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Investment in a Joint Venture / Associate - Valuation of investment in Zenlabs (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Sep. 27, 2021	Jul. 16, 2021	Mar. 19, 2021	Mar. 10, 2021
Investment in a Joint Venture
Ending Balance	€ 13,410
Zenlabs Energy Inc
Investment in a Joint Venture
Beginning Balance	15,054
Initial recognition			€ 7,400	€ 7,400		€ 8,502
Conversion of promissory notes (July 2021)					€ 2,222
Gain on dilution	1,179
Share of loss in a joint venture/ associate	(2,823)	€ (2,370)
Ending Balance	€ 13,410

Trade and other Payables (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and other Payables
Long term accruals	€ 3,362	€ 3,483
Non-current trade and other payables	3,362	3,483
Trade payables	22,540	19,195
Accruals for outstanding invoices	22,061	14,463
Current trade and other payables	44,601	33,658
Total trade and other payables	€ 47,963	€ 37,141

Basis of Preparation (Tables)

12 Months Ended

Dec. 31, 2023

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/ 2023		12/31/ 2022
Lilium N.V.	Netherlands	March 11, 2021	100.0	%	100.0	%
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	%	0.0	%
Lilium Aviation Spain SLU	Spain	April 7, 2022	100.0	%	100.0	%
Lilium Aviation France SAS	France	December 29, 2023	100.0	%	n/a

Schedule of new standards, interpretations and amendments adopted


Standard/amendment/ interpretation		Effective date
IFRS 17, ‘Insurance contracts’ as amended in June 2020 by amendments to IFRS 17, Insurance Contracts		Annual periods on or after January 1, 2023
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
Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12		Annual periods on or after January 1, 2023
Amendments to IFRS 17: First-time Adoption of IFRS 17 and IFRS 9 - Comparative Information		Annual periods on or after January 1, 2023

Schedule of new standards and interpretations not yet adopted


Standard/amendment/ interpretation		Effective date
Amendment to IAS 1, Non-current liabilities with Covenants		Annual periods on or after January 1, 2024
Amendment to IFRS 16 – Leases on sale and leaseback		Annual periods on or after January 1, 2024
Amendment to IAS 1, ‘Presentation of financial statements’, on classification of liabilities as current or non-current		Annual periods on or after January 1, 2024
Amendment to IAS 7 and IFRS 7, on supplier finance arrangements		Annual periods on or after January 1, 2024

Income Taxes - Reconciliation of expected tax expense (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Profit (Loss) before income tax	€ (388,785)	€ (253,390)	€ (410,327)
Income tax rate	27.55%	27.55%	27.55%
Expected income taxes on this	€ 107,110	€ 69,809	€ 113,045
Effects deriving from differences to the expected tax rate	54	9	40
Taxes for prior years	19	495
Other non-deductible expenses and taxes	(155)	(59)	(209)
Changes in the realization of deferred tax assets	(72,434)	(76,074)	(67,465)
Other	(34,928)	6,146	(46,120)
Income tax as per consolidated statement of operations	€ (334)	€ 326	€ (709)
Effective tax rate in %	(0.10%)	0.10%	(0.20%)
Equity settled share-based payments	€ 22,805	€ 27,380	€ 53,350
Equity settled share-based payments	10,444	22,817
Reconciliation effect of share-based payments	2,877	6,286
Fair value adjustments of Warrants	123,389	29,689
Reconciliation effect of fair value adjustments of warrants	33,994	8,179
Transaction costs deducted from equity	6,112	7,402
Reconciliation effect of transaction costs deducted from equity	1,683	2,039
Non-cash share listing expense			111,109
Income tax reconciliation effect of non-cash share listing expense			30,610
Other share-based payments			40,321
Income tax reconciliation effect of other share-based payments			11,108
Conversion	€ (39)	€ (562)	96,193
Reorganization Warrants
Income Taxes
Fair value adjustments of Warrants			4,454
Reconciliation effect of fair value adjustments of warrants			1,227
Azul
Income Taxes
Fair value adjustments of Warrants			13,030
Reconciliation effect of fair value adjustments of warrants			3,590
Conversion			6,351
Income tax reconciliation effect of embedded derivative of the convertible loans			€ 1,750

Related Party Disclosures - Share based ultimate controlling party (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Disclosures
Number of shares held	185,389	156,981
Ownership Interest (as a percent)	35.20%	39.90%
Key management
Related Party Disclosures
Number of shares held	32,703	28,302
Ownership Interest (as a percent)	6.20%	7.20%
Other related parties
Related Party Disclosures
Number of shares held	152,686	128,679
Ownership Interest (as a percent)	29.00%	32.70%

Other Non-Financial Liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current other non-financial liabilities
Non-current contract liabilities	€ 2,000
Total non-current other non-financial liabilities	2,000
Vacation accruals	2,010	€ 2,474
Payroll tax and social security	2,816	3,497
Miscellaneous Other Current Non-financial Liabilities	1,883	2,596
Total current other non-financial liabilities	6,709	8,567
Total other non-financial liabilities	€ 8,709	€ 8,567

Significant Accounting Judgments, Estimates and Assumptions - Investment in associate - Purchase Price Allocation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Judgments, Estimates and Assumptions
Percentage of ownership interest in associate	27.70%	27.70%
Zenlabs Energy Inc
Significant Accounting Judgments, Estimates and Assumptions
Percentage of ownership interest in associate	27.70%
Hypothetical royalty rate	0.93%
Technology portfolio \| Zenlabs Energy Inc
Significant Accounting Judgments, Estimates and Assumptions
Useful life of intangible assets	15 years
Brand asset \| Zenlabs Energy Inc
Significant Accounting Judgments, Estimates and Assumptions
Useful life of intangible assets	15 years

Consolidated Statement of Cash Flows - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities
Net loss for the year	€ (389,119)	€ (253,064)	€ (411,036)
Adjustments to reconcile consolidated net loss to net cash flows:
Income tax expense/(benefits)	334	(326)	709
Net interest (income) / expense	(4,813)	958	4,289
Depreciation, amortization and impairment	12,694	8,267	6,476
Share listing expense			111,109
Expenses for other share-based payments	22,539	24,261	61,378
Net losses from the disposal of intangibles and PP&E		17
Share of loss in a joint venture / associate	2,370	2,823	848
Gain on dilution in investment in joint venture / associate		(1,179)
Fair value and foreign exchange changes of financial instruments and expected credit losses	120,592	(29,050)	4,625
Net exchange differences	(812)
Income tax paid	(617)	(266)	(196)
Change in provisions	(345)	(1,640)	2,392
Working capital adjustments:
Changes in trade and other payables	10,633	(1,451)	20,517
Change in other assets and liabilities	(5,445)	(6,935)	(16,177)
Cash flow used in operating activities	(231,989)	(257,585)	(215,066)
Cash flow from investing activities
Purchases of intangible assets	(79)	(200)	(1,597)
Purchases of and advance payments on property, plant and equipment	(28,671)	(8,942)	(17,099)
Disposals of intangible assets, property, plant and equipment			1
Proceeds from short-term investments	110,000	319,773	50,000
Payments for short-term investments	(200,000)	(120,000)	(220,006)
Payments for acquisition of an associate			(13,680)
Payment for acquisition of equity instruments	(5,159)
Payments for promissory notes			(1,051)
Interest paid		(466)
Interest received	4,160	129	6
Cash flow (used in) / from investing activities	(119,749)	190,294	(203,426)
Cash flow from financing activities
Proceeds from share capital increase and issue of warrants - CMPO & 2023 PIPE	104,409
Proceeds from issue of May 2023 Warrants	159,227
Proceeds from share capital increase and issue of warrants - RDO & 2022 PIPE		113,971
Proceeds from other share capital increase - ELOC		12,498
Proceeds from the Reorganization			83,393
Proceeds from the 2021 PIPE capital increase			381,208
Proceeds from exercise of May 2023 Warrants	1,091
Proceeds from convertible loans			1,850
Proceeds from other share capital increase and capital contributions	290	288	7
Payments of transaction costs for capital contributions	(6,112)	(7,402)	(2,227)
Proceeds from sale of shares held in treasury		983
Payment for foreign exchange contract			(423,372)
Proceeds from foreign exchange contract			407,840
Principal elements of lease payments	(3,425)	(2,720)	(1,781)
Interest paid	(604)	(534)	(734)
Cash flow from financing activities	254,876	117,084	446,184
Cash-based changes in cash and cash equivalents	(96,862)	49,793	27,692
Effect of foreign exchange rate changes on cash and cash equivalents	789	(13)	20
Effect of change in expected credit loss provisions		(55)
Net (decrease) / increase in cash and cash equivalents	(96,073)	49,725	27,712
Cash and cash equivalents at the beginning of the year	179,581	129,856	102,144
Cash and cash equivalents at the end of the year	€ 83,508	€ 179,581	€ 129,856

