Lilium N.V.(LILM) - 2022 Q4 - Annual Report

Aircraft Development and Certification - Lilium successfully completed the preliminary design review (PDR) for the Lilium Jet and achieved a cruise speed of 250 km/h (155 mph) during flight tests[3][8] - 100% of the aircraft airworthiness Certification Plans have been submitted to EASA, up from approximately 80% in December 2022[7][24] - Lilium is on track for EASA type-certification of the Lilium Jet in late 2025, with 72% of the Means of Compliance already agreed[23][24] - The first manned flight of the type-conforming aircraft is planned for the second half of 2024[10][24] - Lilium aims to secure EASA Design Organization Approval (DOA) later this year, which will enable proactive certification activities[30][31] - Key milestones expected in the coming months include raising capital, agreeing on the Full Certification Plan with EASA, and starting the final assembly of the first type-conforming aircraft[52] Financial Performance and Funding - Lilium's liquidity at the end of 2022 was €206 million, up from €160 million at the end of Q3 2022, following a capital raise of $119 million in November 2022[47] - The adjusted cash spend for the full year 2022 was approximately €250 million, in line with the budget plan[47] - For the first half of 2023, Lilium is targeting a budget of €125 million, maintaining spending levels consistent with 2022[48] - Lilium has received its first customer pre-delivery payments (PDPs) and additional government grants[49] - The company is engaged in discussions with potential new strategic investors and existing shareholders for non-dilutive funding sources[50] Technology and Supply Chain - Lilium's battery technology demonstrated 88% energy retention after 800 charging cycles, exceeding the initial target of 80%[17][22] - Approximately 78% of the total expected aircraft bill of material (BOM) cost has been selected or contracted[36][38] - The construction of Lilium's battery assembly facility is expected to be completed in the first half of 2023[20] - Lilium has secured supply agreements with key aerospace suppliers, including GKN Aerospace and Collins Aerospace, to support the development of the type-conforming aircraft[35][36] - Lilium aims to build and test its first production battery packs and receive the first carbon-composite airframes of its aircraft[52] Intellectual Property and Innovation - As of February 2023, Lilium filed a total of 80 new patent applications, an increase from 74 in November 2022, with 47 patents published[42] Operational Efficiency - The company has initiated significant cost conservation measures to address macroeconomic challenges and inflationary effects[48] - Lilium's headquarters and manufacturing facilities are located in Munich, Germany, with a team of over 800, including approximately 450 aerospace engineers[56]