0001104659-22-071040 | F-1 | XBRL Viewer

Total Shareholders' Equity and Liabilities

75,764

117,281

€ 431,425

€ 184,946

[1]	Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation.
[2]	Retrospective application of the stock split which occurred in 2021, see note 21 “Shareholders’ Equity”.

Consolidated Statement of Changes in Equity - EUR (€)
€ in Thousands

Subscribed capital

Share premium

Other capital reserves

Treasury shares

Retained Earnings [Member]

Currency translation reserve

Remeasurement of defined pension benefit obligation

Total

Retrospective application of stock split

€ 24,278

€ (24,278)

January 1, 2019, as adjusted

24,332

65,382

€ (54,192)

€ 35,522

Beginning balance at Dec. 31, 2018

89,660

(54,192)

35,522

Profit (Loss) for the period

(63,479)

^[1]

Other comprehensive income and expenses

€ 3

€ (114)

(111)

Total comprehensive income (loss)

(63,479)

(114)

(63,590)

Convertible loans

€ 3,981

3,981

Ending balance at Dec. 31, 2019

128

(128)

24,460

65,254

3,981

(117,671)

(114)

(24,087)

Profit (Loss) for the period

(188,427)

^[1]

Other comprehensive income and expenses

(44)

(8)

Total comprehensive income (loss)

(188,427)

(44)

(188,435)

Share-based payments

71,990

Convertible loans

2,299

65,824

34,084

102,207

Share buy-back

(738)

€ (25)

(763)

Ending balance at Dec. 31, 2020

^[2]

2,791

94,019

96,810

29,550

224,359

110,055

(25)

(306,098)

(158)

57,722

Profit (Loss) for the period

(411,036)

Other comprehensive income and expenses

162

206

Total comprehensive income (loss)

(411,036)

162

(410,830)

Share-based payments

53,350

Convertible loans

2,464

127,813

(34,084)

96,193

Share buy-back

(45)

Reorganization

^[2]

2,724

51,116

111,109

(81)

164,868

Ending balance at Dec. 31, 2021

5,400

375,808

381,208

€ 40,138

€ 779,141

€ 240,430

€ (151)

€ (717,134)

€ 83

€ 4

€ 342,511

[1]	Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation.
[2]	Net of transaction cost. Refer to note 21.

Consolidated Statement of Cash Flows - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Cash flow from operating activities

Net loss for the period

€ (411,036)

€ (188,427)

^[1]

€ (63,479)

^[1]

Adjustments to reconcile consolidated net profit (loss) to net cash flows

Income tax expense

709

^[1]

Net interest

4,289

34,498

^[1]

5,734

^[1]

Depreciation and amortisation

6,476

4,159

^[1]

2,334

^[1]

Expenses for other share-based payments

111,109

61,378

50,907

^[1]

7,880

^[1]

Net gains/losses from the disposal of intangibles and PP&E

^[1]

Share of loss in an associated company

848

Fair value changes of financial instruments and expected credit losses

4,625

15,164

^[1]

(516)

^[1]

Income tax paid

(196)

(89)

^[1]

(5)

^[1]

Expense from change in provisions change in provisions

2,392

116

^[1]

Working capital adjustments:

Changes in trade and other payables

20,517

8,358

^[1]

131

^[1]

Change in other assets and liabilities

(16,177)

(2,689)

^[1]

773

^[1]

Cash flow from operating activities

(215,066)

(77,883)

^[1]

(47,047)

^[1]

Cash flow from investing activities

Purchases of intangible assets

(1,597)

(1,212)

^[1]

(534)

^[1]

Purchases of and advance payments on property, plant and equipment

(17,099)

(7,657)

^[1]

(4,263)

^[1]

Disposals of intangible assets, property, plant and equipment

^[1]

Proceeds from short-term investments

50,000

Payments for short-term investments

(220,006)

(50,000)

^[1]

Payments for acquisition of an associate

(13,680)

Payments for promissory notes

(1,051)

(630)

^[1]

Interest received

^[1]

Cash flow from investing activities

(203,426)

(59,472)

^[1]

(4,797)

^[1]

Cash flow from financing activities

Proceeds from convertible loans

1,850

85,900

^[1]

65,500

^[1]

Payments for share buy-back

^[1]

(763)

Proceeds from share capital increase and capital contribution

97,320

^[1]

Proceeds from the Reorganization

83,393

Proceeds from the PIPE capital increase

381,208

Payment of transaction cost for capital contribution

(2,227)

(503)

^[1]

Payment for foreign exchange contract

(423,372)

Proceeds from foreign exchange contract

407,840

Principal elements of lease payments

(1,781)

(1,439)

^[1]

(854)

^[1]

Interest paid

(734)

(560)

^[1]

(385)

^[1]

Cash flow from financing activities

^[2]

446,184

179,955

^[1]

64,261

^[1]

Cash-based changes in cash and cash equivalents

27,692

42,600

^[1]

12,417

^[1]

Effect of foreign exchange rate changes on cash and cash equivalents

(27)

^[1]

Net increase in cash and cash equivalents

27,712

42,573

^[1]

12,432

^[1]

Cash and cash equivalents at the beginning of the year

^[1]

102,144

59,571

47,139

Cash and cash equivalents at the end of the year

€ 129,856

€ 102,144

^[1]

€ 59,571

^[1]

[1]	Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation.
[2]	Please refer to note 28.3.

Corporate Information

12 Months Ended

Dec. 31, 2021

Corporate Information

Corporate Information

Lilium Group

IFRS CONSOLIDATED FINANCIAL STATEMENTS

1.Corporate Information

Lilium N.V., together with its German subsidiary Lilium GmbH (“Lilium” or the “Group”), is a start-up in the field of urban air mobility and intends to make regional air mobility a reality. Since its founding, Lilium GmbH has primarily engaged in research and development of a self-developed electric Vertical Takeoff and Landing (eVTOL) jet (the “Lilium Jet”) for production and operation of a regional air mobility service as well as related services. Lilium GmbH became a subsidiary of Lilium N.V. as part of the reorganization (as described below) on September 14, 2021.

Lilium N.V. is a public company under Dutch law and is registered under the Dutch trade register number 82165874. Lilium N.V. has its activities exclusively in Germany. The registered headquarters is Claude-Dornier Str. 1, Geb. 335, 82234 Wessling, Germany.

Lilium GmbH is a German limited-liability company and is registered in the commercial register at the Bavaria District Court Munich Germany under the number 216921.

Prior to September 14, 2021, Lilium N.V. was a shell company with no active trade or business, and all relevant assets and liabilities, as well as income and expenses, were borne by Lilium GmbH. Therefore, the comparable consolidated financial statements as of December 31, 2020 and for the years ended December 31, 2020 and 2019 represent consolidated financial statements of Lilium GmbH. The share split of 1 : 2,857 that was effectuated just prior to the capital reorganization has been retrospectively applied to prior years' shareholders’ equity.

The consolidated financial statements of the Group for the year ended December 31, 2021 were authorized for issue by the Management Board on March 28, 2022.

The Reorganization

On September 14, 2021 (“Closing Date”), Lilium GmbH consummated the capital reorganization pursuant to the Business Combination Agreement, dated as of March 30, 2021, as amended by an amendment agreement dated July 14, 2021, by and among Qell Acquisition Corp (“Qell”), Lilium GmbH, Lilium N.V., and Queen Cayman Merger LLC (“Merger Sub”). On the Closing Date, (i) Qell converted the Qell Class A Ordinary shares held by Qell shareholders and Qell sponsors into a claim for corresponding equity in Merger Sub, with such claim then contributed to Lilium N.V. in exchange for one Class A share of Lilium N.V., (ii) the shareholders of Lilium GmbH exchanged their shares of Lilium GmbH for shares in the capital of Lilium N.V., with all Lilium GmbH shareholders, but one shareholder, receiving Class A shares in the share capital of Lilium N.V., and one shareholder receiving Class B shares of Lilium N.V., and (iii) each outstanding warrant to purchase a Qell Class A Ordinary share was converted into a warrant to purchase one Lilium N.V. Class A share.

On March 30, 2021, concurrently with the execution of the Business Combination Agreement, Qell and Lilium GmbH entered into Subscription Agreements with certain investors (the “PIPE Investors”), pursuant to which the PIPE Investors agreed to subscribe for and purchase, and Lilium N.V. agreed to issue and sell to such PIPE Investors, an aggregate of 45,000,000 Lilium N.V. Class A shares (the “PIPE Shares”) at a price of approximately €8.47 per share, for gross proceeds of approximately €381.2 million (the “PIPE Financing”) on the Closing Date. The PIPE financing closed concurrent with the Business Combination Agreement.

The Business Combination Agreement was accounted for as a capital reorganization (“Reorganization”). Under this method of accounting, Qell was treated as the “acquired” company for financial reporting purposes, with Lilium GmbH being the accounting acquirer and accounting predecessor. Accordingly, the Reorganization was treated as the equivalent of Lilium N.V. issuing shares at the closing of the Reorganization for the net assets of Qell as of the Closing Date, accompanied by a recapitalization. The Reorganization, which was not within the scope of IFRS 3 since Qell did not meet the definition of a business in accordance with IFRS 3, was accounted for within the scope of IFRS 2. In accordance with IFRS 2, Lilium N.V. recorded a one-time non-cash expense of €111,109 thousand, recognized as a share listing expense, based on the excess of the fair value of Lilium shares issued considering

a fair value of the Lilium N.V. shares of $9.41 per share (price of Lilium N.V. Class A shares at Closing Date) over the fair value of Qell's identifiable net assets acquired:


	Qell	Qell
In € thousand, except share and per share data	shareholders	sponsors	Total
Shares issued	13,422,406	7,658,555	21,080,961
Fair value as of September 14, 2021 (USD)	9.41	8.94*
Exchange rate	0.8472	0.8472
Fair value as of September 14, 2021 (EUR)	7.97	7.57
Estimated market value of shares	107,002	58,000	165,002
Qell net assets	—	—	53,893
Excess fair value of shares over Qell’s net assets acquired	—	—	111,109

*	discount of 5% applied to reflect lack of marketability

In addition to the shares issued shown in the table above, shares were issued in connection with the Reorganization related to both the conversion of convertible loans and to bonuses paid in shares. Refer to note 21 for additional information.

Basis of Preparation

12 Months Ended

Dec. 31, 2021

Basis of Preparation

Basis of Preparation

2.Basis of Preparation

The Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and the related interpretations issued by the IFRS Interpretations Committee.

The consolidated financial statements have been prepared on a going concern basis, applying a historical cost convention, unless otherwise indicated. They are prepared and reported in thousands of Euro (“€ thousand”) except where otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Group information

Consolidated entities are as follows:


	Country of	Date of	% equity interest owned
Name	Incorporation	incorporation	12/31/ 2021		12/31/ 2020
Lilium N.V.	Netherlands	March 11, 2021	100.0	%	n/a
Lilium GmbH	Germany	February 11, 2015	100.0	%	100.0	%
Lilium Schweiz GmbH	Switzerland	December 8, 2017	100.0	%	100.0	%
Lilium Aviation UK Ltd.	United Kingdom	December 20, 2017	100.0	%	100.0	%
Lilium Aviation Inc.	United States	July 1, 2020	100.0	%	100.0	%
Lilium eAircraft GmbH	Germany	August 17, 2020	100.0	%	100.0	%
Stichting JSOP	Netherlands	September 10, 2021	0.0	%	n/a

The Netherlands trust “Stichting JSOP” (“Stichting”) has been fully consolidated, as Lilium has the right to appoint the members of the board of the trust and therefore controls the trust. Lilium is exposed to a variable return risk due to an interest-bearing loan that was granted to the trust.

Principles of consolidation

The consolidated financial statements incorporate the financial positions and the results of operations of the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to

affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared for the same reporting period as Lilium N.V. previously Lilium GmbH, using consistent accounting policies. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated.

Segment

The Group operates its business as a single operating segment, which is also its reporting segment. An operating segment is defined as a component of an entity for which discrete financial information is available and whose results of operations are regularly reviewed by the chief operating decision maker. The Group's chief operating decision maker is the Chief Executive Officer, who reviews results of operations to make decisions about allocating resources and assessing performance based on consolidated financial information. For a geographical split of non-current assets our investment in an associated company is related to an entity located in the United States, and for property plant and equipment, we refer to note 15. Most of the remaining non-current assets are located in Germany.

Foreign currency

The Group's consolidated financial statements are presented using the Euro, which is the Group's functional currency. The functional currency of all foreign consolidated entities included in these financial statements is their local currency. Lilium translates the financial statements of these subsidiaries to Euro using year-end exchange rates for assets and liabilities, and average exchange rates for income and expenses. Adjustments resulting from translating foreign functional currency financial statements into Euro are recorded as a separate component on the consolidated statements of comprehensive income.

Monetary assets and liabilities that are denominated in currencies other than the respective functional currencies are initially recognized at the foreign exchange rate on that date and remeasured at the foreign currency rates as of the reporting date. Foreign currency transaction gains and losses from the remeasurement are included in other income and other expenses, as appropriate, in the consolidated statements of operations for the period.

New standards, interpretations and amendments adopted by the Group

The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2020, except for the adoption of new standards effective as of January 1, 2021. The following standards, amendments and interpretations were issued as of December 31, 2021:


Standard/amendment/ interpretation	Effective date	Adoption status
January 1, 2021
Amendment to IFRS 16, ‘Leases’ – COVID-19 related rent concessions	Annual periods on or after June 1, 2020	Early adoption is permitted
Amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest rate benchmark reform – Phase 2	Annual periods on or after January 1, 2021	Early adoption is permitted

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective (see below).

Several amendments apply for the first time in 2021, but do not have an impact on the consolidated financial statements of the Group.

Interest Rate Benchmark Reform – Phase 2: Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16

The amendments provide temporary relief to address the financial reporting effects that arise when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The amendments include the practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest. In addition, new disclosures are required due to the IBOR reform.

None of the present financial instruments are subject to a direct risk from the change in alternative benchmark interest rates nor subject to changes in the valuation methodology or discount rates (indirect risk) as of December 31, 2021. These amendments have no impact on the consolidated financial statements of the Group.

New Standards and Interpretations not yet adopted by the Group

A number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after January 1, 2022 and have not been applied in preparing these consolidated financial statements. None of these standards is expected to have a significant effect on the consolidated financial statements of the Group:


Standard/amendment/ interpretation	Effective date	Adoption status
January 1, 2022
Amendments to IFRS 3, ‘Business combinations’, IAS 16 ‘Property, plant and equipment’ and IAS 37 ‘Provisions, contingent liabilities and contingent assets’	Annual periods on or after January 1, 2022	Early adoption is permitted
Annual improvements 2018-2020	Annual periods on or after January 1, 2022	Early adoption is permitted
January 1, 2023
IFRS 17, ‘Insurance contracts’ as amended in June 2020 by amendments to IFRS 17, Insurance Contracts	Annual periods on or after January 1, 2023	Early adoption is permitted for entities that apply IFRS 9 Financial Instruments
Amendment to IAS 1, ‘Presentation of financial statements’, on classification of liabilities	Annual periods on or after January 1, 2023	Early adoption is permitted
Amendment to IAS 1, ‘Presentation of financial statements’, IFRS Practice statement 2 and IAS 8, ‘Accounting policies, changes in accounting estimates and errors’	Annual periods on or after January 1, 2023	Early adoption is permitted

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Significant Accounting Policies

3.Significant Accounting Policies

Intangible assets

Research and development costs

In developing this novel eVTOL technology, the Group is incurring significant research and development costs.

The costs for internally generated research and development are expensed when incurred. A portion of costs for internally generated development is capitalized if:

●

the product or process is technically feasible;

●

adequate resources are available to successfully complete the development;

●

the benefits from the assets are demonstrated;

●

the costs attributable to the projects are reliably measured;

●

the Group intends to produce and market or use the developed product or process and can demonstrate its market relevance.

Management recognizes an interest for an air mobility service, especially within heavily populated urban areas; however, there is not yet an established market for this new industry. The self-developed eVTOL technology going into the Lilium Jet development is highly innovative and there are uncertainties related to successful completion of the development. Consequently, the Group has not yet capitalized development costs. These costs are reflected in the statement of operations in the period in which the expenditure is incurred.

Purchased intangibles

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Amortization is calculated on a straight-line basis:


		Useful life
Software		2 – 15 years
Purchased concessions, rights and other intangible assets		10 – 20 years

Impairment tests

At the end of each reporting period, the Group assesses whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. An asset’s recoverable amount is the higher of an asset or cash generating unit (“CGU”)’s fair value less costs of disposal and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.

Property, Plant and Equipment

Property, plant and equipment are measured at cost, net of accumulated depreciation and any accumulated impairment losses. Costs of construction recognized include all attributable direct costs including material and production overheads and, where applicable, an initial estimate of the cost of dismantling and removing the item and restoring the site on which it is located.

Borrowing costs are capitalized as part of the underlying asset under construction if there is a qualifying asset.

Subsequent expenditures on assets are capitalized only when it is probable that future economic benefits associated with the expenditure will flow to the Group. Repairs and maintenance are expensed in profit or loss in the period the costs are incurred.

If items of property, plant and equipment are sold or disposed of, the gain or loss arising from the disposal is recognized as other operating income or expense in the consolidated statement of operations and other comprehensive income (loss).

Depreciation is calculated on a straight-line basis based on the following useful lives:


		Useful life
Rights to land and buildings including leasehold improvements		2 – 9 years
Technical equipment and machinery		3 – 25 years
Office and other equipment		3 – 13 years
Vehicles		5 – 11 years

Assets qualifying as low value assets with a value of up to €1 thousand are aggregated into groups and depreciated over a useful life of 5 years.

Leasehold improvements are amortized over the unexpired portion of the lease term or the estimated useful life of the improvements, whichever is shorter. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Leases

The Group’s lease obligations primarily relate to rights to buildings mainly for its office and research and development premises. As lease contracts are negotiated on an individual basis, lease terms contain a range of different terms and conditions. Lease contracts are typically entered for a period of 2-9 years and regularly include renewal and termination options, which provide operational flexibility to Lilium.

As a lessee, at the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Group recognizes right of use assets which represent a right to use the underlying leased assets and corresponding lease liabilities which represent the present value of future lease payments, and according to IFRS 16 B3-B8 adopting the exemption for excluding short-term leases (lease term of 12 months or less from commencement date and do not contain a purchase options) and leases of low value assets (acquisition costs less than €5 thousand), in the consolidated statement of financial position at the date at which the leased asset is available for use.

Liabilities arising from a lease are initially measured at present value of lease payments discounted using the interest rate implicit in the lease or the incremental borrowing rate in case the interest rate implicit in the lease is not readily determinable.

Main components of the lease payments included in the measurement of the lease liability comprise the following:

●

fixed lease payments;

●

variable lease payments that are linked to an index (consumer price index);

●

lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option.

Lease payments contain principal elements and interest. Interest is presented as part of finance costs in the consolidated statements of operations and other comprehensive income using the effective interest method. Principal and interest portion of lease payments have been presented within financing activities in the consolidated statement of cash flows. The carrying amount of lease liabilities is remeasured if there is change in the future lease payments due to change in index or rate.

Right of use assets at the lease commencement date are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities recognized. Cost of right of use assets includes lease liabilities, initial direct costs, prepayments made on or before the commencement date and less any lease incentives received. Right of use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life of the right-of-use asset and the end of the lease term. The estimated useful lives of right of use assets are determined on the same basis as those of the leased property and equipment. The right of use asset is periodically assessed for impairment. The Group has presented right of use assets within “Property, plant and equipment”.

Assets related to retirement obligations for leased buildings are included in the cost of right of use assets for the respective underlying building lease.

The Group does not have any contracts as a lessor as of the date of the consolidated statement of financial position.

Investment in associated Companies

Under the equity accounting method, the investment in an associate is initially recognized at cost. The carrying amount of the investment is subsequently adjusted to recognize changes in the Group’s share of net assets of the associate since the acquisition date.

On acquisition of the investment, any difference between the cost of the investment and the entity’s share of the net fair value of the investee’s identifiable assets and liabilities is accounted for as follows:

(a)

Goodwill relating to an associate is included in the carrying amount of the investment. Amortization of that goodwill is not permitted.

(b)

Any excess of the entity’s share of the net fair value of the investee’s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity’s share of the associate’s profit or loss in the period in which the investment is acquired.

The consolidated statement of operations and other comprehensive income (loss) reflects the Group’s share of the results of operations of the associate. Any change in other comprehensive income (loss) (“OCI”) of those investees is presented as part of the Group’s OCI. Gains and losses resulting from transactions between the Group and the associate would be eliminated to the extent of the interest in the associate.

Non-financial Assets

Insurance recoveries are recognized for expected reimbursements for damaged assets. They have been measured based on a ratio of total tangible assets to insurance coverage. The tangible asset values were derived from replacement costs adjusted to exclude tools still available, premiums paid on materials and costs of related salaries or wages. Other non-financial assets are recognized at their nominal amounts.

Cash and Cash Equivalents

Cash and cash equivalents in the consolidated statement of financial position and consolidated statement of cash flows comprise cash at banks and on hand, and short-term highly liquid deposits with a maturity of three months or less that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. Depending on the classification, these financial assets are measured at amortized cost or fair value with changes through profit or loss – see financial instruments, note 28.

Treasury Shares

The treasury shares represent the amount paid or payable for own shares held in treasury. The nominal value of the shares is shown in the treasury share reserve, which is part of the capital reserves. Acquisition values higher or lower than the nominal value are reduced from or added to the share premium reserve.

Financial Instruments

Financial instruments are contracts that give rise to a financial asset for one entity and to a financial liability or equity instrument for another entity. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the settlement date.

Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. The Group has no such assets and liabilities.

Financial assets

The Group’s financial assets include cash and cash equivalents and other financial assets. Other financial assets consist of security deposits for leases, fixed-term deposits and money market funds.

Financial assets are initially measured at fair value plus, in the case of a financial asset not measured at fair value through profit or loss, transaction costs. As an exception of this general rule, trade receivables are measured at their transaction price.

Financial assets are classified at initial recognition as either measured at amortized cost (“AC”), fair value through other comprehensive income (“FVOCI”), or fair value through profit or loss (“FVTPL”) depending on the contractual cash flows and the Group’s business model for managing them. For all financial assets the Group has the objective to hold financial assets in order to collect the contractual cash flows. If the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding amount, the Group will measure these financial assets at amortized cost under consideration of impairment (see following section). All financial assets are measured at amortized cost, with the exception of money market funds and promissory notes which are required to be measured at fair value through profit or loss because their cash flows are not solely payments of principal and interest on the principal outstanding amount.

Gains and losses from financial assets measured at fair value (FVTPL) are shown in the income statement in finance income and finance expense. Gains and losses from financial assets measured at amortized cost (AC) including effects resulting from impairment are also presented in finance income and finance expense. Generally, the gains and losses from foreign currency translation effects are presented in other income / other expense.

A financial asset is derecognized (i.e., removed from the Group’s consolidated statement of financial position) when the rights to receive cash flows from the asset have expired or have been transferred in terms of fulfilling the derecognition criteria.

Impairment of financial assets — expected credit losses (“ECL”)

All financial assets measured at amortized cost are required to be impaired at initial recognition in the amount of their expected credit loss (“ECL”). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. Lilium recognizes an allowance for ECLs for cash and cash equivalents and other financial assets according to the “general approach”. This means that ECLs are recognized in three stages. For credit exposures at initial recognition, ECL are provided for credit losses that result from default events which may be possible within the next 12-months (Stage 1: a 12-month ECL). For credit exposures for which there has been a significant increase in credit risk since initial recognition (which is deemed to have occurred if a payment is more than 30 days past due), a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (Stage 2: a lifetime ECL). The same applies if

objective indications exist that a default event has occurred (Stage 3: an incurred loss). In this case, any interest income is measured on the basis of the net carrying amount, while for stage 1 and 2 the basis is the gross carrying amount. Examples of objective evidence are significant financial difficulties experienced by the debtor, payment default or delays, a lowering of the credit rating, insolvency or where measures are taken to secure a debtor’s financial situation, or if other observable data indicates that expected cash flows deriving from financial assets may be appreciably reduced.

For cash and cash equivalents as well as other financial assets, the simplification available for financial instruments with a low credit risk (“low credit risk exemption”) is applied as of the reporting date. Factors that can contribute to a low credit risk assessment are debtor-specific rating information and related outlooks. The requirement for classification with a low credit risk is regarded to be fulfilled for counterparties that have at least an investment grade rating; in this case there is no need to monitor credit risks for financial instruments with a low credit risk.

The default probabilities applied to determine the expected credit losses for cash and cash equivalents and other financial assets are based on credit default swap spreads that are quoted on markets, which take future-oriented macroeconomic data into account.

In general, Lilium defines a default event as a situation in which the debt is no longer recoverable. If the financial instrument is perceived to be unrecoverable, then the expectation is that future contractual cash flows will not occur. At this point in time, the balance is written off after giving consideration to any possible security that is available.

Impairment losses (including reversals of impairment losses on financial assets) are not presented as a separate item in accordance with IAS 1.82(ba) as they are considered immaterial. Impairment losses or income from the reversal of impairment losses on financial assets are reported net under finance income or finance expenses.

Financial liabilities

The Group’s financial liabilities include warrants, lease liabilities (see note 16), convertible loans (including embedded derivatives), derivatives, trade and other payables, and other financial liabilities.

Financial liabilities are classified as measured at amortized cost (“AC”) or fair value through profit or loss (“FVTPL”). All financial liabilities are recognized initially at fair value less, in the case of a financial liability not at fair value through profit or loss, directly attributable transaction costs.

Financial liabilities at FVTPL are measured at fair value and gains and losses resulting from changes in fair value are recognized in finance income / expenses. The Group only accounts for separated embedded derivatives of convertible loans and warrants as well as for other derivatives as a financial liability at FVTPL. All other financial liabilities are subsequently measured at amortized cost using the effective interest rate (“EIR”) method. When applying the effective interest rate method, the Group generally amortizes any fees, points paid or received, transaction costs and other premiums or discounts that are included in the calculation of the EIR over the expected life of the financial instrument. Gains and losses are recognized in interest expense when the liabilities are derecognized as well as through the EIR amortization process. For financial liabilities subsequently measured at amortized cost, the foreign currency translation effects are presented in other income or expense.

An embedded derivative in a hybrid contract, with a financial liability or a non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. The assessment whether to separate an embedded derivative is done only once at initial recognition of the hybrid contract. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss.

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing

liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The resulting gain or loss is recognized in the consolidated comprehensive income statement.

Convertible Loans

IFRS requires that a convertible loan shall be bifurcated into a debt component and a conversion right if the latter is an equity instrument. The conversion right of a convertible loan is not an equity instrument but a liability if some conversion features of the loan lead to a conversion into a variable number of shares. In this case it has to be assessed if embedded derivatives need to be separated from the host contract (see section above). If this is the case, the remaining host contract is measured at amortized cost and the separated embedded derivative is measured at fair value through profit or loss until the loan is converted into equity or becomes due for repayment.

The conversion features and other repayment options provided for in the contract are identified as a combined embedded derivative if they share the same risk exposure and are interdependent.

Derivative Warrant Liabilities

The Group evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to “IFRS 9 Financial Instruments” (“IFRS 9”).

Warrants are recognized as derivative liabilities in accordance with IFRS 9. Accordingly, the Group recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Group’s statements of operations.

Income Taxes

Current income taxes

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.

Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred taxes

The Group uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities represent temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax basis used in the computation of taxable income. Deferred tax, however, is not recognized on the initial recognition of goodwill or the initial recognition of an asset or liability (other than in a business combination) in a transaction that affects neither tax nor accounting income.

Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and any unused tax losses to the extent it is probable that taxable profit will be available against which the deductible temporary differences, the carry forward of unused tax credits and the unused tax losses can be utilized.

Deferred tax liabilities are recognized for all taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax liabilities and assets are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.

Current and deferred tax items are recognized similar to the underlying transaction either in profit or loss, other comprehensive income or directly in equity. Changes in deferred tax assets or liabilities are recognized as a component of tax expense (benefit) in the consolidated statement of operations, except where they relate to items that are recognized in other comprehensive income or directly in equity, in which case the related deferred tax is also recognized in other comprehensive income or equity, respectively. Where deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

Deferred tax assets and deferred tax liabilities are not discounted.

Deferred taxes are always classified as non-current.

Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Fair Values of Assets and Liabilities

Fair value is a market-based measurement. For some assets and liabilities, observable market transactions or market information is available. For other assets and liabilities, observable market transactions or market information might not be available. When a price for an identical asset or liability is not observable, another valuation technique is used. To increase consistency and comparability in fair value measurements, there are three levels of the fair value hierarchy:

●

Level 1: contains the use of unadjusted quoted prices in active markets for identical assets or liabilities

●

Level 2: inputs are other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly

●

Level 3: inputs are based on unobservable market data

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Further information about the assumptions made in measuring fair values of financial instruments is included in note 28.1.

In cases where a gain or loss arises on initial recognition of a financial asset or a financial liability because the fair value deviates from the transaction price and is neither evidenced by a quoted price in an active market for an identical asset (i.e., a Level 1 input) nor based on a valuation technique that uses only data from observable markets (i.e., a Level 2 input), this gain or loss remains

unrecognized until all market inputs become observable. In case such gain or loss results from a transaction with shareholders, this amount is to be considered as capital contribution to the Group and is therefore to be recognized in equity.

Share-based Payments

General accounting principles

The Group offers share-based payments that have been issued to the Group’s employees and advisors in exchange for their service.

These share-based payments qualify either as cash-settled or equity-settled transactions depending on the terms of settlement. When the settlement choice (i.e. cash versus shares) lies with the participant, awards are classified as compound financial instrument. Only in the case the equity component is zero, the award is accounted for as a cash-settled option. When the settlement choice lies with the Group, the award is classified as equity-settled grant unless the Group has a present obligation to settle in cash.

For cash-settled awards a liability is recognized for the fair value. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognized in profit or loss for the period.

An equity-settled award is measured based on the fair value determined at the grant date, or the modification date for employees and advisors who accepted the modified contract, and the number of awards expected to vest. The fair value remains unchanged after grant date.

The Group grants several share-based awards in several different plans, which are described in the following. Refer to note 22 for the measurement approach of the fair value of options. Due to the Reorganization, the Group has granted certain nonrecurring share-based awards to external consultants.

The expenses for services received are recognized when the participant renders services over the applicable vesting period with a corresponding increase of either the liability or equity, depending on the classification of the awards. The related share-based payment expense is recorded in the functional cost category to which the award recipient’s costs are classified.

Standard Employee Stock Option Program (“ESOP”)

The Group maintains a standard Employee Stock Option Program (“ESOP”), originally established in 2017, which allows for the issuance of options to purchase ordinary shares to its employees, executives and certain advisors. Share options typically follow a vesting schedule over a four-year period. 25% will vest after the one-year anniversary of the applicable vesting commencement data (the “Cliff Period”) and then monthly thereafter on a graded vesting basis through the end of the vesting period. Individuals must continue to provide services to a Group entity in order to vest. Upon termination, all unvested options are forfeited. There is no contractual life for the share options provided in the contract. Vested options can only be exercised at the occurrence of defined exit events.

The manner of settlement in the form of cash or shares under the original terms of the ESOP implemented in 2017 (the “2017 ESOP”) was at the election of the participants and, accordingly, options granted under the 2017 ESOP were classified as cash settled. In November 2020, the Group modified certain terms and conditions of the 2017 ESOP (the “2020 ESOP”), which included modifications to the manner of settlement and stipulated that the Group has the discretion to determine the form of settlement of the options. Furthermore, the definition of an exit event was extended to include an indirect IPO, such as a merger of the Group into a publicly traded shell company, if certain additional conditions are met.

Letters were sent to all participants of options granted under the 2017 ESOP and each such holder was asked to provide acceptance of the amendments before the end of December 2020. Options granted to participants who were U.S. resident taxpayers at the time of grant were also revised to clarify that such awards would be functionally treated as restricted stock units for U.S. tax purposes, and such options would be automatically settled to the extent vested upon an exit event that occurs within eight years of the

grant date and would continue to be automatically settled on each vesting date. As of December 31, 2021: 100 % (December 31, 2020: 89%) of the holders of options granted under the 2017 ESOP accepted the terms of the modification, which triggered a change in the accounting treatment from cash-settled to equity settled. Consequently, these options were remeasured at the modification date fair value and the relevant liability was transferred to equity.

