The headline news from Lilium's 20-F filing with the U.S. Securities and Exchange Commission on March 30 is that the company’s plans to bring its seven-seat Lilium Jet eVTOL aircraft into commercial service have slipped from 2024 to 2025. The full extent of the delay hasn't been confirmed as so much hinges on the revised plan to build the first production-conforming prototype and start test flights at some point in 2023. Even if its original timeline had allowed the company up until the end of 2024 to bring the ducted-fan-powered, winged model to market, the delay will surely push back the flow of first revenues for at least 12 months.
The 126-page report, supplemented by a further 63 pages from the company's independent accounts, is well worth a patient study as the transparency requirements of U.S. financial regulators provide a high degree of illumination on the hype-free realities faced by new aircraft developers, spelling out a litany of financial, technological, and market risk factors. FutureFlight strongly doubts that Lilium will be the last of the publicly-owned pioneers in the advanced air mobility gold rush to make such a filing.
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