Lilium N.v. · OTC:LILMF
Lilium — SPAC Merger (June 2021)
51 slides from Lilium's SPAC merger presentation, Jun 15, 2021
Slide 1: Analyst Presentation June 2021
Analyst Presentation 15 June 2021
Slide 2: Legal disclaimer
Legal disclaimer In connection with the proposed business combination and related transactions (the “Proposed Transaction”), Lilium GmbH (“Lilium” or the “Company”), Qell Acquisition Corp. (“Qell”) and Lilium B.V. (which will convert into Lilium N.V., a public company under Dutch law, before complet
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 1. Intro & Product2. Technology3. Certification & Supply Chain 4. Manufacturing5. Business Model & Financials Q&A
Slide 5: Key updates since merger announcement
Key updates since merger announcement Procurement of avionics, flight control & PIPE Investor1 Planning to fly 5th generation demonstrator Tom Enders to become Chairman2 of Lilium Analytics for testing and supply chain control tower & PIPE Investor1 Airline operations for Europe Major vertiport hub
Slide 6: A revolution in sustainable regional transport
A revolution in sustainable regional transport
Slide 7: Real time savings & convenience drive customer value
Norwich Binghamton Albany Poughkeepsie Springfield Providence Boston Real time savings & convenience drive customer value Scranton Middletown New Haven Williamsport Pottsville Allentown Greenwich New York JFK Airport Montauk ~40 minutes - ~$200 ~2 hours time saving ~5 minutes - ~$65 ~40 minutes time
Slide 8: High-speed regional air network
High-speed regional air network Urban Access Landing closer to where you want to go ~100x cheaper ~10x faster to deploy vs. ground transport infrastructure Source: Lilium Business Plan. European Court of Auditors. Management estimates. Note: Network based on mid-term range potential. These compariso
Slide 9: Market-leading performance & drives economics
Market-leading performance & drives economics Fully Electric 7-Seater 175 mph Lower noise than competitors ~155 mile range Lower operating costs Leading passenger / cargo payload 5X faster than average car journey Regular urban landing Access to urban & regional routes Source: Architectural performa
Slide 10: [LOGO]
[LOGO]
Slide 11: Lilium: market-leading passenger experience & safety
Lilium: market-leading passenger experience & safety Business jet cabin – familiar, spacious Lower vibration – smooth, pleasant ride 6 passenger seats – pass savings to customers Source: Architectural performance assessment of an eVTOL aircraft. Lilium engineering assessment. Management estimates. U
Slide 12: Accelerating delivery times
Accelerating delivery times 175 mph - covers ~25 times larger area than truck 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 Source: Architectural performance assessment of an eVTOL aircraft. Lilium
Slide 13: What people care about according to the regulators
What people care about according to the regulators Customer needs are aligned with Lilium’s strengths Source: EASA Study on UAM 2021.
Slide 14: Decarbonization of transportation is inevitable
Decarbonization of transportation is inevitable Transportation contributes ~29% of US GHG emissions: Lilium CO2 reduction potential by 2030: ~3,000,000 tons CO2p.a. Source: International Energy Agency. Umweltbundesamt. Carbon Brief. European Parliament Research. BloombergNEF. US EPA. Lilium engineer
Slide 15: Previous roles
Previous roles Harrier VTOL A350 A320 NextGen Tiltrotor Engines of Airbus A350 and Gulfstream G650 Eurofighter Typhoon A380 A380 Source: Company Information. 1. Future Chairman. BoardEngineeringProgram & CertificationManufacturing
Slide 16: Technology
Technology Alastair McIntosh Chief Technology Officer Formerly MD and Chief Engineer of Airbus A350 and Gulfstream G650 jet engines
Slide 17: [LOGO]
[LOGO]
Slide 18: 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 Safer Larger aircraft with more payload Scalable Source: Architectural performance assessment of an eVTOL aircraft. Note: DEVT can scale to
Slide 19: Ducted Fan
Ducted Fan Ducted fans need 10-15X less propulsion area than open propellers for the same aircraft Open propeller For open propeller configurations the footprint of the propellers is dominating the overall footprint Note: Footprint for same aircraft weight Source: Architectural performance assessmen
Slide 20: Future Proof: DEVT allows higher payload aircraft in same footprint
Future Proof: DEVT also allows for higher payload aircraft in same footprint Open propeller 5-Seater competitor Cannot scale to heavier aircraft with more payload without significant increase in rotor tip-to-tip span (footprint) or noise levels Lilium 7-Seater Space for cargo: 6m3 / 210ft3 1.5x larg
Slide 21: Designed for highest safety standards
Designed for highest safety standards 36 engines: safe landing even after multiple engine loss Crumple zones to protect passengers 1 x 10-9 failure probability, like Airbus A350 Redundancy No single point of failure Dissimilar and redundant computers Source: EASA. Lilium engineering. 72 battery modu
Slide 22: Lilium mission is regional transport – not to hover
Lilium mission is regional transport – not to hover Lilium ~2X higher power consumption in hover than open propeller configuration Hover is only ~30 seconds, so energy use only ~5% more vs. open propeller per mission Source: Architectural performance assessment of an eVTOL aircraft.
