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.
“The first firm order and the strong market response to our Lilium Pioneer Edition are significant achievements for Lilium this quarter,” said Lilium CEO Klaus Roewe. “Having successfully completed the latest fundraise, our teams are now fully focused on achieving the development and certification of the Lilium Jet and building our manufacturing and supply chain capabilities. We are confident we have the right technology and the right team to bring this transformational product to market,” Roewe said.
Among the third-quarter highlights were Lilium’s agreement with the airline Saudia, which said it intends to buy up to 100 aircraft, and a deal with the United Kingdom company eVolare, a unit of Volare Aviation, an operator of helicopters and private jets. Together with previous orders, the two recent announcements reflect an increase in total orders to 603, Lilium said.
Lilium said a fundraising round from existing shareholders, new investors and strategic partners totaled $119 million, and that it is making “significant progress” toward type certification of its aircraft. Demonstrator aircraft continue to improve, and have recorded a new top speed of 120 knots, the company said.