Lilium N.v. · OTC:LILMF
Lilium — Investor Day (August 2021)
78 slides from Lilium's investor day presentation, Aug 2, 2021
Slide 1: Capital Markets Day Presentation
Capital Markets Day Presentation 02 August 2021
Slide 2: Legal disclaimer
Legal disclaimer In connection with the proposed business combination and related transactions (the “Proposed Transaction”), among Lilium GmbH (“Lilium” or the “Company”), Qell Acquisition Corp. (“Qell”), Queen Cayman Merger LCC, and Lilium B.V. (which will convert into Lilium N.V., a public company
Slide 3: Legal disclaimer (Cont'd)
Legal disclaimer (Cont’d) Use of Projections and Description of Key Partnerships This presentation contains Lilium’s projected financial information, such as revenue, cost of goods sold, gross profit, operating capital expenditures, selling, general and administrative expense, EBITDA and gross margi
Slide 4: Today's participants & agenda
Today’s participants & agenda Intro & Product Technology Program Manufacturing Commercial Plans Financials Daniel Wiegand Alastair McIntosh Yves Yemsi Dirk Gebser Alex Asseily Geoff Richardson CEO & Co-Founder CTO Chief Program Officer Chief Manufacturing Chief Strategy Officer CFO Officer Inventor
Slide 5: Anticipated sale of 220 aircraft with projected $1BN deal value
Announced: Azul has the largest airline network in Brazil Anticipated sale of 220 aircraft Founded by David Neeleman – founder of: with projected $1BN deal value Source: Azul. Press release. Note: Azul and Lilium have entered into a preliminary binding agreement contemplating a strategic alliance an
Slide 6: Strategic Alliance with Azul
Slide 7: Battery industrialization and capacity secured with CUSTOMCELLS through at least 2026
Battery industrialization and capacity secured with CUSTOMCELLS® through at least 2026 Porsche creates JV with CUSTOMCELLS to produce high-performance battery cells (Reuters) One of the world's leading companies in the manufacturing and industrialization of special lithium-ion battery cells Lilium C
Slide 8: 5th generation demonstrator: test campaign kicked-off
5th generation demonstrator: test campaign kicked-off Source: Lilium flight test team. Lilium Capital Markets Day Presentation 2021 8 Note: Aircraft in the image is a full scale, unmanned demonstrator and not a serial production aircraft.
Slide 9: New stellar board members from High-Tech and Aerospace
New stellar board members from High-Tech and Aerospace Tom Enders Gabrielle Toledano Henri Courpron Chairman1 COO Keystone Strategy CEO, Airbus SE (2012-2019) CHRO: Tesla, Electronic Arts, Siebel President and CEO of Airbus, North America Previous CEO, Airbus Commercial Aircraft Division CEO Interna
Slide 10: News since June and timing update
News since June and timing update Qell is in the process of filing its 3rd amendment to the F4 and targets shareholder vote in Procurement of Analytics for testing Airline operations for Major vertiport hub early September avionics, and supply chain Europe flight control & PIPE control tower Investo
Slide 11: Product
Product Daniel Wiegand CEO & Co-Founder Inventor of Lilium aircraft architecture and propulsion expert Lilium Capital Markets Day Presentation 2021 11
Slide 12: Building radically better ways of moving
Building radically better ways of moving A revolution in sustainable high speed regional air mobility Lilium Capital Markets Day Presentation 2021 12
Slide 13: Substantial time savings for short-distance and regional trips
Substantial time savings for short-distance and regional trips Boston ~1h 15 minutes ~$300 per passenger ~2hrs+ time savings ~40 minutes ~$200 per passenger Montauk ~ 2hrs time savings New York JFK Airport ~5 minutes ~$65 per passenger ~40min time savings
Slide 14: Substantial time savings for short-distance and regional trips
Revolutionizing Substantial timeregional savingshigh-speed transportation for short-distance and regional trips ~45 minutes ~$200 per passenger ~2hrs time savings Palm Beach Fort Myers ~20 minutes ~$150 per passenger ~1hr time savings Miami
Slide 15: High-speed regional air network
High-speed regional air network ~100x cheaper ~10x faster to deploy vs. ground transport infrastructure
Slide 16: Product performance: market-leading electric vertical takeoff and landing jet
Product performance: ~155 mi range Access to short- and long distance routes Market-leading Spacious cabin Differentiated customer experience electric vertical 175 mph 5X faster than average car journey takeoff and landing jet 7-Seater leading payload Passenger and cargo use cases Fully electric Zer
Slide 17: Lilium: market-leading passenger experience & safety