Slide 23: Low noise allows regular landings near communities
Low noise allows regular landings near communities Measured Lilium Jet ~60 dBA at 100m Open propeller eVTOL competitors ~60 dBA projected at 220m Helicopter ~60 dBA projected at 1km Due to noise impact… “out of 40 helipads only 1 is active in San Francisco” 60dBA is comparable to standing near a dis
Slide 24: Kicking-off flight test campaign of new demonstrator
Kicking-off flight test campaign of new demonstrator after thorough upgrade and testing Learnings from prior demonstrators, starting 2016 New capabilities engineeredNew 5th generation technology demonstrator launching its flight campaign 5-seater full scale demonstrator’s first successful test campa
Slide 25: Certification and Supply Chain
Certification and Supply Chain Yves Yemsi Chief Program Officer Formerly SVP Procurement & Supply Chain, VP Program Quality A350 A350 A380 Lilium Analyst Presentation 202125
Slide 26: Progressing well in concurrent type certification processes
We are progressing well in the concurrent type certification processes 2015201620172018201920202021202220232024 Today Aircraft Concept & Technology Validation Start Certification Process Start Serial Aircraft Program Design Production & Ground Test Flight Test & Certification Global Market Access Ce
Slide 27: Tier aerospace suppliers will deliver key sub-systems
Tier 1 aerospace suppliers will deliver key sub-systems Selected examples: Wings, Fuselage and Structures Avionics and Flight Control System Composites Source: Aciturri. Honeywell. Toray.
Slide 28: Working with Palantir on enterprise operating system
We are working with Palantir to help develop our enterprise operating system Enterprise Operating System Developer of a leading software for data driven decisions Optimized testing Flight Operations Supply chainPredictive maintenance Now Future Source: Palantir
Slide 29: Lilium progress: battery technology
Lilium progress Full thermal runaway containment in a module of demonstrator Silicon-anode lithium-ion pouch technology secured exclusively: — >330 Wh/kg, enabling ~155mi range Power levels of 2.8 kW/kg 15 minutes to 80%, 30 minutes to 100% > 800 standard charge/ discharge cycles Leverage standard b
Slide 30: Partners
ee RS = 5 pe — PARTNERS
Slide 31: Manufacturing
Manufacturing Dirk Gebser Chief Manufacturing Officer Formerly VP Aircraft Assembly, SVP Aerostructure at Airbus, Manufacturing director of engines Rolls Royce A320 A380
Slide 32: Manufacturing Strategy: Phased approach to achieve quality & scale
Manufacturing Strategy: Phased approach to achieve quality & scale 2021 – 2023: Prototyping and Type Certification Core factory capability for initial series production – at Munich HQ Approval of production organization Sourcing from certified Tier 1 aerospace suppliers Source: Lilium Business Plan.
Slide 33: 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 Source: Lilium manufacturing. Note: Prototype manufacturing. Former employers of our production organization
Slide 34: Comprehensive testing facilities
Comprehensive testing facilities Rapid development cycles and acceleration of the certification program Propulsion and acoustic testing Energy system testing Environmental testing Structural testing Impact testing Electrical testing System integration laboratory Source: Lilium testing and engineerin
Slide 35: Aircraft designed for manufacturability & scale
Aircraft designed for manufacturability & scale One type of e-motor One type of actuator Automated, high-quality assembly of engines, actuators and batteries 30x fewer parts than commercial airliner: <100k projected parts1 of the Lilium jet vs ~3M2 One type of battery module Source: (1) Management e
Slide 36: Business Model and Financials
Business Model and Financials Geoff Richardson Chief Financial Officer Former CFO of Cruise, oversaw $7BN+ of Capital into Cruise
Slide 37: Analysts project investors are not prepared for the scope of this revolution
Analysts project that investors are not prepared for the scope of this revolution 2021 - VTOL market $35 Billion A fundamentally better product radically expands the VTOL market (e)VTOL will absorb segments that are slow, inefficient, or too costly: Long car journeys Regional trains Regional flights
Slide 38: Lilium is setup for global market access
Lilium is setup for global market access Launch Launch Source: Lilium Business Model. Note: Certification in process, not yet obtained.