In October 2021, Lilium GmbH sent letters to all employees under the current ESOP plan to modify certain terms of the agreement. As per the modification agreement, an employee’s vested options shall now be exclusively settled in shares of Lilium N.V. instead of shares of Lilium GmbH in consideration for the employee’s claim for settlement under the ESOP conditions (as amended) to Lilium N.V. Options which are unvested at the time of the modification shall continue to vest in accordance with the regular vesting schedule. Vested options shall become exercisable after expiration of a lock-up period of 180 calendar days from the date of listing of Lilium N.V. on the Nasdaq Stock Market. Vested options may not be exercised at any freely selected point in time after the expiration of the lock-up period but must be exercised during certain exercise windows during each quarter of the fiscal year of the Group, their exact dates during each such quarterly period being determined by the Group. The options will expire on the 10th anniversary on the date which vested options become exercisable. As of December 31, 2021: 100 % of the holders of the options have signed the modification agreement. By signing this modification, the illiquid shares of Lilium GmbH have been converted to liquid shares of Lilium N.V. tradable on Nasdaq Stock Market. Additionally, the exercise condition of an exit event is also waived.

General population – Restricted Stock Units (“RSU”)

The Group offered Restricted Stock Units to its newly hired employees in 2021 based on their grade. Upon vesting the plan participants are eligible to acquire shares at a price of €0.12. Final contracts are still in the drafting phase. Based on the communication to the new hires the vesting will be take place in equal quarterly installments until December 31, 2024, with the first 12 months as cliff period. The RSU are expected to be settled in shares of Lilium N.V., and hence are accounted as equity-settled awards.

Upon termination, employee is entitled to the vested portion of the RSU. All unvested RSU are forfeited.

Executives - Restricted Stock Units (“RSU”)

The Group offered restricted stock units of Lilium N.V. to executives. These RSU are expected to be settled in shares, but the Group has the option to settle in cash. Hence, they are accounted as equity-settled awards. RSU are exercisable with a nominal amount of €0.12 per share. The RSU can be divided into four categories, based on their vesting schedule, specified below:

General RSU - RSU shall vest in general in equal monthly instalments between the vesting commencement date and December 31, 2025, subject to participants’ continuous service to a Group entity.

Annual RSU - RSU shall vest in full on the date immediately preceding the Group’s 2022 annual general meeting of shareholders, subject to participants’ continuous service.

Initial RSU - The RSU shall vest equal instalments on each of the first, second and third anniversaries of the vesting commencement date, subject to participants’ continuous service.

Election RSU – 16 % RSU shall be fully vested as of the date of grant. The remaining 84 % RSU shall vest in full on January 1, 2022, subject to participant’s continuous service.

Upon termination, the executive is entitled to the vested portion of the RSU. All unvested RSU are forfeited.

Executives – Performance-based stock options

The Group offers performance-based stock options of Lilium N.V. shares to executives. These options are settled in Lilium N.V. shares and can be exercised as soon as they vest until expiration or 90 days after the participant ceases to be an employee of the

Group. The performance-based stock options are expected to be settled in shares of Lilium N.V., and hence they are accounted for as equity-settled options.

These options vest and are exercisable upon the satisfaction of both the service-based vesting criteria and the performance-based vesting condition. Typically, the service-based vesting criteria shall be satisfied in 17 quarterly installments between the vesting commencement date and December 31, 2025. The performance-based vesting condition shall be satisfied on the date the Group earns its first dollar or any equivalent currency of revenue recognized in the Group’s financial statements directly from providing service to a customer by the operation of its own developed and certified aircraft by either the European Union Aviation Safety Agency or the Federal Aviation Administration and the customer has also paid for such services. The maximum term of options granted is 10 years from the date of grant.

If the performance-based vesting condition is satisfied prior to any service-based vesting date, any portion of the option with respect to which the service-based vesting criteria have not been satisfied as of the date the performance-based vesting condition is achieved shall remain subject to satisfaction of such service-based vesting criteria.

Executives - Time-based stock options

In addition, there are time-based stock options for one participant. Time-based stock options are settled in shares of Lilium N.V. and are treated as equity-settled. 7.7 % options vest on December 31, 2021. Remaining options vests in equal monthly installments commencing on January 1, 2022 and ending on December 31, 2025, subject to participants’ continuous service in the Group. These options can be exercised only after March 13, 2022 until expiration or until 90 days after the participant ceases to be an employee. The maximum term of options granted is the 10 years from date of grant.

Upon termination, employee is entitled to the vested portion of the shares. All unvested options are forfeited.

Executives – Success fees

The Group has granted success fees to certain key management personnel for successful fundraising.

Initial success fees were granted end of 2020 and beginning of 2021. Upon successful fundraising in September 2021, one award was settled in shares while another award was settled by execution of a so-called Joint Stock Ownership Program (“JSOP”) arrangement and a bonus agreement. Please refer to the section below for more details on the JSOP and the bonus.

New success fees for future fund-raising were agreed upon in September 2021, superseding the initial arrangement. Upon successful new financing until December 31, 2025, the participant will receive an agreed percentage of the fundraising in shares or cash capped at specific maximum funding amount. The new arrangements offer a settlement choice to the participants and are accounted for as cash-settled accordingly. In case the plan participants chose to settle in equity, he needs to pay the nominal share value. As the new success fees may be settled in cash as per participants’ choice, they are accounted as cash-settled awards.

The expense for success fees is recognized over the period until a successful financing is expected. The assumption regarding a successful financing is reassessed by management at each reporting date. In case a successful financing is probable, the compensation expense is recognized.

Executives – Presence bonus

Additionally, the annual presence bonus awards are offered to one individual if the individual performs an agreed percentage of employment services from the base location (Group’s head offices near Munich, Germany).

The employee shall be eligible to an annual bonus in each calendar year from 2021 until 2025. The bonus will be accounted for on an annual basis, i.e., the period the respective services are received. As the condition was not met in 2021 the bonus was forfeited.

Generally, the bonus offers a choice of settlement to the Group. The annual presence bonus awards are to be settled in shares of Lilium N.V., and hence are accounted for as equity-settled awards.

Executives – Joint Stock Ownership plan (JSOP) and bonus

Between one management member of the UK subsidiary and the Group, a success fee was agreed (see description on success fees above). Upon successful fundraising the success fee agreement provided the management member with a settlement choice to either receive cash, shares, participate from the value of shares based on a JSOP and a bonus agreement or a combination of cash and shares/JSOP. The management member has chosen a remuneration based on JSOP and the bonus.

Setting-up the JSOP and the bonus according to the arrangements made consists of the following steps:

●

Setting up a trust: A Dutch foundation “Stichting JSOP” was incorporated through a deed of incorporation.

●

Joint Ownership agreement: Shares in Lilium N.V. with a total value corresponding to the success fee were issued against a fair market value consideration to Stichting which serves as joint owner of the shares together with the management member. The management member has a sell right, which upon exercise, has the effect that all shares held together with Stichting are sold in the market. The sell right needs to be executed before September 14, 2026. If the sell right expires, the Stichting has a buy right buying back the management member’s shares. The buy right needs to be executed before March 14, 2027. In any case, the shares will be sold. The proceeds from the shares will be divided between the Stichting and the management member according to the respective portion in the shares, also taking into consideration that Stichting is entitled to a carry charge of 7.5 % p.a.

●

Bonus agreement with Lilium GmbH: Stichting’s portion of the sale of shares are paid to Lilium GmbH and forwarded to the manager after deduction of employment income tax and social security contributions.

●

In substance, the management member receives in total the proceeds from the sale of shares after execution of the Sell Right or Buy Right, one part directly from Stichting (“JSOP”) and the other part from the Lilium GmbH as a bonus:

●

The proceeds directly from the JSOP are the difference between the proceeds from the sale of shares received (treasury shares due to consolidation) and the acquisition cost of the shares received at the time of the setup of the Stichting plus 7.5 % interest p.a.; if this difference is negative, the JSOP is nil.

●

The bonus is the lower of the proceeds from the sale of shares received (treasury shares due to consolidation) and the acquisition costs of the shares at the time of the setup of the Stichting plus 7.5 % interest p.a.

As the management member will receive cash from the JSOP and the bonus, both parts of these awards are accounted for as cash-settled.

Advisors – Strategic collaboration agreement

On July 31, 2021, Lilium executed a term sheet in which Lilium agreed to enter into negotiations with Brazilian airline Azul S.A. and Azul Linhas Aereas Brasileiras S.A. (collectively, “Azul”) to establish a strategic collaboration whereby Azul and Lilium will negotiate contracts to buy a certain number of Lilium Jets. Except for the up-front warrants, the term sheet is legally non-binding. As of the date these financial statements were approved, no contracts with respect to the acquisition of Lilium Jets or any other collaboration have been executed.

The Azul up-front warrants are within the scope of IFRS 2 Share-Based Payment as they were granted in contemplation of signing a service agreement to explore the feasibility of eVTOL in Brazil and are expected to be settled in our Class A shares. In consideration of the commercial collaboration, Lilium agreed to use all efforts to grant to Azul warrants to purchase up to 8,000,000 Class A shares at an exercise price of €0.12 per share, consisting of

(i)

warrants to purchase 1,800,000 Class A shares, which warrants were issued to Azul on a fully vested basis on October 22, 2021, granted for the signed term sheet and

(ii)

subject to the execution of definitive agreements and legally non-binding, warrants to purchase additional 6,200,000 Class A shares, which are expected to vest in three tranches. These warrants are subject to the execution of the above-mentioned definitive agreements and legally non-binding. As of the balance sheet date it was not yet sufficiently probable that they will be granted.

As the Azul up-front warrants are to be settled in shares of Lilium N.V., they are accounted as equity-settled awards.

Share listing expense

The Reorganization is accounted for within the scope of IFRS 2. In accordance with IFRS 2, the difference in the fair value of the shares issued to former Qell’s shareholders by Lilium (€165.0 million) and the fair value of the Qell’s identifiable net assets (€53.9 million) represents a service received by Lilium, and thus is recognized as an expense (€111.1 million) at Closing Date.

The determination of the fair value of the shares issued is based on the share price of Lilium N.V.’s publicly traded common stock. As of Closing Date, Lilium N.V. shares issued to Qell shareholders were trading at $9.41 per share. This trading price represents a Level 1 measurement, as it is a quoted price in an active market with sufficient trading volume for identical instruments. Within the Reorganization, Qell shareholders have received 21,080,961 shares in Lilium N.V. some of which are subject to transfer restrictions:

Sponsor Lock-Up Shares: 4,595,133 Lilium Class A Shares acquired by Qell Partners LLC (the “Sponsor”) in connection with the Reorganization, having a lock-up period of one year.

Sponsor Earnout Shares: 3,063,422 Lilium Class A Shares acquired by the Sponsor in connection with the Reorganization. Pursuant to the Sponsor Support Agreement, concurrently with the closing of the Business Combination, the Sponsor Earnout Shares were imprinted in three tranches (1,148,783, 1,148,783 and 765,856 shares respectively) with a legend to note restrictions on transfer, which will be removed after the occurrence of a certain milestone or a specific date which is between March 2024 and September 2025.

For the transfer restrictions, the valuation has been adjusted as follows:

●

Qell Sponsor Lock-Up Shares: the closing price of Lilium N.V. shares as of Closing Date has been adjusted for a 5 % discount for lack of marketability due to the one-year lock-up restriction

●

Qell Sponsor Earnout Shares: the closing price of Lilium N.V. shares as of Closing Date has been adjusted for a 5 % discount for lack of marketability.

The net assets held by Qell had a fair value upon closing of €53.9 million, comprising of cash and cash equivalents held in Qell’s trust account (€83.3 million), offset by current liabilities (€3.6 million) and financial liabilities for the former Qell Warrants (€25.8 million). As the share listing expense is to be settled in shares of Lilium N.V., it is accounted as equity-settled awards.

Pension Benefits

The Group operates a defined benefit pension plan in Switzerland which requires contributions to be made to a separately administered fund. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method. The defined benefit obligation is recognized within non-current provisions.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognized immediately in the consolidated statement of

financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.

Past service costs are recognized in profit or loss on the earlier of:

●

The date of the plan amendment or curtailment, and

●

The date that the Group recognizes related restructuring costs

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation under, ‘Research and development’, ‘General and administrative’, and ‘Selling’ expenses’ in the consolidated statement of operations and other comprehensive income (loss) (by function):

●

Service costs comprising current service costs, past-service costs, gains and losses on curtailments,

●

Non-routine settlements, and

●

Net interest expense or income

Non-financial Liabilities

Non-financial liabilities are recognized at their nominal amounts.

Revenue Recognition

Revenues from contracts are recognized when the customer gains the ability to direct the use of and obtain substantially all the remaining benefits from the services performed. The consideration which the Group expects to receive is allocated to each of the performance obligations, using the relative stand-alone selling price method.

Government Grants

Grants from governments are recognized at their fair value, where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. Government grants relating to costs are deferred and recognized gross in other operating income over the period necessary to match them with the cost that they are intended to compensate.

Significant Accounting Judgments, Estimates and Assumptions

12 Months Ended

Dec. 31, 2021

Significant Accounting Judgments, Estimates and Assumptions

Significant Accounting Judgments, Estimates and Assumptions

4.Significant Accounting Judgments, Estimates and Assumptions

The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the consolidated financial statements. In preparing these consolidated financial statements, management exercises its best judgement based upon its experience and the circumstances prevailing at that time. The estimates and assumptions are based on available information and conditions at the end of the financial period presented and are reviewed on an ongoing basis. Actual results may differ from these estimates under different assumptions and conditions and may materially affect the financial results or the financial position reported in future periods.

Key estimates and judgements that have a significant influence on the amounts recognized in the Group’s consolidated financial statements are described below:

Going Concern

The financial statements have been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. Management

assessed the Group’s ability to continue as a going concern and evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Group’s ability to continue as a going concern using all information available about the future, focusing on the twelve-month period after the issuance date of the financial statements.

Historically, the Group has funded its operations primarily through capital raises and loans from shareholders. In 2021, management realized plans to finance these investments and costs with the US public listing via a Reorganization which was completed in September 2021 (see note 1). Since the inception the Group has incurred recurring losses and negative cash flows from operations including accumulated losses of €717.1 million. The Group expects to continue generating operating losses for several years. Based on the business plan the Group depends on additional financing for development activities and operations.

This realization of the Reorganization has been crucial for the Group’s ability to continue as a going concern.

Based on its recurring losses from operations since inception, expectation of continuing operating losses in the future and the need to raise additional capital to finance its future operations, the Group has concluded that there is substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Leases – Lease Term

The Group has lease agreements for rental properties with material renewal options. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to extend or terminate the lease. The Group considers all relevant factors that create an economic incentive for it to exercise the respective extension option. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects whether the Group is reasonably certain to exercise or not to exercise the option to extend or terminate the lease (e.g., more than insignificant penalty, construction of significant leasehold improvements or significant customization to the leased asset).

Leases – Incremental Borrowing Rate

The Group cannot readily determine the interest rate implicit in the majority of leases, therefore, it uses its incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBRs used by the Group are calculated based on the risk-free rate, individual country risk premiums of underlying country and credit spread. The weighted average IBR in FY2021 is 3.75 % (for FY2020: 4.05%).

Investment in associate – Purchase Price Allocation

The Group acquired 34.8 % of Zenlabs Energy, Inc, described in detail in note 17. Management calculated the goodwill acquired upon purchase by performing a purchase price allocation, allocating the total consideration between the fair value of the identified net assets acquired and the goodwill acquired upon purchase. Assessing the fair value of the identified net assets acquired required significant judgement. Management concluded that the fair value of the technology portfolio and the brand value acquired significantly exceeded their carrying value.

Management used the Multi-Period Excess Earnings Method (MPEEM) for the valuation of the technology portfolio. The MPEEM estimates the fair value of an intangible asset as a residual value after deducting charges for all other assets. It is assumed that the company holds only the intangible asset to be valued and leases all other assets necessary to operate the business. Contributory asset charges (CACs) reflect all return on and of the supporting assets and are deducted for the use of all other assets. The Remaining Useful Life for the technology portfolio is estimated to be 15 years.

Management used the Relief-from-Royalty (RfR) method for valuation of the Zenlabs brand. This method is based on the assumption that if the company did not own the brand, it would be willing to enter a licensing agreement for the brand. As part of this hypothetical licensing transaction, the licensee would have to pay royalty fees to the licensor. The value of the brand can thus be

estimated as the present value of all future royalty payments in a hypothetical licensing transaction. Management has applied a hypothetical royalty rate of 0.93 % based on comparable industry peers. The remaining useful life for the brand asset is estimated to be 15 years.

Share-based Payments

Significant judgments were made in determining the valuation of shares prior to the Reorganization. Determining the value of the shares, the following methods have been used:

●

For all periods prior to the Reorganization, a hybrid model between option pricing methods (Black-Scholes) and probability-weighted expected return method has been used.

●

Prior to the Reorganization, the past financing rounds have been used as an approximation of the equity value of the shares without any impact of the Reorganization; these calculations were performed with an option pricing method to reflect the value of different share classes.

●

On and after December 31, 2020, the expected share value from the Reorganization has been used for this scenario.

●

After the Reorganization, the market value of the publicly traded share has been used.

An option pricing model (Black-Scholes) has been used for the determination of the fair value of awards. A simplified approach has been used in cases where share options have been deep in the money, so that the intrinsic value could serve as an approximation for the value of the option.

Estimates also require the determination of the most appropriate inputs to the valuation model when calculating the fair value of the share option, such as the volatility of stock price, the discount for lack of marketability, and the probability and timing of an exit event. For the parameters used to calculate the fair value within 2021 we refer to note 22. For cash-settled share-based payment transactions, the liability has to be remeasured at the end of each reporting period until the date of settlement, with any changes in fair value recognized in profit or loss. This requires a reassessment of the estimates used at the end of each reporting period.

Performance-based Stock Options

For the performance-based stock options, the service-based condition is predetermined and does not require any assumptions or estimates. For valuation purposes the performance condition is assumed to be fulfilled in 4 years as a weighted average assumption. This assumption is reassessed at every reporting date.

Success Fees

The number of financing rounds with expected amounts raised and their probabilities are the significant estimates for the valuation of the success fees. The weighted average expected timing of fulfillment of the performance condition is 20 months with a weighted average probability of 69%.

Share listing expense

For the share listing expense, the Group has assessed the discount for lack of marketability on 5 % for the transfer restrictions imposed on Sponsor Lock-Up Shares and Sponsor Earnout Shares.

Convertible Loans and Embedded Derivatives

The initial fair value of the convertible loans (before bifurcation of the embedded derivatives) as well as the subsequent measurement of the embedded derivatives is calculated using an internal valuation model and many of the input parameters are not

observable. Therefore, this valuation is considered highly judgmental. For detailed information on the convertible loans and its embedded derivatives, especially a description of the valuation model, the input parameters as well as a sensitivity analysis, see note 28.

Warrants

The fair value of the Private Warrants is deemed to be equal to the fair value of the Public Warrants. The Private Warrants are identical to the Public Warrants, except that the Private Warrants were not transferable, assignable or salable until 30 days after the completion of the Business Combination. Additionally, the Private Warrants will not be redeemable by Lilium so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Warrants are held by holders other than the initial purchaser or their permitted transferees, the Private Warrants will be redeemable by Lilium and exercisable by such holders on the same basis as the Public Warrants.

The Group has certain redemption rights depending on the share price of which one only relates to the Public Warrants, but given the other elements in the agreement, the Group has a certain economic incentive to call for redemption of all Warrants before a certain share price. Consequently, management has applied the same valuation for both the Public and Private Warrants.

COVID-19 Risks and Uncertainties

Since January 2020, the Corona Virus (COVID-19) has spread worldwide. The strict measures to stop the spread of COVID-19 adopted in several countries where the Group operates have resulted in the majority of the Group’s workforce working from home with a small number of teams with special purposes for development of the Lilium Jet remaining onsite. Modern forms of communication enabled contact to be maintained between various members of staff and deadlines defined before the period during which employees were working from home have been complied with. We continue to take actions as may be required or recommended by government authorities or in the best interests of our employees and business partners but COVID-19 could also affect the operations of our suppliers and business partners which may result in delays or disruptions in the supply chain of our components and delay the development and rollout of a Vertiport network and commercial operations. The potential delay did not trigger an impairment of assets. Additional costs were incurred related to health, safety and transportation of employees which remained onsite, however, the impact of these did not materially impact these consolidated financial statements.

The current uncertainty regarding the consequences and duration of COVID-19 has negatively impacted the ability to develop a precise forecast for product development. Based on COVID-19 developments throughout 2020 and 2021 and the latest developments, the Group is expecting that business operation can be continued, no other impacts have been considered relevant.

War in Ukraine

Near the end of February 2022, a war started between Ukraine and Russia, and the tensions between Russia and the Western world are rising. Bilateral sanctions between Russia and Western countries worsen the business conditions worldwide, especially for companies working in Russia or with Russian companies.

Currently, we do not see any major direct impact on Lilium’s business; Lilium has no suppliers in Russia or Ukraine. Nonetheless, the general worldwide economic climate worsens as well and already leads to increasing prices for raw materials and other parts provided by suppliers.

Revenue from Contracts with Customers and Cost of Sales

12 Months Ended

Dec. 31, 2021

Revenue from Contracts with Customers and Cost of Sales

Revenue from Contracts with Customers and Cost of Sales

5.Revenue from Contracts with Customers and Cost of Sales

Lilium is currently not generating revenues from mobility services. In rolling-out the business, Lilium is engaged in infrastructure and mobility consultancy services provided to airport authorities with which future collaborations are planned; revenue amounting to €47 thousand has been recognized from one customer at a point in time upon receipt of acceptance in 2021 (2020: €97 thousand; 2019: nil). The geographic region which recognized revenues was Germany based on the Group location which bills the customer.

Related costs are captured in costs of sales and comprise personnel expenses.

Research and Development Expenses

12 Months Ended

Dec. 31, 2021

Research and Development Expenses.

Research and Development Expenses

6.Research and Development Expenses

Research and development expenses consist of the following:


In € thousand	2021	2020	2019
Salaries and social security	75,672	66,536	26,162
Professional services	49,421	8,448	2,472
Materials	9,009	8,253	5,012
Depreciation/amortization	4,541	2,829	1,404
IT and communication expense	1,248	1,857	1,175
Other research and development expenses	4,667	2,422	1,911
Total research and development expenses	144,558	90,345	38,136

Expenses for salaries and social security mainly include salary, salary-related expenses and share-based payments recognized from the Group’s share-based payment programs (note 22). Professional services include €31,576 thousand for consulting services (2020: €3,732 thousand; 2019: €1,880 thousand) and €17,845 thousand for contractors (2020: €4,716 thousand; 2019: €592 thousand). Consulting and contractor services have increased due to the ramp up of research and development activities being conducted with suppliers and partners in readiness for entry into service (EIS). Materials include various components used in development of the Lilium Jet.

General and Administrative Expenses

12 Months Ended

Dec. 31, 2021

General and Administrative Expenses.

General and Administrative Expenses

7.General and Administrative Expenses

General and administrative expenses consist of the following:


In € thousand	2021	2020	2019
Share listing expense	111,109	—	—
Professional services	70,380	8,483	2,615
Salaries and social security	35,395	20,926	8,057
IT and communication expense	12,391	2,255	1,545
Depreciation/amortization	1,870	1,289	896
Insurances	1,698	73	118
HR related expenses (training, recruitment)	1,617	1,026	357
Other administrative expenses	4,633	1,354	1,849
Total administrative expenses	239,093	35,406	15,437

The share listing expense is the fair value of the shares issued by Lilium N.V. in excess of the net assets acquired from Qell as a result of the Reorganization (see note 1 for details). Expenses for salaries and social security mainly include salary, salary-related expenses and share-based payments recognized from the Group’s share-based payment programs (note 22). Professional services in 2021 include €33,127 thousand for consulting and legal fees in relation to the Reorganization which are not capitalizable and investor relations costs not deducted from capital reserves. Professional services in 2021 also include €13,030 thousand for the issue of Azul warrants (see note 22) and €5,439 thousand for JSOP bonus expense (see note 22). Additionally, professional services relate to general legal and tax advice, external contractors, consultants, audit expense and bookkeeping services. IT and communication included expenses for a new ERP system in 2021. Insurance expenses increased mainly due to a Directors & Officers insurance that closed in 2021. Other administrative expenses primarily include human resource expenses like recruitment and training, occupancy costs, travel expenses, membership fees and other operating expenses.

Selling Expenses

12 Months Ended

Dec. 31, 2021

Selling Expenses.

Selling Expenses

8.Selling Expenses

Selling expenses consist of the following:


In € thousand	2021	2020	2019
Salaries, social security	11,971	13,115	3,012
Professional services	1,983	1,196	327
Marketing	2,059	613	751
Travel	626	167	387
Depreciation/amortization	65	41	34
Other selling expenses	485	140	134
Total selling expenses	17,189	15,272	4,645

In preparation for providing air mobility services, the Group has incurred expenses to allow it to operate as an airline, to prepare infrastructure for Vertiports, and for marketing and external communications. These have been classified as selling expenses. Expenses for salaries and social security mainly include salary and salary-related expenses and share-based payments recognized from the Group’s share-based payment programs (note 22). Marketing costs have increased in general due to the Reorganization.

Other Income

12 Months Ended

Dec. 31, 2021

Other Income

Other Income

9.Other Income

Other income consists of the following:


In € thousand	2021	2020	2019
Foreign currency gains	1,689	19	11
Insurance recoveries	456	1,906	—
Grants received from the German government	51	307	53
Income from other grants	—	42	—
Other miscellaneous income	78	72	12
Total other income	2,274	2,346	76

Foreign currency gains of €1,689 thousand in 2021 are primarily derived from favorable exchange rate movements on the Group’s cash holdings denominated in US Dollar and from currency gains on foreign trade payables. Insurance recoveries are for damage which occurred as a result of an accident during maintenance work of which €1,000 thousand was received during 2020 and €1,362 thousand in the second half of 2021; an additional €456 thousand was recovered in 2021 compared to what was expected.

Lilium has been granted government funds for conducting research on future mobility infrastructure and technology, especially assessing existing infrastructure for building vertiports and vertistops; the conditions connected with the grants are fulfilled by the Group.

Other Expenses

12 Months Ended

Dec. 31, 2021

Other Expenses

Other Expenses

10.Other Expenses

Other expenses consist of the following:


In € thousand	2021	2020	2019
Foreign currency losses	1,054	107	56
Miscellaneous other items	982	23	2
Total other expenses	2,036	130	58

Foreign currency losses of €1,054 thousand in 2021 are primarily derived from unfavorable exchange rate movements on the Group’s cash holdings denominated in US Dollar and from currency losses on foreign trade payables.

Financial Result

12 Months Ended

Dec. 31, 2021

Financial Result

Financial Result

11.Financial Result

Financial result is comprised of the following:


In € thousand	2021	2020	2019
Finance income	11,288	80	518
thereof: fair value changes	11,280	58	516
Finance expenses	(20,201)	(49,741)	(5,736)
thereof: interest portion of lease payments	(437)	(450)	(341)
thereof: fair value changes	(15,645)	(15,222)	—
thereof: expected credit losses	(260)	—	—
thereof: interest on convertible loans	(3,483)	(33,960)	(5,350)
Financial result	(8,913)	(49,661)	(5,218)

Fair value changes resulted from the embedded derivatives of the convertible loans (2021: €6,351 thousand in finance income and €26 thousand in finance expense; 2020: €15,222 thousand in finance expense; 2019: €516 thousand in finance income), changes in the fair value of warrants (2021: €4,454 thousand in finance income; 2020 and 2019: nil), promissory notes (2021: €475 thousand; 2020: €58 thousand; and 2019: nil in finance income) and a foreign currency exchange contract (2021: €15,532 thousand in finance expense; 2020 and 2019: nil) which was concluded to hedge the foreign currency exchange risk related to the funds from the Reorganization expected to be received in USD. Fair value changes from the money market funds are also included in finance expenses (2021: €87 thousand; 2020 and 2019: nil). Of the €260 thousand allowance for expected credit losses recognized in finance expense in 2021, €257 thousand is related to other financial assets (i.e., fixed-term deposits and security deposits) and €3 thousand is related to cash and cash equivalents.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

12.Income Taxes

Income Tax Expense

The expense for income taxes is comprised of the following:


In € thousand	2021	2020	2019
Current income tax expense	556	46	61
Current income tax expense related to prior years	143	—	—
Deferred tax expense	10	—	—
Total income tax expense	709	46	61

The income tax expenses mainly relate to foreign subsidiaries.

At German companies, a corporation tax rate of 15 % was used for the calculation of deferred taxes. In addition, a solidarity surcharge of 5.5 % on corporation tax and a trade tax rate of 11.73 % were taken into account. This resulted in an overall tax rate of 27.55 % for German companies, which is also the Group’s tax rate (2020 and 2019: 27.55 )%. For international Group companies, the respective country-specific tax rates have been used for the calculation of current and deferred taxes.

Tax Rate Reconciliation

The following table presents the reconciliation of expected tax expense and reported tax expense. Expected tax expense is determined by multiplying consolidated profit before tax from continuing operations by the total group tax rate of 27.55 %:


In € thousand	2021		2020		2019
Profit (Loss) before income tax	(410,327)		(188,381)		(63,418)
Income tax rate	27.55	%	27.55	%	27.55	%
Expected income taxes on this	113,045		51,899		17,472
Effects deriving from differences to the expected tax rate	40		54		(3)
Other non-deductible expenses and taxes	(209)		(238)		(312)
Changes in the realization of deferred tax assets	(67,465)		(22,371)		(18,978)
Other	(46,120)		(29,390)		1,760
Income tax as per statement of operations	(709)		(46)		(61)
Effective tax rate in %	(0.2)	%	0.0	%	(0.1)	%

The other effects in 2021 mainly relate to expenses resulting from non-cash share listing expense (€111,109 thousand; resulting in a reconciliation effect of €30,610 thousand) and other share-based payments (€40,321 thousand, resulting in a reconciliation effect of €11,108 thousand) and the share-based payment for the Azul up-front warrants (€13,030 thousand; resulting in a reconciliation effect of €3,590 thousand) as well as finance income resulting from the embedded derivatives of the convertible loans (€6,351 thousand; resulting in a reconciliation effect of €1,750 thousand) and fair value adjustments of former Qell warrants (€4,454 thousand; resulting in a reconciliation effect of €1,227 thousand).

The other effects in 2020 mainly relate to equity settled share-based payments (€71,990 thousand, resulting in a reconciliation effect of €19,883 thousand), the recognition of the day one effect of the convertible loan in equity (€34,084 thousand, resulting in a reconciliation effect of €9,390 thousand) and transaction cost deducted from equity (€503 thousand, resulting in a reconciliation effect €139 thousand).

The other effects in 2019 mainly relate to the embedded derivative of the convertible loans (€3,981 thousand, resulting in a reconciliation effect of €1,097 thousand).

Deferred Taxes

Deferred taxes relate to the following:


	Deferred tax assets		Deferred tax liabilities
In € thousand	12/31/2021	12/31/2020	12/31/2021	12/31/2020
Non-current assets	3,010	2,289	3,099	3,043
Intangible assets	2,995	2,261	—	—
Property, plant and equipment	15	—	3,088	2,855
Financial assets	—	28	11	188
Current assets	14	9	286	—
Inventories	11	9	—	—
Receivables and other assets	3	—	286	—
Non-current liabilities	645	531	167	9
Provisions	24	—	3	9
Liabilities	621	531	163	—
Current liabilities	222	563	631	340
Provisions	91	—	—	62
Liabilities	131	563	631	278
Loss carry forwards	282	—	—	—
Gross value	4,173	3,392	4,183	3,392
Netting	(4,173)	(3,392)	(4,173)	(3,392)
Recognition in the statement of financial position	—	—	10	—

The deferred tax assets and liabilities disclosure as of December 31, 2021 and 2020, reflect the gross deferred tax right-of-use asset and related gross deferred lease liability.

As of December 31, 2021, and 2020, there were the following tax attributes (gross):


In € thousand	12/31/2021	12/31/2020
Corporation tax loss carryforwards	388,980	129,704
Trade tax loss carryforwards	387,524	128,889
Interest carryforwards	15,846	14,879

The reported tax loss and interest carryforwards mainly relate to the German Lilium entities and can be carried forward indefinitely. Tax loss carryforwards amounting to €47,780 thousand cannot be used during the time of the tax group between Lilium GmbH as controlling entity and Lilium eAircraft GmbH as controlled entity. German minimum taxation rules and interest stripping rules apply. These tax attributes may be subject to restrictions of the German change in ownership rules (Sec. 8c KStG) going forward. The closing of the de-SPAC transaction did not result in the forfeiture of the tax loss carryforwards.

