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
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 3. Certification & 5. Business Model & 1. Intro & Product 2. Technology 4. Manufacturing 6. Q&A Supply Chain Financials Daniel Wiegand Alastair McIntosh Yves Yemsi Dirk Gebser Geoff Richardson Alex Asseily CEO & Co-Founder CTO Chief Program Officer Chief Manufacturing C
Slide 5: Key updates since merger announcement
Key updates since merger announcement Procurement of Planning to fly Tom Enders to Analytics for Airline operations Major vertiport avionics, flight 5th generation become testing and supply for Europe hub control demonstrator Chairman2 of chain control tower & Lilium & PIPE Investor1 PIPE Investor1
Slide 6: A revolution in sustainable regional transport
A revolution in sustainable regional transport
Slide 7: Real time savings & convenience drive customer value
Albany Norwich Boston Real time savings & convenience drive Springfield Binghamton Poughkeepsie Providence customer value Middletown Scranton New Haven Williamsport Greenwich ~40 minutes - ~$200 Montauk ~2 hours time saving New York Pottsville ~5 minutes - ~$65 Allentown JFK Airport ~40 minutes time
Slide 8: High-speed regional air network
Urban Access High-speed regional Landing closer to where air network you want to go Miami → Palm Beach ~100x cheaper Palm Beach ~$150 ~10x faster to deploy ~20 minutes vs. ground transport infrastructure ~5x faster than driving Miami Source: Lilium Business Plan. European Court of Auditors. Manageme
Slide 9: Market-leading performance & economics
Market-leading Fully Electric Lower operating costs performance & 7-Seater Leading passenger / cargo payload drives economics 175 mph 5X faster than average car journey Lower noise than competitors Regular urban landing ~155 mile range Access to urban & regional routes Source: Architectural performa
Slide 10: Full scale unmanned demonstrator
Note: Aircraft in the image is a full scale, unmanned demonstrator and not a serial production aircraft.
Slide 11: 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 Source: Architect
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 aircra
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 CO2 p.a. Source: International Energy Agency. Umweltbundesamt. Carbon Brief. European Parliament Research. BloombergNEF. US EPA. Lilium enginee
Slide 15: 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 16: Technology
Technology Alastair McIntosh Chief Technology Officer Formerly MD and Chief Engineer of Airbus A350 and Gulfstream G650 jet engines
Slide 17: Full scale unmanned demonstrator
Note: Aircraft in the image is a full scale, unmanned demonstrator and not a serial production aircraft.
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
Slide 19: Ducted fans need 10-15X less propulsion area than open propellers
Ducted fans need 10-15X less propulsion area than open propellers for the same aircraft Open propeller Ducted Fan 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 Lilium 7-Seater Lilium 16-Seater 5-Seater competitor Space for cargo: 6m3 / 210ft3 Space for cargo: 15m3 / 530ft3 Cannot scale 1.5x larger 3.75x larger to heavier aircraft with more payload passenger capacity
Slide 21: Designed for highest safety standards
36 engines: safe landing Designed for highest even after multiple engine loss safety standards Crumple zones to protect passengers − 1 x 10-9 failure probability, like Airbus A350 − Redundancy − No single point of failure − Dissimilar and redundant computers 72 battery modules shielded from cabin 3
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 Lilium Jet Open propeller eVTOL Helicopter Due to noise Measured ~60 dBA at competitors ~60 dBA ~60 dBA 100m projected at 220m projected at 1km 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, New capabilities engineered New 5th generation technology starting 2016 demonstrator launching its flight campaign 5-seater full scale demonstrator’s first successful Full ther
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 2021 25
Slide 26: Progressing well in 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 27: Tier 1 aerospace suppliers will deliver key sub-systems
Tier 1 aerospace suppliers will deliver key sub-systems Selected examples: Wings, Fuselage and Avionics and Flight Control Composites Structures System 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 Optimized testing Flight Operations Developer of a leading software for data driven decisions Supply chain Predictive maintenance Now Future Source: Palantir
Slide 29: Battery strategy
Battery strategy Battery requirements Lilium progress Safety Full thermal runaway containment in a module of demonstrator Cell technology Silicon-anode lithium-ion pouch technology secured exclusively: — High energy density — >330 Wh/kg, enabling ~155mi range — High power density for take-off and la
Slide 30: Slide 30
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: 2023 – 2025: 2026 +: Prototyping and Type Certification Initial production near engineering Start of global production with 3rd parties − Core factory capability for initial − In-house factory for capacity of − Capex lig
Slide 33: 100,000 ft2 prototype manufacturing facility 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 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
Slide 35: Aircraft designed for manufacturability & scale
Aircraft designed for manufacturability One type of e-motor One type of actuator & scale − 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) Manageme
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 2040 - (e)VTOL market $35 Billion $1 Trillion − A fundamentally better product radically expands the VTOL market − (e)VTOL will absorb segments that are slow, inefficient, or too costly: ▪ Long car j
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: 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 to passenger networks operated by corporates & governments certified air carriers Source: Lilium
Slide 40: Our commercial ecosystem will support our business
Our commercial ecosystem will support our business to deliver quality and scale in our operations Infrastructure Pilot Training Airline (AOC) Operations (EU) Source: Tavistock. Ferrovial. Lufthansa Aviation Training. Luxaviation. Note: Some contracts are in the process of being finalised into bindin
Slide 41: Vertiport network planned for Florida launch
Vertiport network planned for Florida launch ` Daytona ~$200m of commitments ` 10 sites incl. international airports Orlando planned in Florida exclusive to Lilium Responsibilities − Secure sites Tampa Melbourne St. Petersburg — Leading transport − Construction infrastructure − Permitting Sarasota P
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 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 fli
Slide 43: Attractive pricing for the customer
Attractive pricing for the customer In $ per passenger mile 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 Full cost Margin 2.75 $/mi ~40% ~1.6 Per passenger mile 3.00 $/mi ~47.5
Slide 44: 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: Every 4 months Pilots per jet p.a.: Lifetime per jet: $0.4 Infrastructure 4.5 8 years Jet unit cost: $0.3 Pilots $2.5M $0.1 Data cost, AOC / Air Traffic Fees En
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 Software tools for safe and Jet payback period immediate efficient operations incl. aircraft heal
Slide 46: 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 Revenue - - - 246 1,314 3,306 5,867 % Growth nm 435% 152% 77% C
Slide 47: Transaction intended to fund 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 48: Strong and experienced board
Strong and experienced board Barry Engle Tom Enders David Wallerstein Niklas Zennstrom 2X Independent Board Chairman1 Director Director Members Director CEO, Qell Formerly: CXO, Tencent Founding Partner Including Audit Chair Formerly: CEO of Airbus SE, and CEO, Atomico President, GM North America, C
Slide 49: Leading ecosystem of commercial contractors, suppliers and investors
Leading ecosystem of commercial contractors, suppliers and investors Commercial contractors Tier 1 supplier and software provider Global investors 1 1 1 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 Dual certification Team of aerospace Certified Tier 1 Regional business technology professionals aerospace suppliers model Scalable, safe, EASA & FAA with Deep experience in De-risks execution for Launch plans in place, low noise certification basis
Slide 51: Thank You
Thank You