Lilium N.V.

Lilium reported cash and cash equivalents of EUR102 million, or $110 million, at the end of Q1 2024, excluding the latest fundraise. Adjusted cash spend in Q1 was EUR94.7 million. The company expects first-half 2024 adjusted cash spend of EUR185 million to EUR195 million, implying about EUR100 million in Q2, and said second-half spend will be slightly higher than the first-half. On funding, management said it completed a $114 million gross proceeds capital raise, expects around EUR100 million from a German state-guaranteed loan process after diligence, and estimates overall French government-backed funding support of around EUR200 million over several years. No revenue, EPS, or gross margin figures were reported on this call.

Klaus Roewe framed the quarter around product and program execution, arguing Lilium stands out on range, cabin size, safety, and its regional air mobility focus. He emphasized continued progress toward first piloted flight, saying the company is advancing production, battery manufacturing, testing infrastructure, and certification work in parallel. His tone was upbeat and confident, especially on customer interest, government support, and the claim that the company is building a differentiated platform for commercial aviation.

Johan Malmqvist focused on capital formation and liquidity. He highlighted the $114 million gross proceeds raise, the expected EUR100 million German financing path, and the potential EUR200 million French government-backed loan support, saying these sources create a liquidity roadmap for first piloted flight. On cash, he said Q1 adjusted cash spend was EUR94.7 million, first-half spend is expected at EUR185 million to EUR195 million, and second-half spend should be slightly higher as supply chain receipts increase.

Analysts focused on the implied economics and funding cadence. On the $3 per passenger mile figure, management said it is based on standard aerospace-style direct operating costs plus indirect costs such as depreciation and airline SG&A, divided by flying hours and passenger kilometers. On pre-delivery payments, management said they follow industry-standard milestones, with meaningful PDPs expected before delivery and the industry average being slightly above 50% of aircraft cost paid before delivery. Questions also centered on government funding timing and political risk in France; management said BPI eligibility was confirmed, timing is not being speculated on, and they have not received adverse feedback despite the snap-election environment.