Lilium N.v. · OTC:LILMF

Lilium — SPAC Merger (March 2021)

53 slides from Lilium's SPAC merger presentation, Mar 30, 2021

  1. Slide 1: Management Presentation

    Investor Presentation — March 2021 Management Presentation

  2. Slide 2: Disclaimer

    Disclaimer This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Lilium GmbH (“Lilium” or the “Company”), Qell Acquisition Corp. (“Qell”) and the holding

  3. Slide 3: Disclaimer (Cont'd)

    Disclaimer (Cont’d) Financial Information; Non-IFRS Financial Measures The financial information and data contained in this presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differen

  4. Slide 4: Lilium and Qell proposed business combination summary

    Lilium and Qell proposed business combination summary Transaction • Lilium GmbH to combine with Qell Acquisition Corp. (“Qell”), a publicly listed Special Purpose Acquisition Company structure (“SPAC”) with ~$380M cash currently held in trust • The transaction is expected to close in Q2 2021 • It is

  5. Slide 5: Lilium & Qell overview

    Lilium & Qell overview Lilium Team Qell Target Industries Daniel Wiegand Geoff Richardson Chief Executive Officer Chief Financial Officer • Transportation • Next-Gen mobility • Sustainability industrial technology Alex Asseily Yves Yemsi Chief Strategy Officer Chief Program Officer Investment Thesis

  6. Slide 6: Unique eVTOL technology proven over generations of demonstrators

    Unique eVTOL technology proven over 4 generations of technology demonstrator aircraft. World–class leadership. World–class investors & partners. HQ Munich. 600+ employees. Dirk Gebser Patrick Nathen Sam Gabbita Alastair McIntosh Yves Yemsi Sebastian Born Daniel Wiegand Matthias Meiner Barry Engle To

  7. Slide 7: Positioned to be the global leader in regional electric air mobility

    Positioned to be the Team Assembled over 400 engineers Technology Developed technologies Aircraft First product will be a 7-Seater with significant experience required for high capacity, low eVTOL jet projected to offer global leader in in the electric aviation industry. noise, high efficiency, elec

  8. Slide 8: Infrastructure and Training Partners, Aerospace Suppliers, Global Investors

    Infrastructure and Training Partners Tier 1 Aerospace Suppliers & Global Investors Development Partners A leading global airport operator with $27BN of assets Among the world’s top technology companies Global manufacturer of aerostructures & engine components Leading European Aviation Training provi

  9. Slide 9: Note: Advertising and US East Coast used for illustrative purposes only. Lilium is expecting

    Note: Advertising and US East Coast used for illustrative purposes only. Lilium is expecting to initially launch in Florida and Germany. Lilium pricing based on Business Plan. 7-Seater: 2026E. Time calculations based on Lilium flight time with average speed of 155 mph.

  10. Slide 10: Note: Advertising and US California used for illustrative purposes only. Lilium is expecting to

    Note: Advertising and US California used for illustrative purposes only. Lilium is expecting to initially launch in Florida and Germany. Lilium Pricing based on Business Plan. 7-Seater: 2026E. Time calculations based on Lilium flight time with average speed of 155mph.

  11. Slide 11: Lilium can revolutionize urban, suburban & regional mobility

    Norwich Albany Lilium can M id - te Boston revolutionize rm Springfield Binghamton urban, suburban & La un Poughkeepsie Providence ch Scranton Middletown New Haven regional mobility Williamsport Greenwich Montauk ~40 minutes - ~$200 New York ~2 hours time saving Pottsville Allentown JFK Airport ~5 m

  12. Slide 12: Lilium can revolutionize urban, suburban & regional mobility

    Mid-term Lilium can revolutionize urban, suburban & Chico regional mobility Reno Launch Mendocino ~30 minutes - ~$165 Lake Tahoe ~1 hour time saving Sacramento St Helena Santa Rosa Napa Stockton San Francisco Yosemite ~10 minutes - ~$90 ~45 minutes time saving Palo AltoSan Jose Santa Cruz Fresno ~40

