Lilium tightens belt, beats budget in 2023

Lilium reported strong financial performance in 2023, exceeding expectations in terms of cash burn and liquidity.

“2023 was a pivotal year for Lilium,” said CEO Klaus Roewe. “We transitioned from design to production of the Lilium Jet, received Design Organization Approval from EASA, and secured important partnerships with airlines and battery cell producers.”

The company raised $292m in capital while posting lower than anticipated adjusted cash spend in the second half was $165m, significantly lower than the guided $1870m.

Resultantly, the company’s year-end liquidity clocked in at higher-than-expected of $218m.

Looking forward, Lilium said it will continue its prudent approach to cash management. However, due to increased production and testing activities, the company anticipates an adjusted cash spend of $187-$198m in the first half of 2024.

Financing remains a key focus for Lilium. The company is actively engaged with existing shareholders, exploring non-dilutive investments, and expects substantial pre-delivery payments from customers following the first manned flight.