Other Income

12 Months Ended

Dec. 31, 2023

Other Income

Other Income

9.Other Income

Other income consists of the following:


In € thousand	2023	2022	2021
Foreign currency gains	5,698	3,842	1,689
Insurance recoveries	22	483	456
Income received from grants	2,039	1,038	51
At-equity income from dilution	—	1,179	—
Other miscellaneous income	377	266	78
Total other income	8,136	6,808	2,274

Foreign currency gains of €5,698 thousand (2022: €3,842 thousand; 2021: €1,689 thousand) are primarily derived from favorable exchange rate movements on foreign trade payables and the Group’s cash holdings denominated in USD.

Lilium has been granted government funds for conducting research on future mobility infrastructure and technology. The conditions connected with the grants have been fulfilled by the Group and therefore, have been recognized in other income.

At-equity income from dilution in 2022 of €1,179 thousand relates to the Group’s gain on dilution in the investment in Ionblox (see note 17).

Income Taxes - Income Tax Expense (Details)	12 Months Ended
Income Taxes - Income Tax Expense (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Corporation tax rate	15.00%
Solidarity surcharge on corporation tax rate	5.50%
Trade tax rate	11.73%
Total group tax rate (in %)	27.55%	27.55%	27.55%

Intangible Assets (Details) - EUR (€) € in Thousands	12 Months Ended
Intangible Assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets
Beginning balance	€ 870	€ 1,394
Impairment loss	61	0	€ 0
Ending balance	494	870	1,394
Software
Intangible Assets
Beginning balance	750	1,304
Ending balance	383	750	1,304
Purchased concessions, rights and other intangible assets
Intangible Assets
Beginning balance	120	90
Ending balance	111	120	90
Costs of acquisition
Intangible Assets
Beginning balance	4,306	4,106
Additions	79	200
Transfer from property, plant and equipment	(3,488)
Ending balance	897	4,306	4,106
Costs of acquisition \| Software
Intangible Assets
Beginning balance	4,161	3,998
Additions	79	163
Transfer from property, plant and equipment	(3,470)
Ending balance	770	4,161	3,998
Costs of acquisition \| Purchased concessions, rights and other intangible assets
Intangible Assets
Beginning balance	145	108
Additions		37
Transfer from property, plant and equipment	(18)
Ending balance	127	145	108
Accumulated amortization/write downs
Intangible Assets
Beginning balance	(3,436)	(2,712)
Disposal	(3,488)
Amortization	(394)	(724)
Impairment loss	61
Ending balance	(403)	(3,436)	(2,712)
Accumulated amortization/write downs \| Software
Intangible Assets
Beginning balance	(3,411)	(2,694)
Disposal	(3,470)
Amortization	(386)	(717)
Impairment loss	60
Ending balance	(387)	(3,411)	(2,694)
Accumulated amortization/write downs \| Purchased concessions, rights and other intangible assets
Intangible Assets
Beginning balance	(25)	(18)
Disposal	(18)
Amortization	(8)	(7)
Impairment loss	1
Ending balance	€ (16)	€ (25)	€ (18)

Leases - Lease liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Beginning balance	€ 10,969	€ 11,823
Additions	2,369	1,385
Accrued interest	(2)	(7)
Interest	604	443	€ 437
Payments	(4,029)	(3,163)
Indexation impact	1,256	488
Ending balance	€ 11,167	€ 10,969	€ 11,823

Financial Result - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Result
Changes in fair value of warrants included in finance income	€ 6,219	€ 29,688	€ 4,454
Fair value changes in the price of the warrants	2,599	30,196	5,492
Gain on foreign exchange conversion of RDO & 2022 PIPE Warrants	3,620	508	1,038
Gain on foreign currency contract	€ 5,713	275	8
Fair value changes of money market funds included in finance expense		67	87
Fair value changes in the ELOC purchased put option		696	0
Fair value changes of foreign currency exchange contract included in finance expense			15,532
Additional shares in days	30 days
Fair value changes	€ 3,346
Fair value changes of convertible loans included in finance income			6,351
Fair value changes of the warrant revaluation in finance expense	129,609	0	0
Fair value changes	15,765	0	0
Unexercised warrants	113,844	0	0
Changes of warrants	€ 113,733	0	0
PIPE warrants		€ 111	€ 0

Trade and other Payables

12 Months Ended

Dec. 31, 2023

Trade and other Payables

Trade and other Payables

27.Trade and other Payables

Trade and other payables are as follows:


In € thousand	12/31/2023	12/31/2022
Long-term accruals	3,362	3,483
Non-current trade and other payables	3,362	3,483
Trade payables	22,540	19,195
Accruals for outstanding invoices	22,061	14,463
Current trade and other payables	44,601	33,658
Total trade and other payables	47,963	37,141

Long-term accruals consist of non-recurring cost (NRC’s) arrangements with suppliers. These costs relate to industrialization at suppliers including research and development costs and development of tooling. The payment will be due upon delivery of future shipments or services.

Shareholders' Equity - Registered Direct Offering ("RDO") (Details) € in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022 EUR (€) shares	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Nov. 30, 2022 $ / shares
Shareholders' Equity
Proceeds from exercise of May 2023 Warrants \| €		€ 1,091
Class A shares
Shareholders' Equity
Shares issued		89,838,455	91,524,935	45,000,000
Class A shares \| RDO Securities Purchase Agreement
Shareholders' Equity
Shares issued	22,499,997
Warrants to purchase class A shares	11,249,997
Price per share \| $ / shares					$ 1.30
Proceeds from exercise of May 2023 Warrants \| €	€ 28,217
Class A shares \| RDO Warrants
Shareholders' Equity
Shares issued	69,024,938
Warrants to purchase class A shares	34,512,464
Price per share \| $ / shares					$ 1.30
Proceeds from exercise of May 2023 Warrants \| €	€ 85,754
Amount of liability to issue warrants \| €	€ 26,009	€ 8,541

Shareholders' Equity - Confidentially Marketed Public Offering ("CMPO") (Details) € in Thousands		1 Months Ended	12 Months Ended
	Mar. 30, 2021 EUR (€)	Jul. 31, 2023 EUR (€) shares	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Jul. 31, 2023 $ / shares
Shareholders' Equity
Proceeds from the 2021 PIPE capital increase					€ 381,208
Share capital increase	€ 381,208
Share issue related cost			€ 6,112	€ 7,402
Subscribed capital
Shareholders' Equity
Share capital increase	5,400
Share premium
Shareholders' Equity
Share capital increase	€ 375,808
2023 Public Offering
Shareholders' Equity
Term Of The Over-Allotment Option		30 days
Underwriter Fee Percentage		6.00%
Proceeds from the 2021 PIPE capital increase		€ 66,785
Share capital increase		63,473
Derivative financial liabilities		3,312
Share issue related cost		5,561
Transaction Costs Recognized In General And Administrative Expenses		274
2023 Public Offering \| Subscribed capital
Shareholders' Equity
Share capital increase		6,923
2023 Public Offering \| Share premium
Shareholders' Equity
Share capital increase		€ 51,263
2023 Public Offering \| Class A ordinary shares
Shareholders' Equity
Number of shares issued during period \| shares		57,692,308
Sale price per share \| $ / shares						$ 1.30
2023 Public Offering \| Class A ordinary shares \| Share premium
Shareholders' Equity
Decrease In Equity Through Transaction Related Costs		€ 5,287
2023 PIPE
Shareholders' Equity
Proceeds from the 2021 PIPE capital increase		37,624
Share capital increase		33,072
Share issue related cost		940
Transaction Costs Recognized In General And Administrative Expenses		115
2023 PIPE \| Subscribed capital
Shareholders' Equity
Share capital increase		2,123
2023 PIPE \| Share premium
Shareholders' Equity
Share capital increase		€ 30,124
2023 PIPE \| Class A ordinary shares
Shareholders' Equity
Number of shares issued during period \| shares		32,146,147
Sale price per share \| $ / shares						$ 1.30
2023 PIPE \| Class A ordinary shares \| Share premium
Shareholders' Equity
Decrease In Equity Through Transaction Related Costs		€ 825
Over-allotment option \| Class A ordinary shares
Shareholders' Equity
Number of shares issued during period \| shares		8,653,846

