ASL Group pays Lilium pre-delivery deposits as OEM reports Q1 results
ASL Group has made pre-delivery payments to Lilium as part of an order for six aircraft, as the German OEM reports first-quarter (Q1) results.
The agreement converts an earlier memorandum of understanding (MoU) between the two firm, disclosed last year during the Farnborough International Airshow. Pre-delivery payments (PDPs) are now beginning to equate to a capital stream in their own right. After the first manned flight milestone, planned for the second half of 2024, Lilium expects “substantial PDPs” will help fund its subsequent capital requirements to type-certification and production ramp-up.
Klaus Roewe, CEO of Lilium said: “The conversion of our MoU with ASL shows the strength of our continued partnership. ASL Group is a truly innovative company with a vision to provide the best services for its customers.”
The firm has also secured $100m of $250m funding announced in early May and is in advanced discussions with existing and new investors to raise the next $75m, which triggers a matching $75m investment.
Adjusted cash spend in the first quarter of 2023 was €62m, in line with the budget plan of €125m for the first half of 2023. Lilium met its budget target and timelines on the aircraft development programme, according to the firm. The adjusted cash spend included non-recurring supplier payments relating to wings, doors, fuselage, fairings and avionics supplier. At the end of March 2023, before the latest funding, Lilium’s liquidity stood at €143m.
Lilium has now agreed with EASA 78% of the Means of Compliance (MoCs) for the Lilium Jet, up from 72% since last update. The firm anticipates that EASA will formally agree the remainder of its MoCs and certification plans in the second half of 2023.