Lilium: market-leading passenger experience & safety - Business jet cabin – familiar, spacious - Lower vibration – smooth, pleasant ride - Ultra redundancy - safer - 6 passenger seats – pass savings to - Fan blade loss containment - safer customers - Fully electric – zero emissions
Slide 18: Unmatched customer experience
Unmatched customer experience
Slide 19: Accelerating parcel delivery times - sustainably
Accelerating parcel delivery times - sustainably - 175 mph - covers ~25 times larger area than truck - Connect inaccessible regions, flexibly - Low noise - easier access to urban warehouses - Ultra redundancy – safer for cities and cargo - Large cabin: 6m^3 (210 ft^3) - Highest eVTOL cargo payload
Slide 20: Making same day delivery a 'new normal' in remote logistics scenarios
Making same day delivery a ‘new normal’ even in geographically remote logistics scenarios ~35 minutes – even to remote areas ~2 days faster than ferry shipping ~50% lower price vs. existing air delivery Hyper-local delivery points Honolulu Shipping Center Kahului Hawaiian Islands
Slide 21: What people care about according to the regulators
What people care about according to the regulators Customer needs are aligned with Lilium’s strengths
Slide 22: Lilium aims to take sustainable mobility to the next level
Lilium aims to take sustainable mobility to the next level End-to-end CO2 footprint including emissions from operations, production and infrastructure Passenger Jets Gasoline Cars Electric Cars Trains Lilium CO2/pkm: CO2/pkm: CO2/pkm: CO2/pkm: CO2/pkm: 189g 142g 31g 18g 13g
Slide 23: Decarbonization of transportation is inevitable
Decarbonization of transportation is inevitable Transportation contributes 27- 29% of US and EU GHG emissions: Lilium CO2 reduction potential by 2030: ~3,000,000 tons CO2 p.a. Source: International Energy Agency. Umweltbundesamt. Carbon Brief. European Parliament Research. BloombergNEF. US EPA. Lili
Slide 24: Our team has built and shipped successful & complex aircraft
Our team has built and shipped successful & complex aircraft Board Engineering Program & Certification Manufacturing Tom Enders Alastair McIntosh Brian Phillipson Luigi Moretti Yves Yemsi Bhavesh Mandalia Dirk Gebser 1 Chairman & Investor Chief Technology Deputy Chief Chief Engineer Chief Program He
Slide 25: Technology
Technology Alastair McIntosh Chief Technology Officer Formerly MD and Chief Engineer of Airbus A350 and Gulfstream G650 jet engines Lilium Capital Markets Day Presentation 2021 25
Slide 26: Slide 26
Slide 27: Ducted Electric Vectored Thrust (DEVT)
Ducted Electric Vectored Thrust (DEVT) Lilium’s proprietary propulsion technology drives major advantages over open propeller eVTOL • Lower noise, lower vibration (smoother ride) • Safer (blade loss containment) • Larger aircraft with more payload • Scalable (higher revenue potential per jet)
Slide 28: Ducted fans need >10X less propulsion area than open propellers
Ducted fans need >10X less propulsion area than open propellers for the same aircraft Open propeller (Competitors) Ducted Fan (Lilium) Same thrust >10X smaller footprint
Slide 29: Future Proof: Designed to be scalable in same footprint
Future Proof: Designed to be scalable in same footprint Expected Entry Into Service Future Lilium 7-Seater Lilium 16-Seater 1.5x larger1 3.75x larger1 Hypothetical Open propeller Open propeller 16-Seater competitor 5-Seater competitor Only scales with larger wingspan or higher noise 15m
Slide 30: Designed for highest safety standards
36 engines: safe landing Designed for highest even after multiple engine loss safety standards Crumple zones to protect passengers Ducts contain blade loss - 1 x 10-9 failure probability, like Airbus A350 - Redundancy - No single point of failure - Dissimilar and redundant computers 72 battery modul
Slide 31: Lilium mission is regional transport – not to hover
Lilium mission is regional transport – not to hover Lilium ~2X higher power Power demand over consumption typical flight profile in hover than open propeller configuration Hover is only ~30 seconds, so energy use only ~5% more vs. open propeller per mission
Slide 32: Low noise allows regular landings near communities
Low noise allows regular landings near communities Open propeller eVTOL Helicopter Measured Lilium Jet competitors ~60 dBA Due to noise ~60 dBA at ~60 dBA 100m projected at 220m projected at 1km impact… “out of (vs. ~52 dBA of Lilium at 220 m) 40 helipads only 1 is active in San Francisco” 60dBA is
Slide 33: Status today
Status today Lilium Capital Markets Day Presentation 2021 33
Slide 34: Note: Note: Aircraft Aircraft in in the
Note: Note:Aircraft Aircraftininthe thevideo videoisisaafull fullscale, scale,unmanned unmanneddemonstrator demonstratorand andnot notaaserial serialproduction productionaircraft. aircraft.