These tax attributes relate to entities that have a history of losses which have been accumulated in the previous years. The respective entities neither have any taxable temporary difference exceeding the deductible temporary differences nor any tax planning opportunities and documentation available that could partly support the recognition of these tax attributes as deferred tax assets. On this basis, the Group has determined that it cannot recognize deferred tax assets on the tax attributes carried forward.

For the following deductible temporary differences and tax loss and interest carryforwards, no deferred tax assets were recognized in the financial statements:


	Deferred tax assets on
			Interest
	Temporary	Tax	carry
In € thousand	differences	losses	forward	Total
Unrecognized deferred tax assets as of January 1, 2020	20,313	11,540	2,352	34,205
Addition	—	24,099	1,311	25,410
Deductions	(3,037)	—	—	(3,037)
Unrecognized deferred tax assets as of December 31, 2020	17,276	35,639	3,663	56,578
Addition	—	70,625	266	70,891
Deductions	(3,426)	—	—	(3,426)
Unrecognized deferred tax assets as of December 31, 2021	13,850	106,624	3,929	124,043

Loss per Share

12 Months Ended

Dec. 31, 2021

Loss per Share

Loss per Share

13.Loss per Share

Basic loss per share (EPS) is calculated by dividing the net loss for the year by the weighted average number of ordinary shares outstanding during the year.

Diluted EPS is calculated by dividing the net loss for the year by the weighted average number of ordinary shares outstanding during the year plus the ordinary shares that would be issued upon conversion of all outstanding stock options and warrants into ordinary shares.

For the periods included in these consolidated financial statements, the Group was loss making; therefore, anti-dilutive stock options and warrants are excluded from the diluted EPS calculation, including the outstanding equity awards during the period and the warrants (former Qell warrants) and 1,800,000 Azul warrants issued in 2021.

Comparative earnings per share (basic and diluted) were restated to give effect to the stock split (refer to note 21) for comparability purposes.

The following table reflects the income and share data used in the basic and diluted EPS calculations:


	2021	2020	2019
Comprehensive loss attributed to equity shareholders	(410,830)	(188,435)	(63,590)
(in € thousand)
Weighted average number of shares outstanding
Basic and diluted	214,858,203	193,722,062	169,224,125
Basic and diluted EPS (in €)	(1.91)	(0.97)	(0.38)

Intangible Assets

12 Months Ended

Dec. 31, 2021

Intangible Assets

Intangible Assets

14.Intangible Assets

Intangible assets comprise the following:


		Purchased concessions,
		rights and other
In € thousand	Software	intangible assets	Total
Costs of acquisition
January 1, 2021	2,401	108	2,509
Additions	1,586	—	1,586
Transfer from property, plant and equipment	11	—	11
December 31, 2021	3,998	108	4,106
Accumulated amortization/write downs
January 1, 2021	1,125	12	1,137
Amortization	1,569	6	1,575
December 31, 2021	2,694	18	2,713
Carrying amount:
December 31, 2020	1,276	96	1,372
December 31, 2021	1,304	90	1,394


		Purchased concessions,
		rights, and other
In € thousand	Software	in-tangible assets	Total
Costs of acquisition
January 1, 2020	1,241	89	1,330
Additions	1,188	24	1,212
Disposals	(28)	(5)	(33)
December 31, 2020	2,401	108	2,509
Accumulated amortization/write downs
January 1, 2020	481	7	488
Amortization	642	6	648
Impairment	18	—	18
Disposals	(16)	(1)	(17)
December 31, 2020	1,125	12	1,137
Carrying amount:
December 31, 2019	760	82	842
December 31, 2020	1,276	96	1,372

An item of software was impaired in 2020 as the value in use is nil due to obsolescence. There were no further indicators of impairment which would have required intangible assets to be tested for impairment in the fiscal years ended December 31, 2021 and 2020.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment

Property, Plant and Equipment

15.Property, Plant and Equipment

Property, plant and equipment is comprised of the following:


	Rights to
	land and		Technical
	buildings		equipment	Office	Assets
	and leasehold		and	and other	under
In € thousand	improvements	Vehicles	machinery	equipment	construction	Total
Costs of acquisition or construction:
January 1, 2021	15,774	160	6,195	5,590	1,144	28,863
Additions	3,444	6	2,532	2,644	4,200	12,826
Disposals	—	—	—	(1)	—	(1)
Transfers	711	—	2,009	2	(2,722)	—
Transfer to intangible assets	—	—	—	—	(11)	(11)
Indexation impact	(26)	—	—	—	—	(26)
Foreign exchange	—	—	2	8	—	10
December 31, 2021	19,903	166	10,738	8,243	2,611	41,661
Accumulated depreciation:
January 1, 2021	3,057	40	640	2,411	—	6,148
Depreciation	2,381	42	1,028	1,450	—	4,901
Transfer	—	—	1	(1)	—	—
Foreign exchange	—	—	—	2	—	2
December 31, 2021	5,438	82	1,669	3,862	—	11,051
Carrying amount:
December 31, 2020	12,717	120	5,555	3,179	1,144	22,715
December 31, 2021	14,465	84	9,069	4,381	2,611	30,610

Rights to

land and

Technical

buildings

equipment

Office

Assets

and leasehold

and

and other

under

In € thousand

improvements

Vehicles

machinery

equipment

construction

Total

Costs of acquisition or construction:

January 1, 2020

10,272

109

2,626

3,736

634

17,377

Additions

4,795

1,268

1,873

3,479

11,466

Disposals

—

(37)

(43)

—

(80)

Transfers

607

—

2,338

(2,969)

—

Indexation impact

100

—

100

December 31, 2020

15,774

160

6,195

5,590

1,144

28,863

Accumulated depreciation:

January 1, 2020

1,170

236

1,265

—

2,677

Depreciation

1,887

408

1,164

—

3,493

Disposals

—

(4)

(18)

—

(22)

December 31, 2020

3,057

640

2,411

—

6,148

Carrying amount:

December 31, 2019

9,102

103

2,390

2,471

634

14,700

December 31, 2020

12,717

120

5,555

3,179

1,144

22,715

Property, plant and equipment includes right-of-use assets for an amount of €11,525 thousand as of December 31, 2021 (December 31, 2020: €10,941 thousand). For further information refer to note 16. The transfers from assets under construction mainly relate to leasehold improvements and equipment which are required for construction of the Lilium Jet prototype. There are no security pledges.

Property, plant and equipment is distributed among geographical areas as follows:


In € thousand	12/31/2021	12/31/2020
Germany	18,933	11,723
United Kingdom	100	38
United States	38	10
Switzerland	14	3
Total property, plant and equipment	19,085	11,774

No indicators of impairment existed which would have required items of property, plant and equipment to be tested for impairment in the fiscal years ended December 31, 2021 and 2020.

Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

16.Leases

The Group has lease contracts for facilities which contain variable lease payments and vehicles, equipment and other assets which contain fixed-rate payment terms. The carrying amounts of right-of-use assets recognized and the movements during the period were as follows:


			Technical
			equipment	Office
	Rights		and	and other
In € thousand	to buildings	Vehicles	machinery	equipment	Total
January 1, 2020	8,053	88	496	50	8,687
Additions to right-of-use assets	3,757	20	—	8	3,785
Depreciation	(1,535)	(31)	(35)	(30)	(1,631)
Indexation impact	100	—	—	—	100
December 31, 2020	10,375	77	461	28	10,941
Additions to right-of-use assets	2,369	—	29	170	2,568
Transfer	—	—	(17)	—	(17)
Depreciation	(1,808)	(34)	(45)	(54)	(1,941)
Indexation impact	(26)	—	—	—	(26)
December 31, 2021	10,910	43	428	144	11,525

Some lease payments for rights to buildings are indexed to the German consumer price index, adjusted on a yearly basis. The carrying amounts of lease liabilities and the movements during the period were as follows:


In € thousand		Lease Liability
January 1, 2020		8,715
Additions		3,742
Interest		450
Payments		(1,889)
Indexation impact		100
December 31, 2020		11,118
Additions		2,512
Interest		437
Payments		(2,218)
Indexation impact		(26)
December 31, 2021		11,823

The consolidated statement of operations and other comprehensive income (loss) include the following amounts of lease related expense:


In € thousand	2021	2020	2019
Depreciation of right of-use-assets	1,941	1,631	1,013
Interest expense on lease liabilities	437	450	341
Short-term lease expenses	488	108	138
Lease expenses for low-value assets	220	80	72
Total amount recognized in expense	3,086	2,269	1,567

Variable lease payments result from indexed rental payments for facility leases and are included in lease liabilities. The following table provides further information about the composition of the lease payments as included in the above movement schedule of lease liabilities:


In € thousand	2021	2020
Fixed lease payments	204	154
Variable lease payments	2,014	1,735
Total amount of lease payments	2,218	1,889

The below table provides information on the total cash outflow from all leases during the year:


In € thousand	2021	2020	2019
Principal paid	1,781	1,439	854
Interest paid	437	450	341
Short term and low value leases	708	188	213
Total amount paid	2,926	2,077	1,408

Investment in Associated Companies

12 Months Ended

Dec. 31, 2021

Investment in Associated Companies

Investment in Associated Companies

17.Investment in Associated Companies

Investment in Zenlabs

On March 10, 2021, the Group entered into a Stock Purchase Agreement in which the Lilium Group acquired 25.7 % of the shares of Zenlabs Energy Inc. (“Zenlabs”) for a purchase price of €8,502 thousand ($10,054 thousand), including transactions costs. Zenlabs are a supplier of battery technology for Lilium. The principal place of business for Zenlabs is the United States of America.

On July 15, 2021, the Group entered into an additional Stock Purchase Agreement in which the Lilium Group acquired a further 9.1 % of the shares of Zenlabs across two transactions on July 16, 2021 and September 27, 2021, for a total consideration of €7,400 thousand ($8,716 thousand). The consideration included the conversion of outstanding promissory notes at a fair value of €2,222 thousand ($2,629 thousand), including a €1,051 thousand ($1,250 thousand) promissory note purchased on March 19, 2021. The Group’s investment in Zenlabs is accounted for using the equity method of accounting.

Lilium holds preferred stocks in Zenlabs, which give Lilium preferred dividend rights as well as rights of preferential payments in certain events. Preferred dividends are not cumulative, and payment is at the discretion of the Board of Directors of Zenlabs out of any funds and assets legally available. In a deemed liquidation event, which is defined in the preferred stock purchase agreement as mergers and consolidations and certain asset sales in the preferred stock purchase agreement, Lilium is entitled to redeem cash or other assets from Zenlabs which provides Lilium a share in Zenlabs net assets. In the event of liquidation, dissolution or winding up or deemed liquidation event, Lilium is entitled to preferential payments if there are sufficient funds in Zenlabs to pay the preferred stockholders. The preferred stocks carry the same shareholder voting rights as holders of equivalent common stock. The preferred stocks also entitle the Group to nominate two directors to the Board of Directors of Zenlabs. As such, the Group is considered to have significant influence over Zenlabs. The significant influence together with other features of the preferred stocks result in Lilium

participating in a share of gains or losses from Zenlabs; as such, the investment is accounted for at-equity under IAS 28 ‘Investment in associates and joint ventures’.

For each date of acquisition of the equity-accounted investee, the fair value of Zenlabs’ identifiable net assets and liabilities was identified, and the difference between the purchase price and the fair value of identified net assets has been accounted for as goodwill. The goodwill is included within the carrying value of the Investment in Associate. The total fair value of the identifiable net assets acquired is €8,344 thousand ($9,843 thousand), generating goodwill upon purchase of €7,558 thousand ($8,927 thousand). The fair value of the identifiable net assets acquired includes a carrying value of €2,248 thousand ($2,652 thousand) and a fair value step-up of €8,688 thousand ($10,250 thousand) for Zenlabs’ brand and technology portfolio, offset by €2,592 thousand ($3,059 thousand) for deferred taxation.

As of December 31, 2021, there were no indicators that an impairment expense should be recognized on the carrying value of the investment in an associate.

The following table illustrates the summarized valuation of the Group’s investment in Zenlabs:


In € thousand		Carrying Value
January 1, 2021		—
Initial recognition		8,502
Conversion of promissory notes (July 2021)		2,222
Capital increases (July and September 2021)		5,178
Share of loss in an associated company		(848)
December 31, 2021		15,054

The following is the summarized financial information for Zenlabs, based on their consolidated financial statements prepared in accordance with IFRS, modified for fair value adjustments on acquisition. The numbers presented reflect the amounts in the IFRS financial statements of the associate, not of Lilium's ownership share in these amounts.

Zenlabs Energy, Inc - Consolidated Statement of Operations for the period March 10, 2021, until December 31, 2021


In € thousand		3/10/2021 – 12/31/2021
Revenue		806
Net loss for the period		(2,907)

Zenlabs Energy, Inc. - Consolidated Statement of Financial Position as of December 31, 2021


In € thousand		12/31/2021
Non-current assets⁽¹⁾		24,255
Current assets		6,724
Preferred stock reclassification⁽²⁾		20,283
Non-current liabilities		(28,200)
Current liabilities		(756)
Shareholders’ equity		22,306


Group’s effective interest in the associate	34.8	%
Group’s share in shareholders’ equity (2020: nil)	7,762
Goodwill	7,558
Currency translation difference	(266)
Investment in an associate	15,054

(1)

As the purchase price allocation is performed at each acquisition date (as of March 10, July 16 and September 27, 2021), differences occur due to the different ownership rates used in purchase price allocation and equity accounting. These differences are adjusted in Zenlabs’ summary financial statements.

(2)

Based on the Group's analysis of significant influence and investors’ current access to returns, Lilium concluded that its investment in Zenlabs is accounted for using the equity method under IAS 28 'Investment in associates and joint ventures'. However, in Zenlabs’ IFRS financial statements, the preferred stock owned by Lilium is accounted for as a financial liability based on its analysis under IAS 32 'Financial Instruments: Presentation' due to the features of preferred stock as explained above. In order to give effect to uniform accounting policies and consistency in accounting, the above-mentioned financial liability in Zenlabs’ financial statements is treated as equity in purchase price allocation and goodwill calculation.

Other Financial Assets

12 Months Ended

Dec. 31, 2021

Other Financial Assets

Other Financial Assets

18.Other Financial Assets

Other financials assets are as follows:


In € thousand	12/31/2021	12/31/2020
Security deposits	3,779	2,096
Miscellaneous other non-current financial assets	—	16
Total non-current financial assets	3,779	2,112
Fixed term deposits	119,664	50,000
Money market funds	99,919	—
Promissory notes	—	676
Security deposits	42	—
Total current other financial assets	219,625	50,676

On May 14, 2020, the Group entered into a fixed-term deposit with a term of nine months and fixed interest rate of 0.02 %. The deposit was not redeemable before maturity.

On July 31, 2020, the Group entered into a promissory note for a nominal amount of $500 thousand (€422 thousand) convertible into a variable number of shares of equity of the issuer. On December 23, 2020, the Group entered into another promissory note for a nominal amount of $250 thousand (€205 thousand) with the same conditions. Both promissory notes bear 7 % interest annually and maturity is upon demand of the Group after one year, however, the notes can be converted earlier under certain conditions. Both promissory notes were measured at fair value through profit or loss according to IFRS 9. In March 2021, the Group purchased another promissory note for a nominal amount of $1,250 thousand (€1,051 thousand) with the similar conditions as for the other promissory notes. All promissory notes including accumulated interest have been converted into Zenlabs shares in July 2021 (see note 17).

In October 2021, the Group has invested total €120,000 thousand into fixed term deposits with terms of 6, 9 and 12 months, €40,000 thousand each; the principal amount has reduced by €336 thousand due to negative interest rates of €80 thousand and an expected credit loss of €257 thousand. Prior year’s €50,000 thousand short-term deposit has been repaid during the year. In addition, the Group has invested €100,006 into a money market funds in November 2021.

Security deposits include €400 thousand (December 31, 2020: nil) pledged as collateral for customs, €253 thousand (December 31, 2020: €120 thousand) pledged as collateral for a furniture lease and €196 thousand (December 31, 2020: nil) pledged as collateral for use of credit card facilities. Additional deposits in the amount of €2,942 thousand (December 31, 2020: €1,976 thousand) are pledged as collaterals for facility leases, and €30 thousand (December 31, 2020: nil) refer to deposits to suppliers.

Non-Financial Assets

12 Months Ended

Dec. 31, 2021

Non-Financial Assets

Non-Financial Assets

19.Non-Financial Assets

Non-financial assets are as follows:


In € thousand	12/31/2021	12/31/2020
Advance payments	8,113	153
Total non-current non-financial assets	8,113	153
Value added tax claims	12,602	3,420
Prepaid expenses	9,924	1,284
Miscellaneous other current non-financial assets	468	1,070
Total current non-financial assets	22,994	5,774
Total non-financial assets	31,107	5,927

Advance payments are payments made for the acquisition of fixed assets (€6,852 thousand) and prepayments for multi-year supplier contracts, which have required upfront prepayments due to necessary investments by the suppliers (€11,185 thousand). Miscellaneous other current non-financial assets have mainly included the insurance claim amounting to €906 thousand in prior year (refer to note 9).

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents

Cash and Cash Equivalents

20.Cash and Cash Equivalents

Cash and cash equivalents are as follows:

In € thousand	12/31/2021	12/31/2020
Petty cash	2	2
Cash at banks	129,854	102,142
Total cash and cash equivalents	129,856	102,144

The increase is primarily a result of the Reorganization, for further details please see the consolidated statement of cash flows. Other portions of the proceeds from the Reorganization have been invested into short-term investments (see other financial assets note 18).

Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Shareholders' Equity

Equity

21.Shareholders’ Equity

On September 14, 2021, upon the Reorganization, all outstanding Lilium GmbH shares (Common shares, Seed shares, Series A, Series B1 and Series B2) have been transferred to Class A shares in the relationship 1 : 2,857, except for 8,545 shares which have been transferred into 24,413,065 Class B shares. Lilium had 261,244,915 Class A shares issued with a nominal value of €0.12, resulting in a share capital of €31.3 million, and 24,413,065 Class B shares issued and outstanding with a nominal value of €0.36, resulting in a share capital of €8.8 million. Class B shares have triple votes.

Class A shares have a nominal value of €0.12 per share and are freely transferrable (subject to any lock-up as may be contractually agreed from time to time) and each Class A share confers the right to cast twelve (12) votes in Lilium’s shareholders meeting, subject to a so-called voting cap as defined in Article 1 of Lilium’s articles of association and as may be elected by a certain shareholder to apply to it.

Class B shares have a nominal value of €0.36 and may only be transferred to (i) permitted transferees or (ii) Lilium. One Class B share will be converted into one Class A share and one Class C ordinary share, nominal value €0.24 per share (a “Class C share”) upon the occurrence of certain conversion events. A conversion event is triggered in respect of Class B shares in case the holder of Class B shares is not qualified to hold such Class B shares anymore as defined in Lilium’s articles of association.

Each Class B share confers the right to cast thirty-six (36) votes and each Class C share confers the right to cast twenty-four (24) votes in Lilium’s shareholders meeting. As of December 31, 2021, no Class C shares were issued and outstanding.

If a Class C share is held by anyone else other than Lilium (regardless of the consequence of conversion), such holder of Class C shares (a transferor) must notify Lilium of this fact by written notice within three days after the occurrence of such event, following the failure of which Lilium is irrevocably empowered and authorized to offer and transfer the relevant Class C shares. The transferor, other than Lilium itself, must transfer such Class C shares to Lilium for no consideration. The result of the conversion of Class B shares is that a Lilium shareholder acquires one Class A share for each converted Class B share. As of December 31, 2021, no transfer and conversion of Class B shares have been conducted.

The holders of Class A shares and Class B shares shall be entitled pari passu to the profits of Lilium, pro rata to the total number of Class A shares and Class B shares held as a percentage of the total number of Class A shares and Class B shares issued and outstanding, provided that out of the profit of any fiscal year, the holders of Class C shares shall be entitled to a maximum amount per fiscal year equal to one-tenth of a percent (0.1 %) of the nominal value of one Class C share.

The movements of the shares issued during the years have been retrospectively adjusted to reflect the share split that occurred in 2021, prior to the Reorganization. Accordingly, this retrospective application of the share split has increased subscribed capital by €24,278 and decreased share premium by the same amount as of January 1, 2019; retrospective application leaves total shareholders’ equity unchanged.


	Common	Supervoting		Lilium
	shares	shares		GmbH
(in units)	(Class A)	(Class B)	Total	Total⁽¹⁾
Issued and outstanding as of January 1, 2019	53,883	—	53,883	53,883
Retrospective application of share split	129,476,783	24,413,065	153,889,848	—
Issued and outstanding as of January 1, 2019, as adjusted	129,530,666	24,413,065	153,943,731	53,883
Issued shares – capital increase	1,065,661	—	1,065,661	373
Issued and outstanding as of December 31, 2019, as adjusted	130,596,327	24,413,065	155,009,392	54,256
Issued shares - convertible loans	19,156,185	—	19,156,185	6,705
Share buy-back - treasury shares	(205,704)	—	(205,704)	(72)
Issued shares – capital increase	23,261,694	—	23,261,694	8,142
Outstanding as of December 31, 2020, as adjusted	172,808,502	24,413,065	197,221,567	69,031
Issued as of December 31, 2020, as adjusted	173,014,206	24,413,065	197,427,271	69,103
Issued shares - convertible loans	20,533,259	—	20,533,259	7,187
Reorganization as of September 14, 2021	22,697,450	—	22,697,450	(76,218)
Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares	205,704	—	205,704	(72)
Capital increase PIPE	45,000,000	—	45,000,000	—
Treasury shares	(375,000)	—	(375,000)	—
Treasury shares (due to consolidation)	(879,691)	—	(879,691)	—
Outstanding as of December 31, 2021	259,990,224	24,413,065	284,403,289	—
Issued as of December 31, 2021	261,244,915	24,413,065	285,657,980	—

(1)	Not adjusted retrospectively to reflect the share split which occurred in 2021.

In 2019, the Group has issued 1,065,661 shares, increasing subscribed capital and decreasing share premium by €128 thousand (retrospectively adjusted).

In March 2020, the 2019 convertible loans were converted into 19,156,185 shares, increasing subscribed capital by €2,299 thousand, share premium by €65,824 thousand and other capital reserves by €34,084 thousand (retrospectively adjusted). For the convertible loan, the €34,084 thousand exceeded the initial fair value of the convertible loan by this amount. Since the lender of this

convertible loan was also a shareholder, this difference has been considered as a capital contribution; it was reclassified into share premium in March 2021 due to the conversion of the convertible loan.

Share premium represents additional consideration for shares above the nominal value of shares in issue less transaction cost that incurred for the share issuance. During 2020, there was a net increase in shareholders’ equity of €96,810 thousand from the issuance of 23,261,694 shares (retrospectively adjusted) as a result of a capital increase, adding €2,791 thousand to subscribed capital and €94,019 thousand to share premium (retrospectively adjusted). Transaction costs of €503 thousand have been deducted from the share premium.

These increases in 2020 were offset by a decrease of €763 thousand as a result of the buyback of 205,704 shares, €738 thousand have reduced share premium and (€25) thousand have been put into the reserve for treasury shares (retrospectively adjusted).

On March 26, 2021 the convertible loan of €85,900 thousand (CLA3) and the accrued interest were converted into shares. In order to facilitate the transaction, the Group issued 20,533,259 shares, subscribed capital increased by €2,464 thousand, share premium by €127,813 thousand (retrospectively adjusted) and other capital reserves decreased by €34,084 thousand due to the conversion as described above.

From the Reorganization and the PIPE capital increase, the Group has increased shareholders’ equity by €164,868 thousand and €381,208 thousand, respectively. As a result of the Reorganization, subscribed capital increased by €2,724 thousand, share premium by €51,116 thousand (net of €2,227 thousand transaction costs) and other capital reserves by the share listing expense of €111,109 thousand. These amounts related to the Reorganization also reflect the impacts of (i) the conversion of the convertible loan (CLA4) into 274,272 Lilium N.V. shares, which increased subscribed capital by €33 thousand and share premium by €2,023 thousand, and (ii) the additional 293,230 Lilium N.V. shares related to the success fee, which increased subscribed capital by €35 thousand and share premium by €1 thousand. Additionally, the reserve for treasury shares decreased by €81 thousand as a result of the Reorganization. From the PIPE capital increase, subscribed capital increased by €5,400 thousand and share premium by €375,808 thousand. For the Reorganization, Lilium’s total transaction costs amount to €29,029 thousand.

The Group received cash proceeds of €83,393 thousand from the Reorganization and €381,208 thousand from the PIPE capital increase.

Other capital reserves of €240,430 thousand consist of the impact of the conversion of convertible loans to equity and share-based payments reserve. Convertible loans issued in May 2019 and October 2019 resulted in a capital contribution amounting to €3,981 thousand as the conversion feature qualifies as an embedded equity derivative which was separated from the host contract at initial recognition. All other capital reserves show the value of equity-settled share-based payments provided to employees, including key management personnel, and external service providers (Azul, share listing expense). Refer to notes 1 and 22 for further details of these plans.

The reserve for treasury shares represents the nominal amount of own shares held in treasury. Payments for treasury shares above or below nominal value are deducted from or added to share premium, respectively. During 2020, Lilium GmbH reacquired 72 (retrospectively adjusted 205,704 Lilium N.V. shares) of its own shares from its co-founders through a share buy-back, decreasing the treasury share reserve by €72 (retrospectively adjusted €25 thousand) and reducing share premium by €738 thousand; these shares have not been exchanged into Lilium N.V. shares. As result of the Reorganization, these shares are no longer presented as treasury shares. The 375,000 outstanding shares of Lilium N.V. have been returned by the shareholders as part of the Reorganization. As no consideration was paid for these shares by Lilium N.V., the nominal amount of €45 thousand has been recorded in share premium. Additionally, as the Stichting JSOP is consolidated in the Group, 879,691 shares held by Stichting are now presented with their nominal amount of €106 thousand as treasury shares but are subject to fiduciary trust restrictions.

As of December 31, 2021, there were additional 1,620,451,736 shares with a par value each of €0.12 authorized for issue.

Share-based Payments

12 Months Ended

Dec. 31, 2021

Share-based Payments

Share-based Payments

22.Share-based Payments

Overview

Lilium offers several share-based plans as summarized in the table below. All plans are equity-settled, except for new success fees and JSOP (including bonus) which are treated as cash-settled. Refer to note 3 for the general accounting principles of share-based payments.

The ESOP plan started in 2017, initial success fees started in 2020, while all other plans such as RSU, performance-based stock option, time-based stock option, new success fees, presence bonus and JSOP came into place in 2021.


In € thousand	2021	2020
General population and executives – standard ESOP	29,286	50,316
General population - RSU	77	—
Executives – ESOP modified	2,135	—
Executives – RSU	1,178	—
Executives - Performance-based stock options	2,296	—
Executives - Time-based stock options	3,505	—
Executives – Success fees (cash-settled)	2,590	—
Executives – Success fee (equity-settled)	1,844	592
Executives - Presence bonus	0	—
Joint stock ownership Plan (JSOP) incl. bonus	5,438	—
Total expense	48,349	50,908

General population and Executives – standard Employee Stock Option Program (“ESOP”)

The fair value of the share-based awards was estimated at the grant date or the later modification date for participants who signed the ESOP amendment letter, which resulted in 2021 in an additional capital reserve of €6,948 thousand at the reporting date (included in the figures below).

The expense recognized for participant services received during the year is shown in the following table:


In € thousand	2021	2020
Expense arising from equity-settled share-based payments	29,286	—
Expense arising from cash-settled share-based payments	—	50,316

The total fair value of options granted during the year was €23,061 thousand (2020: €16,949 thousand).

On October 8, 2021, Lilium has offered ESOP participants to settle their vested options exclusively in shares of Lilium N.V. instead of Lilium GmbH. As all participants have accepted, they now can exercise vested options at a conversion rate of 1 ESOP in Lilium GmbH into 2,857 options in Lilium N.V. in accordance with the relevant exercise windows. No accounting effects resulted from this conversion. The exercise price is €1 for 2,857 shares in Lilium N.V.

Movements during the year

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, Lilium N.V. share options during the years:

Equity-settled options:


	2021		2020
	Number of	2021	Number of	2020
(in units)	options	WAEP	options	WAEP
Outstanding at January 1	13,962,159	0.00	—	—
Granted during the year	4,019,799	0.00	—	—
Forfeited during the year	(757,105)	0.00	—	—
Transferred from cash-settled	2,348,454	0.00	13,962,159	0.00
Outstanding at December 31	19,573,307	0.00	13,962,159	0.00

Cash-settled options:


	2021		2020
	Number of	2021	Number of	2020
(in units)	options	WAEP	options	WAEP
Outstanding at January 1	2,348,454	0.00	14,593,556	0.00
Granted during the year	—	—	2,799,860	0.00
Forfeited during the year	—	—	(1,082,803)	0.00
Transferred to equity-settled	(2,348,454)	0.00	(13,962,159)	0.00
Outstanding at December 31	—	—	2,348,454	0.00

The exact WAEP for all options is €1 divided by 2,857, which is 0.00035 and rounded to nil.

Total options in Lilium N.V. shares vested during the year were 3,300,960 options (2020: 3,788,382 options). As of December 31, 2021, none of the options granted under the ESOP had been exercisable and/or eligible to be settled because of the waiting period of 180 calendar days after the Reorganization on September 14, 2021. As of December 31, 2021, 13,286,568 option are vested and will be exercisable as of March 14, 2022. As of December 31, 2020, none of the options granted under the ESOP had been exercisable and/or eligible to be settled because an exit event has not occurred.

Measurement of fair values

For grant dates on and after September 15, 2021, the fair value of the ESOP has been set equal to the actual share price using a simplified approach.

The following table lists the inputs to the models used for the ESOP for the year ended December 31, 2020:


	12/31/2020
Discount for lack of marketability	5	%
Expected volatility (%)	154	%
Probability of direct IPO	0	%
Probability of indirect IPO	60	%
Probability of other scenarios	40	%

Due to the business combination agreement with Qell, the indirect IPO probability was increased to 85 % as of March 31, 2021, and further increased by 5 % points on month-end of July, August and on September 14, 2021, ending up at a 100 % probability as of September 14, 2021. Except for small modifications in volatility, other assumptions have been unchanged since 2020.

The fair value of the options as of December 31, 2020, was derived from the estimated equity value of Lilium on that date because the beneficiary is entitled to shares of Lilium for a nominal amount in the case of an exit event. The value of the common shares was derived by applying a market approach on the basis of external financing rounds and an expected financing round valuation. With regards to the financing rounds, the liquidation preferences of the Seed shares, Series A, B1 and B2 shares (as described in note 21, Shareholders’ Equity) were taken into account. A hybrid model between option pricing method and probability-weighted expected return method was used for the valuation. This led to a fair value of €17,297 in Lilium GmbH (€6.05 retrospectively adjusted for Lilium N.V.) per share as of December 31, 2020.

Retrospectively adjusted, the fair value has developed as follows:


		Price of one share in
in €	Valuation methodology	Lilium N.V.
December 31, 2020	Hybrid model	6.05
March 31, 2021	Hybrid model	7.13
June 30, 2021	Hybrid model	7.05
July 31, 2021	Hybrid model	7.36
August 31, 2021	Hybrid model	7.71
September 15, 2021	Actual share price	7.89
December 31, 2021	Actual share price	6.12

General population - Restricted Stock Units to new hires

The expense recognized for participant services received during the years is shown in the following table:


	01/01 /-	01/01 /-
In € thousand	12/31/2021	12/31/2020
Expense arising from equity settled RSU	77	—

Movements during the year

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, RSU during the years ended December 31, 2021 and 2020:


	2021			2020
	Number of	2021		Number of	2020
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	—		—	—	—
Assigned during the year	162,800	€	0.12	—	—
Forfeited during the year	—		—	—	—
Outstanding at December 31	162,800	€	0.12	—	—

No options are granted as of December 31, 2021, but there is the explicit intention granting the RSU to new hires. No options are exercisable as of December 31, 2021. The weighted average remaining contractual life of RSU is 1.7 years.

Measurement of fair values

The options are equity settled and have an exercise price of nominal €0.12 per share. The exercise price is significantly lower than the share price at grant date. Accordingly, the intrinsic value of the RSU has been used, i.e. the share price at grant date less the exercise price. The weighted average fair value of options granted during the period is €5.97.

Executives - Employee Stock Option Program (“ESOP”) modified

Some executives have received ESOP comparable with the general ESOP program, but with individual conditions in respect to the vesting scheme and with different exercise prices.

The expense recognized for participant services received during the year is shown in the following table:


In € thousand	2021	2020
Expense arising from equity-settled share-based payments	2,135	—

The total fair value of these options granted during the year was €11,229 thousand.