  13. Slide 13: High-speed eVTOL network aiming to turn states into neighborhoods

    Albany High-speed eVTOL Binghamton Springfield Boston network aiming Roscoe Poughkeepsie Hartford Providence to turn states into neighborhoods Scranton New Haven Lock Haven The Hamptons Newark Airport New York Long Island Allentown Harrisburg Harrisburg Airport New Jersey 100x cheaper Lancaster Nort

  14. Slide 14: Market: moving people & things at high speed

    Market: moving people & things at high speed Moving people 2040 Moving things 2040 ~$1.0 – 2.0 Trillion ~$0.5 – 0.8 Trillion ~$1.5 – $3.0 Trillion Source: Morgan Stanley (see sources). Note: Market size refers to revenue.

  15. Slide 15: Industry-defining fully electric vertical take off & landing jet

    Industry-defining fully electric vertical take off & landing jet Best projected unit economics Best projected market access 7 seats 175 mph 155+ miles Lower noise leading payload cruise speed leading range than open propeller eVTOLs Source: Architectural performance assessment of an eVTOL aircraft (

  16. Slide 16: Lilium's technology demonstrator aircraft

    Lilium’s technology demonstrator aircraft Aircraft in the image is a full scale, unmanned demonstrator and not a serial production aircraft.

  17. Slide 17: Hie

    Hie I). ot! bath Ul U | U i) i

  18. Slide 18: Business jet format, convenience of a car

    Business jet format, convenience of a car

  19. Slide 19: Revolutionizing logistics

    Revolutionizing logistics 6m3 or ~210ft3 of cargo 200X Source: Management estimates.

  20. Slide 20: Revolutionary Technology

    Revolutionary Just beauty pic of ducted fan on wing – zoomed in. Technology

  21. Slide 21: Ducted Electric Vectored Thrust (DEVT)

    Ducted Electric Vectored Thrust (DEVT) Proprietary technology at the core of Lilium’s technology platform Major advantages over open propeller eVTOL • Lower noise, lower vibration • Larger aircraft with more payload • Scalable Source: Architectural performance assessment of an eVTOL aircraft (see so

  22. Slide 22: Chosen propulsion system has the highest market penetration

    Chosen propulsion system has the highest market penetration ~95% of commercial aircraft and business jets manufactured use ducted fans Source: GAMA, JADC, Company information (Airbus, Boeing, Bombardier, Embraer), 2009 – 2019.

  23. Slide 23: DEVT technology supports higher payload & scaling to larger aircraft

    DEVT technology supports higher payload & scaling to larger aircraft Open propeller Lilium 7-Seater Lilium 16-Seater 5-Seater competitor Space for cargo: 6m / 210ft 3 3 Space for cargo: 15m3 / 530ft3 Cannot scale 1.5x larger 3.75x larger to heavier aircraft with more payload passenger capacity and p

  24. Slide 24: 7-Seater will be an economic game changer

    7-Seater will be an economic 16-Seater game changer will take it further Note: Indicative rendering concept.

  25. Slide 25: Low noise at take-off allows access to more landing sites

    Low noise at take-off allows Lilium access to more landing sites, higher network density Inaudible during cruise from the ground Open propeller eVTOLs Lilium Jet ~60 dBA projected at ~60 dBA at 220m 100m Lilium creates 5x lower noise footprint in hover flight than open propeller eVTOLs Source: Manag

  26. Slide 26: Advanced battery cell technology secured with exclusivity for eVTOL market

    Advanced battery cell technology secured with exclusivity for the As battery cells continue to improve, eVTOL market our range will grow accordingly Strategy Projected physical • Evaluated >50 battery technology companies range in miles ~123 ~155 ~193 ~252 • Energy requirements: high energy and powe

  27. Slide 27: Energy storage system: innovative & safe

    Energy storage system: innovative & safe Battery systems are years in development: • Tested and refined over several years to meet aerospace requirements • Optimization of weight and cost through detailed structural design and material choices Safety and redundancy: • Independent battery packs will