Slide 35: Aerodynamic testing
Aerodynamic testing Lilium Capital Markets Day Presentation 2021 35
Slide 36: Acoustic testing
Acoustic testing Lilium Capital Markets Day Presentation 2021 36
Slide 37: Comprehensive testing capability for rapid technology development
Comprehensive testing capability for rapid technology development and program acceleration k
Slide 38: Program & Supply Chain
Program & Supply Chain Yves Yemsi Chief Program Officer Formerly SVP Procurement & Supply Chain, VP Program Quality A350 A320 A380 Lilium Capital Markets Day Presentation Lilium Analyst Presentation 2021 2021 38
Slide 39: We are progressing well in the concurrent type certification processes
We are progressing well in the concurrent type certification processes 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Today Aircraft Concept Start Certification Start Serial Production Flight Test & Global Market Design Access & Technology Validation Process Aircraft Program & Ground Certificatio
Slide 40: With CRI-A01 certification basis, we have defined a clear roadmap
With the reception of the CRI-A01 certification basis, we have defined a clear roadmap until Type Certification Importance of certification basis Aircraft Certification Means of Compliance Type Type technical basis Compliance Demonstration Certification Certification - Definition of set familiarizat
Slide 41: Tier 1 aerospace suppliers to deliver key sub-systems
Tier 1 aerospace suppliers to deliver key sub-systems to help accelerate the delivery & scaling of the Lilium Jet Selected examples: Wings, Fuselage and Avionics and Flight Battery cell Composites Structures Control System manufacturing Source: Aciturri. Honeywell. Toray. CUSTOMCELLS®. Lilium Capita
Slide 42: Battery strategy
Battery strategy Requirements Lilium progress Full thermal runaway containment in 5th generation flying Safety demonstrator Cell technology for Entry into Service Silicon-anode lithium-ion pouch technology secured exclusively: — High energy density — >330 Wh/kg, enabling ~155mi range — High power de
Slide 43: Partnership with CUSTOMCELLS to manufacture cell technology at scale
Partnership with CUSTOMCELLS® to manufacture cell technology at scale — > 10 years of experience in manufacturing high performance battery cells for automotive and aviation applications — Manufacturing silicon anode cells for Porsche AG (via Joint Venture) — State-of-the-art research and production
Slide 44: Working with Palantir on our enterprise operating system
We are working with Palantir to help develop our enterprise operating system Enterprise Operating System Optimized testing Flight Operations Developer of a leading software for data driven decisions Acceleration of supply chain and Predictive production maintenance Now Future
Slide 45: Slide 45
Slide 46: Points of attention
Points of attention Points of Airworthiness Supplier capabilities & Post-Covid supply chain Quality conformity to Manufacturing rigor attention requirements delivery performance inflation & disruption aerospace standards and agility Authority involvement since Collaboration with tier 1 suppliers sin
Slide 47: Manufacturing
Manufacturing Dirk Gebser Chief Manufacturing Officer Formerly VP Assembly for Airbus A320 & A380 A320 A380 Lilium Capital Markets Day Presentation 2021 47
Slide 48: Manufacturing Strategy: Phased approach to achieve quality & scale
Manufacturing Strategy: Phased approach to achieve quality & scale 2021 – 2023: 2023 – 2025: 2026 +: Prototyping and Type Certification Initial production near engineering Start of global production with 3rd parties — Core factory capability for initial series — In-house factory for capacity of 400
Slide 49: Prototype manufacturing facility in place at HQ in Munich
100,000 ft2 prototype manufacturing facility in place at HQ in Munich ~150 production engineers and technicians with 2000+ years of automotive/ aerospace experience Fast prototyping capabilities for 80 core processes in-house: machine shop, metrology lab, 3D-print, and 130 fast make suppliers Source
Slide 50: Commercial Plans
Commercial Plans Alex Asseily Chief Strategy Officer Founder of Jawbone, Founder of Elvie, CEO of Zulu Group Lilium Capital Markets Day Presentation 2021 50
Slide 51: Lilium is positioned to win along three dimensions
Lilium is positioned to win along three dimensions Product performance Proprietary technology Business traction - Market-leading payload (people & cargo) - Very low noise and vibration - Best projected eVTOL unit economics - Unmatched customer experience - Safer and more redundancy - Up to $1BN in c
Slide 52: Concurrent certification and commercial ecosystem would enable global access
Concurrent certification and commercial ecosystem would enable global access
Slide 53: Absorbing shares from traditional passenger transportation modes
Absorbing shares from traditional passenger transportation modes through speed and accessibility Moving people markets, 2020 eVTOL passenger TAM, 2040 - Slow ~$500BN $3TN - High CO2 emissions - Low accessibility $0.5TN - Limited time savings on regional routes - High CO2 emissions - Inconvenient $0.