Movements during the year

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, Lilium N.V. share-based share options during the years:


	2021		2020
	Number of	2021	Number of	2020
(in units)	options	WAEP	options	WAEP
Outstanding at January 1	—	—	—	—
Granted during the year	1,888,477	7.90	—	—
Forfeited during the year	—	—	—	—
Outstanding at December 31	1,888,477	7.90	—	—

Total options in Lilium N.V. shares vested during the year were 101,018 options (2020: 0 options). As of December 31, 2021, none of the options granted under the ESOP plan had been exercisable and/or eligible to be settled. The weighted average remaining contractual life is 12.4 years.

Measurement of fair values

For grant dates on and after September 15, 2021, the fair value of the ESOP has been derived from the actual share price, using an option price model (Black-Scholes). The following table lists the inputs to the Black-Scholes model used for the fair market value for the year ended December 31, 2021:


		12/31/2021
Risk free rate range		(0.75) % – (0.71) %
Expected dividend yield		—
Expected exercise term		2 - 4 years
Expected volatility		118.9%

Executives - Restricted Stock Units (“RSU”)

The expense recognized for participant services received during the year is shown in the following table:


	01/01/-	01/01/-
In € thousand	12/31/2021	12/31/2020
Expense arising from equity settled RSUs	1,178	—

Movements during the year

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020:


	2021			2020
	Number			Number
	of	2021		of	2020
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	—		—	—	—
Granted during the year	1,050,913	€	0.12	—	—
Forfeited during the year	—		—	—	—
Outstanding at December 31	1,050,913	€	0.12	—	—

26,335 options are exercisable as of December 31, 2021. The weighted average remaining contractual life is 2.7 years.

Measurement of fair values

Similar to the RSU for the general population the exercise price is significantly below the share price at grant. While a Black-Scholes model was used to determine the RSU fair market value, the outcome of the valuation basically reflects the intrinsic value of the RSU. Accordingly, the input assumptions other than the share price are not material.

For fair value calculations the share price was taken as the closing price at grant date of Lilium N.V. share. The weighted average fair value of options granted during the period was €7.09.

Executives – Performance-based stock options

The expense recognized for participant services received during the years is shown in the following table:


	01/01/-	01/01/-
In € thousand	12/31/2021	12/31/2020
Expense arising from performance-based stock options	2,296	—

Movements during the year

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020:


	2021			2020
	Number of	2021		Number of	2020
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	—		—	—	—
Granted during the year	7,036,501	€	8.15	—	—
Forfeited during the year	—		—	—	—
Outstanding at December 31	7,036,501	€	8.15	—	—

No options are exercisable as of December 31, 2021. The weighted average remaining contractual life is 9.9 years.

Measurement of fair values

The following table lists the inputs to the Black-Scholes model used for the fair market value calculation for performance-based stock options for the year ended December 31, 2021:


		12/31/2021
Risk free rate range		(0.69) % – (0.66) %
Expected dividend yield		—
Expected exercise term		4 years
Expected volatility		121.8%

The expected volatility was based on an evaluation of the historical volatilities of comparable listed peer group companies. It reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. For fair value calculation the share price was taken as the closing price at grant date of Lilium N.V. The weighted average fair value of options granted during the period was €5.68. The exercise prices are €7.11 or €8.80.

Executives – Time-based stock options

The expense recognized for participant services received during the years is shown in the following table:


	01/01/-	01/01/-
In € thousand	12/31/2021	12/31/2020
Expense arising from time-based stock options	3,505	—

Movements during the year

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020:


	2021			2020
	Number of		2021	Number of	2020
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	—		—	—	—
Granted during the year	2,951,000	€	7.25	—	—
Forfeited during the year	—		—	—	—
Outstanding at December 31	2,951,000	€	7.25	—	—

No stock options are exercisable as of December 31, 2021. The weighted average remaining contractual life is 9.9 years.

Measurement of fair values

The following table lists the inputs to the Black-Scholes model used for the fair market value calculation for time-based stock options as of the grant date:


	12/31/2021
Risk free rate	(0.69)	%
Expected dividend yield	—
Expected exercise term	4 years
Expected volatility	121.9	%

The expected volatility was based on an evaluation of the historical volatilities of comparable listed peer group companies. It reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome. Other common inputs to option pricing models such as discount rate, dividends expected and expected term. For fair value calculation the share price was taken as the closing price at grant date of Lilium N.V. share. The weighted average fair value of options granted during the period was €5.31. The exercise price of the option is €7.25.

Executives – Success fees

The expense recognized for participant services received during the years is shown in the following table:


	01/01/-	01/01/-
In € thousand	12/31/2021	12/31/2020
Expense for success fees cash-settled	2,590	—
Expense for success fee equity-settled	1,844	592
Total expense	4,434	592

These expenses do not include the success fee that was converted to the JSOP and bonus arrangement; those expenses are disclosed in the corresponding section below. As of December 31, 2021, €2,590 thousand are recorded as provisions in the consolidated statement of financial position.

The equity-settled success fee was determined as a 0.5 % percentage of the proceeds from the Reorganization, which was subsequently converted into 293,230 Lilium N.V. shares at a share price of $10.00 (€8.47) as of September 14, 2021.

Measurement of success fees

The success fees were measured as discounted expected cash flows for the success fee arrangements.

The total expense of success fee is calculated as a percentage of the amount raised and recognized over the period of grant date and estimated fundraising dates i.e., over the period when the performance condition is expected to be satisfied. The expected fundraising amounts are adjusted to the probability of fundraising, based on management's best estimate. The total expected fundraising amount is expected to exceed the relevant cap of $1bn with a weighted average probability of 68 % and a weighted average timing of 2 years. Discount rates in the range of (0.73 %) to (0.62 %) has been applied.

Executives - Joint Stock Ownership Plan (JSOP) and bonus

Expense and the liability from the JSOP and the bonus are shown in the following table, the award is fully vested:


	01/01/-	01/01/-
In € thousand	12/31/2021	12/31/2020
Expense for JSOP	3,762	—
Expense for bonus	1,676	—
Total expense	5,438	—

Measurement of the JSOP and the bonus

The employee will receive the value of the shares at the time the Sell Right is exercised. The payment is split into two parts and one part is subject to social security contributions (bonus component). For valuation purposes, the two parts are measured separately, using an option pricing model (Black-Scholes).

The following table lists the inputs to the models used for the year ended December 31, 2021:


	12/31/2021
Risk-free rate	(0.62)	%
Expected dividend yield	0
Expected term	3.7 years
Expected volatility (%)	126.0	%

Advisors – Strategic collaboration agreement (Azul Warrants)

The Azul up-front warrants, (refer to note 30) entitle Azul to purchase 1,800,000 Class A shares at an exercise price of €0.12 per share. The Azul up-front warrants will expire on October 22, 2026 (“Expiration Date”), five years after their issuance. The Azul warrants and any Class A Shares issuable upon exercise of the Azul warrants may not be transferred until the twelve-month anniversary of issuance (the “Lockup”).

Lilium has the option to settle the awards in shares or cash. The Azul up-front warrants are accounted for as equity-settled awards, as Lilium had no present obligation to settle the awards in cash. They are considered fully vested once both parties signed the term sheet, which occurred on July 31, 2021. After that date, no services were required to be provided by Azul for the warrants to vest thereafter. Due to the unique nature of the services provided by Azul, Lilium considered direct measurement of the services provided unreliable and referred to the fair value of the up-front warrants to indirectly measure the compensation arrangement. The 1,800,000 warrants have been expensed as of July 31, 2021 based on a hybrid valuations model, using different scenarios and a deduction of 5 % for the lack of marketability at this point of time. For the valuation of the share price, multiple connected Black-Scholes models have been used and for the IPO scenario a simplified valuation based on past financing rounds. The General & Administration expense (professional fees) amount of €13,030 thousand was posted directly into capital reserves (see note 7).

The Azul up-front warrants have not been exercised by Azul as of December 31, 2021.

Warrants, Convertible Loans and Other Financial Liabilities

12 Months Ended

Dec. 31, 2021

Warrants, Convertible Loans and Other Financial Liabilities

Warrants, Convertible Loans and Other Financial Liabilities

23.Warrants, Convertible Loans and Other Financial Liabilities

Warrants, convertible loans and other financial liabilities are as follows:


in € thousand	12/31/2021	12/31/2020
Other non-current financial liabilities	—	27
Other current financial liabilities	—	21
Warrants	21,405	—
Convertible loans – host	—	84,287
Convertible loans – embedded derivative	—	14,948
Convertible loans	—	99,235

Warrants

Upon the Reorganization, 12,650 thousand public warrants (“Public Warrants”) and 7,060 thousand warrants that were issued in a private placement transaction (“Private Warrants”) were assigned as former Qell warrants to Lilium warrants. The terms of the Public Warrants and Private Warrants remain unchanged following the assignment. As of December 31, 2021, all warrants were outstanding.

The Public Warrants and the Private Warrants give the holder the right, but not the obligation, to subscribe to Lilium’s shares at a fixed or determinable price for a specified period of time subject to the provision of the Warrant Agreement. The Warrants became exercisable 30 days after the consummation of the Reorganization. The Warrants will expire five years after the completion of the Reorganization or earlier upon redemption, liquidation or expiration in accordance with their terms.

Those instruments were considered to be part of the net assets acquired and therefore, management applied the provisions of debt and equity classification under IAS 32 Financial Instruments: Presentation (“IAS 32”). In accordance with IAS 32, a contract to issue a variable number of shares fails to meet the definition of equity and must instead be classified as a derivative liability and measured at fair value with changes in fair value recognized in the consolidated statement of operations and other comprehensive income (loss) at each reporting date. As the Public and Private Warrants include contingent settlement provisions that introduce potential variability to the settlement amounts of the Public Warrants and Private Warrants, dependent on the occurrence of some uncertain future events, the Public Warrants and Private Warrants are accounted for as derivative financial liabilities at fair value, with changes in fair value reflected through profit and loss on the consolidated statement of operations and other comprehensive income (loss).

Convertible loans

In January 2021, the Group entered into a new loan convertible (CLA4) to equity for an amount of €1,850 thousand. The loan bears 5 % accrued interest and matures upon the occurrence of certain conversion or termination events. The Group assessed that the entire instrument is a liability. There is one component to be bifurcated as equity because one conversion feature of the loan leads to a conversion into a fixed number of shares for a fixed amount. However, the Group has assessed that the fair value of this equity component equals zero. In addition, all of the embedded conversion features were bifurcated and separately measured as one combined derivative financial liability at fair value through profit or loss, since they share the same risk exposure and are interdependent. As of September 14, 2021, the convertible loan holders assigned their claims to Lilium N.V. in exchange for 274,272 newly issued Lilium N.V. Class A shares. The sum of the carrying amount of the embedded derivative and the host contract in totaling €2,056 thousand has been transferred into subscribed capital (€33 thousand) and capital reserves (€2,023 thousand).

On March 11, 2020, the Group entered into a loan convertible (CLA3) to equity for an amount of €85,900 thousand. The loan bears 2 % accrued interest and matures on March 11, 2027, or earlier upon the occurrence of certain conversion or termination events. At initial recognition, a day one gain for the Group in the amount of € 34,084 thousand incurred, as the consideration received exceeded the initial fair value of the convertible loan by this amount.

The following tables show the effect of reasonable changes of these input parameters on the initial fair value of the convertible loan (host contract) and the resulting equity effect as of March 11, 2020:



in € thousand March 11, 2020	Fair value host contract	Effect on capital contribution
Base	52,090
Conversion 1 year later	43,678	8,412
Conversion 1 year earlier	61,582	(9,492)



in € thousand March 11, 2020	Fair value host contract	Effect on capital contribution
Base	52,090
credit spread +10%	49,558	2,532
credit spread -10%	54,819	(2,730)

As the lender is a shareholder at the same time, this amount was considered as additional capital contribution to the Group and was therefore recognized in equity without subsequent measurement. The Group assessed that the entire instrument is a liability and there is no component to be bifurcated as equity because some conversion features of the loan lead to a conversion into a variable number of shares and are not under the control of the Group. Instead, some of the embedded conversion and prepayment features were bifurcated and separately measured as one combined derivative financial liability at fair value through profit or loss, since they share the same risk exposure and are interdependent. The remaining debt component is measured as liability at amortized cost until it is converted into equity or becomes due for repayment. On March 26, 2021, the convertible loan of €85,900 thousand and the accrued interest were converted into series 7,187 series B2 shares of Lilium GmbH (20,533,259 Class A Lilium N.V. shares, retrospectively adjusted). At the conversion event the day one gain amounting to €34,084 thousand has been reclassified from other capital reserves into share premium.

Provisions

12 Months Ended

Dec. 31, 2021

Provisions.

Provisions

24.Provisions

The movement in provisions during the year is as follows:


			Unwinding
			of discount
			and change
		Additions/	in discount
In € thousand	01/01/2021	Reversals	rate	12/31/2021
Asset retirement obligations	175	54	4	233
Post-employment benefits (see note 25)	193	(109)	—	84
Record retention obligations	43	13	—	56
Total non-current provisions	411	(42)	4	373
Year-end audit	—	1,067	—	1,067
Severance payments	80	539	—	619
Other	—	736	—	736
Total current provisions	80	2,342	—	2,422

Asset retirement obligations originate from the Group’s lease rental contracts (removal of tenant fixtures - refer to note 16) and they are expected to incur in May 2027 at the lease contract end. Accrued severance payments from prior year have been paid to two former employees.

Post-Employment Benefits

12 Months Ended

Dec. 31, 2021

Post-Employment Benefits

Post-Employment Benefits

25.Post-Employment Benefits

Defined contribution plans

The Group participates in defined contribution plans in the UK and Germany that are funded through payments by employees and by the Group to funds administered by third parties.

The Group’s expenses for these plans were €465 thousand (2020: €296 thousand). No assets or liabilities are recognized in the Group’s balance sheet in respect of such plans, apart from regular prepayments and accruals of the contributions withheld from employees’ wages and salaries and of the Group’s contributions. Contributions totaling €28 thousand (2020: €28 thousand) were payable to the fund at the reporting date and are included in creditors.

Defined benefit plans

Corporate post-retirement benefits are provided by the Group in Switzerland in accordance with local law through defined benefit plans. Current pension arrangements for employees in Switzerland are made through plans governed by the Swiss Federal Occupational Old Age, Survivors and Disability Pension Act (‘BVG’). The Group’s pension plans are administered by separate legal foundations, which are funded by regular employee and company contributions. The final benefit is contribution based with certain guarantees regarding the benefits provided. Due to these guarantees, such Swiss pension plans are treated as defined benefit plans. In case the pension foundation becomes underfunded the employer together with the employees can be obliged to refinance a plan until the funding level has reached again 100%. Such measures might include increasing employee and company contributions, lowering the interest rate on retirement account balances, reducing prospective benefits and a suspension of the early withdrawal facility. The Group in Switzerland is currently affiliated to a fully reinsured collective pension foundation which cannot become underfunded as all risks are reinsured with a life insurance company. However, the Group is exposed to certain refinancing risk in the future as the current affiliation contract can be cancelled or amended by both contractual parties.

The present value of the defined benefit obligations and the fair value of the plan assets is as follows:


In € thousand	12/31/2021	12/31/2020
Present value of funded obligations	155	433
Fair value of plan assets	71	240
Total post-employment benefit obligations	84	193

Reconciliation of the net defined benefit liability:


In € thousand	2021	2020
Net defined liability at January 1	193	126
Defined benefit cost recognized in consolidated statement of operations	117	48
Defined benefit cost recognized in other comprehensive income	(162)	44
Employer contributions	(74)	(25)
Currency effects	10	—
Net defined liability at December 31	84	193

Reconciliation of the amount recognized in the consolidated statement of financial position:


In € thousand	2021	2020
Employee benefit obligations as of January 1	433	304
Actuarial adjustments	(233)	44
thereof: experience adjustments	(202)	28
thereof: demographic adjustments	(25)	—
thereof: adjustments for financial assumptions	(6)	16
Current service cost	112	45
Past service (credit) / cost	(1)	—
Interest expense	1	1
Currency effects	19	0
Employee contributions	74	25
Benefits paid	(250)	14
Employee benefit obligations as of December 31	155	433

Reconciliation of the plan assets:


In € thousand	2021	2020
Fair value of plan assets as of January 1	240	178
Employer contributions	74	25
Employee contributions	74	25
Benefits paid	(250)	14
Administration expenses	(5)	(3)
Return on asset excl. interest income	(71)	(0)
Interest income	0	1
Currency effects	9	—
Fair value of plan assets as of December 31	71	240

The plan assets are primarily comprised of retirement savings accounts of participants. These retirement savings are 100% funded with qualifying insurance policies as the foundation has reinsured all of its liabilities with a life insurer.

The expense / (income) recognized in the consolidated statements of operations and other comprehensive income is made up as follows:


In € thousand	2021	2020
Actuarial gains (-) / losses (+) deriving from experience adjustments	(202)	28
Actuarial gains (-) / losses (+) deriving from changes in demographical assumptions	(25)	—
Actuarial gains (-) / losses (+) deriving from changes in financial assumptions	(6)	16
Return on plan assets etc., interest income	71	—
Included in other comprehensive income	(162)	44
Current service cost	112	45
Past service (credit) / cost	(1)	—
Interest income	0	(1)
Administrative expenses (effective)	5	3
Interest expense	1	1
Included in the consolidated statements of operations	117	48
Total included in the consolidated statements of operations and other comprehensive income	(45)	92

The current service cost is included as part of personnel costs within the respective functional area; interest cost relating to the obligation is a component of the result from financing activities.

For the years ended December 31, 2022 and 2023, the Group expects to make future payment contributions of €56 thousand.

The following were the principal actuarial assumptions as of:


	12/31/2021		12/31/2020
Future salary increases	1.00	%	1.00	%
Inflation rate	0.60	%	0.20	%
Future pension increases	0.00	%	0.00	%
Discount rate	0.35	%	0.15	%

Sensitivity Analysis

The main actuarial assumptions that are used to calculate the provisions for post-employment benefits are the discount rate and the trend for future increases in post-employment benefit obligations. A reasonably possible increase, or respectively decrease, in the significant actuarial assumptions would have had the following impact on the present value of the post-employment benefit obligations as of the respective reporting dates:


	2021		2020		2021		2020
Discount rate	0.25	%	0.25	%	(0.25)	%	(0.25)	%
Present value of the post-employment benefit obligations (in € thousand)	149		414		163		455
Salary increase	0.25	%	0.25	%	(0.25)	%	(0.25)	%
Present value of the post-employment benefit obligations (in € thousand)	156		434		155		433
Pension increase	0.25	%	0.25	%	(0.25)	%	(0.25)	%
Present value of the post-employment benefit obligations (in € thousand)	159		446		n/a		n/a

Duration

The average duration of the obligations is 18 years (December 31, 2020: 19 years).

Expected Benefit Payments

Trade and other Payables

12 Months Ended

Dec. 31, 2021

Trade and other Payables

Trade and other Payables

26.Trade and other Payables

Trade and other payables are as follows:


In € thousand	12/31/2021	12/31/2020
Trade payables	2,906	—
Non-current trade and other payables	2,906	—
Trade payables	14,936	4,854
Accruals for outstanding invoices	20,399	6,238
Current trade and other payables	35,335	11,092
Total trade and other payables	38,241	11,092

Other Non-Financial Liabilities

12 Months Ended

Dec. 31, 2021

Other Non-Financial Liabilities

Other Non-Financial Liabilities

27.Other Non-Financial Liabilities

Other non-financial liabilities are as follows:


In € thousand	12/31/2021	12/31/2020
Vacation accruals	2,488	1,680
Value added tax payables	242	1,477
Payroll tax and social security	2,992	1,455
Miscellaneous other current non-financial liabilities	338	585
Total other non-financial liabilities	6,060	5,197

Other tax liabilities mainly comprise of personnel-related taxes. This also includes an uncertain tax position for personnel-related taxes. Miscellaneous other non-financial liabilities mainly result from personnel-related liabilities.

Financial Instruments

12 Months Ended

Dec. 31, 2021

Financial Instruments

Financial Instruments

28.Financial Instruments

28.1Carrying Amounts and Fair Value

The following tables disclose the carrying amounts of each class of financial instruments together with its corresponding fair value and the aggregated carrying amount per category:

Financial instruments, analyzed by classes and categories


	12/31/2021
In € thousand	Category	Carrying amount	Fair value
Financial assets, by class
Cash at banks and petty cash	AC	129,856	n/a
Money Market Funds	FVTPL	99,919	99,919
Fixed term deposit	AC	119,664	n/a
Security deposits	AC	3,821	3,821
Total financial assets		353,260
Financial liabilities, by class
Trade and other payables	AC	38,241	n/a
Warrants	FVTPL	21,405	21,405
Total financial liabilities		59,646


		Carrying
Thereof aggregated to categories according to IFRS 9		amount
Financial assets measured at amortized cost (AC)		253,341
Financial assets measured at FVTPL		99,919
Financial liabilities measured at FVTPL		21,405
Financial liabilities measured at amortized cost (AC)		38,241

Financial instruments, analyzed by classes and categories


	12/31/2020
In € thousand	Category	Carrying amount	Fair value
Financial assets, by class
Cash and cash equivalents	AC	102,144	n/a
Fixed term deposit	AC	50,000	n/a
Promissory notes	FVTPL	676	676
Security deposits	AC	2,096	2,096
Other financial assets	AC	16	16
Total financial assets		154,932
Financial liabilities, by class
Trade and other payables	AC	11,092	n/a
Convertible loans – host contract	AC	84,287	105,007
Convertible loans – embedded derivative	FVTPL	14,948	14,948
Other financial liabilities	AC	48	48
Total financial liabilities		110,375


		Carrying
Thereof aggregated to categories according to IFRS 9		amount
Financial assets measured at amortized cost (AC)		154,256
Financial assets measured at FVTPL		676
Financial liabilities measured at FVTPL		14,948
Financial liabilities measured at amortized cost (AC)		95,427

The Public Warrants are traded in an active market and are therefore categorized in level 1 of the fair value hierarchy - the Private Warrants have been treated equally (see note 4 on warrants). In addition, money market funds are also categorized as level 1 as traded in an active market. Promissory notes and the convertible loans (both host contract and embedded derivative) were categorized in level 3 of the fair value hierarchy in the previous year. All other financial instruments are categorized in level 2 of the fair value hierarchy.

Fair values in level 2 are determined as expected cash flows discounted using market-based credit risk adjusted interest rate curves that are applicable for the Group and specific for the residual term of each financial instrument.

The fair value of the promissory notes has been calculated using a trinomial tree approach, set to optional conversion at an expected date. The primary inputs used in the model included the borrower’s share price at valuation date, probability of occurrence of each possible conversion and termination event, borrower-specific credit risk and risk-free interest rate. While the risk-free interest rate was based on currency specific time congruent IBOR and swap rates, the credit risk and stock prices of the borrower were not observable in a market and therefore highly judgmental.

The fair value of the embedded derivatives that were bifurcated from the convertible loan issued in 2020 is determined by aggregating the valuations for the various expected conversion and termination events. Since all events would lead to a conversion for a set fixed conversion price (however, for a variable number of shares), the value is derived as a forward contract embedded in the loan contract. The primary inputs used in the model include the own share price at valuation date, probability of occur-rence of each possible conversion and termination event, borrower-specific credit spread and risk-free interest rate. Credit risk is model-implied and

adjusted for movement in credit spreads to consider the investor’s higher risk in connection with this convertible instrument at each valuation date, and the risk-free interest rate is based on currency specific time congruent IBOR and swap rates. As credit spreads and stock prices are not observable in a market, especially these input parameters are highly judgmental. The following tables show the effect of reasonable changes of the most significant input parameters on the fair values of the embedded derivatives as of December 31, 2020.



in € thousand December 31, 2020	Share Price		Value derivative	Effect on financial result
Base	0	%	14,948
Up	10	%	18,815	(3,867)
Down	(0.00)	%	11,081	3,867



in € thousand December 31, 2020	Credit Spread		Value derivative	Effect on financial Result
Base	0	%	14,948
Up	10	%	14,282	666
Down	(0.00)	%	15,646	(698)

The fair value of the embedded derivative that was bifurcated from the convertible loan issued in 2021 followed the same valuation methodology as the 2020 convertible loan, except that share price at valuation date was not an input. The convertible loan was converted to equity during 2021 and no further gains or losses will be recognized in finance income / (expenses) in the Statement of Operations.


Financial instruments, changes in Fair Value of level 3 instruments

		Convertible loan –
In € thousand	Promissory Notes	embedded derivative
January 1, 2020	—	—
Purchases / issuances	627	(274)
Changes from fair value remeasurement	58	15,222
Foreign exchange effects	(9)	—
December 31, 2020	676	14,948
Purchases / issuances	1,051	312
Changes from fair value remeasurement	475	(6,326)
Foreign exchange effects	20	—
Conversion	(2,222)	(8,934)
December 31, 2021	—	—

The net gains and losses for each of the financial instrument measurement categories were as follows:


2021	Subsequent measurement
		Foreign			Reversals
		exchange		Impairment	of loss	Total per
In € thousand	Interest	conversion	Fair value	loss (net)	allowance	category
Financial assets measured at amortized cost	(364)	1,061	—	(260)	—	437
Financial liabilities measured at amortized cost	(3,483)	(446)	—	—	—	(3,929)
Financial assets and liabilities measured at fair value through profit or loss	—	20	(4,365)	—	—	(4,345)
Total	(3,847)	635	(4,365)	(260)	—	(7,837)


2020	Subsequent measurement
		Foreign		Increase	Reversals
		exchange		in loss	of loss	Total per
In € thousand	Interest	conversion	Fair value	allowance	allowance	category
Financial assets measured at amortized cost	(83)	—	—	—	—	(83)
Financial liabilities measured at amortized cost	(33,960)	(98)	—	—	—	(34,058)
Financial assets and liabilities measured at fair value through profit or loss	—	(4)	(15,164)	—	—	(15,168)
Total	(34,043)	(102)	(15,164)	—	—	(49,309)

The total interest income for financial assets that are not measured at fair value through profit or loss is €5 thousand (2020: €18 thousand), while the total interest expense for these financial assets is €369 thousand (2020: €101 thousand). The total interest expense for financial liabilities that are not measured at fair value through profit or loss is €3,483 thousand (2020: €33,960 thousand).

28.2Financial Instrument Risk Management Objectives and Policies

The Group is exposed especially to market risk (especially foreign exchange risk) and liquidity risk. The Group’s senior management oversees the management of these risks.

The CFO in combination with Treasury provides assurance to the Group’s senior management that the Group’s financial risk activities are governed by appropriate procedures and that financial risks are identified, measured and managed in accordance with the Group’s risk objectives. The Executive Board reviews and agrees procedures for managing each of these risks, which are summarized below.

Management regularly reviews the Group’s risk management objectives to ensure that risks are identified and managed appropriately. The Executive Board is made aware of and reviews management’s risk assessments prior to entering into significant transactions.

Credit Risk

The following tables provide information about the exposures to credit risk for all financial assets that are not measured at fair value through profit or loss and therefore are generally subject to the impairment regulations of IFRS 9. The most significant part of the impairment loss allowance relates to the fixed-term deposits and cash balances. No impairment has been recorded for 2020.


				12/31/2021
	Equivalent to
	external	Gross	Impairment
	credit rating	Carrying	Loss	Credit-
in € thousand	[S&P]	amount	allowance	impaired
Grades 1–6: Low risk	BBB- to AAA	253,601	(260)	No
Of which:
Cash and cash equivalents		129,859	(3)	No
Fixed-term deposits		119,920	(256)	No
Security deposits		3,822	(1)	No


				12/31/2020
	Equivalent to
	external	Gross	Impairment
	credit rating	carrying	loss	Credit-
in € thousand	[S&P]	amount	allowance	impaired
Grades 1–6: Low risk	BBB- to AAA	154,256	—	No
Of which:
Cash and cash equivalents		102,144	—	No
Fixed-term deposits		50,000	—	No
Security deposits		2,096	—	No
Other financial assets		16	—	No

Foreign Currency Risk

The Group operates globally and is exposed to foreign currency risk arising from exposure to various currencies in the ordinary course of business. The Group’s foreign currency exposures primarily consist of the British pound (“GBP”), Swiss Franc (“CHF”) and US Dollar (“USD”). Foreign currency exchange risk mainly arises from commercial and financing transactions that resulted in recognized financial assets and liabilities denominated in a currency other than the local functional currency.

The following table demonstrates the sensitivity of the Group to a reasonably possible appreciation and depreciation of the EUR towards USD and GBP by 10 %, with all other variables held constant. The impact on the Group’s profit or loss before tax is due to changes in the carrying amount of monetary assets and liabilities as of December 31, 2021:


	Effect of EUR appreciation on	Effect of EUR depreciation on
	profit before tax	profit before tax
Currency	(in € thousand)	(in € thousand)
USD	735	(898)
GBP	15	(19)

The impact on the Group’s profit or loss before tax is due to changes in the carrying amount of monetary assets and liabilities as of December 31, 2020:


	Effect of EUR appreciation on	Effect of EUR depreciation on
	profit before tax	profit before tax
Currency	(in € thousand)	(in € thousand)
USD	(47)	58
GBP	(46)	56

In 2020, the sensitivity analysis for the EUR (net) exposure of the Group entity in the UK was calculated by shifting EUR against GBP. In 2021, the sensitivity analysis was performed by keeping EUR constant and shifting the foreign currency for all exposures. As a result, the numbers of the EUR/GBP sensitivity analysis for 2020 were adjusted from prior year for comparability.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risks from financial instruments can in general arise in connection with financial liabilities. Fixed rate securities may have their market value adversely impacted due to a rise in interest rates. Our cash equivalents and investment portfolio can also be subject to market risk due to changes in interest rates. The Group is required to pay negative interest on cash accounts if and to the extent certain thresholds are exceeded. Banks are adjusting the negative interest rate depending on changes of the respective reference rates set by central banks. Considering existing thresholds, a hypothetical reasonable increase / decrease of 10 basis points in interest rates would have an effect on the Group's financial statements of €130 / (€130) thousand (2020: €1 / (€1) thousand) arising from cash at banks.

Other Price Risk

In 2021, the Group invested into a Money Market Fund with a total market value as of December 31, 2021 of €99,919 thousand. The value of the Money Market Fund is based on its publicly traded price. A reasonable possible increase or decrease in the market price by 10 % would lead to a gain / (loss) before tax of €9,992 thousand.

In 2021, the Group invested in one further promissory note for a nominal amount of €1,051 thousand ($1,250 thousand). As of December 31, 2021, all promissory notes have been converted so that the Group is no longer exposed to equity price risk in relation to the promissory notes as of year-end.

The Group has invested into promissory notes in 2020 with a total nominal amount of €627 thousand ($750 thousand, for details see note 18), whose fair value depends (among other variables) on the share price of the investee. A reasonably possible increase (decrease) in the share price by 10%, with all other variables held constant, would lead to a gain (loss) before tax of €73 thousand with a corresponding effect in the financial result.

In 2021 during the Reorganization, the Group has entered into obligations to settle warrants for a total number of 19,710,000 (please refer to note 24). The value of the warrants is based on their publicly traded price. A reasonably possible increase or decrease in the warrant price by 10 %, with all other variables held constant, would have led to a loss or gain before tax of €2,140 thousand with a corresponding effect in the financial result.

Liquidity Risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting its obligations associated with its financial liabilities as they fall due. The Group is expanding very rapidly which results in increasingly stringent requirements regarding the corporate planning for budgeting and procuring of financial resources in such a way that the development program of the Lilium Jet is not delayed. Consequently, the continuation of development is based on the Group’s ability to raise financing from investors in the form of various financing rounds. The Group ensures that the supply of liquidity is always sufficient to settle financial liabilities that are due for payment. Liquidity is evaluated and maintained using forecasts based on fixed planning horizons covering several months and through the cash and cash equivalent balances that are available.

The following table provides details of the (undiscounted) cash outflows of financial liabilities (including interest payments). Note that the Group expected the convertible loans to be settled in own equity instruments. Therefore, the probability of an outflow of the below disclosed cash amount was remote.


				12/31/2021
				2027 and
in € thousand	2022	2023	2024 to 2026	thereafter
Lease liabilities	2,356	2,705	8,001	2,187
Trade and other payables	35,335	29	3,498	—


				12/31/2020
				2026 and
in € thousand	2021	2022	2023 to 2025	thereafter
Lease liabilities	2,006	1,962	5,767	2,869
Convertible loans	88,013	—	—	—
Trade and other payables	11,092	—	—	—
Other financial liabilities	21	27	—	—

Capital Management

For the purpose of the Group’s capital management, capital includes all share capital and other equity reserves attributable to the equity holders. The primary objectives of capital management are to support operating activities and maximize the shareholder value through investment in the development activities of the Group.

