Lilium Says eVTOL on Track for Certification

German aircraft company’s Q3 update includes new round of fundraising.

Jonathan Welsh

Tuesday, December 06, 2022 at 06:20 PM ET

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The Lilium Jet's design constrasts sharply with those of many competing eVTOLs. [Courtesy: Lilium]

Key Takeaways:

Lilium N.V. reported a Q3 spending increase to $72.2 million, aligning with its budget, as it progresses towards the certification and production of its Lilium Jet eVTOL aircraft.
The company secured significant new orders in Q3, including an agreement with Saudia for up to 100 aircraft, bringing its total firm and non-binding orders to 603 jets.
Lilium successfully completed a $119 million fundraising round and reported significant progress towards type certification, with its demonstrator aircraft achieving a new top speed of 120 knots.

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Lilium N.V. (Nasdaq: LILM), the Munich, Germany-based eVTOL developer, said it spent a total of about $72.2 million during the third quarter compared with $69.5 million during the previous quarter. The company said the increase reflects a “ramp-up in one-time supplier payments” and that its results are in line with its budget of $261.6 million for the year.

In its third-quarter business update the company highlighted a number of transactions and events that have helped support its plans for certification and production of its Lilium Jet vehicle. These efforts include deposits on aircraft orders from customers, advance sales of its Pioneer Edition aircraft and a significant round of fundraising.