Lilium has released its Q1 shareholder letter, recapping a busy quarter for the company. Lilium has completed a US$114m fundraise and progressed discussions with the French and German Governments to secure debt financing for c.€300m. From an operational perspective, strides have been made in the construction of the Lilium Jet as it moves towards first manned flight at the end of 2024. Construction progress has been matched with numerous partnerships to develop the ground network and support services required for successful commercial operations ahead of entry into service in 2026. Cash spend is ahead of guidance for H1 24 at €185-195m and management is guiding to a slightly higher spend in Q2 as activity ramps up towards the first manned flight, and we have updated our forecasts to reflect this and our central case valuation moves to $10.4.