Slide 54: Revolutionizing the middle-mile cargo segment
Revolutionizing the middle-mile cargo segment through high-speed, 360-degree delivery Logistics megatrends Moving things markets, 2020 eVTOL cargo TAM, 2040 - Limited 24hr. Delivery $4.5TN - High CO2 emissions ~$500BN 50% of customers willing to pay - Limited by geography for same-day delivery - Lon
Slide 55: We will access two complementary business lines
We will access two complementary business lines Lilium Network (B2C) Turnkey Enterprise Sales (B2B) Selling tickets on Lilium’s own Selling fleets of aircraft with arranged service & maintenance support passenger networks operated by to corporates & governments certificated air carriers
Slide 56: Florida is highly appealing to launch our service
Florida is highly appealing to launch our service Large TAM potential Welcoming Existing Market Good weather Limited public political aerospace potential transport & environment infrastructure validated by high - 4th largest US GDP partners congestion - ~130M tourists p.a. - Most cities can be conne
Slide 57: Vertiport network planned for Florida launch
Vertiport network planned for Florida launch ` Daytona ~$200m of commitments ` 10 sites incl. international airports planned in Florida exclusive to Lilium Orlando Responsibilities - Secure sites Melbourne Tampa — Leading transport - Construction St. Petersburg infrastructure - Permitting developer
Slide 58: Germany launch network being secured through strong commercial relationships
Germany launch network being secured through strong commercial relationships Bielefeld Kassel Düsseldorf Cologne Frankfurt Luxembourg Nuremberg Jets expected to be deployed ~190 Stuttgart Ingolstadt Potential revenue p.a. ~$900M Munich Airport Munich Basel Salzburg Zürich
Slide 59: Targeting highly attractive Brazilian market
Targeting highly attractive Brazilian market Well established helicopter and São Paulo has world’s largest Poor road infrastructure business aviation market is low helicopter fleet – Brazil has world’s hanging fruit 2nd largest fleet of business aircraft Source: World Economic Forum. Aviationpros. L
Slide 60: Anticipated sale of 220 aircraft with projected $1BN deal value
Announced: Azul has the largest airline network in Brazil Anticipated sale of 220 aircraft Founded by David Neeleman – founder of: with projected $1BN deal value Source: Azul. Press release. Note: Azul and Lilium have entered into a preliminary binding agreement contemplating a strategic alliance an
Slide 61: Planning to leverage Azul's local ecosystem to scale eVTOL service in Brazil
Planning to leverage Azul’s local ecosystem and market access to scale eVTOL service in Brazil - Operate Lilium Jet network in Brazil - Anticipated sale of 220 Lilium Jets - Maintenance and crewing - Aftermarket services - Marketing and commercialization - Support launch of operations - Support with
Slide 62: ~4x lower operating costs vs helicopter
~4x lower operating costs vs helicopter São José dos Campos Faria Lima Operating Costs CO2 Distance Flight time ($ / passenger) (kg / passenger) Helicopter ~$400 ~50 kg ~60 miles ~25 min Lilium ~$100 ~1 kg ~4x lower ~ 50x lower cost CO2 emissions
Slide 63: Brazil network plan developed through joint market assessment
Brazil network plan developed through joint market assessment Target to deploy 220 aircraft from 2025 onwards Macaé Campinas Angra dos Reis Rio de Janeiro São José Viracopos dos Campos Fazenda Boa Vista Sorocaba São Paulo Ilhabela Riviera de São Lourenço Range within hour
Slide 64: Financials
Financials Geoff Richardson Chief Financial Officer Former CFO of Cruise, oversaw $7BN+ of Capital into Cruise Lilium Capital Markets Day Presentation 2021 64
Slide 65: In 2026, a single jet is expected to generate ~$5M revenue
In 2026, a single jet is expected to generate ~ $5M revenue Operational parameters Monetization ~25 ~60 miles 4.5 out of 6 Flights per day per jet Average trip distance Passenger seats filled ~ $15,000 ~10 hrs 10% Daily revenue per jet ~ $2.25 Daily hours spent in flight Annual downtime for maintena