Based on the ongoing development of the Lilium Jet, the Group has to rely almost exclusively on equity funding by its shareholders and debt financing until the Group can refinance itself in the future from marketable products as a result of successful development projects. The Group’s finance department reviews the total amount of cash of the Group on a monthly basis. As part of this review, management considers the total cash and cash equivalents, the cash outflow, currency translation differences and funding activities. The Group monitors cash using a burn rate. The cash burn rate is defined as the average monthly net cash flow from operating and investing activities during a financial year.

The Group is not subject to externally imposed capital requirements. The objectives of the Group’s capital management were achieved in the reporting year. No changes were made in the objectives, policies or processes for managing cash during the years ended December 31, 2021 and 2020.

28.3Reconciliation of Changes in Liabilities arising from Financing Activities


	Convertible	Lease
In € thousand	loans	liabilities	Warrants	Total
Statement of Financial Position as of December 31, 2020	99,235	11,118	—	110,353
Proceeds from convertible loans	1,850	—	—	1,850
Principal elements of lease payments	—	(1,781)	—	(1,781)
Interest paid	—	(437)	—	(437)
Change in the cash flow from financing activities	1,850	(2,218)	—	(368)
Additions to lease liabilities due to new lease contracts	—	2,486	—	2,486
Additions to warrants	—	—	25,859	25,859
Fair value changes	(6,326)	—	(4,454)	(10,780)
Interest expenses	3,483	437	—	3,920
Capital contributions	(98,242)	—	—	(98,242)
Statement of Financial Position as of December 31, 2021	—	11,823	21,405	33,228


	Convertible	Lease
In € thousand	loans	liabilities	Total
Statement of Financial Position as of December 31, 2019	66,353	8,715	75,068
Proceeds from convertible loans	85,900	—	85,900
Principal elements of lease payments	—	(1,439)	(1,439)
Interest paid	—	(450)	(450)
Change in the cash flow from financing activities	85,900	(1,889)	84,011
Additions to lease liabilities due to new lease contracts	—	3,842	3,842
Fair value changes	15,222	—	15,222
Interest expenses	33,960	450	34,410
Capital contributions	(102,200)	—	(102,200)
Statement of Financial Position as of December 31, 2020	99,235	11,118	110,353

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies.

Commitments and Contingencies

29.Commitments and Contingencies

The Group has various lease contracts that have not yet commenced as of December 31, 2021. The future lease payments for these non-cancellable lease contracts are nil within one year, €1,601 thousand between one and five years and €400 thousand thereafter.

The Group has non-cancellable commitments under operating contracts. The future payments for the non-cancellable operating contracts are €2,175 thousand within one year, €37,517 thousand between one and five years and €7,063 thousand thereafter.

Further, the Group has commitments of €12,003 thousand to acquire items of property, plant & equipment and commitments of €2,731 thousand to acquire items of intangible assets.

The Group is required to issue, subject to the execution of definitive agreements, warrants to purchase up to 6,200,000 Class A Shares (the “Azul Additional Warrants”), which are expected to vest in three tranches upon achieving certain performance and market conditions. Please refer to the Strategic Commercial Collaboration with Azul in note 30.

Related Party Disclosures

12 Months Ended

Dec. 31, 2021

Related Party Disclosures

Related Party Disclosures

30.Related Party Disclosures

Ultimate controlling party

The Group has no parent and no ultimate controlling party. Furthermore, the management holds shares.


	Shares (in thousand units)		Ownership Interest (%)
Function	12/31/2021	12/31/2020⁽¹⁾	12/31/2021		12/31/2020
Key management	25,743	25,019	9.1	%	12.7	%
Other related parties	121,389	107,140	42.7	%	54.3	%

(1)	Retrospectively adjusted

Subsidiaries

Interests in subsidiaries are set out in note 2.

Transactions with Key Management

Key management personnel have been defined as the members of the Advisory Board and Senior Leadership Team of Lilium. In 2020, the Group entered into a short-term consultancy contract with one of the key management personnel before his appointment as an employee; total remuneration paid amounted to €66 thousand in 2020. During 2020, Lilium GmbH purchased 18 Lilium GmbH shares each from the four co-founders (72 shares in total) for a total consideration of €763 thousand. These shares were reacquired at fair value.

The annual remuneration and related compensation costs recognized as expense during the reporting period is comprised of the following (number of granted options in Lilium N.V. shares):


In € thousand	2021	2020
Short-term employee benefits	3,634	1,966
Severance accruals	619	—
Share-based payment remuneration (legacy ESOP - 2021: 6,276,829 options; 2020: 4,239,788 options)	10,796	14,875
Modified ESOP for executives (2021: 1,888,477; 2020: no options)	2,135	—
Stock options (2021: 11,038,414; 2020: no options)	6,979	—
Success fees	9,872	591
Total	34,035	17,432

Success fee remuneration includes the creation of the Joint Stock Ownership Plan (Stichting JSOP) and the bonus issued to one member of key management personnel, as described in notes 1 and 22. €3,732 thousand are recognized in General & Administrative expenses in relation to the JSOP and €1,707 thousand in General & Administrative expenses in relation to the bonus. As of December 31, 2021, €5,439 thousand are recognized in provisions in relation to the JSOP and the bonus.

The Stichting JSOP is a trust entity incorporated solely for the purpose of settling the transaction bonus to the member of key management personnel and is 100 % controlled by the Group. Under the JSOP arrangement, the Stichting JSOP holds 879,691 Class A shares in the Group. As of December 31, 2021, these are recognized in treasury shares in the consolidated statement of financial position.

In 2021, the Group paid €95 thousand in General and Administration expenses for consulting services to an entity controlled by a member of the key management personnel.

In 2021, the board members of the Lilium N.V. have received a compensation of €72 thousand.

Short-term benefits

Short-term benefits include salaries, bonuses and other benefits such as medical, death and disability coverage, company car and other usual facilities as applicable.

Share-based payment remuneration

The share-based payment remuneration represents the compensation cost of ESOP and the performance-based equity award. Refer to note 22.

Transactions with related parties

Excluding key management personnel, related parties include entities over which the Group has significant influence. The following transactions occurred with related parties:


(in € thousand)	2021	2020
Convertible loans
Beginning of the year	99,235	66,353
Proceeds from convertible loans	1,007	85,900
Fair value changes of convertible loans	(6,337)	15,222
Interest expenses (not paid)	3,400	33,960
Subscribed capital	(7)	—
Contribution to capital reserves	(97,298)	102,200
End of the year	—	99,235

Azul up-front warrants	13,030	—

Convertible loans

During the year ended December 31, 2021, the convertible loan of €85,900 thousand were converted into 20,533,259 Lilium N.V. shares in March 2021 (retrospectively adjusted). In January 2021, the Group entered into another loan convertible to equity of €1,000 thousand with a significant shareholder which has been converted into 148,564 Lilium N.V. Class A shares in September 2021.

During the year ended December 31, 2020, the 2019 loans were converted into 14,205,004 Lilium N.V. shares in March 2020 (retrospectively adjusted). The Group entered into another loan convertible to equity of €85,900 thousand with a related party having significant influence over the Group; the entire loan was outstanding as of December 31, 2020.

License & Development agreement

In June 2021, Lilium closed a licensing agreement for the use of Zenlabs Energy Inc.’s intellectual property, to be paid as a royalty rate on battery capacity manufactured for the Lilium Jet. The licensing agreement stipulates a minimum fee to be paid from 2026 onward for use of Zenlabs’ battery technology. In the same month, Lilium signed an amendment to an existing Development agreement with Zenlabs, extending an exclusivity period for the use of Zenlabs’ licensed technology.

During 2021, Lilium have incurred Research and Development expenditure of €347 thousand under the Development Agreement. As of December 31, 2021, a balance of €45 thousand is held in Trade and other payables.

In 2020 and 2021, Lilium has purchased promissory notes from Zenlabs Energy Inc., which have been converted to shares of Zenlabs in July 2021, see note 17.

Strategic Commercial Collaboration

On July 31, 2021, Lilium executed a term sheet in which Lilium agreed to enter into negotiations with Azul to establish a strategic collaboration whereby Azul and Lilium will negotiate contracts to buy a certain number of Lilium Jets. As of the date these financial statements were approved, no contracts with respect to the acquisition of Lilium Jets or any other collaboration have been executed. Except for the up-front warrants, the term sheet is legally non-binding. The controlling shareholder of Azul is key management personnel; therefore, Azul is a related party as of the date of the Reorganization. For further information on the Azul warrants, please refer to notes 22 and 29.

Other related party transactions

In 2021, the Group purchased Property, Plant and Equipment from a related party for €1 thousand.

In 2021, the Group incurred €1 thousand General and Administration expenses, €14 thousand Research and Development expenses and €167 thousand Selling expenses with related parties.

As of December 31, 2021, balances of €10 thousand in Trade and other payables and €150 thousand in non-current Trade Payables were owed to related parties.

As part of the Reorganization, Qell shares have been repurchased by the Group for no consideration from the Qell shareholders. Please see note 21 for additional information.

Transactions with shareholders

Cloud subscription

On March 28, 2021, we entered into a non-cancelable purchase obligation for a cloud subscription with a shareholder (which provides advanced data analytics capability), including support services, updates and related professional services, for €42,433 thousand ($50,000 thousand) payables in increasing annual instalments over five years. This shareholder has no significant influence on Lilium.

In 2021, €6,590 thousand expenditures have been incurred under the contract in General and Administration expenses. As of December 31, 2021, the Group has prepaid €2,927 thousand for future costs in non-financial assets.

As of December 31, 2021, the Group has remaining commitments of €34,015 thousand on the contract.

Events after the Reporting Period

12 Months Ended

Dec. 31, 2021

Events after the Reporting Period

Events after the Reporting Period

31.Events after the Reporting Period

NetJets Agreement

In December 2021 and February 2022, Lilium entered into a non-binding Memoranda of Understanding (“MOU”) with NetJets and one of its affiliates. Lilium and NetJets are in discussions on how to collaborate on new products and commercial offerings. The proposed arrangement with NetJets remains subject to the parties finalizing commercial terms and definitive documentation. As of the date these financial statements were approved, no contracts with respect to any collaborations have been executed.

Restricted Stock Units

In connection with the ongoing activities, the Group approved a grant of up to 180,000 Restricted Stock Units to external advisors.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Intangible assets

Intangible assets

Research and development costs

In developing this novel eVTOL technology, the Group is incurring significant research and development costs.

The costs for internally generated research and development are expensed when incurred. A portion of costs for internally generated development is capitalized if:

●

the product or process is technically feasible;

●

adequate resources are available to successfully complete the development;

●

the benefits from the assets are demonstrated;

●

the costs attributable to the projects are reliably measured;

●

the Group intends to produce and market or use the developed product or process and can demonstrate its market relevance.

Purchased intangibles


		Useful life
Software		2 – 15 years
Purchased concessions, rights and other intangible assets		10 – 20 years

Impairment tests

Impairment tests

Property, Plant and Equipment

Property, Plant and Equipment

Borrowing costs are capitalized as part of the underlying asset under construction if there is a qualifying asset.

Depreciation is calculated on a straight-line basis based on the following useful lives:


		Useful life
Rights to land and buildings including leasehold improvements		2 – 9 years
Technical equipment and machinery		3 – 25 years
Office and other equipment		3 – 13 years
Vehicles		5 – 11 years

Assets qualifying as low value assets with a value of up to €1 thousand are aggregated into groups and depreciated over a useful life of 5 years.

Leases

Leases

Main components of the lease payments included in the measurement of the lease liability comprise the following:

●

fixed lease payments;

●

variable lease payments that are linked to an index (consumer price index);

●

lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option.

Assets related to retirement obligations for leased buildings are included in the cost of right of use assets for the respective underlying building lease.

The Group does not have any contracts as a lessor as of the date of the consolidated statement of financial position.

Investment in associated Companies

Investment in associated Companies

(a)

Goodwill relating to an associate is included in the carrying amount of the investment. Amortization of that goodwill is not permitted.

(b)

Non-financial Assets

Non-financial Assets

Cash and Cash Equivalents

Cash and Cash Equivalents

Treasury Shares

Treasury Shares

Financial Instruments

Financial Instruments

Financial assets

Impairment of financial assets — expected credit losses (“ECL”)

Financial liabilities

Convertible Loans

The conversion features and other repayment options provided for in the contract are identified as a combined embedded derivative if they share the same risk exposure and are interdependent.

Derivative Warrant Liabilities

Income Taxes

Income Taxes

Current income taxes

Deferred taxes

Deferred tax assets and deferred tax liabilities are not discounted.

Deferred taxes are always classified as non-current.

Provisions

Provisions

Fair Values of Assets and Liabilities

Fair Values of Assets and Liabilities

●

Level 1: contains the use of unadjusted quoted prices in active markets for identical assets or liabilities

●

Level 2: inputs are other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly

●

Level 3: inputs are based on unobservable market data

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Further information about the assumptions made in measuring fair values of financial instruments is included in note 28.1.

Share-based Payments

Share-based Payments

General accounting principles

The Group offers share-based payments that have been issued to the Group’s employees and advisors in exchange for their service.

Standard Employee Stock Option Program (“ESOP”)

General population – Restricted Stock Units (“RSU”)

Upon termination, employee is entitled to the vested portion of the RSU. All unvested RSU are forfeited.

Executives - Restricted Stock Units (“RSU”)

General RSU - RSU shall vest in general in equal monthly instalments between the vesting commencement date and December 31, 2025, subject to participants’ continuous service to a Group entity.

Annual RSU - RSU shall vest in full on the date immediately preceding the Group’s 2022 annual general meeting of shareholders, subject to participants’ continuous service.

Initial RSU - The RSU shall vest equal instalments on each of the first, second and third anniversaries of the vesting commencement date, subject to participants’ continuous service.

Election RSU – 16 % RSU shall be fully vested as of the date of grant. The remaining 84 % RSU shall vest in full on January 1, 2022, subject to participant’s continuous service.

Upon termination, the executive is entitled to the vested portion of the RSU. All unvested RSU are forfeited.

Executives – Performance-based stock options

Group. The performance-based stock options are expected to be settled in shares of Lilium N.V., and hence they are accounted for as equity-settled options.

Executives - Time-based stock options

Upon termination, employee is entitled to the vested portion of the shares. All unvested options are forfeited.

Executives – Success fees

The Group has granted success fees to certain key management personnel for successful fundraising.

Executives – Presence bonus

Generally, the bonus offers a choice of settlement to the Group. The annual presence bonus awards are to be settled in shares of Lilium N.V., and hence are accounted for as equity-settled awards.

Executives – Joint Stock Ownership plan (JSOP) and bonus

Setting-up the JSOP and the bonus according to the arrangements made consists of the following steps:

●

Setting up a trust: A Dutch foundation “Stichting JSOP” was incorporated through a deed of incorporation.

●

As the management member will receive cash from the JSOP and the bonus, both parts of these awards are accounted for as cash-settled.

Advisors – Strategic collaboration agreement

(i)

warrants to purchase 1,800,000 Class A shares, which warrants were issued to Azul on a fully vested basis on October 22, 2021, granted for the signed term sheet and

(ii)

As the Azul up-front warrants are to be settled in shares of Lilium N.V., they are accounted as equity-settled awards.

Share listing expense

Sponsor Lock-Up Shares: 4,595,133 Lilium Class A Shares acquired by Qell Partners LLC (the “Sponsor”) in connection with the Reorganization, having a lock-up period of one year.

For the transfer restrictions, the valuation has been adjusted as follows:

●

Qell Sponsor Lock-Up Shares: the closing price of Lilium N.V. shares as of Closing Date has been adjusted for a 5 % discount for lack of marketability due to the one-year lock-up restriction

●

Qell Sponsor Earnout Shares: the closing price of Lilium N.V. shares as of Closing Date has been adjusted for a 5 % discount for lack of marketability.

Pension Benefits

Pension Benefits

Past service costs are recognized in profit or loss on the earlier of:

●

The date of the plan amendment or curtailment, and

●

The date that the Group recognizes related restructuring costs

●

Service costs comprising current service costs, past-service costs, gains and losses on curtailments,

●

Non-routine settlements, and

●

Net interest expense or income

Non-financial Liabilities

Non-financial Liabilities

Non-financial liabilities are recognized at their nominal amounts.

Revenue Recognition

Revenue Recognition

Government Grants

Government Grants

Corporate Information (Tables)

12 Months Ended

Dec. 31, 2021

Corporate Information

Schedule of estimated fair value of shares over net assets acquired


	Qell	Qell
In € thousand, except share and per share data	shareholders	sponsors	Total
Shares issued	13,422,406	7,658,555	21,080,961
Fair value as of September 14, 2021 (USD)	9.41	8.94*
Exchange rate	0.8472	0.8472
Fair value as of September 14, 2021 (EUR)	7.97	7.57
Estimated market value of shares	107,002	58,000	165,002
Qell net assets	—	—	53,893
Excess fair value of shares over Qell’s net assets acquired	—	—	111,109

*	discount of 5% applied to reflect lack of marketability

Basis of Preparation (Tables)

12 Months Ended

Dec. 31, 2021

Basis of Preparation

Schedule of equity interest owned by the company in subsidiaries


	Country of	Date of	% equity interest owned
Name	Incorporation	incorporation	12/31/ 2021		12/31/ 2020
Lilium N.V.	Netherlands	March 11, 2021	100.0	%	n/a
Lilium GmbH	Germany	February 11, 2015	100.0	%	100.0	%
Lilium Schweiz GmbH	Switzerland	December 8, 2017	100.0	%	100.0	%
Lilium Aviation UK Ltd.	United Kingdom	December 20, 2017	100.0	%	100.0	%
Lilium Aviation Inc.	United States	July 1, 2020	100.0	%	100.0	%
Lilium eAircraft GmbH	Germany	August 17, 2020	100.0	%	100.0	%
Stichting JSOP	Netherlands	September 10, 2021	0.0	%	n/a

Schedule of new standards, interpretations and amendments adopted


Standard/amendment/ interpretation	Effective date	Adoption status
January 1, 2021
Amendment to IFRS 16, ‘Leases’ – COVID-19 related rent concessions	Annual periods on or after June 1, 2020	Early adoption is permitted
Amendment to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest rate benchmark reform – Phase 2	Annual periods on or after January 1, 2021	Early adoption is permitted

Schedule of New Standards and Interpretations not yet adopted


Standard/amendment/ interpretation	Effective date	Adoption status
January 1, 2022
Amendments to IFRS 3, ‘Business combinations’, IAS 16 ‘Property, plant and equipment’ and IAS 37 ‘Provisions, contingent liabilities and contingent assets’	Annual periods on or after January 1, 2022	Early adoption is permitted
Annual improvements 2018-2020	Annual periods on or after January 1, 2022	Early adoption is permitted
January 1, 2023
IFRS 17, ‘Insurance contracts’ as amended in June 2020 by amendments to IFRS 17, Insurance Contracts	Annual periods on or after January 1, 2023	Early adoption is permitted for entities that apply IFRS 9 Financial Instruments
Amendment to IAS 1, ‘Presentation of financial statements’, on classification of liabilities	Annual periods on or after January 1, 2023	Early adoption is permitted
Amendment to IAS 1, ‘Presentation of financial statements’, IFRS Practice statement 2 and IAS 8, ‘Accounting policies, changes in accounting estimates and errors’	Annual periods on or after January 1, 2023	Early adoption is permitted

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Significant Accounting Policies

Schedule of purchase of intangible assets


		Useful life
Software		2 – 15 years
Purchased concessions, rights and other intangible assets		10 – 20 years

Schedule of estimated useful lives of property plant and equipment


		Useful life
Rights to land and buildings including leasehold improvements		2 – 9 years
Technical equipment and machinery		3 – 25 years
Office and other equipment		3 – 13 years
Vehicles		5 – 11 years

Research and Development Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Research and Development Expenses.

Schedule of research and development expenses


In € thousand	2021	2020	2019
Salaries and social security	75,672	66,536	26,162
Professional services	49,421	8,448	2,472
Materials	9,009	8,253	5,012
Depreciation/amortization	4,541	2,829	1,404
IT and communication expense	1,248	1,857	1,175
Other research and development expenses	4,667	2,422	1,911
Total research and development expenses	144,558	90,345	38,136

General and Administrative Expenses (Tables)

12 Months Ended

Dec. 31, 2021

General and Administrative Expenses.

Schedule of general and administrative expenses


In € thousand	2021	2020	2019
Share listing expense	111,109	—	—
Professional services	70,380	8,483	2,615
Salaries and social security	35,395	20,926	8,057
IT and communication expense	12,391	2,255	1,545
Depreciation/amortization	1,870	1,289	896
Insurances	1,698	73	118
HR related expenses (training, recruitment)	1,617	1,026	357
Other administrative expenses	4,633	1,354	1,849
Total administrative expenses	239,093	35,406	15,437

Selling Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Selling Expenses.

Selling Expenses


In € thousand	2021	2020	2019
Salaries, social security	11,971	13,115	3,012
Professional services	1,983	1,196	327
Marketing	2,059	613	751
Travel	626	167	387
Depreciation/amortization	65	41	34
Other selling expenses	485	140	134
Total selling expenses	17,189	15,272	4,645

Other Income (Tables)

12 Months Ended

Dec. 31, 2021

Other Income

Schedule of other income


In € thousand	2021	2020	2019
Foreign currency gains	1,689	19	11
Insurance recoveries	456	1,906	—
Grants received from the German government	51	307	53
Income from other grants	—	42	—
Other miscellaneous income	78	72	12
Total other income	2,274	2,346	76

Other Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Other Expenses

Schedule of other expenses


In € thousand	2021	2020	2019
Foreign currency losses	1,054	107	56
Miscellaneous other items	982	23	2
Total other expenses	2,036	130	58

Financial Result (Tables)

12 Months Ended

Dec. 31, 2021

Financial Result

Schedule of financial results


In € thousand	2021	2020	2019
Finance income	11,288	80	518
thereof: fair value changes	11,280	58	516
Finance expenses	(20,201)	(49,741)	(5,736)
thereof: interest portion of lease payments	(437)	(450)	(341)
thereof: fair value changes	(15,645)	(15,222)	—
thereof: expected credit losses	(260)	—	—
thereof: interest on convertible loans	(3,483)	(33,960)	(5,350)
Financial result	(8,913)	(49,661)	(5,218)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of income tax expense


In € thousand	2021	2020	2019
Current income tax expense	556	46	61
Current income tax expense related to prior years	143	—	—
Deferred tax expense	10	—	—
Total income tax expense	709	46	61

Schedule of reconciliation of expected tax expense and reported tax expense


In € thousand	2021		2020		2019
Profit (Loss) before income tax	(410,327)		(188,381)		(63,418)
Income tax rate	27.55	%	27.55	%	27.55	%
Expected income taxes on this	113,045		51,899		17,472
Effects deriving from differences to the expected tax rate	40		54		(3)
Other non-deductible expenses and taxes	(209)		(238)		(312)
Changes in the realization of deferred tax assets	(67,465)		(22,371)		(18,978)
Other	(46,120)		(29,390)		1,760
Income tax as per statement of operations	(709)		(46)		(61)
Effective tax rate in %	(0.2)	%	0.0	%	(0.1)	%

Schedule of deferred taxes


	Deferred tax assets		Deferred tax liabilities
In € thousand	12/31/2021	12/31/2020	12/31/2021	12/31/2020
Non-current assets	3,010	2,289	3,099	3,043
Intangible assets	2,995	2,261	—	—
Property, plant and equipment	15	—	3,088	2,855
Financial assets	—	28	11	188
Current assets	14	9	286	—
Inventories	11	9	—	—
Receivables and other assets	3	—	286	—
Non-current liabilities	645	531	167	9
Provisions	24	—	3	9
Liabilities	621	531	163	—
Current liabilities	222	563	631	340
Provisions	91	—	—	62
Liabilities	131	563	631	278
Loss carry forwards	282	—	—	—
Gross value	4,173	3,392	4,183	3,392
Netting	(4,173)	(3,392)	(4,173)	(3,392)
Recognition in the statement of financial position	—	—	10	—

Schedule of tax attributes (gross)


In € thousand	12/31/2021	12/31/2020
Corporation tax loss carryforwards	388,980	129,704
Trade tax loss carryforwards	387,524	128,889
Interest carryforwards	15,846	14,879

Schedule of deductible temporary differences and tax loss and interest carryforwards


	Deferred tax assets on
			Interest
	Temporary	Tax	carry
In € thousand	differences	losses	forward	Total
Unrecognized deferred tax assets as of January 1, 2020	20,313	11,540	2,352	34,205
Addition	—	24,099	1,311	25,410
Deductions	(3,037)	—	—	(3,037)
Unrecognized deferred tax assets as of December 31, 2020	17,276	35,639	3,663	56,578
Addition	—	70,625	266	70,891
Deductions	(3,426)	—	—	(3,426)
Unrecognized deferred tax assets as of December 31, 2021	13,850	106,624	3,929	124,043

Loss per Share (Tables)

12 Months Ended

Dec. 31, 2021

Loss per Share

Schedule of income and share data used in the basic and diluted EPS calculations


	2021	2020	2019
Comprehensive loss attributed to equity shareholders	(410,830)	(188,435)	(63,590)
(in € thousand)
Weighted average number of shares outstanding
Basic and diluted	214,858,203	193,722,062	169,224,125
Basic and diluted EPS (in €)	(1.91)	(0.97)	(0.38)

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Intangible Assets

Schedule of intangible assets


		Purchased concessions,
		rights and other
In € thousand	Software	intangible assets	Total
Costs of acquisition
January 1, 2021	2,401	108	2,509
Additions	1,586	—	1,586
Transfer from property, plant and equipment	11	—	11
December 31, 2021	3,998	108	4,106
Accumulated amortization/write downs
January 1, 2021	1,125	12	1,137
Amortization	1,569	6	1,575
December 31, 2021	2,694	18	2,713
Carrying amount:
December 31, 2020	1,276	96	1,372
December 31, 2021	1,304	90	1,394


		Purchased concessions,
		rights, and other
In € thousand	Software	in-tangible assets	Total
Costs of acquisition
January 1, 2020	1,241	89	1,330
Additions	1,188	24	1,212
Disposals	(28)	(5)	(33)
December 31, 2020	2,401	108	2,509
Accumulated amortization/write downs
January 1, 2020	481	7	488
Amortization	642	6	648
Impairment	18	—	18
Disposals	(16)	(1)	(17)
December 31, 2020	1,125	12	1,137
Carrying amount:
December 31, 2019	760	82	842
December 31, 2020	1,276	96	1,372

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment

Schedule of Property, plant and equipment


	Rights to
	land and		Technical
	buildings		equipment	Office	Assets
	and leasehold		and	and other	under
In € thousand	improvements	Vehicles	machinery	equipment	construction	Total
Costs of acquisition or construction:
January 1, 2021	15,774	160	6,195	5,590	1,144	28,863
Additions	3,444	6	2,532	2,644	4,200	12,826
Disposals	—	—	—	(1)	—	(1)
Transfers	711	—	2,009	2	(2,722)	—
Transfer to intangible assets	—	—	—	—	(11)	(11)
Indexation impact	(26)	—	—	—	—	(26)
Foreign exchange	—	—	2	8	—	10
December 31, 2021	19,903	166	10,738	8,243	2,611	41,661
Accumulated depreciation:
January 1, 2021	3,057	40	640	2,411	—	6,148
Depreciation	2,381	42	1,028	1,450	—	4,901
Transfer	—	—	1	(1)	—	—
Foreign exchange	—	—	—	2	—	2
December 31, 2021	5,438	82	1,669	3,862	—	11,051
Carrying amount:
December 31, 2020	12,717	120	5,555	3,179	1,144	22,715
December 31, 2021	14,465	84	9,069	4,381	2,611	30,610

Rights to

land and

Technical

buildings

equipment

Office

Assets

and leasehold

and

and other

under

In € thousand

improvements

Vehicles

machinery

equipment

construction

Total

Costs of acquisition or construction:

January 1, 2020

10,272

109

2,626

3,736

634

17,377

Additions

4,795

1,268

1,873

3,479

11,466

Disposals

—

(37)

(43)

—

(80)

Transfers

607

—

2,338

(2,969)

—

Indexation impact

100

—

100

December 31, 2020

15,774

160

6,195

5,590

1,144

28,863

Accumulated depreciation:

January 1, 2020

1,170

236

1,265

—

2,677

Depreciation

1,887

408

1,164

—

3,493

Disposals

—

(4)

(18)

—

(22)

December 31, 2020

3,057

640

2,411

—

6,148

Carrying amount:

December 31, 2019

9,102

103

2,390

2,471

634

14,700

December 31, 2020

12,717

120

5,555

3,179

1,144

22,715

Schedule of Property, plant and equipment is distributed among geographical areas


In € thousand	12/31/2021	12/31/2020
Germany	18,933	11,723
United Kingdom	100	38
United States	38	10
Switzerland	14	3
Total property, plant and equipment	19,085	11,774

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases

Schedule of right-of-use assets and lease liabilities


			Technical
			equipment	Office
	Rights		and	and other
In € thousand	to buildings	Vehicles	machinery	equipment	Total
January 1, 2020	8,053	88	496	50	8,687
Additions to right-of-use assets	3,757	20	—	8	3,785
Depreciation	(1,535)	(31)	(35)	(30)	(1,631)
Indexation impact	100	—	—	—	100
December 31, 2020	10,375	77	461	28	10,941
Additions to right-of-use assets	2,369	—	29	170	2,568
Transfer	—	—	(17)	—	(17)
Depreciation	(1,808)	(34)	(45)	(54)	(1,941)
Indexation impact	(26)	—	—	—	(26)
December 31, 2021	10,910	43	428	144	11,525

Schedule of lease related expense recognised in consolidated statement of operations and comprehensive income


In € thousand		Lease Liability
January 1, 2020		8,715
Additions		3,742
Interest		450
Payments		(1,889)
Indexation impact		100
December 31, 2020		11,118
Additions		2,512
Interest		437
Payments		(2,218)
Indexation impact		(26)
December 31, 2021		11,823

Schedule of carrying amounts of lease liabilities and the movements


In € thousand	2021	2020	2019
Depreciation of right of-use-assets	1,941	1,631	1,013
Interest expense on lease liabilities	437	450	341
Short-term lease expenses	488	108	138
Lease expenses for low-value assets	220	80	72
Total amount recognized in expense	3,086	2,269	1,567

Schedule of information about the composition of the lease payments


In € thousand	2021	2020
Fixed lease payments	204	154
Variable lease payments	2,014	1,735
Total amount of lease payments	2,218	1,889

Schedule of information on the total cash outflow from all leases


In € thousand	2021	2020	2019
Principal paid	1,781	1,439	854
Interest paid	437	450	341
Short term and low value leases	708	188	213
Total amount paid	2,926	2,077	1,408

Investment in Associated Companies (Tables)

12 Months Ended

Dec. 31, 2021

Investment in Associated Companies

Schedule of valuation of investment in Zenlabs


In € thousand		Carrying Value
January 1, 2021		—
Initial recognition		8,502
Conversion of promissory notes (July 2021)		2,222
Capital increases (July and September 2021)		5,178
Share of loss in an associated company		(848)
December 31, 2021		15,054

Schedule of financial information for Zenlabs


In € thousand		3/10/2021 – 12/31/2021
Revenue		806
Net loss for the period		(2,907)


In € thousand		12/31/2021
Non-current assets⁽¹⁾		24,255
Current assets		6,724
Preferred stock reclassification⁽²⁾		20,283
Non-current liabilities		(28,200)
Current liabilities		(756)
Shareholders’ equity		22,306


Group’s effective interest in the associate	34.8	%
Group’s share in shareholders’ equity (2020: nil)	7,762
Goodwill	7,558
Currency translation difference	(266)
Investment in an associate	15,054

(1)

(2)

Other Financial Assets (Tables)

12 Months Ended

Dec. 31, 2021

Other Financial Assets

Schedule of other financials assets


In € thousand	12/31/2021	12/31/2020
Security deposits	3,779	2,096
Miscellaneous other non-current financial assets	—	16
Total non-current financial assets	3,779	2,112
Fixed term deposits	119,664	50,000
Money market funds	99,919	—
Promissory notes	—	676
Security deposits	42	—
Total current other financial assets	219,625	50,676

Non-Financial Assets (Tables)

12 Months Ended

Dec. 31, 2021

Non-Financial Assets

Schedule of Non-financial assets


In € thousand	12/31/2021	12/31/2020
Advance payments	8,113	153
Total non-current non-financial assets	8,113	153
Value added tax claims	12,602	3,420
Prepaid expenses	9,924	1,284
Miscellaneous other current non-financial assets	468	1,070
Total current non-financial assets	22,994	5,774
Total non-financial assets	31,107	5,927

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents

Schedule of cash and cash equivalents

In € thousand	12/31/2021	12/31/2020
Petty cash	2	2
Cash at banks	129,854	102,142
Total cash and cash equivalents	129,856	102,144

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Shareholders' Equity

Schedule of amount of common and preferred shares


	Common	Supervoting		Lilium
	shares	shares		GmbH
(in units)	(Class A)	(Class B)	Total	Total⁽¹⁾
Issued and outstanding as of January 1, 2019	53,883	—	53,883	53,883
Retrospective application of share split	129,476,783	24,413,065	153,889,848	—
Issued and outstanding as of January 1, 2019, as adjusted	129,530,666	24,413,065	153,943,731	53,883
Issued shares – capital increase	1,065,661	—	1,065,661	373
Issued and outstanding as of December 31, 2019, as adjusted	130,596,327	24,413,065	155,009,392	54,256
Issued shares - convertible loans	19,156,185	—	19,156,185	6,705
Share buy-back - treasury shares	(205,704)	—	(205,704)	(72)
Issued shares – capital increase	23,261,694	—	23,261,694	8,142
Outstanding as of December 31, 2020, as adjusted	172,808,502	24,413,065	197,221,567	69,031
Issued as of December 31, 2020, as adjusted	173,014,206	24,413,065	197,427,271	69,103
Issued shares - convertible loans	20,533,259	—	20,533,259	7,187
Reorganization as of September 14, 2021	22,697,450	—	22,697,450	(76,218)
Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares	205,704	—	205,704	(72)
Capital increase PIPE	45,000,000	—	45,000,000	—
Treasury shares	(375,000)	—	(375,000)	—
Treasury shares (due to consolidation)	(879,691)	—	(879,691)	—
Outstanding as of December 31, 2021	259,990,224	24,413,065	284,403,289	—
Issued as of December 31, 2021	261,244,915	24,413,065	285,657,980	—

(1)	Not adjusted retrospectively to reflect the share split which occurred in 2021.