Property, Plant and Equipment (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	€ 36,699	€ 30,610
Disposals		(174)
Property, plant and equipment at end of period	63,991	36,699
Impairment loss relating to assets that were obsolute and in process of being disposed of	1,883	52	€ 0
Costs of acquisition or construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	55,116	41,661
Additions	38,269	13,174
Disposals	(10,186)	(201)
Indexation impact	1,256	488
Foreign exchange	7	(6)
Property, plant and equipment at end of period	84,462	55,116
Accumulated depreciation
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	(18,417)	(11,051)
Disposals	10,186
Foreign exchange	1	(3)
Depreciation	10,356	7,491
Impairment	(1,883)	52
Property, plant and equipment at end of period	(20,471)	(18,417)
Rights to land and buildings including leasehold improvements
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	13,807	14,465
Property, plant and equipment at end of period	16,163	13,807
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	22,887	19,903
Additions	5,060	2,366
Disposals	(795)
Transfers	819	130
Indexation impact	1,256	488
Property, plant and equipment at end of period	29,227	22,887
Rights to land and buildings including leasehold improvements \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	(9,080)	(5,438)
Disposals	795
Depreciation	4,675	3,642
Impairment	(104)
Property, plant and equipment at end of period	(13,064)	(9,080)
Vehicles
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	87	84
Disposals		(94)
Property, plant and equipment at end of period	65	87
Vehicles \| Costs of acquisition or construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	139	166
Additions	14	67
Disposals	(20)	(94)
Property, plant and equipment at end of period	133	139
Vehicles \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	(52)	(82)
Disposals	20
Depreciation	30	64
Impairment	(6)
Property, plant and equipment at end of period	(68)	(52)
Technical equipment and machinery
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	15,643	9,069
Disposals		(12)
Property, plant and equipment at end of period	25,903	15,643
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	19,520	10,738
Additions	15,185	6,328
Disposals	(3,646)	(12)
Transfers	458	2,466
Property, plant and equipment at end of period	31,517	19,520
Technical equipment and machinery \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	(3,877)	(1,669)
Disposals	3,646	52
Depreciation	4,024	2,168
Impairment	(1,359)
Property, plant and equipment at end of period	(5,614)	(3,877)
Office and other equipment
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	4,275	4,381
Disposals		(68)
Property, plant and equipment at end of period	3,304	4,275
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	9,683	8,243
Additions	1,026	1,519
Disposals	(5,725)	(95)
Transfers	38	22
Foreign exchange	7	(6)
Property, plant and equipment at end of period	5,029	9,683
Office and other equipment \| Accumulated depreciation
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	(5,408)	(3,862)
Disposals	5,725
Foreign exchange	1	(3)
Depreciation	1,627	1,617
Impairment	(414)
Property, plant and equipment at end of period	(1,725)	(5,408)
Assets under construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	2,887	2,611
Property, plant and equipment at end of period	18,556	2,887
Assets under construction \| Costs of acquisition or construction
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	2,887	2,611
Additions	16,984	2,894
Transfers	(1,315)	(2,618)
Property, plant and equipment at end of period	18,556	2,887
Right-of-use assets
Reconciliation of changes in property, plant and equipment
Property, plant and equipment at beginning of period	10,499
Property, plant and equipment at end of period	€ 11,275	€ 10,499

Provisions (Tables)

12 Months Ended

Dec. 31, 2023

Provisions

Summary of movement in provisions


In € thousand	01/01/2023	Additions	Reversals	Utilization	Discount Effects	Foreign Exchange	12/31/2023
Asset retirement obligations	302	765	—	—	58	—	1,125
Post-employment benefits (note 26)	75	—	—	—	—	5	80
Record retention obligations	68	—	—	(9)	—	—	59
Total non-current provisions	445	765	—	(9)	58	5	1,264
Legal Claims	420	384	—	(662)	—	(54)	88
Severance payments	114	—	(97)	(17)	—	—	—
Other	196	107	(63)	(18)	—	1	223
Total current provisions	730	491	(160)	(697)	—	(53)	311


In € thousand	01/01/2022	Additions	Reversals	Utilization	Discount Effects	Foreign Exchange	12/31/2022
Asset retirement obligations	233	66	—	—	3	—	302
Post-employment benefits (note 26)	84	15	(24)	—	—	—	75
Record retention obligations	56	22	—	—	(10)	—	68
Total non-current provisions	373	103	(24)	—	(7)	—	445
Year-end audit	1,067	—	(1,067)	—	—	—	—
Legal Claims	—	426	—	(6)	—	—	420
Severance payments	619	—	(505)	—	—	—	114
Other	736	1,384	(701)	(1,223)	—	—	196
Total current provisions	2,422	1,810	(2,273)	(1,229)	—	—	730

Other Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Other Expenses

Schedule of other expenses


In € thousand	2023	2022	2021
Foreign currency losses	3,027	3,264	1,054
Miscellaneous other items	1	4	982
Total other expenses	3,028	3,268	2,036

Leases (Tables)

12 Months Ended

Dec. 31, 2023

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, 2022	10,910	43	428	144	11,525
Additions to right-of-use assets	1,526	63	23	—	1,612
Transfer	—	—	—	(144)	(144)
Disposal of right-of-use assets	—	(3)	(1)	—	(4)
Depreciation	(2,889)	(49)	(39)	—	(2,977)
Indexation impact	488	—	—	—	488
December 31, 2022	10,034	54	411	—	10,499
Additions to right-of-use assets	3,126	—	17	—	3,143
Depreciation	(3,553)	(19)	(51)	—	(3,623)
Indexation impact	1,256	—	—	—	1,256
December 31, 2023	10,863	35	377	—	11,275

Schedule of carrying amounts of lease liabilities and the movements


In € thousand		Lease Liability
January 1, 2022		11,823
Additions		1,385
Accrued interest		(7)
Interest		443
Payments		(3,163)
Indexation impact		488
December 31, 2022		10,969
Additions		2,369
Accrued interest		(2)
Interest		604
Payments		(4,029)
Indexation impact		1,256
December 31, 2023		11,167


In € thousand	12/31/2023	12/31/2022
Current	2,943	2,616
Non-current	8,224	8,353
Total lease liabilities	11,167	10,969

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


In € thousand	2023	2022	2021
Depreciation of right of-use-assets	3,623	2,977	1,941
Interest expense on lease liabilities	604	443	437
Short-term lease expenses	214	6	488
Lease expenses for low-value assets	94	137	220
Total amount recognized in expense	4,535	3,563	3,086

Schedule of information about the composition of the lease payments


In € thousand	2023	2022
Fixed lease payments	1,502	1,212
Variable lease payments	2,527	1,951
Total amount of lease payments	4,029	3,163

Schedule of information on the total cash outflow from all leases


In € thousand	2023	2022	2021
Principal paid	3,425	2,720	1,781
Interest paid	604	443	437
Short term and low value leases	308	143	708
Total amount paid	4,337	3,306	2,926

Financial Instruments - Effect of reasonable changes of the most significant input parameters on the fair values of the embedded derivatives (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments
Fair Value Warrant, Base	€ (202,159)	€ (24,455)
Fair Value Warrant, up	(204,254)	(27,029)
Fair Value Warrant, down	(199,866)	(21,881)
Effect on financial result, up	(2,095)	(2,574)
Effect on financial result, down	€ 2,293	€ 2,575
Volatility
Financial Instruments
Percentage, up	10.00%	10.00%
Percentage, down	(10.00%)	(10.00%)