  28. Slide 28: Accomplished leadership in aviation

    Accomplished ~400 Engineers with a combined leadership in aviation ~4,000 years of aerospace experience Daniel Wiegand Dirk Gebser Yves Yemsi CEO & Co-Founder Chief Manufacturing Officer Chief Program Officer Aerospace Engineer VP Aircraft Assembly SVP Procurement & Supply A380 & A320 Chain, VP Prog

  29. Slide 29: This team has developed & delivered some of the most successful aircraft

    This team has developed & delivered some of the most successful & complex aircraft in aviation history VP Aircraft Assembly, Airbus A320 Engines of Airbus A350 Chief Engineer SVP Aerostructure The most successful aircraft ever and Gulfstream G650 VP Supply Chain Airframe Airbus A350 Eurofighter Typh

  30. Slide 30: Global business team with entrepreneurial experience

    Global business team with entrepreneurial experience 40+ nationalities, work in English Geoff Richardson Alex Asseily Jessica Bryndza Chief Financial Officer Chief Strategy Officer Chief Marketing Officer CFO of Cruise, Founder, Jawbone Senior Marketing Leadership Oversaw $7BN+ of Founder, Elvie Cap

  31. Slide 31: Certification & Manufacturing

    Certification & Manufacturing

  32. Slide 32: Lilium has agreed certification basis with EASA and is in concurrent type certification

    Lilium has agreed certification basis with EASA and is in concurrent type certification with EASA & FAA First engagement Certification application with EASA & FAA to accepted by EASA and FAA establish inputs Regulatory framework: EASA SC VTOL publication (H2 2019) End 2020: EASA CRI-A01 received – C

  33. Slide 33: Aircraft designed for manufacturability & scale

    Aircraft designed for manufacturability & scale Only one type of e-motor 30x fewer parts than Only one type of actuator commercial airliner: <100k projected parts1 of the Lilium jet vs ~3M 2 Only one type of battery module Very few, highly repetitive components Automotive-style design for manufactur

  34. Slide 34: 100,000 ft2 prototype manufacturing facility in place at HQ in Munich

    ~130 production engineers and Aerospace quality processes are in 100,000 ft2 prototype technicians - operating systems & aircraft assembly & test place: 25 quality engineers driving aerospace approvals & assurance manufacturing facility in Fast prototyping capabilities for Major tier 1 aerospace sup

  35. Slide 35: The Business Model

    The Business Model Vertiport plans with Ferrovial for Florida

  36. Slide 36: Unique aircraft capabilities with potential to access multiple profit pools

    Unique aircraft capabilities with the potential to provide access to multiple profit pools Lilium Network (B2C) Turnkey Enterprise Solution (B2B) Passengers Governments Enterprise mobility Cargo transport Lilium-branded passenger Co-develop passenger network Provide enterprise passenger Provide mult

  37. Slide 37: Our capital-light model allows us to deliver quality & scale

    Our capital–light model allows us to deliver quality & scale in our operations Lilium Network (B2C) Turnkey Enterprise Solution (B2B) Digital Platform Network management | Flight planning | Aircraft ops | Customer app Infrastructure & Operations 3rd Parties Vertiport infrastructure | Airline operati

  38. Slide 38: Digital platform connecting customers, aircraft & ground operations

    Digital platform connecting customers, aircraft & ground operations Vertiport and charging management Aircraft data and health management Customer app Flight planning and network management Partner service integration & booking Note: Platform still under development.

  39. Slide 39: One jet can generate >$15k revenue per day

    One jet can generate >$15k revenue per day Manhattan ~20 minutes Boarding and charging Passenger miles per jet per day ~1,500 ~30 minutes flight time $170 ticket price Revenue per jet per day ~$15,000 Revenue per jet per year ~$5M Jet unit cost ~$2.5M Philadelphia ~20 minutes Boarding and charging S

  40. Slide 40: Highly attractive unit economics in complementary business models

    Highly attractive unit economics in complementary business models Lilium Network (B2C) Turnkey Enterprise Solution (B2B) Governments Enterprise mobility Cargo transport Annual revenue ~$5M Jet unit cost Upfront payment ~ $4M ~ $2.5M Annual contribution margin ~25% Annual service fee1 ~ $1M Jet payba