Share-based Payments (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of share-based payment arrangement expense


In € thousand	2021	2020
General population and executives – standard ESOP	29,286	50,316
General population - RSU	77	—
Executives – ESOP modified	2,135	—
Executives – RSU	1,178	—
Executives - Performance-based stock options	2,296	—
Executives - Time-based stock options	3,505	—
Executives – Success fees (cash-settled)	2,590	—
Executives – Success fee (equity-settled)	1,844	592
Executives - Presence bonus	0	—
Joint stock ownership Plan (JSOP) incl. bonus	5,438	—
Total expense	48,349	50,908

General population and executives - standard ESOP

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of expense from share-based payment arrangement

The expense recognized for participant services received during the year is shown in the following table:


In € thousand	2021	2020
Expense arising from equity-settled share-based payments	29,286	—
Expense arising from cash-settled share-based payments	—	50,316

Schedule of inputs used for measurement of fair values

Equity-settled options:


	2021		2020
	Number of	2021	Number of	2020
(in units)	options	WAEP	options	WAEP
Outstanding at January 1	13,962,159	0.00	—	—
Granted during the year	4,019,799	0.00	—	—
Forfeited during the year	(757,105)	0.00	—	—
Transferred from cash-settled	2,348,454	0.00	13,962,159	0.00
Outstanding at December 31	19,573,307	0.00	13,962,159	0.00

Cash-settled options:


	2021		2020
	Number of	2021	Number of	2020
(in units)	options	WAEP	options	WAEP
Outstanding at January 1	2,348,454	0.00	14,593,556	0.00
Granted during the year	—	—	2,799,860	0.00
Forfeited during the year	—	—	(1,082,803)	0.00
Transferred to equity-settled	(2,348,454)	0.00	(13,962,159)	0.00
Outstanding at December 31	—	—	2,348,454	0.00

The following table lists the inputs to the models used for the ESOP for the year ended December 31, 2020:


	12/31/2020
Discount for lack of marketability	5	%
Expected volatility (%)	154	%
Probability of direct IPO	0	%
Probability of indirect IPO	60	%
Probability of other scenarios	40	%

Schedule of fair values


		Price of one share in
in €	Valuation methodology	Lilium N.V.
December 31, 2020	Hybrid model	6.05
March 31, 2021	Hybrid model	7.13
June 30, 2021	Hybrid model	7.05
July 31, 2021	Hybrid model	7.36
August 31, 2021	Hybrid model	7.71
September 15, 2021	Actual share price	7.89
December 31, 2021	Actual share price	6.12

General population - Restricted Stock Units ("RSU")

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of expense from share-based payment arrangement


	01/01 /-	01/01 /-
In € thousand	12/31/2021	12/31/2020
Expense arising from equity settled RSU	77	—

Executives - ESOP modified

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, RSU during the years ended December 31, 2021 and 2020:


	2021			2020
	Number of	2021		Number of	2020
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	—		—	—	—
Assigned during the year	162,800	€	0.12	—	—
Forfeited during the year	—		—	—	—
Outstanding at December 31	162,800	€	0.12	—	—

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of expense from share-based payment arrangement


In € thousand	2021	2020
Expense arising from equity-settled share-based payments	2,135	—

Schedule of inputs used for measurement of fair values


	2021		2020
	Number of	2021	Number of	2020
(in units)	options	WAEP	options	WAEP
Outstanding at January 1	—	—	—	—
Granted during the year	1,888,477	7.90	—	—
Forfeited during the year	—	—	—	—
Outstanding at December 31	1,888,477	7.90	—	—


		12/31/2021
Risk free rate range		(0.75) % – (0.71) %
Expected dividend yield		—
Expected exercise term		2 - 4 years
Expected volatility		118.9%

Executives - Restricted Stock Units ("RSU")

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of expense from share-based payment arrangement


	01/01/-	01/01/-
In € thousand	12/31/2021	12/31/2020
Expense arising from equity settled RSUs	1,178	—

Executives - Performance-based stock options

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020:


	2021			2020
	Number			Number
	of	2021		of	2020
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	—		—	—	—
Granted during the year	1,050,913	€	0.12	—	—
Forfeited during the year	—		—	—	—
Outstanding at December 31	1,050,913	€	0.12	—	—

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of expense from share-based payment arrangement


	01/01/-	01/01/-
In € thousand	12/31/2021	12/31/2020
Expense arising from performance-based stock options	2,296	—

Schedule of inputs used for measurement of fair values

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020:


	2021			2020
	Number of	2021		Number of	2020
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	—		—	—	—
Granted during the year	7,036,501	€	8.15	—	—
Forfeited during the year	—		—	—	—
Outstanding at December 31	7,036,501	€	8.15	—	—

The following table lists the inputs to the Black-Scholes model used for the fair market value calculation for performance-based stock options for the year ended December 31, 2021:


		12/31/2021
Risk free rate range		(0.69) % – (0.66) %
Expected dividend yield		—
Expected exercise term		4 years
Expected volatility		121.8%

Executives - Time-based stock options

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of expense from share-based payment arrangement


	01/01/-	01/01/-
In € thousand	12/31/2021	12/31/2020
Expense arising from time-based stock options	3,505	—

Schedule of inputs used for measurement of fair values

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the years ended December 31, 2021 and 2020:


	2021			2020
	Number of		2021	Number of	2020
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	—		—	—	—
Granted during the year	2,951,000	€	7.25	—	—
Forfeited during the year	—		—	—	—
Outstanding at December 31	2,951,000	€	7.25	—	—


	12/31/2021
Risk free rate	(0.69)	%
Expected dividend yield	—
Expected exercise term	4 years
Expected volatility	121.9	%

Executives - Success fees

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of expense from share-based payment arrangement


	01/01/-	01/01/-
In € thousand	12/31/2021	12/31/2020
Expense for success fees cash-settled	2,590	—
Expense for success fee equity-settled	1,844	592
Total expense	4,434	592

Executives - Joint Stock Ownership plan (JSOP) and bonus

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of expense from share-based payment arrangement


	01/01/-	01/01/-
In € thousand	12/31/2021	12/31/2020
Expense for JSOP	3,762	—
Expense for bonus	1,676	—
Total expense	5,438	—

Schedule of inputs used for measurement of fair values

The following table lists the inputs to the models used for the year ended December 31, 2021:


	12/31/2021
Risk-free rate	(0.62)	%
Expected dividend yield	0
Expected term	3.7 years
Expected volatility (%)	126.0	%

Warrants, Convertible Loans and Other Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Warrants, Convertible Loans and Other Financial Liabilities

Summary of warrants, convertible loans and other financial liabilities


in € thousand	12/31/2021	12/31/2020
Other non-current financial liabilities	—	27
Other current financial liabilities	—	21
Warrants	21,405	—
Convertible loans – host	—	84,287
Convertible loans – embedded derivative	—	14,948
Convertible loans	—	99,235

Summary of effect of reasonable changes of input parameters on the initial fair value of the convertible loan (host contract) and the resulting equity effect



in € thousand March 11, 2020	Fair value host contract	Effect on capital contribution
Base	52,090
Conversion 1 year later	43,678	8,412
Conversion 1 year earlier	61,582	(9,492)



in € thousand March 11, 2020	Fair value host contract	Effect on capital contribution
Base	52,090
credit spread +10%	49,558	2,532
credit spread -10%	54,819	(2,730)

Provisions (Tables)

12 Months Ended

Dec. 31, 2021

Provisions.

Summary of movement in provisions


			Unwinding
			of discount
			and change
		Additions/	in discount
In € thousand	01/01/2021	Reversals	rate	12/31/2021
Asset retirement obligations	175	54	4	233
Post-employment benefits (see note 25)	193	(109)	—	84
Record retention obligations	43	13	—	56
Total non-current provisions	411	(42)	4	373
Year-end audit	—	1,067	—	1,067
Severance payments	80	539	—	619
Other	—	736	—	736
Total current provisions	80	2,342	—	2,422

Post-Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Post-Employment Benefits

Schedule of present value of the defined benefit obligations and the fair value of the plan assets


In € thousand	12/31/2021	12/31/2020
Present value of funded obligations	155	433
Fair value of plan assets	71	240
Total post-employment benefit obligations	84	193

Schedule of reconciliation of the net defined benefit liability


In € thousand	2021	2020
Net defined liability at January 1	193	126
Defined benefit cost recognized in consolidated statement of operations	117	48
Defined benefit cost recognized in other comprehensive income	(162)	44
Employer contributions	(74)	(25)
Currency effects	10	—
Net defined liability at December 31	84	193

Schedule of reconciliation of the amount recognized in the consolidated statement of financial position


In € thousand	2021	2020
Employee benefit obligations as of January 1	433	304
Actuarial adjustments	(233)	44
thereof: experience adjustments	(202)	28
thereof: demographic adjustments	(25)	—
thereof: adjustments for financial assumptions	(6)	16
Current service cost	112	45
Past service (credit) / cost	(1)	—
Interest expense	1	1
Currency effects	19	0
Employee contributions	74	25
Benefits paid	(250)	14
Employee benefit obligations as of December 31	155	433

Schedule of reconciliation of the plan assets


In € thousand	2021	2020
Fair value of plan assets as of January 1	240	178
Employer contributions	74	25
Employee contributions	74	25
Benefits paid	(250)	14
Administration expenses	(5)	(3)
Return on asset excl. interest income	(71)	(0)
Interest income	0	1
Currency effects	9	—
Fair value of plan assets as of December 31	71	240

Schedule of expense recognized in the consolidated statements of operations and other comprehensive income


In € thousand	2021	2020
Actuarial gains (-) / losses (+) deriving from experience adjustments	(202)	28
Actuarial gains (-) / losses (+) deriving from changes in demographical assumptions	(25)	—
Actuarial gains (-) / losses (+) deriving from changes in financial assumptions	(6)	16
Return on plan assets etc., interest income	71	—
Included in other comprehensive income	(162)	44
Current service cost	112	45
Past service (credit) / cost	(1)	—
Interest income	0	(1)
Administrative expenses (effective)	5	3
Interest expense	1	1
Included in the consolidated statements of operations	117	48
Total included in the consolidated statements of operations and other comprehensive income	(45)	92

Schedule of principal actuarial assumptions


	12/31/2021		12/31/2020
Future salary increases	1.00	%	1.00	%
Inflation rate	0.60	%	0.20	%
Future pension increases	0.00	%	0.00	%
Discount rate	0.35	%	0.15	%


	2021		2020		2021		2020
Discount rate	0.25	%	0.25	%	(0.25)	%	(0.25)	%
Present value of the post-employment benefit obligations (in € thousand)	149		414		163		455
Salary increase	0.25	%	0.25	%	(0.25)	%	(0.25)	%
Present value of the post-employment benefit obligations (in € thousand)	156		434		155		433
Pension increase	0.25	%	0.25	%	(0.25)	%	(0.25)	%
Present value of the post-employment benefit obligations (in € thousand)	159		446		n/a		n/a

Schedule of significant actuarial assumptions would have had the following impact on the present value of the post-employment benefit obligations as of the respective reporting dates

Trade and other Payables (Tables)

12 Months Ended

Dec. 31, 2021

Trade and other Payables

Summary of trade and other payables


In € thousand	12/31/2021	12/31/2020
Trade payables	2,906	—
Non-current trade and other payables	2,906	—
Trade payables	14,936	4,854
Accruals for outstanding invoices	20,399	6,238
Current trade and other payables	35,335	11,092
Total trade and other payables	38,241	11,092

Other Non-Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Other Non-Financial Liabilities

Summary of other non-financial liabilities


In € thousand	12/31/2021	12/31/2020
Vacation accruals	2,488	1,680
Value added tax payables	242	1,477
Payroll tax and social security	2,992	1,455
Miscellaneous other current non-financial liabilities	338	585
Total other non-financial liabilities	6,060	5,197

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments

Summary of financial instruments, analyzed by classes and categories


	12/31/2021
In € thousand	Category	Carrying amount	Fair value
Financial assets, by class
Cash at banks and petty cash	AC	129,856	n/a
Money Market Funds	FVTPL	99,919	99,919
Fixed term deposit	AC	119,664	n/a
Security deposits	AC	3,821	3,821
Total financial assets		353,260
Financial liabilities, by class
Trade and other payables	AC	38,241	n/a
Warrants	FVTPL	21,405	21,405
Total financial liabilities		59,646


		Carrying
Thereof aggregated to categories according to IFRS 9		amount
Financial assets measured at amortized cost (AC)		253,341
Financial assets measured at FVTPL		99,919
Financial liabilities measured at FVTPL		21,405
Financial liabilities measured at amortized cost (AC)		38,241

Financial instruments, analyzed by classes and categories


	12/31/2020
In € thousand	Category	Carrying amount	Fair value
Financial assets, by class
Cash and cash equivalents	AC	102,144	n/a
Fixed term deposit	AC	50,000	n/a
Promissory notes	FVTPL	676	676
Security deposits	AC	2,096	2,096
Other financial assets	AC	16	16
Total financial assets		154,932
Financial liabilities, by class
Trade and other payables	AC	11,092	n/a
Convertible loans – host contract	AC	84,287	105,007
Convertible loans – embedded derivative	FVTPL	14,948	14,948
Other financial liabilities	AC	48	48
Total financial liabilities		110,375


		Carrying
Thereof aggregated to categories according to IFRS 9		amount
Financial assets measured at amortized cost (AC)		154,256
Financial assets measured at FVTPL		676
Financial liabilities measured at FVTPL		14,948
Financial liabilities measured at amortized cost (AC)		95,427

Summary of effect of reasonable changes of the most significant input parameters on the fair values of the embedded derivatives



in € thousand December 31, 2020	Share Price		Value derivative	Effect on financial result
Base	0	%	14,948
Up	10	%	18,815	(3,867)
Down	(0.00)	%	11,081	3,867



in € thousand December 31, 2020	Credit Spread		Value derivative	Effect on financial Result
Base	0	%	14,948
Up	10	%	14,282	666
Down	(0.00)	%	15,646	(698)

Summary of financial instruments, changes in fair Value of level 3 instruments


Financial instruments, changes in Fair Value of level 3 instruments

		Convertible loan –
In € thousand	Promissory Notes	embedded derivative
January 1, 2020	—	—
Purchases / issuances	627	(274)
Changes from fair value remeasurement	58	15,222
Foreign exchange effects	(9)	—
December 31, 2020	676	14,948
Purchases / issuances	1,051	312
Changes from fair value remeasurement	475	(6,326)
Foreign exchange effects	20	—
Conversion	(2,222)	(8,934)
December 31, 2021	—	—

Summary of net gains and losses for each of the financial instrument measurement categories


2021	Subsequent measurement
		Foreign			Reversals
		exchange		Impairment	of loss	Total per
In € thousand	Interest	conversion	Fair value	loss (net)	allowance	category
Financial assets measured at amortized cost	(364)	1,061	—	(260)	—	437
Financial liabilities measured at amortized cost	(3,483)	(446)	—	—	—	(3,929)
Financial assets and liabilities measured at fair value through profit or loss	—	20	(4,365)	—	—	(4,345)
Total	(3,847)	635	(4,365)	(260)	—	(7,837)


2020	Subsequent measurement
		Foreign		Increase	Reversals
		exchange		in loss	of loss	Total per
In € thousand	Interest	conversion	Fair value	allowance	allowance	category
Financial assets measured at amortized cost	(83)	—	—	—	—	(83)
Financial liabilities measured at amortized cost	(33,960)	(98)	—	—	—	(34,058)
Financial assets and liabilities measured at fair value through profit or loss	—	(4)	(15,164)	—	—	(15,168)
Total	(34,043)	(102)	(15,164)	—	—	(49,309)

Summary of exposures to credit risk for all financial assets that are not measured at fair value through profit or loss


				12/31/2021
	Equivalent to
	external	Gross	Impairment
	credit rating	Carrying	Loss	Credit-
in € thousand	[S&P]	amount	allowance	impaired
Grades 1–6: Low risk	BBB- to AAA	253,601	(260)	No
Of which:
Cash and cash equivalents		129,859	(3)	No
Fixed-term deposits		119,920	(256)	No
Security deposits		3,822	(1)	No


				12/31/2020
	Equivalent to
	external	Gross	Impairment
	credit rating	carrying	loss	Credit-
in € thousand	[S&P]	amount	allowance	impaired
Grades 1–6: Low risk	BBB- to AAA	154,256	—	No
Of which:
Cash and cash equivalents		102,144	—	No
Fixed-term deposits		50,000	—	No
Security deposits		2,096	—	No
Other financial assets		16	—	No

Summary of sensitivity of a change in foreign currency


	Effect of EUR appreciation on	Effect of EUR depreciation on
	profit before tax	profit before tax
Currency	(in € thousand)	(in € thousand)
USD	735	(898)
GBP	15	(19)

The impact on the Group’s profit or loss before tax is due to changes in the carrying amount of monetary assets and liabilities as of December 31, 2020:


	Effect of EUR appreciation on	Effect of EUR depreciation on
	profit before tax	profit before tax
Currency	(in € thousand)	(in € thousand)
USD	(47)	58
GBP	(46)	56

Summary of details of the (undiscounted) cash outflows of financial liabilities


				12/31/2021
				2027 and
in € thousand	2022	2023	2024 to 2026	thereafter
Lease liabilities	2,356	2,705	8,001	2,187
Trade and other payables	35,335	29	3,498	—


				12/31/2020
				2026 and
in € thousand	2021	2022	2023 to 2025	thereafter
Lease liabilities	2,006	1,962	5,767	2,869
Convertible loans	88,013	—	—	—
Trade and other payables	11,092	—	—	—
Other financial liabilities	21	27	—	—

Summary of reconciliation of changes in liabilities arising from financing activities


	Convertible	Lease
In € thousand	loans	liabilities	Warrants	Total
Statement of Financial Position as of December 31, 2020	99,235	11,118	—	110,353
Proceeds from convertible loans	1,850	—	—	1,850
Principal elements of lease payments	—	(1,781)	—	(1,781)
Interest paid	—	(437)	—	(437)
Change in the cash flow from financing activities	1,850	(2,218)	—	(368)
Additions to lease liabilities due to new lease contracts	—	2,486	—	2,486
Additions to warrants	—	—	25,859	25,859
Fair value changes	(6,326)	—	(4,454)	(10,780)
Interest expenses	3,483	437	—	3,920
Capital contributions	(98,242)	—	—	(98,242)
Statement of Financial Position as of December 31, 2021	—	11,823	21,405	33,228


	Convertible	Lease
In € thousand	loans	liabilities	Total
Statement of Financial Position as of December 31, 2019	66,353	8,715	75,068
Proceeds from convertible loans	85,900	—	85,900
Principal elements of lease payments	—	(1,439)	(1,439)
Interest paid	—	(450)	(450)
Change in the cash flow from financing activities	85,900	(1,889)	84,011
Additions to lease liabilities due to new lease contracts	—	3,842	3,842
Fair value changes	15,222	—	15,222
Interest expenses	33,960	450	34,410
Capital contributions	(102,200)	—	(102,200)
Statement of Financial Position as of December 31, 2020	99,235	11,118	110,353

Related Party Disclosures (Tables)

12 Months Ended

Dec. 31, 2021

Related Party Disclosures

Schedule of Share based ultimate controlling party


	Shares (in thousand units)		Ownership Interest (%)
Function	12/31/2021	12/31/2020⁽¹⁾	12/31/2021		12/31/2020
Key management	25,743	25,019	9.1	%	12.7	%
Other related parties	121,389	107,140	42.7	%	54.3	%

(1)	Retrospectively adjusted

Schedule of annual remuneration and related compensation costs recognized as expense


In € thousand	2021	2020
Short-term employee benefits	3,634	1,966
Severance accruals	619	—
Share-based payment remuneration (legacy ESOP - 2021: 6,276,829 options; 2020: 4,239,788 options)	10,796	14,875
Modified ESOP for executives (2021: 1,888,477; 2020: no options)	2,135	—
Stock options (2021: 11,038,414; 2020: no options)	6,979	—
Success fees	9,872	591
Total	34,035	17,432

Schedule of balances held by entities with significant influence over the company


(in € thousand)	2021	2020
Convertible loans
Beginning of the year	99,235	66,353
Proceeds from convertible loans	1,007	85,900
Fair value changes of convertible loans	(6,337)	15,222
Interest expenses (not paid)	3,400	33,960
Subscribed capital	(7)	—
Contribution to capital reserves	(97,298)	102,200
End of the year	—	99,235

Azul up-front warrants	13,030	—

Corporate Information (Details) € / shares in Units, € in Thousands			12 Months Ended
	Sep. 14, 2021 EUR (€)	Mar. 30, 2021 EUR (€) € / shares shares	Dec. 31, 2021 EUR (€) shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Sep. 14, 2021 $ / shares shares
Corporate Information [Line Items]
Share split	0.0004
Number of shares to purchase warrant			6,200,000
Number of shares issued during period				23,261,694	1,065,661
Gross proceeds \| €			€ 381,208
Share listing expense \| €			€ 111,109
Business Combination Agreement
Corporate Information [Line Items]
Number of shares exchanged for each share						1
Number of shares to purchase warrant						1
Price per share \| $ / shares						$ 9.41
Share listing expense \| €	€ 111,109
PIPE Investor \| Business Combination Agreement
Corporate Information [Line Items]
Number of shares issued during period		45,000,000
Price per share \| € / shares		€ 8.47
Gross proceeds \| €		€ 381,200

Corporate Information - The Reorganization (Details) € / shares in Units, € in Thousands		12 Months Ended
	Sep. 14, 2021 EUR (€) USD ($) € / shares shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Sep. 14, 2021 $ / shares
Corporate Information [Line Items]
Shares issued \| shares		23,261,694	1,065,661
Discount for lack of marketability (in percent)	5.00%
Total
Corporate Information [Line Items]
Shares issued \| shares	21,080,961
Estimated market value of shares	€ 165,002
Qell net assets	53,893
Excess fair value of shares over Qell's net assets acquired	€ 111,109
Qell share-holders
Corporate Information [Line Items]
Shares issued \| shares	13,422,406
Fair value as of September 14, 2021 \| (per share)	€ 7.97			$ 9.41
Exchange rate \| $	0.8472
Estimated market value of shares	€ 107,002
Qell Sponsors
Corporate Information [Line Items]
Shares issued \| shares	7,658,555
Fair value as of September 14, 2021 \| (per share)	€ 7.57			$ 8.94
Exchange rate \| $	0.8472
Estimated market value of shares	€ 58,000

Basis of Preparation (Details)	12 Months Ended
Basis of Preparation (Details)	Dec. 31, 2021	Dec. 31, 2020
Lilium N.V.
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items]
Proportion of interest in subsidiary	100.00%
Lilium GmbH
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items]
Proportion of interest in subsidiary	100.00%	100.00%
Lilium Schweiz GmbH
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items]
Proportion of interest in subsidiary	100.00%	100.00%
Lilium Aviation UK Ltd.
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items]
Proportion of interest in subsidiary	100.00%	100.00%
Lilium Aviation Inc.
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items]
Proportion of interest in subsidiary	100.00%	100.00%
Lilium eAircraft GmbH
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items]
Proportion of interest in subsidiary	100.00%	100.00%
Stichting JSOP
Disclosure Of Description Of Business And Basis Of Preparation Of Consolidated Financial Statements [line items]
Proportion of interest in subsidiary	0.00%

Significant Accounting Policies - Purchase of intangible assets (Details)	12 Months Ended
	Dec. 31, 2021
Minimum \| Software
Significant accounting policies
Useful life of intangible assets	2 years
Minimum \| Purchased concessions, rights and other intangible assets
Significant accounting policies
Useful life of intangible assets	10 years
Maximum \| Software
Significant accounting policies
Useful life of intangible assets	15 years
Maximum \| Purchased concessions, rights and other intangible assets
Significant accounting policies
Useful life of intangible assets	20 years

Significant Accounting Policies - Estimated useful lives of property plant and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Significant accounting policies
Useful life of property and equipment	5 years
Minimum \| Rights to land and buildings including leasehold improvements
Significant accounting policies
Useful life of property and equipment	2 years
Minimum \| Technical equipment and machinery
Significant accounting policies
Useful life of property and equipment	3 years
Minimum \| Office and other equipment
Significant accounting policies
Useful life of property and equipment	3 years
Minimum \| Vehicles
Significant accounting policies
Useful life of property and equipment	5 years
Maximum \| Rights to land and buildings including leasehold improvements
Significant accounting policies
Useful life of property and equipment	9 years
Maximum \| Technical equipment and machinery
Significant accounting policies
Useful life of property and equipment	25 years
Maximum \| Office and other equipment
Significant accounting policies
Useful life of property and equipment	13 years
Maximum \| Vehicles
Significant accounting policies
Useful life of property and equipment	11 years

Significant Accounting Policies (Details) € in Thousands	12 Months Ended
Significant Accounting Policies (Details) € in Thousands	Dec. 31, 2021 EUR (€)
Significant accounting policies
Low value assets	€ 1
Minimum
Significant accounting policies
Lease term	2 years
Maximum
Significant accounting policies
Lease term	9 years

Significant Accounting Policies - Share-based Payments (Details)
€ / shares in Units, € in Thousands

1 Months Ended

12 Months Ended

Jan. 01, 2022

Sep. 14, 2021

EUR (€)

€ / shares

Sep. 30, 2021

item

Dec. 31, 2021

EUR (€)

installment

USD ($)

item

€ / shares

Dec. 31, 2020

EUR (€)

Dec. 31, 2019

EUR (€)

Dec. 31, 2021

$ / shares

Oct. 23, 2021

Oct. 22, 2021

Sep. 14, 2021

$ / shares

Dec. 31, 2018

EUR (€)

^[1]

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Number of tranches | item

€ 111,109

Discount for lack of marketability (in percent)

23,261,694

1,065,661

5.00%

Cash and cash equivalents

129,856

€ 102,144

^[1]

€ 59,571

^[1]

€ 47,139

Disclosure of Detailed Information About Significant Accounting Policies [line items]

€ 75,764

€ 117,281

Total

€ 165,002

Net assets

€ 53,893

Disclosure of Detailed Information About Significant Accounting Policies [line items]

21,080,961

Qell share-holders

Value per share traded | (per share)

€ 107,002

€ 7.97

$ 9.41

Disclosure of Detailed Information About Significant Accounting Policies [line items]

13,422,406

Qell Sponsors

Value per share traded | (per share)

€ 58,000

€ 7.57

$ 8.94

General population and executives - standard ESOP

7,658,555

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Vesting period (in years)

4 years

Contractual life

0 years

Exit period

8 years

Percentage of holders accepted the modifications

100.00%

89.00%

Lock-up period for options become exercisable

180 days

Percentage of holders signed the modifications

100.00%

General population and executives - standard ESOP | Tranche one

Disclosure of Detailed Information About Significant Accounting Policies [line items]

General population - Restricted Stock Units ("RSU")

25.00%

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Price per share upon vesting | € / shares

€ 0.12

Executives - Restricted Stock Units ("RSU")

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Price per share upon vesting | € / shares

€ 0.12

Election RSU | Tranche one

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Election RSU | Tranche two

16.00%

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Executives - Performance-based stock options

84.00%

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Contractual life

10 years

Period for exercise of shares upon vesting after cease from employment (in days)

90 days

Number of quarterly installments | installment

Executives - Time-based stock options

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Period for exercise of shares upon vesting after cease from employment (in days)

7.70%

Contractual life

10 years

90 days

Number of persons awarded | $

Executives - Success fees

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Number of awards settled | item

Executives - Presence bonus

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Number of persons awarded | item

Executives - Joint Stock Ownership plan (JSOP) and bonus

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Number of persons awarded | item

Carry charge (in percent)

7.50%

Interest (in percent)

7.50%

Advisors - Strategic collaboration agreement

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Number of warrants to purchase shares | shares

8,000,000

6,200,000

1,800,000

Exercise price of warrant | € / shares

€ 0.12

Number of tranches | item

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Number of tranches | item

Share listing expense | Total

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Net assets

€ 53,900

Cash and cash equivalents

83,300

Share listing expense | Total | Sponsor Lock-Up Shares

3,600

Financial liabilities

€ 25,800

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Discount for lack of marketability (in percent)

5.00%

Share listing expense | Total | Sponsor Earnout Shares

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Discount for lack of marketability (in percent)

5.00%

Share listing expense | Qell share-holders

Disclosure of Detailed Information About Significant Accounting Policies [line items]

€ 165,000

Net assets

53,900

Value per share traded | $ / shares

€ 111,100

$ 9.41

Share listing expense | Qell Sponsors | Sponsor Lock-Up Shares

21,080,961

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Share listing expense | Qell Sponsors | Sponsor Earnout Shares

4,595,133

Lock-up period

1 year

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Share listing expense | Qell Sponsors | Sponsor Earnout Shares | Tranche one

3,063,422

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Share listing expense | Qell Sponsors | Sponsor Earnout Shares | Tranche two

1,148,783

Disclosure of Detailed Information About Significant Accounting Policies [line items]

Share listing expense | Qell Sponsors | Sponsor Earnout Shares | Tranche three

1,148,783

Disclosure of Detailed Information About Significant Accounting Policies [line items]

765,856

[1]	Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation.