Income Taxes - Deductible temporary differences and tax loss and interest carryforwards (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Unrecognized deferred tax assets, Beginning balance	€ 201,588	€ 124,043
Addition	79,378	77,682
Deductions	(2,067)	(137)
Unrecognized deferred tax assets, Ending balance	278,899	201,588
Temporary differences
Income Taxes
Unrecognized deferred tax assets, Beginning balance	15,391	13,850
Addition	2,676	1,541
Unrecognized deferred tax assets, Ending balance	18,067	15,391
Tax losses
Income Taxes
Unrecognized deferred tax assets, Beginning balance	181,969	106,264
Addition	76,702	75,705
Deductions	(338)
Unrecognized deferred tax assets, Ending balance	258,333	181,969
Interest carry forward
Income Taxes
Unrecognized deferred tax assets, Beginning balance	4,228	3,929
Addition		436
Deductions	(1,729)	(137)
Unrecognized deferred tax assets, Ending balance	€ 2,499	€ 4,228

Other Financial Assets - Fixed term deposit (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Fair value	€ 5,159
Recognized fair value	518
Accrued interest income		€ 17
Fixed term deposit
Disclosure of financial assets [line items]
Notional amount	110,000	€ 20,000
Term of deposits (in months)		4 months
Expected credit loss	61	€ 30
Accrued interest income	€ 1,559
Fixed term deposit \| Minimum
Disclosure of financial assets [line items]
Term of deposits (in months)	3 months
Fixed term deposit \| Maximum
Disclosure of financial assets [line items]
Term of deposits (in months)	7 months
Security deposits
Disclosure of financial assets [line items]
Amount pledged as collateral for facility leases	€ 3,157	2,941
Amount of deposits pledged as collateral for deposits to suppliers.	€ 0	€ 2,530

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Shareholders' Equity

Schedule of amount of common and preferred shares


		Supervoting	Ordinary
	Common shares	shares	shares
(in units)	(Class A)	(Class B)	(Class C)	Total
Issued at January 1, 2021	173,014,206	24,413,065	—	197,427,271
Issued shares – convertible loans	20,533,259	—	—	20,533,259
Reorganization as of September 14, 2021	22,697,450	—	—	22,697,450
Capital increase 2021 PIPE	45,000,000	—	—	45,000,000
Issued as of December 31, 2021	261,244,915	24,413,065	—	285,657,980
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


	Common shares	Supervoting shares	Ordinary shares
(in units)	(Class A)	(Class B)	(Class C)	Total
Issued at January 1, 2022	261,244,915	24,413,065	—	285,657,980
Issued shares for share-based payment awards exercised	10,857,264	—	—	10,857,264
Exercise of Reorganization Warrants	10	—	—	10
Issued shares – ELOC	5,618,697	—	—	5,618,697
Capital increase RDO & 2022 PIPE	91,524,935	—	—	91,524,935
Conversion of Class B Shares	525,000	(525,000)	525,000	525,000
Repurchase of Class B Shares	50,000	—	—	50,000
Issued as of December 31, 2022	369,820,821	23,888,065	525,000	394,233,886
Treasury shares	—	(425,000)	(525,000)	(950,000)
Outstanding as of December 31, 2022	369,820,821	23,463,065	—	393,283,886


	Common shares	Supervoting shares	Ordinary shares
(in units)	(Class A)	(Class B)	(Class C)	Total
Issued at January 1, 2023	369,820,821	23,888,065	525,000	394,233,886
Issued shares for share-based payment awards	19,449,259	—	—	19,449,259
Issued shares – CMPO & 2023 PIPE	89,838,455	—	—	89,838,455
Exercise of May 2023 Warrants	24,007,607	—	—	24,007,607
Conversion of Class B shares	350,000	(350,000)	350,000	350,000
Cancellation of issued shares	—	(425,000)	(875,000)	(1,300,000)
Issued as of December 31, 2023	503,466,142	23,113,065	—	526,579,207
Treasury shares	—	—	—	-
Outstanding as of December 31, 2023	503,466,142	23,113,065	—	526,579,207

Schedule of movement of treasury shares


	Common shares	Supervoting shares	Ordinary shares
(in units)	(Class A)	(Class B)	(Class C)	Total
At January 1, 2022	1,254,691	—	—	1,254,691
Repurchase of Class B shares for Class A shares held in treasury	(375,000)	375,000	—	—
Repurchase of Class B shares for newly issued Class A shares	—	50,000	—	50,000
Conversion of Class B shares	—	—	525,000	525,000
Treasury shares sold by Stichting JSOP	(879,691)	—	—	(879,691)
At December 31, 2022	—	425,000	525,000	950,000
Conversion of Class B shares	—	—	350,000	350,000
Cancellation of issued shares	—	(425,000)	(875,000)	(1,300,000)
At December 31, 2023	—	—	—	—

Property, Plant and Equipment - Property, plant and equipment is distributed among geographical areas (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment
Right-of-use assets	€ 11,275	€ 10,499	€ 11,525
Total	63,991	36,699	€ 30,610
Germany
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment	39,757	26,063
Right-of-use assets	11,083	10,033
Spain
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment	12,012	5
Right-of-use assets	192	466
Rest of the World
Disclosure of detailed information about property, plant and equipment
Property, plant and equipment	€ 947	€ 132

Revenue from Contracts with Customers and Cost of Sales (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contracts with Customers and Cost of Sales
Revenue recognized	€ 0	€ 0	€ 47

Provisions (Details) - EUR (€) € in Thousands	12 Months Ended
Provisions (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Asset retirement obligations
Provisions
Beginning balance	€ 302	€ 233
Additions	765	66
Discount Rate	58	3
Ending balance	1,125	302
Post-employment benefits
Provisions
Beginning balance	75	84
Additions		15
Reversals		(24)
Foreign Exchange	5
Ending balance	80	75
Record retention obligations
Provisions
Beginning balance	68	56
Additions		22
Utilization	(9)
Discount Rate		(10)
Ending balance	59	68
Total non-current provisions
Provisions
Beginning balance	445	373
Additions	765	103
Reversals		(24)
Utilization	(9)
Discount Rate	58	(7)
Foreign Exchange	5
Ending balance	1,264	445
Year-end audit
Provisions
Beginning balance		1,067
Reversals		(1,067)
Legal Claims
Provisions
Beginning balance	420
Additions	384	426
Utilization	(662)	(6)
Foreign Exchange	(54)
Ending balance	88	420
Severance payments
Provisions
Beginning balance	114	619
Reversals	(97)	(505)
Utilization	(17)
Ending balance		114
Other
Provisions
Beginning balance	196	736
Additions	107	1,384
Reversals	(63)	(701)
Utilization	(18)	(1,223)
Foreign Exchange	1
Ending balance	223	196
Total current provisions
Provisions
Beginning balance	730	2,422
Additions	491	1,810
Reversals	(160)	(2,273)
Utilization	(697)	(1,229)
Foreign Exchange	(53)
Ending balance	€ 311	€ 730

Investment in a Joint Venture / Associate (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Sep. 27, 2021	Jul. 16, 2021	Jul. 15, 2021	Mar. 19, 2021	Mar. 10, 2021
Investment in a Joint Venture
Percentage of shares acquired	31.40%
Percentage of outstanding capital diluted	27.70%
Shareholder voting rights	31.40%
Gain on dilution	€ 1,179
Share capital
Investment in a Joint Venture
Share buyback common stock	273,227
Series B preferred stock
Investment in a Joint Venture
Number of shares issued	1,092,908
Zenlabs Energy Inc
Investment in a Joint Venture
Percentage of shares acquired					9.10%		25.70%
Purchase price			€ 7,400	€ 7,400			€ 8,502
Conversion of outstanding promissory notes at a fair value included in consideration						€ 2,222
Promissory notes held included in conversion						€ 1,051
Total fair value of identifiable net assets acquired		€ 8,344
Goodwill		7,558
Identifiable net assets acquired		2,248
Fair value step-up brand and technology portfolio		8,688
Deferred taxation		€ 2,592
Shareholder voting rights					9.10%		25.70%