  41. Slide 41: ~$200M of commitments from leading partners

    Partnering with leading infrastructure Potential annual revenue of ~$1BN ~$200M of partners in Florida to build up to 14 vertiports. from Lilium Network by 2026. commitments from Engaged in negotiations with key Planned vertiports represent first 2 years of revenue growth for Lilium after leading pa

  42. Slide 42: Florida launch network planned with Ferrovial and Tavistock

    Florida launch network planned with Ferrovial ` ` Daytona Development of 14 sites by Ferrovial and Tavistock and Tavistock Orlando Melbourne Tampa St. Petersburg Sarasota Port St Lucie West Palm Beach Jets to be deployed ~125 Fort Myers Potential revenue p.a. ~$600M Naples Fort Lauderdale Miami Sour

  43. Slide 43: Proposed Germany launch network has a ~$900M+ potential run rate

    Proposed Germany launch network has a ~$900M+ Bielefeld potential run rate Kassel Düsseldorf Cologne Frankfurt Luxembourg Nuremberg Jets to be deployed ~190 Stuttgart Ingolstadt Potential revenue p.a. ~$900M Munich Airport Munich Basel Salzburg Zürich Source: Lilium business plan. Note: Planned netw

  44. Slide 44: Global Opportunity

    Global Opportunity Launch Launch Source: Lilium Business Model. Note: Certification in process, not yet obtained.

  45. Slide 45: Lufthansa Aviation will train our pilots

    Markus — Lilium Test Pilot Lufthansa Aviation will train our pilots Source: Signed agreement with Lufthansa.

  46. Slide 46: Financial & Transaction Overview

    Financial & Transaction Overview

  47. Slide 47: This transaction is intended to fund launch of commercial operations

    This transaction is intended to fund to launch of commercial operations Go-to-market ~$100M, 12.5% • Finalize German factory for serial production • Launch serial production aircraft Talent & Infrastructure • Complete Type Certification process ~$500M, 62.5% • Launch global revenue generating busine

  48. Slide 48: Diversified revenue model

    Diversified revenue model Balanced revenue streams... ...driven by strong market entry (in $BN) $5.9 ~1,000 jets in operation by 2027 People Network ~30,000 tickets sold per year per jet on average by 2027 3.2 ~600,000 miles flown per year per jet in 2027 ~$550 average revenue per flight by 2027 $3.

  49. Slide 49: Financial profile

    Financial profile $M 2024E 2025E 2026E 2027E Production volume 90 325 600 950 • Aircraft allocation flexibility between Lilium Network and Turnkey Profit & Loss items Enterprise Solution (assumed Revenue 246 1,314 3,306 5,867 50/50%) % Growth nm 435% 152% 77% • Infrastructure capex funded by EBITDA

  50. Slide 50: Enterprise value benchmarking

    Enterprise value benchmarking EV / Revenue EV Infra Shared Based on Vertical mobility Vertical mobility Electric Vehicle Market Leaders LiDAR3 & Tech1 Economy2 $2.4bn pro Current Trading At Announcement Current Trading Current Trading forma EV 4.5x 2.3x 2.6x 2.7x 2.3x 1.3x 1.3x 2.5x 1.8x 1.2x 0.7x T

  51. Slide 51: Transaction overview

    Transaction overview Illustrative sources and uses Illustrative pro forma valuation Share price $10.00 Sources $M Pro forma shares outstanding (M)1, 2, 3 332.0 SPAC cash in trust1 $380 Pro-Forma Equity value $3,320 PIPE capital $450 Existing Net debt / (cash)4 ($166) Lilium shareholders $2,444 Cash

  52. Slide 52: Thank You

    Thank You

  53. Slide 53: Sources

    Sources Page Source Link 7, 15 , 21, Architectural performance assessment of an electric vertical • n/a 23, 25, 26 take-off and landing (e-VTOL) aircraft based on a ducted vectored thrust concept, Dr. P. Nathen, 2021 7, 14 Morgan Stanley Research, Flying Cars: Investment • n/a Implications of Autono

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