Slide 39: Two complementary business lines
We will access two complementary business lines Lilium Network (B2C)Turnkey Enterprise Sales (B2B) Selling tickets on Lilium’s own passenger networks operated by certified air carriers Selling fleets of aircraft with arranged service & maintenance support to corporates & governments Source: Lilium B
Slide 40: Commercial ecosystem will support quality and scale in operations
Our commercial ecosystem will support our business to deliver quality and scale in our operations InfrastructurePilot TrainingAirline (AOC) Operations (EU) Source: Tavistock. Ferrovial. Lufthansa Aviation Training. Luxaviation. Note: Some contracts are in the process of being finalised into binding,
Slide 41: Vertiport network planned for Florida launch
Vertiport network planned for Florida launch ~$200m of commitments 10 sites incl. international airports planned in Florida exclusive to Lilium ` ` Orlando Responsibilities Secure sites Construction Permitting Ground Operations TampaMelbourne St. Petersburg SarasotaPort St Lucie West Palm — Leading
Slide 42: A single jet expected to generate ~$5M revenue in 2026
In 2026, a single jet is expected to generate ~ $5M revenue potential in the Lilium Network Operational parametersMonetization ~25 Flights per day per jet ~60 miles Average trip distance ~10 hrs10% Daily hours spent in flightAnnual downtime for maintenance and training ~ 500,000 mi Annual revenue ge
Slide 43: Attractive pricing for the customer
Attractive pricing for the customer In $ per passenger mile Assuming 4.5 passengers per flight ~$2.25 ~$1.75 ~$0.50 Price Full cost Margin Sensitivity Price per passenger mile Margin Payback (years) 2.25 $/mi ~25% ~2.0 2.50 $/mi ~32.5% ~1.8 2.75 $/mi ~40% ~1.6 3.00 $/mi ~47.5% ~1.4 Per passenger mil
Slide 44: 50% of cost base is independent of aircraft size
50% of cost base is independent of aircraft size In $ per passenger mile Assuming 4.5 passengers per flight $0.4 $0.3 $0.1 Infrastructure Pilots Data cost, AOC / Air Traffic Fees Key stats Battery replacements: Every 4 months Pilots per jet p.a.: 4.5 Jet unit cost: $2.5M Lifetime per jet: 8 years $1
Slide 45: Enterprise sales de-risk the business
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 Jet payback periodimmediate Lifetime profit per jet~ $5M Software tools for safe and efficient oper
Slide 46: Financial profile
Financial profile Source: Lilium business plan. Management estimates. Note: Converted at USD / EUR of 1.21. (1) include direct aircraft operating and maintenance cost, as well as vehicle cost of aircraft sold via B2B channel. (2) Adjusted EBITDA is defined by us as revenue for the period presented p
Slide 47: Transaction intended to fund launch of commercial operations
This transaction is intended to fund to launch of commercial operations Round timing and size 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 redemption) Business combination exp
Slide 48: Strong and experienced board
Strong and experienced board Barry Engle Director CEO, Qell Formerly: President, GM North America, President, GM International CEO, Ford Canada; President Ford Brazil Deep experience and networks across mobility and emerging technology sector Proven track record in scaling and industrializing busine
Slide 49: Leading ecosystem of contractors, suppliers and investors
Leading ecosystem of commercial contractors, suppliers and investors Commercial contractorsTier 1 supplier and software providerGlobal investors 1 11 1 Note: Investors include current and future investors. 1) future commitments through the PIPE – not current investors Source: Company filings.
Slide 50: Lilium's key investment highlights
Lilium’s key investment highlights Differentiated technology Scalable, safe, low noise Dual certification EASA & FAA with certification basis agreed with EASA Team of aerospace professionals Deep experience in execution & delivery of major commercial aircraft Certified Tier 1 aerospace suppliers De-
Slide 51: Thank You
Thank You