Share-based Payments - Measurement of fair values (Details) € in Thousands		5 Months Ended	9 Months Ended	12 Months Ended
	Jul. 30, 2022 € / shares	Dec. 31, 2023 EUR (€) Options € / shares shares	Sep. 30, 2023 € / shares	Dec. 31, 2023 EUR (€) € / shares Options item shares	Dec. 31, 2022 EUR (€) € / shares Options item	Dec. 31, 2021 € / shares
Share-based Payments
Number of options exercisable \| Options		657,608		657,608	1,272
Advisors - Strategic collaboration agreement
Share-based Payments
Exercise price of warrant		€ 0.12		€ 0.12
Advisors - Strategic collaboration agreement \| Tranche one [Member] \| Class A shares
Share-based Payments
Number of warrants issued to purchase shares \| shares		1,800,000		1,800,000
Advisors - Strategic collaboration agreement \| Tranche two [Member] \| Class A shares
Share-based Payments
Number of warrants issued to purchase shares \| shares		6,200,000		6,200,000
Advisors - Strategic collaboration agreement \| Maximum \| Class A shares
Share-based Payments
Number of warrants issued to purchase shares \| shares		8,000,000		8,000,000
General population and executives - Employee Stock Option Program (ESOP)
Share-based Payments
Total fair value of options granted \| €		€ 0		€ 0	€ 17
Weighted average exercise price for all option		€ 0		€ 0
Weighted average remaining contractual life				9 years 7 months 6 days
Vesting period (in years)				4 years
Exercised (in shares)				0.99	2.52
Number of options exercisable \| Options		4,661,231		4,661,231	7,043,620
Contractual life				10 years
General population - Restricted Stock units (RSU)
Share-based Payments
Exercise price		€ 0.01	€ 0.12	€ 0.01	€ 0.12	€ 0.12
Weighted average exercise price for all option		€ 0.01		€ 0.01	€ 0.12	0.12
Weighted average remaining contractual life				1 year 10 days	6 months 29 days
Number of options granted \| €				6,826	4,886
Number of options exercisable \| Options		0		0	0
Price per share		€ 0.82		€ 0.82	€ 2.40
Additional expense from share based transactions \| €				€ 368
General population - Restricted Stock units (RSU) \| Minimum
Share-based Payments
Vesting period (in years)				1 year
General population - Restricted Stock units (RSU) \| Maximum
Share-based Payments
Vesting period (in years)				4 years
Executives - Employee Stock Option Program (ESOP) special vesting
Share-based Payments
Weighted average exercise price for all option		5.85		€ 5.85	€ 6.94	7.90
Weighted average remaining contractual life				11 years 7 months 6 days	11 years 4 months 24 days
Exercised (in shares) \| Options				93,718	430,431
Number of options granted \| Options				322,840	531,449
Executives - Employee Stock Option Program (ESOP) special vesting \| Minimum
Share-based Payments
Exercise price of outstanding share options		0.00		€ 0.00	€ 0.00
Executives - Employee Stock Option Program (ESOP) special vesting \| Maximum
Share-based Payments
Exercise price of outstanding share options		8.47		8.47	8.90
Executives - Restricted Stock units (RSU)
Share-based Payments
Weighted average exercise price for all option		0.01		€ 0.01	€ 0.12	0.12
Weighted average remaining contractual life				1 year 2 months 12 days	1 year 6 months
Price per share upon vesting	€ 0.12			€ 0.01
Number of options granted \| Options				4,931,937	1,699,411
Weighted average fair value of options granted				1.37	1.67
Additional expense from share based transactions \| €				€ 127
Executives - Restricted Stock units (RSU) \| Minimum
Share-based Payments
Exercise price				€ 0.01
Vesting period (in years)				1 year
Executives - Restricted Stock units (RSU) \| Maximum
Share-based Payments
Exercise price				€ 0.12
Vesting period (in years)				4 years
Executives - Restricted Stock units (RSU) \| Executives - Restricted Stock units (RSU)
Share-based Payments
Weighted average exercise price for all option		1.30		€ 1.30	€ 1.66
Executives - Performance-based stock awards
Share-based Payments
Exercise price				0.01
Weighted average exercise price for all option		€ 6.71		€ 6.71	€ 7.94	8.15
Weighted average remaining contractual life				8 years 6 months	9 years 6 months
Number of options granted \| Options				657,608	1,272,059
Number of options exercisable \| Options		0		0	0
Contractual life				10 years
Peer performance testing period				3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Number Of Peer companies Considered For Performance Testing \| item				34
Minimum position to be obtained under peer performance test for total shareholder return to get 100 percentage \| item				8
Weighted average fair value of awards granted				€ 1.54	€ 1.14
Executives - Performance-based stock awards \| Minimum
Share-based Payments
Exercise price of outstanding share options		€ 7.11		7.11	7.11
Executives - Performance-based stock awards \| Maximum
Share-based Payments
Exercise price of outstanding share options		9.71		9.71
Executives - Time-based stock options (TSO)
Share-based Payments
Exercise price				1.21
Weighted average exercise price for all option		€ 4.07		€ 4.07	€ 4.07	€ 7.25
Weighted average remaining contractual life				8 years 6 months	9 years 6 months
Number of options granted \| Options				0	2,199,488
Number of options exercisable \| Options		1,643		1,643
Weighted average fair value of options granted				2.30
Contractual life					10 years
Number of participants, offered time based stock options \| item					3
Award expiration period, participant ceases to be an employee					90 days
Share Based Compensation Arrangement By Share Based Payment Award, Number Of Participants Left The Organization \| item				1
Share Based Compensation Arrangement By Share Based Payment Award, Vesting Percentage, Participant Ceases To Be Employee				31.00%
Executives - Time-based stock options (TSO) \| Minimum
Share-based Payments
Exercise price of outstanding share options		€ 2.30		€ 2.30	€ 2.30
Executives - Time-based stock options (TSO) \| Maximum
Share-based Payments
Exercise price of outstanding share options					€ 7.25
Weighted average fair value of options granted				7.25
Advisors - Strategic collaboration agreement
Share-based Payments
Discount for lack of marketability				5.00%
Number of warrants issued to purchase shares \| shares		1,800,000		1,800,000
Expiration period (in years)				5 years
Transfer restriction period (in months)				12 months
Professional fees \| €				€ 13,030
Advisors - Strategic collaboration agreement \| Class A shares
Share-based Payments
Number of warrants issued to purchase shares \| shares		1,800,000		1,800,000
Exercise price of warrant		€ 0.12		€ 0.12

Leases - Current and non-current portion of lease liabilities (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Current	€ 2,943	€ 2,616
Non-current	8,224	8,353
Total lease liabilities	€ 11,167	€ 10,969	€ 11,823

Events after the Reporting Period

12 Months Ended

Dec. 31, 2023

Events after the Reporting Period

Events after the Reporting Period

32.Events after the Reporting Period

There were no material adjusting or non-adjusting subsequent events after December 31, 2023.

Other Non-Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Non-Financial Liabilities

Summary of other non-financial liabilities


In € thousand	12/31/2023	12/31/2022
Non-current other non-financial liabilities
Non-current contract liabilities	2,000	—
Total non-current other non-financial liabilities	2,000	—
Current other non-financial liabilities
Vacation accruals	2,010	2,474
Value added tax payables	—	—
Payroll tax and social security	2,816	3,497
Miscellaneous other current non-financial liabilities	1,883	2,596
Total current other non-financial liabilities	6,709	8,567
Total other non-financial liabilities	8,709	8,567