Slide 66: Attractive pricing for the customer
Attractive pricing for the customer In $ per passenger mile Pricing power sensitivity Assuming 4.5 passengers per flight Price per passenger mile Margin Payback (years) ~$1.75 2.25 $/mi ~25% ~2.0 ~$2.25 ~25% 2.50 $/mi ~32.5% ~1.8 ~$0.50 Price Fully loaded cost Margin 2.75 $/mi ~40% ~1.6 Per passenge
Slide 67: 50% of cost base is independent of aircraft size
50% of cost base is independent of aircraft size In $ per passenger mile Key stats Assuming 4.5 passengers per flight Battery replacements: $0.4 Infrastructure Every ~4 months $0.3 Pilots $0.1 Data cost, AOC / Air Traffic Fees $1.75 Pilots per jet p.a.: $0.2 Maintenance & Spares 4.5 $0.2 Tax $0.1 De
Slide 68: Cost of aircraft
Cost of aircraft Assembly ~5% Energy systems ~10% Avionics and Flight Controls Propulsion system ~20% ~40% Structure and Interiors ~25% Jet unit cost $2.0M $2.5M $3.0M $3.5M Payback (years) ~1.5 ~2.0 ~2.5 ~3.0 Lilium Capital Markets Day Presentation 2021 68
Slide 69: More seats provide greater pricing power
More seats provide greater pricing power Passenger seats filled Price per passenger mile Margin Base scenario 4.5 out of 6 ~ $2.25 ~25% Sensitivity of margin on load 6 out of 6 ~ $2.25 ~40% factor and pricing 3 out of 6 ~ $3.00 ~25%
Slide 70: Enterprise sales de-risk the business through immediate payback of the jet
Enterprise sales de-risk the business through immediate payback of the jet and revenue predictability Replacement parts and aircraft servicing Upfront payment ~ $4M Aftermarket support (per annum) ~ $1M Software tools for safe and Jet payback period immediate efficient operations incl. aircraft heal
Slide 71: Financial profile
Financial profile $M 2021B 2022E 2023E 2024E 2025E 2026E 2027E Production volume (50%-50% allocation) 90 325 600 950 Profit & Loss items People Network - - - 29 496 1,709 3,214 Turnkey Enterprise Solution - - - 217 818 1,597 2,653 Total Revenue5 - - - 246 1,314 3,306 5,867 % Growth nm 435% 152% 77%
Slide 72: Major strategic milestone targets
Major strategic milestone targets — Aircraft architecture and sub-systems designed according to requirements Preliminary Design Phase — Key suppliers selected — Industrial roadmap established — Detail Design phase completed Critical Design Phase — Start of production of conforming components & syste
Slide 73: Long term success drivers
Long term success drivers Aircraft scalability China opportunity Data ecosystem Automated airspace management and vehicle autonomy1 — Projected to achieve cost — Potential to be largest eVTOL — Faster development — Lilium believes that the digitization < $1 per passenger mile market of airspace mana
Slide 74: This transaction is intended to fund the launch of commercial operations
This transaction is intended to fund to launch of commercial operations Go-to-market Round timing and size ~$100M, 12.5% - Raising ~$830M of total gross proceeds ($450M in PIPE Investments, and may have access to up to ~$380M currently held in Qell trust - subject to Qell investors' right of redempt
Slide 75: Our ecosystem will facilitate and accelerate product delivery and scaling
Our ecosystem will facilitate and accelerate our product delivery, commercialization, and scaling Commercial Tier 1 suppliers Global investors 1 1 1 1
Slide 76: Lilium's key investment highlights
Lilium’s key investment highlights DEVT Proprietary Worldwide market Team that has shipped Certified Tier 1 Regional model for Technology access commercial aircraft aerospace suppliers people & cargo Scalable, safe, EASA & FAA with Deep experience in De-risks execution for Launch plans in place, low
Slide 77: Thank You
Thank You aaaaaaaaaaaa 383358
Slide 78: Note on projections and estimates
Note on projections and estimates Management’s projections and estimates in this presentation are based, among other things, on various assumptions made and expectations anticipated by Lilium’s management, including the following: - For Lilium’s Turnkey Enterprise solution (B2B) service, each contra