Significant Accounting Judgments, Estimates and Assumptions (Details) - EUR (€) € in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Judgments, Estimates and Assumptions
Cash flows from operations including accumulated losses	€ 717.1
Weighted average IBR	3.75%	4.05%
Period of ownership restriction for Private Warrants after the completion of the Business Combination	30 days

Significant Accounting Judgments, Estimates and Assumptions - Investment in associate - Purchase Price Allocation (Details)	12 Months Ended
	Dec. 31, 2021
Disclosure of associates [line items]
Percentage of ownership interest in associate	34.80%
Zenlabs
Disclosure of associates [line items]
Percentage of ownership interest in associate	34.80%
Hypothetical royalty rate	0.93%
Technology portfolio \| Zenlabs
Disclosure of associates [line items]
Useful life of intangible assets	15 years
Brand asset \| Zenlabs
Disclosure of associates [line items]
Useful life of intangible assets	15 years

Significant Accounting Judgments, Estimates and Assumptions - Share-based Payments (Details)	12 Months Ended
	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average expected timing of fulfillment of performance condition	20 months
Percentage of weighted average probability	69.00%
Share listing expense, percentage for transfer restrictions imposed on Sponsor Lock-Up Shares and Sponsor Earnout Shares	5.00%
Performance-based Stock Options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Period of stock options	4 years

Revenue from Contracts with Customers and Cost of Sales (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contracts with Customers and Cost of Sales
Revenue recognized	€ 47	€ 97	€ 0

Research and Development Expenses (Details) - Research and Development Expenses - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of attribution of expenses by nature to their function [line items]
Salaries and social security	€ 75,672	€ 66,536	€ 26,162
Professional services	49,421	8,448	2,472
Materials	9,009	8,253	5,012
Depreciation/amortization	4,541	2,829	1,404
IT and communication expense	1,248	1,857	1,175
Other	4,667	2,422	1,911
Total	€ 144,558	€ 90,345	€ 38,136

Research and Development Expenses - Additional Information (Details) - Research and Development Expenses - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of attribution of expenses by nature to their function [line items]
Professional fees, consulting services	€ 31,576	€ 3,732	€ 1,880
Professional fees, contractors	€ 17,845	€ 4,716	€ 592

General and Administrative Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of attribution of expenses by nature to their function [line items]
Share listing expense	€ 111,109
General and Administrative Expenses
Disclosure of attribution of expenses by nature to their function [line items]
Share listing expense	111,109
Professional services	70,380	€ 8,483	€ 2,615
Salaries and social security	35,395	20,926	8,057
IT and communication expense	12,391	2,255	1,545
Depreciation/amortization	1,870	1,289	896
Insurances	1,698	73	118
HR related expenses (training, recruitment)	1,617	1,026	357
Other administrative expenses	4,633	1,354	1,849
Total	€ 239,093	€ 35,406	€ 15,437

General and Administrative Expenses - Additional Information (Details) - General and Administrative Expenses € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€)
Disclosure of attribution of expenses by nature to their function [line items]
Professional services, consulting and legal fees	€ 33,127
Professional services, issue of Azul warrants expenses	13,030
Professional services, JSOP bonus expense	€ 5,439

Selling Expenses (Details) - Selling Expenses - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of attribution of expenses by nature to their function [line items]
Salaries and social security	€ 11,971	€ 13,115	€ 3,012
Professional services	1,983	1,196	327
Marketing	2,059	613	751
Travel	626	167	387
Depreciation/amortization	65	41	34
Other	485	140	134
Total	€ 17,189	€ 15,272	€ 4,645

Other Income (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
Other Income (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income
Foreign currency gains		€ 1,689	€ 19	€ 11
Insurance recoveries		456	1,906
Grants received from the German government		51	307	53
Income from other grants			42
Other miscellaneous income		78	72	12
Total other income		2,274	2,346	€ 76
Insurance recoveries received	€ 1,362		€ 1,000
Increase in insurance recoveries received		€ 456

Other Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
Other Expenses (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Expenses
Foreign currency losses	€ 1,054	€ 107	€ 56
Miscellaneous other items	982	23	2
Total other expenses	€ 2,036	€ 130	€ 58

Financial Result (Details) - EUR (€) € in Thousands	12 Months Ended
Financial Result (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Result
Finance income	€ 11,288	€ 80	€ 518
thereof: fair value changes	11,280	58	516
Finance expenses	(20,201)	(49,741)	(5,736)
thereof: interest portion of lease payments	(437)	(450)	(341)
thereof: fair value changes	(15,645)	(15,222)
thereof: expected credit losses	(260)
thereof: interest on convertible loans	(3,483)	(33,960)	(5,350)
Financial result	€ (8,913)	€ (49,661)	€ (5,218)

Financial Result - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
Finance Income (Cost) [Line Items]
Fair value changes of convertible loans included in finance expense	€ 26	€ 15,222
Fair value changes of convertible loans included in finance income	6,351		€ 516
Fair value changes of warrants included in finance income	4,454	0	0
Fair value changes of promissory notes included in finance income	475	58	0
Fair value changes of foreign currency exchange contract included in finance expense	15,532			€ 0
Fair value changes of money market funds included in finance expense	87	€ 0	€ 0
Allowance for expected credit losses recognized in finance expense	260
Cash and cash equivalents
Finance Income (Cost) [Line Items]
Allowance for expected credit losses recognized in finance expense	3
Other assets
Finance Income (Cost) [Line Items]
Allowance for expected credit losses recognized in finance expense	€ 257

Income Taxes - Expense for Income Tax Expense (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Current income tax expense	€ 556	€ 46	€ 61
Current income tax expense related to prior years	143
Deferred tax expense	10
Total tax expense (income)	€ 709	€ 46	€ 61

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

Income Taxes - Income Tax Expense (Details)	12 Months Ended
Income Taxes - Income Tax Expense (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Corporation tax rate	15.00%
Solidarity surcharge on corporation tax rate	5.50%
Trade tax rate	11.73%
Total group tax rate	27.55%	27.55%	27.55%

Income Taxes - Reconciliation of expected tax expense (Details) - EUR (€) € in Thousands	1 Months Ended			12 Months Ended
	Mar. 31, 2020	Oct. 31, 2019	May 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Profit (Loss) before income tax				€ (410,327)	€ (188,381)	€ (63,418)
Income tax rate				27.55%	27.55%	27.55%
Expected income taxes on this				€ 113,045	€ 51,899	€ 17,472
Effects deriving from differences to the expected tax rate				40	54	(3)
Other non-deductible expenses and taxes				(209)	(238)	(312)
Changes in the realization of deferred tax assets				(67,465)	(22,371)	(18,978)
Other				(46,120)	(29,390)	1,760
Income tax as per statement of operations				€ (709)	€ (46)	€ (61)
Effective tax rate in %				(0.20%)	0.00%	(0.10%)
Non-cash share listing expens				€ 111,109
Income tax reconciliation effect of non-cash share listing expens				30,610
Income tax reconciliation effect of fair value adjustments of Warrants				3,590
Other share-based payments				40,321
Income tax reconciliation effect of other share-based payments				11,108
Convertible loans, share capital	€ 34,084	€ 3,981	€ 3,981	96,193	€ 102,207	€ 3,981
Azul
Income Tax Disclosure [Line Items]
Fair value adjustments of Warrants				13,030
Convertible loans, share capital				6,351
Income tax reconciliation effect of embedded derivative of the convertible loans				1,750
Qell Acquisition Corp
Income Tax Disclosure [Line Items]
Fair value adjustments of Warrants				4,454
Income tax reconciliation effect of fair value adjustments of Warrants				€ 1,227

Income Taxes - Tax Rate Reconciliation (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Equity settled share-based payments	€ 53,350	€ 71,990
Income tax reconciliation effect of equity settled share-based payments		19,883
Recognition of the day one effect of the convertible loan in equity		34,084
Income tax reconciliation effect of recognition of the day one effect of the convertible loan in equity		9,390
Transaction cost deducted from equity		503
Income tax reconciliation effect of transaction cost deducted from equity		139	€ 1,097
Other tax effects	€ (46,120)	€ (29,390)	€ 1,760

Income Taxes - Deferred tax related to Assets and Liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	€ 4,173	€ 3,392
Deferred tax liabilities, Gross value	4,183	3,392
Deferred tax assets, Netting	(4,173)	(3,392)
Deferred tax liabilities, Netting	(4,173)	(3,392)
Recognition of deferred tax liabilities in the statement of financial position	10
Non-current assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	3,010	2,289
Deferred tax liabilities, Gross value	3,099	3,043
Intangible assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	2,995	2,261
Property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	15
Deferred tax liabilities, Gross value	3,088	2,855
Financial assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value		28
Deferred tax liabilities, Gross value	11	188
Current assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	14	9
Deferred tax liabilities, Gross value	286
Inventories
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	11	9
Receivables and other assets
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	3
Deferred tax liabilities, Gross value	286
Non-current liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	645	531
Deferred tax liabilities, Gross value	167	9
Provisions
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	24
Deferred tax liabilities, Gross value	3	9
Liabilities,
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	621	531
Deferred tax liabilities, Gross value	163
Current liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	222	563
Deferred tax liabilities, Gross value	631	340
Provisions.
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	91
Deferred tax liabilities, Gross value		62
Liabilities
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	131	563
Deferred tax liabilities, Gross value	631	€ 278
Loss carry forwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets, Gross value	€ 282

Income Taxes - Tax attributes (gross) (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Corporation tax loss carryforwards	€ 388,980	€ 129,704
Trade tax loss carryforwards	387,524	128,889
Interest carryforwards	15,846	€ 14,879
Tax loss carryforwards cannot be used	€ 47,780

Income Taxes - Deductible temporary differences and tax loss and interest carryforwards (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets, Beginning balance	€ 56,578	€ 34,205
Addition	70,891	25,410
Deductions	(3,426)	(3,037)
Unrecognized deferred tax assets, Ending balance	124,043	56,578
Temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets, Beginning balance	17,276	20,313
Deductions	(3,426)	(3,037)
Unrecognized deferred tax assets, Ending balance	13,850	17,276
Tax losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets, Beginning balance	35,639	11,540
Addition	70,625	24,099
Unrecognized deferred tax assets, Ending balance	106,624	35,639
Interest carry forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognized deferred tax assets, Beginning balance	3,663	2,352
Addition	266	1,311
Unrecognized deferred tax assets, Ending balance	€ 3,929	€ 3,663

Loss per Share (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss per Share
Anti-dilutive warrants excluded from the diluted EPS calculation	1,800,000
Comprehensive income	€ (410,830)	€ (188,435)	€ (63,590)
Weighted average number of ordinary shares outstanding	214,858,203	193,722,062	169,224,125
Basic earnings (loss) per share	€ (1.91)	€ (0.97)	€ (0.38)
Diluted earnings (loss) per share	€ (1.91)	€ (0.97)	€ (0.38)

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

Disclosure of associates [line items]

Intangible Assets (Details) - EUR (€) € in Thousands	12 Months Ended
Intangible Assets (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Beginning balance	€ 1,372	€ 842
Ending balance	1,394	1,372
Software
Disclosure of detailed information about intangible assets [line items]
Beginning balance	1,276	760
Impairment	0
Ending balance	1,304	1,276
Purchased concessions, rights and other intangible assets
Disclosure of detailed information about intangible assets [line items]
Beginning balance	96	82
Ending balance	90	96
Costs of acquisition or construction
Disclosure of detailed information about intangible assets [line items]
Beginning balance	2,509	1,330
Additions	1,586	1,212
Transfer from property, plant and equipment	11
Disposals		(33)
Ending balance	4,106	2,509
Costs of acquisition or construction \| Software
Disclosure of detailed information about intangible assets [line items]
Beginning balance	2,401	1,241
Additions	1,586	1,188
Transfer from property, plant and equipment	11
Disposals		(28)
Ending balance	3,998	2,401
Costs of acquisition or construction \| Purchased concessions, rights and other intangible assets
Disclosure of detailed information about intangible assets [line items]
Beginning balance	108	89
Additions		24
Disposals		(5)
Ending balance	108	108
Accumulated amortization/write downs and depreciation
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(1,137)	(488)
Amortization	1,575	648
Impairment		18
Disposals		17
Ending balance	(2,713)	(1,137)
Accumulated amortization/write downs and depreciation \| Software
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(1,125)	(481)
Amortization	1,569	642
Impairment		18
Disposals		16
Ending balance	(2,694)	(1,125)
Accumulated amortization/write downs and depreciation \| Purchased concessions, rights and other intangible assets
Disclosure of detailed information about intangible assets [line items]
Beginning balance	(12)	(7)
Amortization	6	6
Disposals		1
Ending balance	€ (18)	€ (12)

Intangible Assets - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
Value in use	€ 0	€ 0

Property, Plant and Equipment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	€ 22,715	€ 14,700
Property, plant and equipment at end of period	30,610	22,715
Costs of acquisition or construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	28,863	17,377
Additions	12,826	11,466
Disposals	(1)	(80)
Transfer to intangible assets	(11)
Indexation impact	(26)	100
Foreign exchange	10
Property, plant and equipment at end of period	41,661	28,863
Accumulated amortization/write downs and depreciation
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	(6,148)	(2,677)
Disposals		22
Foreign exchange	2
Depreciation	4,901	3,493
Property, plant and equipment at end of period	(11,051)	(6,148)
Rights to land and buildings including leasehold improvements
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	12,717	9,102
Property, plant and equipment at end of period	14,465	12,717
Rights to land and buildings including leasehold improvements \| Costs of acquisition or construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	15,774	10,272
Additions	3,444	4,795
Transfers	711	607
Indexation impact	(26)	100
Property, plant and equipment at end of period	19,903	15,774
Rights to land and buildings including leasehold improvements \| Accumulated amortization/write downs and depreciation
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	(3,057)	(1,170)
Depreciation	2,381	1,887
Property, plant and equipment at end of period	(5,438)	(3,057)
Vehicles
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	120	103
Property, plant and equipment at end of period	84	120
Vehicles \| Costs of acquisition or construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	160	109
Additions	6	51
Property, plant and equipment at end of period	166	160
Vehicles \| Accumulated amortization/write downs and depreciation
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	(40)	(6)
Depreciation	42	34
Property, plant and equipment at end of period	(82)	(40)
Technical equipment and machinery
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	5,555	2,390
Property, plant and equipment at end of period	9,069	5,555
Technical equipment and machinery \| Costs of acquisition or construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	6,195	2,626
Additions	2,532	1,268
Disposals		(37)
Transfers	2,009	2,338
Foreign exchange	2
Property, plant and equipment at end of period	10,738	6,195
Technical equipment and machinery \| Accumulated amortization/write downs and depreciation
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	(640)	(236)
Disposals		4
Transfers	1
Depreciation	1,028	408
Property, plant and equipment at end of period	(1,669)	(640)
Office and other equipment
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	3,179	2,471
Property, plant and equipment at end of period	4,381	3,179
Office and other equipment \| Costs of acquisition or construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	5,590	3,736
Additions	2,644	1,873
Disposals	(1)	(43)
Transfers	2	24
Foreign exchange	8
Property, plant and equipment at end of period	8,243	5,590
Office and other equipment \| Accumulated amortization/write downs and depreciation
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	(2,411)	(1,265)
Disposals		18
Transfers	(1)
Foreign exchange	2
Depreciation	1,450	1,164
Property, plant and equipment at end of period	(3,862)	(2,411)
Assets under construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	1,144	634
Property, plant and equipment at end of period	2,611	1,144
Assets under construction \| Costs of acquisition or construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	1,144	634
Additions	4,200	3,479
Transfers	(2,722)	(2,969)
Transfer to intangible assets	(11)
Property, plant and equipment at end of period	2,611	1,144
Right-of-use assets
Reconciliation of changes in property, plant and equipment
Property, plant and equipment under security pledges	€ 11,525	€ 10,941

Property, Plant and Equipment - Property, plant and equipment is distributed among geographical areas (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	€ 30,610	€ 22,715	€ 14,700
Total property plant and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	19,085	11,774
Germany
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	18,933	11,723
United Kingdom
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	100	38
United States
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	38	10
Switzerland
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	€ 14	€ 3

Leases - Right-of-use assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	€ 10,941	€ 8,687
Additions to right-of-use assets	2,568	3,785
Transfer	(17)
Depreciation	(1,941)	(1,631)	€ (1,013)
Indexation impact	(26)	100
Ending balance	11,525	10,941	8,687
Rights to land and buildings including leasehold improvements
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	10,375	8,053
Additions to right-of-use assets	2,369	3,757
Depreciation	(1,808)	(1,535)
Indexation impact	(26)	100
Ending balance	10,910	10,375	8,053
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	77	88
Additions to right-of-use assets		20
Depreciation	(34)	(31)
Ending balance	43	77	88
Property, plant and equipment
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	461	496
Additions to right-of-use assets	29
Transfer	(17)
Depreciation	(45)	(35)
Ending balance	428	461	496
Office and other equipment
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	28	50
Additions to right-of-use assets	170	8
Depreciation	(54)	(30)
Ending balance	€ 144	€ 28	€ 50

Leases - Lease liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases
Beginning balance	€ 11,118	€ 8,715
Additions	2,512	3,742
Interest	437	450	€ 341
Payments	(2,218)	(1,889)
Indexation impact	(26)	100
Ending balance	€ 11,823	€ 11,118	€ 8,715

Leases - Related expense (Details) - EUR (€) € in Thousands	12 Months Ended
Leases - Related expense (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases
Depreciation of right of-use-assets	€ 1,941	€ 1,631	€ 1,013
Interest expense on lease liabilities	437	450	341
Short-term lease expenses	488	108	138
Lease expenses for low-value assets	220	80	72
Total amount recognized in expense	€ 3,086	€ 2,269	€ 1,567

Leases - Lease liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Fixed lease payments	€ 204	€ 154
Variable lease payments	2,014	1,735
Total amount of lease payments	€ 2,218	€ 1,889

Leases - Total cash outflow (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases
Principal paid	€ 1,781	€ 1,439	€ 854
Interest paid	437	450	341
Short term and low value leases	708	188	213
Total amount paid	€ 2,926	€ 2,077	€ 1,408

Investment in Associated Companies (Details) - Zenlabs € in Thousands, $ in Thousands	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Sep. 27, 2021 EUR (€)	Sep. 27, 2021 USD ($)	Jul. 27, 2021 USD ($)	Jul. 16, 2021 EUR (€)	Jul. 15, 2021	Mar. 19, 2021 EUR (€)	Mar. 19, 2021 USD ($)	Mar. 10, 2021 EUR (€)	Mar. 10, 2021 USD ($)
Disclosure of associates [line items]
Percentage of shares acquired							9.10%			25.70%	25.70%
Purchase price	€ 8,502		€ 7,400	$ 8,716	$ 8,716	€ 7,400				€ 8,502	$ 10,054
Conversion of outstanding promissory notes at a fair value included in consideration	2,222							€ 2,222	$ 2,629
Promissory notes held included in conversion								€ 1,051	$ 1,250
Total fair value of identifiable net assets acquired	8,344	$ 9,843
Goodwill	7,558	8,927
Identifiable net assets acquired	2,248	2,652
Fair value step-up brand and technology portfolio	8,688	10,250
Deferred taxation	€ 2,592	$ 3,059

Investment in Associated Companies - Valuation of investment in Zenlabs (Details) - Zenlabs € in Thousands, $ in Thousands	Dec. 31, 2021 EUR (€)	Sep. 27, 2021 EUR (€)	Sep. 27, 2021 USD ($)	Jul. 27, 2021 USD ($)	Jul. 16, 2021 EUR (€)	Mar. 19, 2021 EUR (€)	Mar. 19, 2021 USD ($)	Mar. 10, 2021 EUR (€)	Mar. 10, 2021 USD ($)
Disclosure of associates [line items]
Initial recognition	€ 8,502	€ 7,400	$ 8,716	$ 8,716	€ 7,400			€ 8,502	$ 10,054
Conversion of promissory notes (July 2021)	2,222					€ 2,222	$ 2,629
Capital increases (July and September 2021)	5,178
Share of Loss Transferred on Acquisition Date	€ (848)

Investment in Associated Companies - Financial information for Zenlabs (Details) - EUR (€)
€ in Thousands

10 Months Ended

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Net loss for the period

€ (411,036)

€ (188,427)

^[1]

€ (63,479)

^[1]

Revenue

Current assets

€ 372,475

372,475

158,594

Non-current assets

58,950

26,352

Non-current liabilities

(13,150)

(9,943)

Reconciliation to the Group's interest in at equity-accounted investee:

(75,764)

(117,281)

Shareholders' equity

342,511

€ 342,511

57,722

€ (24,087)

€ 35,522

Group's effective interest in the associate

34.80%

Group's share in shareholders' equity (2020: nil)

7,762

€ 7,762

Goodwill

7,558

Currency translation difference

(266)

Investment in an associate

15,054

Zenlabs

Disclosure of associates [line items]

Net loss for the period

(2,907)

Revenue

806

Current assets

6,724

Non-current assets

^[2]

24,255

Preferred stock reclassification

^[3]

20,283

Non-current liabilities

(28,200)

Reconciliation to the Group's interest in at equity-accounted investee:

(756)

Shareholders' equity

22,306

€ 22,306

Group's effective interest in the associate

34.80%

Group's share in shareholders' equity (2020: nil)

Investment in an associate

€ 15,054

€ 0

[1]	Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation.
[2]	As the purchase price allocation is performed at each acquisition date (as of March 10, July 16 and September 27, 2021), differences occur due to the different ownership rates used in purchase price allocation and equity accounting. These differences are adjusted in Zenlabs’ summary financial statements.
[3]	Based on the Group's analysis of significant influence and investors’ current access to returns, Lilium concluded that its investment in Zenlabs is accounted for using the equity method under IAS 28 'Investment in associates and joint ventures'. However, in Zenlabs’ IFRS financial statements, the preferred stock owned by Lilium is accounted for as a financial liability based on its analysis under IAS 32 'Financial Instruments: Presentation' due to the features of preferred stock as explained above. In order to give effect to uniform accounting policies and consistency in accounting, the above-mentioned financial liability in Zenlabs’ financial statements is treated as equity in purchase price allocation and goodwill calculation.

Other Financial Assets - Other financial assets (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Financial Assets
Security deposits	€ 3,779	€ 2,096
Miscellaneous other non-current financial assets		16
Total non-current financial assets	3,779	2,112
Fixed term deposit	119,664	50,000
Money market funds	99,919
Promissory notes		676
Security deposits	42
Total current other financial assets	€ 219,625	€ 50,676

Other Financial Assets - Fixed term deposit (Details)
$ in Thousands

1 Months Ended

12 Months Ended

May 14, 2020

Oct. 31, 2021

EUR (€)

Dec. 31, 2021

EUR (€)

Dec. 31, 2020

EUR (€)

Nov. 30, 2021

EUR (€)

Mar. 31, 2021

EUR (€)

Mar. 31, 2021

USD ($)

Dec. 23, 2020

EUR (€)

Dec. 23, 2020

USD ($)

Jul. 31, 2020

EUR (€)

Jul. 31, 2020

USD ($)

Payment of short-term deposits

€ 220,006,000

€ 50,000,000

^[1]

Fixed term deposit

Interest rate on fixed-term deposit (in percent)

0.02%

Term of deposits (in months)

€ 120,000,000

9 months

Amount of reduction in principal

336,000

Negative interest

80,000

Expected credit loss

257,000

Payment of short-term deposits

50,000,000

Fixed-term deposit one

Term of promissory notes (in years)

€ 40,000,000

6 months

Fixed-term deposit two

Term of promissory notes (in years)

9 months

Fixed-term deposit three

Term of promissory notes (in years)

12 months

Promissory note

Promissory notes interest rate

€ 1,051,000

$ 1,250

€ 205,000

$ 250

€ 422,000

$ 500

7.00%

Money Market Funds

€ 100,006

Security deposits

Amount pledged as collateral for customs

400,000

Amount pledged as collateral for furniture lease

253,000

120,000

Amount pledged as collateral for use of credit card facilities

196,000

Amount pledged as collateral for facility leases

2,942,000

1,976,000

Amount of deposits pledged as collateral for deposits to suppliers.

€ 30,000

€ 0

[1]	Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation.

Non-Financial Assets (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Non-Financial Assets
Advance payments	€ 8,113	€ 153
Total non-current non-financial assets	8,113	153
Value added tax claims	12,602	3,420
Prepaid expenses	9,924	1,284
Miscellaneous other current non-financial assets	468	1,070
Total current non-financial assets	22,994	5,774
Total non-financial assets	31,107	€ 5,927
Insurance claim	€ 906

Non-Financial Assets - Prepaid expenses (Details) € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€)
Non-Financial Assets
Prepayments for acqusition of fixed assets	€ 6,852
Prepayments for multi-year supplier contracts	€ 11,185

Cash and Cash Equivalents (Details) - EUR (€)
€ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

^[1]

Dec. 31, 2018

^[1]

Cash and Cash Equivalents

Petty cash

€ 2

Cash at banks

129,854

102,142

Total cash and cash equivalents

€ 129,856

€ 102,144

^[1]

€ 59,571

€ 47,139

[1]	Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation.

Shareholders' Equity (Details) - shares

1 Months Ended

12 Months Ended

Sep. 14, 2021

Mar. 26, 2021

Mar. 31, 2020

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Disclosure of classes of share capital [line items]

23,261,694

1,065,661

20,533,259

19,156,185

274,272

Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares

205,704

375,000

Treasury shares (due to consolidation)

879,691

Before reorganization

Disclosure of classes of share capital [line items]

Issued and outstanding as of January 1, 2019

^[1]

53,883

Issued and outstanding as adjusted, beginning balance

^[1]

69,031

54,256

53,883

Issued and outstanding as adjusted, ending balancce

^[1]

8,142

373

^[1]

69,031

54,256

^[1]

7,187

6,705

^[1]

(72)

Reorganization as of September 14, 2021

^[1]

69,103

^[1]

(76,218)

Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares

(72)

^[1]

After Reorganization

Disclosure of classes of share capital [line items]

Issued and outstanding as of January 1, 2019

53,883

Retrospective application of share split

153,889,848

Issued and outstanding as adjusted, beginning balance

197,221,567

155,009,392

153,943,731

Issued and outstanding as adjusted, ending balancce

45,000,000

23,261,694

1,065,661

197,221,567

155,009,392

20,533,259

19,156,185

(205,704)

Reorganization as of September 14, 2021

197,427,271

22,697,450

Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares

205,704

Treasury shares (due to consolidation)

(375,000)

(879,691)

Number of shares outstanding, ending balance

284,403,289

Shares issued

285,657,980

Class A shares

Disclosure of classes of share capital [line items]

Issued and outstanding as of January 1, 2019

53,883

Retrospective application of share split

129,476,783

Issued and outstanding as adjusted, beginning balance

172,808,502

130,596,327

129,530,666

Issued and outstanding as adjusted, ending balancce

45,000,000

23,261,694

1,065,661

172,808,502

130,596,327

20,533,259

19,156,185

(205,704)

Reorganization as of September 14, 2021

173,014,206

22,697,450

Treasury shares Lilium GmbH not exchanged into Lilium N.V. shares

205,704

Treasury shares (due to consolidation)

(375,000)

(879,691)

Number of shares outstanding, ending balance

259,990,224

Shares issued

261,244,915

Class B shares

Disclosure of classes of share capital [line items]

Retrospective application of share split

24,413,065

Issued and outstanding as adjusted, beginning balance

24,413,065

Issued and outstanding as adjusted, ending balancce

24,413,065

Number of shares outstanding, ending balance

24,413,065

24,413,065

Shares issued

24,413,065

[1]	Not adjusted retrospectively to reflect the share split which occurred in 2021.

Shareholders' Equity - Additional information (Details)
€ / shares in Units, € in Thousands

1 Months Ended

12 Months Ended

Sep. 14, 2021

EUR (€)

Vote

€ / shares

Mar. 26, 2021

EUR (€)

Mar. 11, 2020

EUR (€)

Jan. 31, 2021

EUR (€)

Mar. 31, 2020

EUR (€)

Oct. 31, 2019

EUR (€)

May 31, 2019

EUR (€)

Dec. 31, 2021

EUR (€)

€ / shares

Dec. 31, 2020

EUR (€)

Dec. 31, 2019

EUR (€)

Dec. 31, 2018

EUR (€)

Disclosure of classes of share capital [line items]

IFRS Stockholders' Equity Note, Stock Split, Conversion Ratio

0.0004

Number of shares transferred to Class B shares | shares

8,545

€ 0.12

Number of Class B shares converted to Class C share | shares

^[1]

€ 40,138

€ 29,550

Number of Class B shares converted to Class A share | shares

Witten notice period (in days)

3 days

Consideration value for transfer of shares

€ 0

23,261,694

1,065,661

€ 381,208

€ 96,810

^[2]

20,533,259

19,156,185

274,272

Amount of convertible loan

€ 34,084

€ 3,981

€ 96,193

102,207

€ 3,981

Transaction costs

€ 2,227

29,029

503

€ 85,900

€ 1,850

€ 763

205,704

Proceeds From Reorganization

^[2]

164,868

83,393

Proceeds from the PIPE capital increase

342,511

€ 57,722

€ (24,087)

€ 35,522

€ 381,208

Shares held under consolidation | shares

375,000

879,691

Amount presented in nominal amount for consolidation

€ 106

Number of shares authorized for issue | shares

1,620,451,736

Success Fee

Disclosure of classes of share capital [line items]

Disclosure of classes of share capital [line items]

293,230

Before reorganization

^[3]

53,883

^[3]

8,142

373

^[3]

7,187

6,705

^[3]

(72)

Disclosure of classes of share capital [line items]

(72)

^[3]

After Reorganization

285,657,980

284,403,289

53,883

45,000,000

23,261,694

1,065,661

20,533,259

19,156,185

(205,704)

Shares held under consolidation | shares

205,704

(879,691)

Class A shares

Disclosure of classes of share capital [line items]

261,244,915

€ 0.12

€ 31,300

Number of votes | Vote

259,990,224

53,883

45,000,000

23,261,694

1,065,661

20,533,259

19,156,185

(205,704)

Shares held under consolidation | shares

205,704

(879,691)

Class B shares

Disclosure of classes of share capital [line items]

24,413,065

€ 0.36

€ 8,800

Number of votes | Vote

Class C share Class C Shares

24,413,065

Disclosure of classes of share capital [line items]

€ 0.24

Number of votes | Vote

Percentage of maximum profits on nominal value per share (in percent)

0.10%

Subscribed capital

Disclosure of classes of share capital [line items]

Amount of increased subscribed capital through share split

€ 24,278

€ 5,400

€ 2,791

^[2]

€ 128

2,464

2,299

2,464

2,299

^[2]

2,724

Subscribed capital | Success Fee

40,138

29,550

24,460

Disclosure of classes of share capital [line items]

Subscribed capital | After Reorganization

Disclosure of classes of share capital [line items]

Disclosure of classes of share capital [line items]

Share premium

Amount of increased subscribed capital through share split

(24,278)

375,808

94,019

^[2]

(128)

127,813

65,824

127,813

65,824

(45)

738

^[2]

51,116

Share premium | Success Fee

779,141

224,359

65,254

€ 89,660

Disclosure of classes of share capital [line items]

Share premium | After Reorganization

Disclosure of classes of share capital [line items]

2,023

Disclosure of classes of share capital [line items]

Other capital reserves

€ 34,084

(34,084)

34,084

3,981

^[2]

111,109

Other capital reserves | After Reorganization

240,430

110,055

€ 3,981

Disclosure of classes of share capital [line items]

240,430

Disclosure of classes of share capital [line items]

Consideration value for transfer of shares

^[2]

(81)

Treasury shares | Success Fee

(151)

(25)

Disclosure of classes of share capital [line items]

Treasury shares | Before reorganization

€ 81

Disclosure of classes of share capital [line items]

Treasury shares | After Reorganization

Disclosure of classes of share capital [line items]

€ 25

[1]	Retrospective application of the stock split which occurred in 2021, see note 21 “Shareholders’ Equity”.
[2]	Net of transaction cost. Refer to note 21.
[3]	Not adjusted retrospectively to reflect the share split which occurred in 2021.