Share-based Payments - Expense recognized for participant services received (Details) € in Thousands, $ in Thousands	1 Months Ended	6 Months Ended			12 Months Ended
	Nov. 30, 2022 EUR (€)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Share-based Payments
Expense recognized					€ 22,539	€ 24,261	€ 48,349
General population and executives - Employee Stock Option Program (ESOP)
Share-based Payments
Expense arising from equity-settled share-based payments					1,298	7,942	29,286
Expense recognized					1,298	7,942	29,286
General population - Restricted Stock units (RSU)
Share-based Payments
Expense arising from equity-settled share-based payments					5,156	4,977	77
Expense recognized					5,156	4,977	77
Executives - Employee Stock Option Program (ESOP) special vesting
Share-based Payments
Expense arising from equity-settled share-based payments					598	1,101	2,135
Expense recognized					598	1,101	2,135
Executives - Restricted Stock units (RSU)
Share-based Payments
Expense arising from equity-settled share-based payments					4,273	3,259	1,178
Expense recognized					4,273	3,259	1,178
Executives - Performance-based stock awards
Share-based Payments
Expense arising from equity-settled share-based payments					2,368	(375)	2,296
Expense recognized					2,368	(375)	2,296
Executives - Time-based stock options (TSO)
Share-based Payments
Expense recognized					932	2,200	3,505
Share-based payment - Vendors
Share-based Payments
Expense arising from equity-settled share-based payments					5,632	9,726
Expense recognized	€ 4,558	$ 5,000	€ 4,674	$ 5,000	5,632	9,726
Executives - Success fees (cash-settled)
Share-based Payments
Expense arising from cash-settled share-based payments						(4,569)	9,872
Expense recognized						€ (4,569)	€ 9,872
Executives - Equity-based annual bonus
Share-based Payments
Expense recognized					€ 1,357

Warrants - Reorganization Warrants (Details) - Reorganization Warrants - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Ifrs Class of Warrant or Right [Line Items]
Warrants exercisable term	30 days
Warrants expiration term	5 years
Public Warrants
Ifrs Class of Warrant or Right [Line Items]
Number of warrants assigned from Qell to Liliium upon Reorganization	12,649,946
Warrants exercised	0	10
Warrants outstanding	12,649,936	12,649,936
Private Warrants
Ifrs Class of Warrant or Right [Line Items]
Number of warrants assigned from Qell to Liliium upon Reorganization	7,060,000
Warrants exercised	0	0
Warrants outstanding	7,060,000	7,060,000

Shareholders' Equity - Treasury Shares - Additional Information (Details) - EUR (€) € in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shareholders' Equity
Consideration transferred	€ 983
Shares repurchased, issued and transferred	879,691		50,000
Increase in share premium	€ 877
Shares converted		350,000	525,000
Shares buyback	950,000		950,000	1,254,691
Share premium	€ 877
Subscribed capital
Shareholders' Equity
Cancellation of treasury shares		€ 194
Treasury shares
Shareholders' Equity
Cancellation of treasury shares		€ 194
Class A shares
Shareholders' Equity
Shares repurchased against transfer of shares held in treasury			(375,000)
Shares repurchased, issued and transferred			50,000
Increase in treasury reserve for newly issued shares			€ 18
Increase in share premium			108
Increase in subscribed capital			€ 6
Shares converted		350,000	525,000
Shares buyback				1,254,691
Share premium			€ 108
Class B shares
Shareholders' Equity
Shares repurchased against transfer of shares held in treasury		425,000	375,000
Consideration transferred			€ 0
Increase in treasury share reserve due to difference in nominal capital			€ 90
Shares repurchased, issued and transferred			50,000
Shares converted		350,000	525,000
Shares buyback	425,000		425,000
Class B shares \| Subscribed capital
Shareholders' Equity
Cancellation of treasury shares		€ 194
Class B shares \| Treasury shares
Shareholders' Equity
Cancellation of treasury shares		€ (194)
Class C shares
Shareholders' Equity
Shares repurchased against transfer of shares held in treasury		875,000
Consideration transferred		€ 0
Increase in share premium		€ 84	€ 126
Shares converted		350,000	525,000
Shares buyback	525,000		525,000
Increase in treasury share reserve due to conversion and buyback		€ 84	€ 126
Share premium		€ 84	€ 126

Warrants (Tables)

12 Months Ended

Dec. 31, 2023

Warrants

Schedule of components of warrants


in € thousand	12/31/2023	12/31/2022
Reorganization Warrants	2,854	1,811
RDO & 2022 PIPE Warrants	29,590	24,456
May 2023 Warrants	170,505	—
2023 PIPE Warrants	2,064	—
Warrants	205,013	26,267

Schedule of movements of warrants liabilities


in € thousand	2023	2022
At January 1	26,267	21,405
Initial recognition of RDO & 2022 PIPE Warrants	—	34,550
Initial recognition of 2023 PIPE Warrants	4,552	—
Initial recognition of May 2023 Warrants	(82,829)	—
Settlement of Initial Funding Amount on May 2023 Warrants	91,811	—
Settlement of Additional Funding Amount on May 2023 Warrants	67,416	—
Exercise of May 2023 Warrants	(25,593)	—
Foreign currency translation	(3,510)	508
Fair value changes to profit or loss	126,899	(30,196)
At December 31	205,013	26,267

Schedule of sensitivity analysis for the May 2023 Warrants at initial recognition


	Absolute shift		Fair value	Effect on
in € thousand	in base volatility		of warrants	initial fair value
Base	—		(4,552)	—
Up	10	%	(5,089)	(537)
Down	(10)	%	(3,998)	554

Non-Financial Assets (Tables)

12 Months Ended

Dec. 31, 2022

Non-Financial Assets

Schedule of Non-financial assets


In € thousand	12/31/2023	12/31/2022
Advance payments	7,998	4,069
Prepaid expenses	1,771	9,418
Total non-current non-financial assets	9,769	13,487
Value added tax claims	6,072	1,696
Prepaid expenses	16,299	16,241
Miscellaneous other current non-financial assets	410	711
Total current non-financial assets	22,781	18,648
Total non-financial assets	32,550	32,135

Related Party Disclosures - Transactions with shareholders (Details) € in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022 EUR (€)	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2021 EUR (€) shares	Oct. 31, 2022 shares	Dec. 31, 2021 USD ($)
Related Party Disclosures
General and administrative expense		€ 81,280		€ 93,887	€ 239,093
Cloud subscription
Related Party Disclosures
General and administrative expense		8,895		13,527
Amount settled		9,389
Remaining commitments on the contract		18,846		€ 26,894
Cloud subscription
Related Party Disclosures
Purchase obligation					€ 42,433		$ 50,000,000
Fee reduction amount		1,810	$ 2,000
Fee increase amount		€ 205	$ 227,000
General and administrative expense	€ 4,558
Cash settled for services	€ 4,500
Exchange of shares \| shares		3,101,523
Class A shares
Related Party Disclosures
Number of shares issued during period \| shares		89,838,455	89,838,455	91,524,935	45,000,000
Exchange of shares \| shares						5,356,000
Class A shares \| Cloud subscription
Related Party Disclosures
Number of shares issued during period \| shares		9,672,897	9,672,897

Shareholders' Equity - Treasury Shares (Details) - shares	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Shareholders' Equity
Beginning balance		950,000	1,254,691
Repurchase of Class B shares for newly issued Class A shares	879,691		50,000
Conversion of Class B shares		350,000	525,000
Cancellation of Class B shares		(1,300,000)
Treasury shares sold by Stichting JSOP			(879,691)
Shares buyback	950,000		950,000
Ending balance	950,000		950,000
Class A shares
Shareholders' Equity
Beginning balance			1,254,691
Repurchase of Class B shares for Class A shares held in treasury			(375,000)
Repurchase of Class B shares for newly issued Class A shares			50,000
Conversion of Class B shares		350,000	525,000
Treasury shares sold by Stichting JSOP			(879,691)
Shares buyback
Class B shares
Shareholders' Equity
Beginning balance		425,000
Repurchase of Class B shares for Class A shares held in treasury		425,000	375,000
Repurchase of Class B shares for newly issued Class A shares			50,000
Conversion of Class B shares		350,000	525,000
Cancellation of Class B shares		(425,000)
Shares buyback	425,000		425,000
Ending balance	425,000		425,000
Class C shares
Shareholders' Equity
Beginning balance		525,000
Repurchase of Class B shares for Class A shares held in treasury		875,000
Conversion of Class B shares		350,000	525,000
Cancellation of Class B shares		(875,000)
Shares buyback	525,000		525,000
Ending balance	525,000		525,000

Other Expenses

12 Months Ended

Dec. 31, 2023

Other Expenses

Other Expenses

10.Other Expenses

Other expenses consist of the following:


In € thousand	2023	2022	2021
Foreign currency losses	3,027	3,264	1,054
Miscellaneous other items	1	4	982
Total other expenses	3,028	3,268	2,036

Foreign currency losses of €3,027 thousand in 2023 (2022: €3,264 thousand; 2021: €1,054 thousand) 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.

