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 Q2 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.

Recent Accomplishments

• Arranged upsized $192 million capital raise supported by leading German technology investors enabling Lilium to continue the development of its Lilium Jet at full pace.
• Successfully conducted final Design Organization Approval (DOA) audit by EASA, remaining on track to achieve DOA by end of year.
• Received FAA G-1 certification basis for the Lilium Jet, making Lilium the only eVTOL manufacturer with an EASA and FAA certification basis for a powered lift eVTOL aircraft. 
• Entered important China market via partnership with the Bao’an District of Shenzhen municipality and preliminary agreement with Heli-Eastern for 100 Lilium Jets.
• Significant progress achieved on type-conforming aircraft development, including conclusion of wind tunnel test campaign, testing of the first prototype DENSO e-motor on a Lilium test rig and completion of first primary aircraft structures and composite parts.
• Q2 adjusted cash spend within budget thanks to company efficiencies and prioritization of key program milestones.

Management Commentary

Lilium CEO Klaus Roewe commented:

“The enormously positive response to our Lilium Jet cabin at the Paris Air Show in June highlighted our confidence in our go to market strategy and developing the eVTOL that customers demand.  We are pleased to have continued in Q2 to meet all key development and certification milestones for the targeted first manned flight of our type-conforming Lilium Jet in late 2024.”