Share-based Payments - Other plans (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	€ 48,349	€ 50,908
General population and executives - standard ESOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	29,286	50,316
General population - Restricted Stock Units ("RSU")
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	77
Executives - ESOP modified
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	2,135
Executives - Restricted Stock Units ("RSU")
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	1,178
Executives - Performance-based stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	2,296
Executives - Time-based stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	3,505
Executives - Success fees (cash-settled)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	2,590
Executives - Success fee (equity-settled)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	1,844	€ 592
Executives - Presence bonus
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	0
Executives - Joint Stock Ownership plan (JSOP) and bonus
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total expense	€ 5,438

Share-based Payments - expense recognized for participant services (Details) € / shares in Units, € in Thousands								1 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) Options € / shares	Sep. 15, 2021 € / shares	Sep. 14, 2021	Aug. 31, 2021 € / shares	Jul. 31, 2021 € / shares	Jun. 30, 2021 € / shares	Mar. 31, 2021 € / shares	Mar. 31, 2021	Dec. 31, 2021 EUR (€)	Dec. 31, 2021	Dec. 31, 2021 USD ($)	Dec. 31, 2021 € / shares	Dec. 31, 2021 Options	Dec. 31, 2021 shares	Dec. 31, 2020 EUR (€)	Dec. 31, 2020	Dec. 31, 2020 € / shares	Dec. 31, 2020 Options	Dec. 31, 2020 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from equity-settled share-based payments \| €									€ 29,286
Expense arising from cash-settled share-based payments \| €															€ 50,316
Expense arising from share-based payments \| €									48,349						50,908
Outstanding at January 1 \| $											4,239,788
Outstanding at December 31 \| $	6,276,829										6,276,829
Discount for lack of marketability																5.00%
Expected volatility (%)																154.00%
Probability of direct IPO																0.00%
Probability of indirect IPO																60.00%
Probability of other scenarios																40.00%
Fair value option per share	€ 6.12	€ 7.89		€ 7.71	€ 7.36	€ 7.05	€ 7.13										€ 6.05
General population and executives - standard ESOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from share-based payments \| €									29,286						50,316
Granted during the year \| Options													0
Outstanding at December 31	€ 0											€ 0
Discount for lack of marketability			100.00%					85.00%
Fair value option per share																	€ 6.05
General population and executives - standard ESOP \| Equity-settled options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at January 1 \| Options													13,962,159
Granted during the year \| $											4,019,799
Forfeited during the year \| Options													(757,105)
Transferred from cash-settled \| shares														2,348,454					13,962,159
Outstanding at December 31 \| Options	19,573,307												19,573,307					13,962,159
Outstanding at January 1												0.00
Granted during the year												0.00
Forfeited during the year												€ 0.00
Transferred from cash-settled												0.00					0.00
Outstanding at December 31	€ 0.00											€ 0.00					€ 0.00
General population and executives - standard ESOP \| Cash-settled options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Outstanding at January 1											2,348,454		2,348,454					14,593,556
Granted during the year \| Options																		2,799,860
Forfeited during the year \| Options																		(1,082,803)
Transferred from cash-settled \| shares														(2,348,454)					(13,962,159)
Outstanding at December 31																		2,348,454
Outstanding at January 1												€ 0.00					0.00
Granted during the year																	0.00
Forfeited during the year																	€ 0.00
Transferred from cash-settled												0.00					0.00
Outstanding at December 31																	€ 0.00
General population - Restricted Stock Units ("RSU")
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from equity-settled share-based payments \| €									77
Expense arising from share-based payments \| €									77
Granted during the year \| $											0
Assigned during the year \| shares														162,800
Outstanding at December 31 \| Options	162,800												162,800
Assigned during the year												0.12
Outstanding at December 31	€ 0.12											€ 0.12
Executives - ESOP modified
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from equity-settled share-based payments \| €									2,135
Expense arising from share-based payments \| €									2,135
Granted during the year \| Options													1,888,477
Outstanding at December 31 \| Options	1,888,477												1,888,477
Granted during the year												7.90
Outstanding at December 31	€ 7.90											7.90
Expected volatility (%)										118.90%
Executives - ESOP modified \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free rate										0.75%
Expected exercise term \| $											2
Executives - ESOP modified \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free rate										0.71%
Expected exercise term \| $											4
Executives - Restricted Stock Units ("RSU")
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from equity-settled share-based payments \| €									1,178
Expense arising from share-based payments \| €									1,178
Granted during the year \| Options													1,050,913
Outstanding at December 31 \| Options	1,050,913												1,050,913
Granted during the year												0.12
Outstanding at December 31	€ 0.12											0.12
Executives - Performance-based stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from equity-settled share-based payments \| €									2,296
Expense arising from share-based payments \| €									2,296
Granted during the year \| Options													7,036,501
Outstanding at December 31 \| Options	7,036,501												7,036,501
Granted during the year												8.15
Outstanding at December 31	€ 8.15											8.15
Expected volatility (%)										121.80%
Expected exercise term \| $											4
Executives - Performance-based stock options \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free rate										0.69%
Executives - Performance-based stock options \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Risk free rate										0.66%
Executives - Time-based stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from share-based payments \| €									3,505
Granted during the year \| Options													2,951,000
Outstanding at December 31 \| Options	2,951,000												2,951,000
Granted during the year												7.25
Outstanding at December 31	€ 7.25											€ 7.25
Expected volatility (%)										121.90%
Risk free rate										(0.69%)
Expected exercise term \| $											4
Executives - Success fees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from equity-settled share-based payments \| €									1,844						592
Expense arising from cash-settled share-based payments \| €									2,590
Expense arising from share-based payments \| €									4,434						€ 592
Expected volatility (%)										68.00%
Expected exercise term \| $											2
Executives - Joint Stock Ownership plan (JSOP) and bonus
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from share-based payments \| €									5,438
Expected volatility (%)										126.00%
Risk free rate										(0.62%)
Expected dividend yield										0.00%
Expected exercise term \| $											3.7
Executives - Joint Stock Ownership plan (JSOP)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from share-based payments \| €									3,762
Executives - shadow bonus
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expense arising from share-based payments \| €									€ 1,676

Share-based Payments - Measurement of fair values (Details)									1 Months Ended			12 Months Ended
	Dec. 31, 2021 EUR (€) Options € / shares shares	Oct. 08, 2021 € / shares shares	Sep. 15, 2021 € / shares	Sep. 14, 2021 € / shares shares	Aug. 31, 2021 € / shares	Jul. 31, 2021 € / shares	Jun. 30, 2021 € / shares	Mar. 31, 2021 € / shares	Aug. 31, 2021	Jul. 31, 2021	Mar. 31, 2021	Dec. 31, 2021 EUR (€) USD ($) € / shares Options shares	Dec. 31, 2020 EUR (€) Options € / shares	Dec. 31, 2021 USD ($) Options shares	Sep. 14, 2021 $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options vested \| $												13,286,568
Number of options exercisable \| Options													0
Discount for lack of marketability													5.00%
Fair value option per share	€ 6.12		€ 7.89		€ 7.71	€ 7.36	€ 7.05	€ 7.13					€ 6.05
Volatility rate (in percent)													154.00%
General population and executives - standard ESOP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of share-based awards \| €												€ 6,948,000
Total fair value of options granted \| €	€ 23,061,000											€ 23,061,000	€ 16,949,000
Conversion rate		2857.00%
Exercise vested options at a conversion rate into shares \| shares		2,857
Exercise price		€ 1
WAEP	€ 0											€ 0
Number of options vested \| Options												3,300,960	3,788,382
Number of options granted \| Options												0
Lock-up period for options become exercisable												180 days
Discount for lack of marketability				100.00%							85.00%
Increase in discount for lack of marketability									5.00%	5.00%
Fair value of option \| €													€ 17,297
Fair value option per share													€ 6.05
General population - Restricted Stock Units ("RSU")
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price												€ 0.12
WAEP	€ 0.12											€ 0.12
Weighted average remaining contractual life (in years)												1 year 8 months 12 days
Number of options granted \| $												0
Number of options exercisable \| $														0
Weighted average fair value of options granted												5.97
Executives - ESOP modified
Disclosure of terms and conditions of share-based payment arrangement [line items]
Total fair value of options granted \| €	€ 11,229,000											€ 11,229,000
WAEP	€ 7.90											€ 7.90
Weighted average remaining contractual life (in years)												12 years 4 months 24 days
Number of options vested \| Options												101,018	0
Number of options granted \| Options												1,888,477
Volatility rate (in percent)												118.90%
Executives - ESOP modified \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected term (in years) \| $												2
Executives - ESOP modified \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected term (in years) \| $												4
Executives - Restricted Stock Units ("RSU")
Disclosure of terms and conditions of share-based payment arrangement [line items]
WAEP	€ 0.12											€ 0.12
Weighted average remaining contractual life (in years)												2 years 8 months 12 days
Number of options granted \| Options												1,050,913
Number of options exercisable \| Options	26,335											26,335		26,335
Weighted average fair value of options granted												7.09
Executives - Performance-based stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
WAEP	€ 8.15											€ 8.15
Weighted average remaining contractual life (in years)												9 years 10 months 24 days
Number of options granted \| Options												7,036,501
Number of options exercisable \| Options	0											0		0
Weighted average fair value of options granted												5.68
Volatility rate (in percent)												121.80%
Expected term (in years) \| $												4
Executives - Performance-based stock options \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price												€ 7.11
Executives - Performance-based stock options \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price												8.80
Executives - Time-based stock options
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price												7.25
WAEP	€ 7.25											€ 7.25
Weighted average remaining contractual life (in years)												9 years 10 months 24 days
Number of options granted \| Options												2,951,000
Number of options exercisable \| Options	0											0		0
Weighted average fair value of options granted												5.31
Volatility rate (in percent)												121.90%
Expected term (in years) \| $												4
Executives - Success fees
Disclosure of terms and conditions of share-based payment arrangement [line items]
Provision made for payments \| €	€ 2,590,000											€ 2,590,000
Percentage of success fee on proceeds from reorganization												0.50%
Number of shares converted \| shares				293,230
Price per share \| (per share)				€ 8.47											$ 10.00
Cap amount \| $														$ 1,000,000,000
Volatility rate (in percent)												68.00%
Expected term (in years) \| $												2
Executives - Success fees \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Discount rate (in percent)												0.62%
Executives - Success fees \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Discount rate (in percent)												0.73%
Executives - Joint Stock Ownership plan (JSOP) and bonus
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average remaining contractual life (in years)												4 years 8 months 12 days
Volatility rate (in percent)												126.00%
Expected term (in years) \| $												3.7
Advisors - Strategic collaboration agreement
Disclosure of terms and conditions of share-based payment arrangement [line items]
Discount for lack of marketability												5.00%
Number of warrants to purchase shares \| shares	1,800,000											1,800,000		1,800,000
Exercise price of warrant	€ 0.12											€ 0.12
Expiration period (in years)												5 years
Transfer restriction period (in months)												12 months
Professional fees \| €												€ 13,030,000

Warrants, Convertible Loans and Other Financial Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Warrants, Convertible Loans and Other Financial Liabilities
Other non-current financial liabilities		€ 27
Other current financial liabilities		21
Warrants	€ 21,405
Convertible loans - host		84,287
Convertible loans - embedded derivative		14,948
Convertible loans		€ 99,235

Warrants, Convertible Loans and Other Financial Liabilities - Additional information (Details) - EUR (€) € in Thousands				1 Months Ended	12 Months Ended
	Sep. 14, 2021	Mar. 26, 2021	Mar. 11, 2020	Jan. 31, 2021	Dec. 31, 2021
Disclosure of other provisions [line items]
Warrants exercisable term					30 days
Warrants expiration term					5 years
Shares issued upon conversion of loan	274,272	7,187
Amount of convertible loan to equity		€ 85,900	€ 85,900	€ 1,850
Convertible loan interest rate			2.00%	5.00%
Convertible loans consideration received in excess of fair value		€ 34,084	€ 34,084
Convertible loans embedded derivative and host contract	€ 2,056
Convertible loans embedded derivative and host contract transferred to subscribed capital	33
Convertible loans embedded derivative and host contract transferred to capital reserve	€ 2,023
Public Warrants
Disclosure of other provisions [line items]
Warrants outstanding					12,650,000
Private Warrants
Disclosure of other provisions [line items]
Warrants outstanding					7,060,000
Class A shares
Disclosure of other provisions [line items]
Shares issued upon conversion of loan		20,533,259

Warrants, Convertible Loans and Other Financial Liabilities - equity effect (Details) € in Thousands	Mar. 11, 2020 EUR (€)
Base
Disclosure of financial liabilities [line items]
Fair value host contract	€ 52,090
Conversion 1 year later
Disclosure of financial liabilities [line items]
Fair value host contract	43,678
Effect on capital contribution	8,412
Conversion 1 year earlier
Disclosure of financial liabilities [line items]
Fair value host contract	61,582
Effect on capital contribution	(9,492)
credit spread +10%
Disclosure of financial liabilities [line items]
Fair value host contract	49,558
Effect on capital contribution	2,532
credit spread -10%
Disclosure of financial liabilities [line items]
Fair value host contract	54,819
Effect on capital contribution	€ (2,730)
Minimum
Disclosure of financial liabilities [line items]
Credit spread rate	10.00%
Maximum
Disclosure of financial liabilities [line items]
Credit spread rate	10.00%

Provisions (Details) € in Thousands	12 Months Ended
Provisions (Details) € in Thousands	Dec. 31, 2021 EUR (€) employee
Disclosure of other provisions [line items]
Number of former employees \| employee	2
Provision for asset retirement obligations
Disclosure of other provisions [line items]
Beginning balance	€ 175
Additions/ Reversals	54
Unwinding of discount and changes in discount rate	4
Ending balance	233
Post-employment benefits
Disclosure of other provisions [line items]
Beginning balance	193
Additions/ Reversals	(109)
Ending balance	84
Record retention obligations
Disclosure of other provisions [line items]
Beginning balance	43
Additions/ Reversals	13
Ending balance	56
Total non-current provisions
Disclosure of other provisions [line items]
Beginning balance	411
Additions/ Reversals	(42)
Unwinding of discount and changes in discount rate	4
Ending balance	373
Year-end audit
Disclosure of other provisions [line items]
Additions/ Reversals	1,067
Ending balance	1,067
Provisions for severance payment
Disclosure of other provisions [line items]
Beginning balance	80
Additions/ Reversals	539
Ending balance	619
Other
Disclosure of other provisions [line items]
Additions/ Reversals	736
Ending balance	736
Total current provisions
Disclosure of other provisions [line items]
Beginning balance	80
Additions/ Reversals	2,342
Ending balance	€ 2,422

Post-Employment Benefits (Details) - EUR (€) € in Thousands	12 Months Ended
Post-Employment Benefits (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Post-Employment Benefits
Expense for defined contribution plans	€ 465	€ 296
Contributions	€ 28	€ 28

Post-Employment Benefits - Present value of the defined benefit obligations and the fair value of the plan assets (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Present value of the defined benefit obligations and the fair value of the plan assets
Present value of funded obligations	€ 155	€ 433
Fair value of plan assets	71	240
Total post-employment benefit obligations	€ 84	€ 193

Post-Employment Benefits - Reconciliation of the net defined benefit liability (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Post-Employment Benefits
Net defined liability at January 1	€ 193	€ 126
Defined benefit cost recognized in consolidated statement of operations	117	48
Defined benefit cost recognized in other comprehensive income	(162)	44
Employer contributions	(74)	(25)
Currency effects	10
Net defined liability at December 31	€ 84	€ 193

Post-Employment Benefits - Reconciliation of the amount recognized in the consolidated statement of financial position (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of net defined benefit liability (asset) [line items]
Net defined liability at January 1	€ 193	€ 126
thereof: experience adjustments	(202)	28
thereof: adjustments for financial assumptions	(6)	16
Current service cost	112	45
Past service (credit) / cost	(1)
Currency effects	10
Net defined liability at December 31	84	193
Employee benefit obligations
Disclosure of net defined benefit liability (asset) [line items]
Net defined liability at January 1	433	304
Actuarial adjustments	(233)	44
thereof: experience adjustments	(202)	28
thereof: demographic adjustments	(25)
thereof: adjustments for financial assumptions	(6)	16
Current service cost	112	45
Past service (credit) / cost	(1)
Interest expense	1	1
Currency effects	19	0
Employee contributions	74	25
Benefits paid	(250)	14
Net defined liability at December 31	€ 155	€ 433

Post-Employment Benefits - Reconciliation of the plan assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of net defined benefit liability (asset) [line items]
Net defined liability at January 1	€ 193	€ 126
Employer contributions	74	25
Administration expenses	5	3
Return on asset excl. interest income	71
Currency effects	10
Net defined liability at December 31	84	193
Plan assets
Disclosure of net defined benefit liability (asset) [line items]
Net defined liability at January 1	240	178
Employer contributions	74	25
Employee contributions	74	25
Benefits paid	(250)	14
Administration expenses	(5)	(3)
Return on asset excl. interest income	(71)	0
Interest income	0	1
Currency effects	9
Net defined liability at December 31	€ 71	€ 240

Post-Employment Benefits - Expense recognized in the consolidated statements of operations and other comprehensive income (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Post-Employment Benefits
Actuarial gains (-) / losses (+) deriving from experience adjustments	€ (202)	€ 28
Actuarial gains (-) / losses (+) deriving from changes in demographical assumptions	(25)
Actuarial gains (-) / losses (+) deriving from changes in financial assumptions	(6)	16
Return on plan assets exc, interest income	71
Included in other comprehensive income	(162)	44
Current service cost	112	45
Past service (credit) / cost	(1)
Interest income	0	1
Administrative expenses (effective)	5	3
Interest expense	1	1
Included in the consolidated statements of operations	117	48
Total included in the consolidated statements of operations and other comprehensive income	(45)	€ 92
Expected payment contributions	€ 56

Post-Employment Benefits - Principal actuarial assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020
Post-Employment Benefits
Future salary increases	1.00%	1.00%
Inflation rate	0.60%	0.20%
Future pension increases	0.00%	0.00%
Discount rate	0.35%	0.15%

Post-Employment Benefits - Sensitivity Analysis (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Present value of the post-employment benefit obligations	€ 155		€ 433
Average duration of the obligations	18 years	19 years
Discount rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase in assumption (in percent)	0.25%		0.25%
Present value of the post-employment benefit obligations	€ 149		€ 414
Salary increase
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase in assumption (in percent)	0.25%		0.25%
Present value of the post-employment benefit obligations	€ 156		€ 434
Pension increase
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase in assumption (in percent)	0.25%		0.25%
Present value of the post-employment benefit obligations	€ 159		€ 446

Post-Employment Benefits - Expected Benefit Payments (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of net defined benefit liability (asset) [line items]
Expected benefit payments	€ 56
Total expected benefit payments	56
2021
Disclosure of net defined benefit liability (asset) [line items]
Expected benefit payments	18	€ 12
Total expected benefit payments	18	12
Between one and five years
Disclosure of net defined benefit liability (asset) [line items]
Expected benefit payments	95	69
Total expected benefit payments	95	69
2026-2030
Disclosure of net defined benefit liability (asset) [line items]
Expected benefit payments	147	229
Total expected benefit payments	€ 147	€ 229

Trade and other Payables (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Trade and other Payables
Trade payables	€ 2,906
Non-current trade and other payables	2,906
Trade payables	14,936	€ 4,854
Accruals for outstanding invoices	20,399	6,238
Current trade and other payables	35,335	11,092
Total trade and other payables	€ 38,241	€ 11,092

Other Non-Financial Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Non-Financial Liabilities
Vacation accruals	€ 2,488	€ 1,680
Value added tax payables	242	1,477
Payroll tax and social security	2,992	1,455
Other tax liabilities	2,992	1,455
Miscellaneous other current non-financial liabilities	338	585
Total other non-financial liabilities	€ 6,060	€ 5,197

Financial Instruments - Financial assets, by class (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial assets [line items]
Carrying amount		€ 154,932
Fair value	€ 353,260
Financial assets measured at amortized cost
Disclosure of financial assets [line items]
Carrying amount	253,341	154,256
Financial assets measured at amortized cost \| Cash and cash equivalents
Disclosure of financial assets [line items]
Carrying amount		102,144
Financial assets measured at amortized cost \| Cash at banks and petty cash
Disclosure of financial assets [line items]
Carrying amount	129,856
Financial assets measured at amortized cost \| Fixed term deposit
Disclosure of financial assets [line items]
Carrying amount	119,664	50,000
Financial assets measured at amortized cost \| Security deposits
Disclosure of financial assets [line items]
Carrying amount	3,821	2,096
Fair value	3,821	2,096
Financial assets measured at amortized cost \| Other financial assets
Disclosure of financial assets [line items]
Carrying amount		16
Fair value		16
FVTPL
Disclosure of financial assets [line items]
Carrying amount	99,919	676
FVTPL \| Money Market Funds
Disclosure of financial assets [line items]
Carrying amount	99,919
Fair value	€ 99,919
FVTPL \| Promissory notes
Disclosure of financial assets [line items]
Carrying amount		676
Fair value		€ 676

Financial Instruments - Financial liabilities, by class (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of financial liabilities [line items]
Fair value	€ 59,646	€ 110,375
Financial liabilities measured at amortized cost
Disclosure of financial liabilities [line items]
Carrying amount	38,241	95,427
Financial liabilities measured at amortized cost \| Trade and other payables
Disclosure of financial liabilities [line items]
Carrying amount	38,241	11,092
Financial liabilities measured at amortized cost \| Convertible loans - host contract
Disclosure of financial liabilities [line items]
Carrying amount		84,287
Fair value		105,007
Financial liabilities measured at amortized cost \| Other financial liabilities
Disclosure of financial liabilities [line items]
Carrying amount		48
Fair value		48
FVTPL
Disclosure of financial liabilities [line items]
Carrying amount	21,405	14,948
FVTPL \| Convertible loans - embedded derivative
Disclosure of financial liabilities [line items]
Carrying amount		14,948
Fair value		€ 14,948
FVTPL \| Warrants
Disclosure of financial liabilities [line items]
Carrying amount	21,405
Fair value	€ 21,405

Financial Instruments - Thereof aggregated to categories according to IFRS 9 (Details) - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Carrying amount, financial assets		€ 154,932
Financial assets measured at amortized cost
Disclosure of detailed information about financial instruments [line items]
Carrying amount, financial assets	€ 253,341	154,256
FVTPL.
Disclosure of detailed information about financial instruments [line items]
Carrying amount, financial assets	99,919	676
FVTPL
Disclosure of detailed information about financial instruments [line items]
Carrying amount, financial liabilities	21,405	14,948
Financial liabilities measured at amortized cost
Disclosure of detailed information about financial instruments [line items]
Carrying amount, financial liabilities	€ 38,241	€ 95,427

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]

Disclosure of transactions between related parties [line items]

Financial Instruments - Effect of reasonable changes of the most significant input parameters on the fair values of the embedded derivatives (Details) € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€)
Share Price
Disclosure of detailed information about financial instruments [line items]
Percentage, Base	0
Percentage, up	10.00%
Percentage, down	(0.00%)
Value derivative, Base	€ 14,948
Value derivative, up	18,815
Value derivative, down	11,081
Effect on financial result, up	(3,867)
Effect on financial result, down	€ 3,867
Credit Spread
Disclosure of detailed information about financial instruments [line items]
Percentage, Base	0
Percentage, up	10.00%
Percentage, down	(0.00%)
Value derivative, Base	€ 14,948
Value derivative, up	14,282
Value derivative, down	15,646
Effect on financial result, up	666
Effect on financial result, down	€ (698)

Financial Instruments - Financial instruments, changes in Fair Value of level 3 instruments (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financial assets
Beginning balance, Financial assets	€ 184,946
Ending balance, Financial assets	431,425	€ 184,946
Level 3 \| Convertible loans - embedded derivative
Financial liabilities
Beginning balance, Financial liabilities	14,948	0
Purchases / issuances	312	(274)
Changes from fair value remeasurement	(6,326)	15,222
Conversion	(8,934)
Ending balance, Financial liabilities		14,948
Level 3 \| Promissory notes
Financial assets
Beginning balance, Financial assets	676	0
Purchases / issuances	1,051	627
Changes from fair value remeasurement	475	58
Foreign exchange effects	(20)	(9)
Conversion	€ (2,222)
Ending balance, Financial assets		€ 676

Financial Instruments - Net gains and losses for each of the financial instrument measurement categories (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Interest	€ (3,847)	€ (34,043)
Foreign exchange conversion	635	(102)
Fair value	(4,365)	(15,164)
Impairment loss (net)	(260)
Gains and losses on financial instruments	(7,837)	(49,309)
Interest income for financial assets not measured at fair value through profit or loss	5	18
Interest expense on financial assets	369	101
Interest expense for financial liabilities not measured at fair value through profit or loss	3,483	33,960
Financial assets measured at amortized cost
Disclosure of detailed information about financial instruments [line items]
Interest	(364)	(83)
Foreign exchange conversion	1,061
Impairment loss (net)	(260)
Gains and losses on financial instruments	437	(83)
Financial liabilities measured at amortized cost
Disclosure of detailed information about financial instruments [line items]
Interest	(3,483)	(33,960)
Foreign exchange conversion	(446)	(98)
Gains and losses on financial instruments	(3,929)	(34,058)
Financial assets and liabilities measured at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Foreign exchange conversion	20	(4)
Fair value	(4,365)	(15,164)
Gains and losses on financial instruments	€ (4,345)	€ (15,168)

Financial Instruments - carrying amount of monetary assets and liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
USD
Disclosure of risk management strategy related to hedge accounting [line items]
Effect of EUR depreciation on profit before tax		$ 58
GBP
Disclosure of risk management strategy related to hedge accounting [line items]
Effect of EUR depreciation on profit before tax		56
Currency Risk
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage of reasonably possible increase	10.00%
Currency Risk \| USD
Disclosure of risk management strategy related to hedge accounting [line items]
Effect of EUR appreciation on profit before tax	$ 735	(47)
Effect of EUR depreciation on profit before tax	(898)
Currency Risk \| GBP
Disclosure of risk management strategy related to hedge accounting [line items]
Effect of EUR appreciation on profit before tax	15	$ (46)
Effect of EUR depreciation on profit before tax	$ (19)

Financial Instruments - Interest Rate Risk (Details) - Interest Rate Risk - EUR (€) € in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of risk management strategy related to hedge accounting [line items]
Increase (decrease) in cash at banks due to reasonably possible increase in risk assumption	€ 130	€ 1
Increase (decrease) in cash at banks due to reasonably possible decrease in risk assumption	€ 130	€ 1

Financial Instruments - Other Price Risk (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€) shares	Dec. 31, 2020 EUR (€)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)
Disclosure of risk management strategy related to hedge accounting [line items]
Warrants to purchase shares of common stock \| shares	6,200,000		6,200,000
Other Price Risk \| Warrants
Disclosure of risk management strategy related to hedge accounting [line items]
Percentage of reasonably possible increase (decrease) in risk component	10.00%
Increase (decrease) in profit and loss due to reasonably possible increase (decrease) in designated risk component	€ 2,140
Warrants to purchase shares of common stock \| shares	19,710,000		19,710,000
Other Price Risk \| Promissory notes
Disclosure of risk management strategy related to hedge accounting [line items]
Notional amount	€ 1,051		$ 1,250
Other Price Risk \| Money Market Funds
Disclosure of risk management strategy related to hedge accounting [line items]
Notional amount	€ 99,919
Percentage of reasonably possible increase (decrease) in risk component	10.00%
Increase (decrease) in profit and loss due to reasonably possible increase (decrease) in designated risk component	€ 9,992
Equity price Risk \| Promissory notes
Disclosure of risk management strategy related to hedge accounting [line items]
Notional amount		€ 627		$ 750
Percentage of possible increase or decrease in share price		10.00%
Gain (loss) before tax due to possible change in share price		€ 73

Financial Instruments - Financial Instrument Risk Management Objectives and Policies (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Oct. 31, 2021	Dec. 31, 2020
Disclosure of risk management strategy related to hedge accounting [line items]
Carrying amount			€ 154,932
Fixed term deposit
Disclosure of risk management strategy related to hedge accounting [line items]
Notional amount		€ 120,000
Credit Risk \| BBB- to AAA
Disclosure of risk management strategy related to hedge accounting [line items]
Impairment loss	€ (260)
Carrying amount	253,601		154,256
Notional amount	0		0
Credit Risk \| Cash and cash equivalents
Disclosure of risk management strategy related to hedge accounting [line items]
Impairment loss	(3)
Carrying amount	129,859		102,144
Notional amount	0		0
Credit Risk \| Fixed term deposit
Disclosure of risk management strategy related to hedge accounting [line items]
Impairment loss	(256)
Carrying amount	119,920		50,000
Notional amount	0		0
Credit Risk \| Security deposits
Disclosure of risk management strategy related to hedge accounting [line items]
Impairment loss	(1)
Carrying amount	3,822		2,096
Notional amount	0		0
Credit Risk \| Other financial assets
Disclosure of risk management strategy related to hedge accounting [line items]
Carrying amount			16
Notional amount			0
Liquidity Risk \| Year one
Disclosure of risk management strategy related to hedge accounting [line items]
Lease liabilities	2,356		2,006
Convertible loans			88,013
Trade and other payables	35,335		11,092
Other financial liabilities			21
Liquidity Risk \| Year two
Disclosure of risk management strategy related to hedge accounting [line items]
Lease liabilities	2,705		1,962
Trade and other payables	29
Other financial liabilities			27
Liquidity Risk \| Year 3-5
Disclosure of risk management strategy related to hedge accounting [line items]
Lease liabilities	8,001		5,767
Trade and other payables	3,498
Liquidity Risk \| Thereafter
Disclosure of risk management strategy related to hedge accounting [line items]
Lease liabilities	€ 2,187		€ 2,869

Financial Instruments - Reconciliation of changes in liabilities arising from financing activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Beginning balance	€ 110,353	€ 75,068
Proceeds from convertible loans	1,850	85,900
Principal elements of lease payment	(1,781)	(1,439)
Interest paid	(437)	(450)
Change in the cash flow from financing activities	(368)	84,011
Additions to lease liabilities due to new lease contracts	2,486	3,842
Additions to warrants	25,859
Fair value changes	(10,780)	15,222
Interest expenses	3,920	34,410
Capital contributions	(98,242)	(102,200)
Ending balance	33,228	110,353
Convertible loans
Disclosure of detailed information about financial instruments [line items]
Beginning balance	99,235	66,353
Proceeds from convertible loans	1,850	85,900
Change in the cash flow from financing activities	1,850	85,900
Fair value changes	(6,326)	15,222
Interest expenses	3,483	33,960
Capital contributions	(98,242)	(102,200)
Ending balance		99,235
Lease liabilities
Disclosure of detailed information about financial instruments [line items]
Beginning balance	11,118	8,715
Principal elements of lease payment	(1,781)	(1,439)
Interest paid	(437)	(450)
Change in the cash flow from financing activities	(2,218)	(1,889)
Additions to lease liabilities due to new lease contracts	2,486	3,842
Interest expenses	437	450
Ending balance	11,823	€ 11,118
Warrants
Disclosure of detailed information about financial instruments [line items]
Additions to warrants	25,859
Fair value changes	(4,454)
Ending balance	€ 21,405

Commitments and Contingencies - Lease contracts (Details) € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€) item shares
Disclosure of maturity analysis of operating lease payments [line items]
Warrants to purchase shares of common stock \| shares	6,200,000
Number of tranches upon achieving certain performance and market conditions \| item	3
Property, plant and equipment
Disclosure of maturity analysis of operating lease payments [line items]
Commitments to acquire assets	€ 12,003
Intangible assets.
Disclosure of maturity analysis of operating lease payments [line items]
Commitments to acquire assets	2,731
Within one year
Disclosure of maturity analysis of operating lease payments [line items]
Future lease payments for non-cancellable lease contracts not yet commenced	0
Future payments for non-cancellable operating contracts	2,175
Between one and five years
Disclosure of maturity analysis of operating lease payments [line items]
Future lease payments for non-cancellable lease contracts not yet commenced	1,601
Future payments for non-cancellable operating contracts	37,517
Thereafter
Disclosure of maturity analysis of operating lease payments [line items]
Future lease payments for non-cancellable lease contracts not yet commenced	400
Future payments for non-cancellable operating contracts	€ 7,063

Related Party Disclosures (Details) - shares	12 Months Ended
Related Party Disclosures (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Key management
Disclosure of transactions between related parties [line items]
Number of shares held	25,743	25,019
Ownership Interest (as a percent)	9.10%	12.70%
Other related parties
Disclosure of transactions between related parties [line items]
Number of shares held	121,389	107,140
Ownership Interest (as a percent)	42.70%	54.30%

Related Party Disclosures - Transactions with Key Management (Details) € in Thousands	12 Months Ended
	Dec. 31, 2020 EUR (€) shares
Related Party Disclosures
Total remuneration paid \| €	€ 66
Purchase of founder share from related party \| shares	18
Shares of Total consideration \| shares	72
Total consideration \| €	€ 763

Related Party Disclosures - Annual remuneration and related compensation costs recognized as expense (Details) € in Thousands	12 Months Ended
	Dec. 31, 2021 EUR (€) USD ($) shares	Dec. 31, 2020 EUR (€) USD ($) shares
Related Party Disclosures
Short-term employee benefits	€ 3,634	€ 1,966
Severance accruals	619
Share-based payment remuneration (legacy ESOP - 2021: 6,276,829 options; 2020: 4,239,788 options)	10,796	14,875
Modified ESOP for executives (2021: 1,888,477; 2020: no options)	2,135
Stock options (2021: 11,038,414; 2020: no options)	6,979
Success fees	9,872	591
Total	€ 34,035	€ 17,432
Sharebased payment,stock option \| $	6,276,829	4,239,788
Modified ESOP for executives in shares \| shares	1,888,477	0
Stock options in shares \| shares	11,038,414	0

Related Party Disclosures - Balances held by entities with significant influence over the company (Details) - EUR (€)
€ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

€ 381,208

€ 96,810

^[1]

Disclosure of transactions between related parties [line items]

9,872

591

Compensation

34,035

€ 17,432

Board members

Compensation

€ 72

Series A Ordinary Shares

Disclosure of transactions between related parties [line items]

Joint Stock Ownership Plan

879,691

Disclosure of transactions between related parties [line items]

Percentage of trust controlled by entity

€ 5,439

100.00%

General and Administrative Expenses

Disclosure of transactions between related parties [line items]

Consulting services to entity controlled by member of Key Management Personnel

€ 95

General and Administrative Expenses | Joint Stock Ownership Plan

Disclosure of transactions between related parties [line items]

General and Administrative Expenses | Shadow bonus

3,732

Disclosure of transactions between related parties [line items]