Other Income (Tables)

12 Months Ended

Dec. 31, 2023

Other Income

Schedule of other income


In € thousand	2023	2022	2021
Foreign currency gains	5,698	3,842	1,689
Insurance recoveries	22	483	456
Income received from grants	2,039	1,038	51
At-equity income from dilution	—	1,179	—
Other miscellaneous income	377	266	78
Total other income	8,136	6,808	2,274

Investment in a Joint Venture / Associate

12 Months Ended

Dec. 31, 2023

Investment in a Joint Venture / Associate

Investment in a Joint Venture / Associate

17.Investment in a Joint Venture / Associate

Investment in Ionblox

On March 10, 2021, the Group entered into a Stock Purchase Agreement in which the Group acquired 25.7% of the shares of Ionblox for a purchase price of €8,502 thousand, including transactions costs (see note 4 for additional information on Ionblox). Ionblox is a supplier of battery technology for Lilium. The principal place of business for Ionblox is the United States of America.

On July 15, 2021, the Group entered into an additional Stock Purchase Agreement in which the Group acquired a further 9.1% of the shares of Ionblox across two transactions on July 16, 2021 and September 27, 2021, for a total consideration of €7,400 thousand. The consideration included the conversion of outstanding promissory notes at a fair value of €2,222 thousand, including a €1,051 thousand promissory note purchased on March 19, 2021.

Lilium holds preferred stock in Ionblox, 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 Ionblox 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, Lilium is entitled to redeem cash or other assets from Ionblox which provides Lilium a share in Ionblox 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 Ionblox 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 Ionblox. As such, the Group is considered to have significant influence over Ionblox. The significant influence together with other features of the preferred stock result in Lilium participating in a share of gains or losses from Ionblox; as such, the investment was initially recognized as an investment in associate and accounted for at-equity under IAS 28 ‘Investment in associates and joint ventures’.

For each date of acquisition of Ionblox, the fair value of Ionblox’s identifiable net assets and liabilities were 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, generating goodwill upon purchase of €7,558 thousand. The fair value of the identifiable net assets acquired includes a carrying value of €2,248 thousand and a fair value step-up of €8,688 thousand for Ionblox’s brand and technology portfolio, offset by €2,592 thousand for deferred taxation.

In 2022, the Group’s share in Ionblox was diluted to 27.7% share of outstanding capital, representing 31.4% of the shareholder voting rights, through the issuance of 1,092,908 series B preferred stock by Ionblox to other investors, offset by a share buyback of 273,227 common stock, resulting in a gain on dilution of €1,179 thousand in other income. As part of the transactions, Lilium signed new Investors’ Agreements in May and November 2022, under which management have concluded that Lilium has joint control of Ionblox with another Preferred Stock investor. Lilium subsequently accounts for Ionblox as a Joint Venture, continuing to apply the equity method of accounting.

As of December 31, 2023, there were no indicators that an impairment expense (2022: Nil) should be recognized on the carrying value of the investment in a joint venture.

Shares in Ionblox are currently unlisted, hence there is no quoted price to determine the fair value of the investment in Ionblox. The following table illustrates the movements in carrying value of the Group’s investment in Ionblox:


	Carrying Value
In € thousand	2023	2022
January 1	13,410	15,054
Gain on dilution	—	1,179
Share of loss in a joint venture/ associate	(2,370)	(2,823)
December 31	11,040	13,410

The following is the summarized financial information for Ionblox, 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 Ionblox’s IFRS consolidated financial statements, not of Lilium’s ownership share in these amounts.

Ionblox, Inc. - Consolidated Statement of Operations for the year ended December 31, 2023


In € thousand	01/01/2023 – 12/31/2023	01/01/2022 – 12/31/2022
Revenue	2,789	1,927
Loss from continued operations	(9,022)	(7,777)
Net loss for the year	(8,478)	(7,369)

Ionblox, Inc. - Consolidated Statement of Financial Position as of December 31, 2023


In € thousand	12/31/2023	12/31/2022
Non-current assets	22,993	25,438
Current assets	9,944	13,487
Preferred stock reclassification¹	21,434	21,619
Non-current liabilities	(29,965)	(31,482)
Current liabilities	(4,624)	(933)
Shareholders’ equity	19,782	28,129


Reconciliation to carrying amounts of Lilium’s Interest in Ionblox
Group’s effective interest in the joint venture / associate	27.7	%	27.7	%
Group’s share in shareholders’ equity	5,480		7,780
Goodwill	8,079		8,370
Currency translation difference	(2,519)		(2,740)
Investment in a joint venture / associate	11,040		13,410

¹ Based on the Group’s analysis of significant influence and investors’ current access to returns, Lilium concluded that its investment in Ionblox is accounted for using the equity method under IAS 28 ‘Investment in associates and joint ventures’. However, in Ionblox’s IFRS consolidated 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 Ionblox’s consolidated financial statements is treated as equity in purchase price allocation and goodwill calculation.

Material Accounting Policies

12 Months Ended

Dec. 31, 2023

Material Accounting Policies

Material Accounting Policies

3.Material Accounting Policies

Intangible assets

Research and development costs

In developing its novel eVTOL technology, the Group incurs 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; and

●

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

Management recognizes there is 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 used in the development of the Lilium Jet is highly innovative and there are uncertainties related to successful completion of the development. Management believes that the ability to use the Lilium Jet to generate future economic benefit will be established once type certification is granted by the authorities. Consequently, the Group has not yet capitalized development costs. These costs are reflected in the consolidated statement of operations in the period in which the expenditure is incurred.

Purchased intangibles

Purchased intangible assets are initially measured and recorded at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Amortization on intangible assets with a limited useful life is calculated on a straight-line basis over the following periods:


		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’s 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 and the cost of the item can be measured reliably. Repairs and maintenance are expensed 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 over the estimated useful lives of the assets, as follows:


		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 value, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Assets under construction are presented net of additions and transfers during the financial period in the property, plant and equipment movement schedule in the notes to the consolidated financial statements.

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.

Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

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.

At the commencement date of the lease, which is the date at which the leased asset is available for use, the Group recognizes a right-of-use asset, which represents a right to use the underlying leased asset, and a corresponding lease liability, which represents the present value of future lease payments, in the consolidated statement of financial position. Short-term leases (leases with lease term of 12 months or less from lease commencement and that do not contain a purchase option) and leases of low value assets are not capitalized. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the consolidated statement of operations.

Liabilities arising from a lease are initially measured at the present value of the remaining 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.

The 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); and

●

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

Lease payments contain two elements, principal and interest. Interest expense is presented as part of finance costs in the consolidated statements of operations and other comprehensive income and measured using the effective interest method. Principal and interest portions 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.

At lease commencement right-of-use assets are initially measured at cost and are subsequently 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 joint venture / associate company

Under the equity accounting method, the investment in a joint venture or 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 joint venture or 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 a joint venture or 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 joint venture or 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 joint venture or 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 joint venture or associate would be eliminated to the extent of the interest in the joint venture or associate.

After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in joint venture or associate. At each reporting date, the Group determines whether there is objective evidence that the investment in joint venture or associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture or associate and its carrying value, and then recognizes the loss within ‘Share of profit/loss in a joint venture/ associate’ in the consolidated statements of operations.

Upon loss of joint control or significant influence over the joint venture or the associate, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the joint venture or associate upon loss of joint control or significant influence and the fair value of the retained investment and proceeds from disposal is recognized consolidated statements of operations.

Non-financial Assets

Insurance recoveries are recognized for virtually certain reimbursements for damaged assets from insurers. Other non-financial assets are recognized at cost.

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 an initial 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 29.

Treasury Shares

The treasury shares represent the consideration 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. Financial instruments are recognized when the Group becomes a counterparty to it. 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, or 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 include security deposits, investment in equity instruments, 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 that are directly attributable to the acquisition of the financial asset. As an exception to this general rule, trade receivables are measured at their transaction price.

Transaction costs are expensed as incurred for financial assets initially measured at fair value through profit or loss (“FVTPL”).

