Lilium expects adjusted cash spend to be $200 million in first half of year

In its shareholder letter for the fourth quarter of 2023, Lilium said it expects its adjusted cash spend for the first half of 2024 to be between $187-198 million. The expectation is in line with its increase in production and testing activity. ""For Lilium, 2023 was a pivotal year, in which we transitioned from design to production of the Lilium Jet, confirmed our credentials as an aviation company by receiving design organisation approval from EASA and secured important airline and battery cell production partnerships,"" said Lilium CEO Klaus Roewe. It follow the company's adjusted cash spend of $165 million in the second half of 2023, lower than its expected $187 million. Its unaudited liquidity totalled $218 million, which was higher than its initial expectations. The company had raised $292 million in capital and raised capital through initial customer pre-delivery payments, which had benefited its cash management strategy for 2023. The company is aiming for the first piloted flight of its Lilium Jet to be conducted at the end of the year.