Lilium N.v. · OTC:LILMF
Lilium — SPAC Merger (March 2021)
53 slides from Lilium's SPAC merger presentation, Mar 30, 2021
Slide 1: Management Presentation
Investor Presentation — March 2021 Management Presentation
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
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
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
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
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
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
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
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.
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.
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
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
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
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.
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 (
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.
Slide 17: Hie
Hie I). ot! bath Ul U | U i) i
Slide 18: Business jet format, convenience of a car
Business jet format, convenience of a car
Slide 19: Revolutionizing logistics
Revolutionizing logistics 6m3 or ~210ft3 of cargo 200X Source: Management estimates.
Slide 20: Revolutionary Technology
Revolutionary Just beauty pic of ducted fan on wing – zoomed in. Technology
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
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.
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
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.
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
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
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
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
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
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
Slide 31: Certification & Manufacturing
Certification & Manufacturing
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
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
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
Slide 35: The Business Model
The Business Model Vertiport plans with Ferrovial for Florida
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
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
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.
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
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
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
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
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
Slide 44: Global Opportunity
Global Opportunity Launch Launch Source: Lilium Business Model. Note: Certification in process, not yet obtained.
Slide 45: Lufthansa Aviation will train our pilots
Markus — Lilium Test Pilot Lufthansa Aviation will train our pilots Source: Signed agreement with Lufthansa.
Slide 46: Financial & Transaction Overview
Financial & Transaction Overview
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
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.
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
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
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
Slide 52: Thank You
Thank You
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