe, the Kingdom of Saudi Arabia, the United Kingdom and Brazil, among other countries, using the Lilium Jets, and these third parties, as well as the Lilium Group, are subject to substantial regulation and complex laws, and unfavorable changes to, or the third-party air carriers’ or the Lilium Group’s failure to comply with, these regulations and/or laws could substantially harm the Lilium Group’s business and operating results; (xx) any inability to operate the Lilium network services after commercial launch at the anticipated flight rate, on the anticipated routes or with the anticipated Vertiports could adversely impact the Lilium Group’s business, financial condition and results of operations; (xxi) potential customers may not generally accept the RAM industry or the Lilium Group’s passenger or goods transport services; (xxii) any adverse publicity stemming from any incident involving the Lilium Group or its competitors, or an incident involving any air travel service or unmanned flight based on autonomous technology; (xxiii) if competitors obtain certification and commercialize their eVTOL vehicles before the Lilium Group; (xxiv) business disruptions and other risks arising from the COVID-19 pandemic and geopolitical events, including the war in Ukraine, and including related inflationary pressures, may impact the Lilium Group’s ability to successfully contract with its supply chain and have adverse impacts on its anticipated costs and commercialization timeline; and/or (xxv) the Lilium Group’s inability to deliver Lilium Jets with the specifications and on the timelines anticipated in any non-binding memorandums of understanding or binding contractual agreements with customers or suppliers the Lilium Group has entered into or may enter into in the future. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. You are cautioned not to put undue reliance on forward-looking statements, and the Lilium Group assumes no obligation to, and does not intend to, update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. The Lilium Group is not giving you any assurance that it will achieve its expectations. A further list and description of risks, uncertainties and other matters can be found in the section titled “Risk Factors” in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 20-F for the year ended December 31, 2022 (the “2022 Form 20-F”) once filed with the SEC, all of which are or will be available at www.sec.gov. These forward-looking statements should be evaluated together with additional information about the Lilium Group’s business, markets, conditions and other uncertainties addressed in our filings with the SEC, including the 2022 Annual Report once available. All forward-looking statements attributable to the Lilium Group or any person acting on its behalf are expressly qualified in their entirety by this cautionary statement.
FAQ
What are the key milestones reported by Lilium in 2022?
How many Lilium Jets are in the order pipeline?
What is Lilium's financial status at the end of 2022?
What are Lilium's plans for type-certification?
What does Lilium expect for 2023?