Financial assets are classified at initial recognition as either measured at amortized cost (“AC”), fair value through other comprehensive income (“FVOCI”), or FVTPL depending on the contractual cash flows and the Group’s business model for managing them. For certain financial assets that are debt instruments, 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 AC under consideration of impairment (see following section). All of the Group’s financial assets are measured at AC, with the exception of money market funds and investment in equity instruments. The money market funds are required to be measured at FVTPL because the cash flows are not solely payments of principal and interest on the principal outstanding amount.

The Group classifies its investment in equity instruments in FVTPL.

Gains and losses from financial assets measured at FVTPL are presented in the consolidated statements of operations in finance income and finance expense. Gains and losses from financial assets measured at 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 and other expenses.

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.

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

All financial assets measured at AC 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 other financial assets according to the “general approach”. This means that ECLs are recognized in three stages. For credit exposures at initial recognition, ECLs 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 deemed 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 ECL 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 collateral 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 and other derivatives, lease liabilities (see note 16), trade and other payables, and other financial liabilities.

Financial liabilities are classified as measured at AC or FVTPL. All financial liabilities are recognized initially at fair value less, in the case of a financial liability not at FVTPL, directly attributable transaction costs. Transaction costs are expensed as incurred for financial liabilities initially measured at FVTPL.

Financial liabilities at FVTPL are measured at fair value and gains and losses resulting from changes in fair value are recognized in finance income and finance expenses. The Group only accounts for separated embedded derivatives of convertible loans and warrants as well as for other derivatives as a financial liability measured at FVTPL. All other financial liabilities are subsequently measured at AC using the effective interest rate (“EIR”) method. When applying the EIR 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 AC, the foreign currency translation effects are presented in other income and other expenses. Foreign currency translation effects on financial liabilities at FVTPL are recognized in finance income or finance expenses.

Where there are hybrid instruments, transaction costs are apportioned between the liability and equity components based on the allocation of proceeds to the liability and equity components when the instruments are initially recognized.

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 FVTPL. The assessment whether to separate an embedded derivative is done 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.

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. 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 statement of operations.

Convertible Loans

Convertible loans are assessed at issuance for any components of equity and liability. Convertible loans are bifurcated into a debt component and an equity instrument, if there is a conversion right that fulfils equity criteria. The conversion right of a convertible loan is classified as a liability if some conversion features of the loan lead to a conversion into a variable number of shares. Embedded derivatives resulting from conversion rights are assessed and, if needed, are separated from the host contract. The remaining host contract is measured at AC and the separated embedded derivative is measured at FVTPL until the loan is converted into equity or becomes due for repayment.

If there are other derivative features provided for in the contract besides the conversion right, they are treated as a combined embedded derivative if they share the same risk exposure and are interdependent.

Derivative Financial Instruments

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 financial instruments in accordance with IAS 32. Accordingly, the Group generally classifies warrants as financial liabilities at FVTPL. The liabilities are subject to re-measurement at each balance sheet date until exercised or expired, and any change in fair value is recognized in the finance income or finance expenses.

The Group recognizes all warrant liabilities as current liabilities as the date of settlement is outside of the Group’s control and can occur within twelve months from the balance sheet date.

Upon exercise of warrants the Group recognizes an increase in subscribed capital and share premium equal to the exercise price paid upon settlement and the fair value of the derivative warrant liability as at the date of exercise.

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 in principle recognized for all deductible temporary differences, carry forward of unused tax credits and any unused tax losses. However deferred tax assets are only recognized to the extent it is sufficiently 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 that categorizes the inputs to valuation techniques used to measure fair value:

●

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

●

Level 2: using inputs 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 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, 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 29.1.

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 or liability (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 grants certain share-based payment awards to the Group’s employees, advisors and vendors in exchange for their service.

These share-based payment awards 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 recipient, awards are classified as compound financial instruments. 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 an equity-settled grant unless the Group has a present obligation to settle in cash.

For cash-settled awards a liability is recognized at 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 grant date. The fair value usually remains unchanged after the grant date. In case of a modification of an award after grant date, an incremental fair value is determined at the modification date for modifications that are beneficial to the recipients.

Goods or services received or acquired in an equity-settled share-based payment transaction with vendors is recognized when the goods are obtained or as the services are received with a corresponding increase in equity, are measured directly, at the fair value of the good or services received. When the goods or services received do not qualify for recognition as assets, they are recognized as expenses.

Refer to note 22 for the measurement approach of the fair value of share-based payments.

The expenses for services received are recognized when the recipient 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 awards expense is recorded in the functional cost category to which the recipient’s costs are classified.

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 goods delivered or 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.

Revenue from sale of Lilium Jet

Revenue is recognized at a point in time (i.e. when the customer accepts the delivery of the aircraft).

The Group identifies the performance obligations of the contract and allocates the transaction price to these performance obligations. Advances and customer deposits for aircraft are received in the normal course of business and are intended to protect the Group from the customer failing to complete its contractual obligations and therefore not considered to be a significant financing component. A contract liability for the Group’s obligation to deliver the aircraft is recognized upon the receipt of customer deposits for aircraft.

The Group will continue to monitor the progress of contracts entered with customers and will recognize revenue when it is probable that the economic benefits will flow to the Group and the amount of revenue can be measured reliably.

Government Grants

Grants from governments are recognized at their fair value, when there is 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 costs that they are intended to compensate.

Investment in a Joint Venture / Associate (Tables)

12 Months Ended

Dec. 31, 2023

Investment in a Joint Venture / Associate

Schedule of valuation of investment in Zenlabs


	Carrying Value
In € thousand	2023	2022
January 1	13,410	15,054
Gain on dilution	—	1,179
Share of loss in a joint venture/ associate	(2,370)	(2,823)
December 31	11,040	13,410

Schedule of financial information for Zenlabs


In € thousand	01/01/2023 – 12/31/2023	01/01/2022 – 12/31/2022
Revenue	2,789	1,927
Loss from continued operations	(9,022)	(7,777)
Net loss for the year	(8,478)	(7,369)


In € thousand	12/31/2023	12/31/2022
Non-current assets	22,993	25,438
Current assets	9,944	13,487
Preferred stock reclassification¹	21,434	21,619
Non-current liabilities	(29,965)	(31,482)
Current liabilities	(4,624)	(933)
Shareholders’ equity	19,782	28,129


Reconciliation to carrying amounts of Lilium’s Interest in Ionblox
Group’s effective interest in the joint venture / associate	27.7	%	27.7	%
Group’s share in shareholders’ equity	5,480		7,780
Goodwill	8,079		8,370
Currency translation difference	(2,519)		(2,740)
Investment in a joint venture / associate	11,040		13,410

Post-Employment Benefits - Reconciliation of the net defined benefit liability (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Post-Employment Benefits
Defined benefit obligation	€ 80	€ 76
Defined benefit cost recognized in consolidated statement of operations	105	101	€ 117
Defined benefit cost recognized in other comprehensive income	€ 22	€ 28	€ 162

Financial Instruments

12 Months Ended

Dec. 31, 2023

Financial Instruments

Financial Instruments

29.Financial Instruments

29.1Carrying Amounts and Fair Values

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


	12/31/2023
In € thousand	Category	Carrying amount	Fair value
Financial assets, by class
Cash and cash equivalents	AC	83,508	n/a
Fixed-term deposits	AC	111,498	n/a
Non-current security deposits	AC	3,350	3,276
Security deposits	AC	118	n/a
Investment in equity instrument	FVTPL	4,641	4,641
Total financial assets		203,115
Financial liabilities, by class
Non-current trade and other payables	AC	3,362	3,679
Current trade and other payables	AC	44,601	n/a
Non-current other financial liabilities	AC	17	17
Current other financial liabilities	AC	4	n/a
Warrants:
Level 1	FVTPL	1,832	1,832
Level 2	FVTPL	1,022	1,022
Level 3	FVTPL	202,159	202,159
Total financial liabilities		252,997


		Carrying
Thereof aggregated to categories according to IFRS 9		amount
Financial assets measured at AC		198,474
Financial assets measured at FVTPL		4,641
Financial liabilities measured at FVTPL		205,013
Financial liabilities measured at AC		47,984

Financial instruments, analyzed by classes and categories


	12/31/2022
In € thousand	Category	Carrying amount	Fair value
Financial assets, by class
Cash and cash equivalents	AC	179,581	n/a
Fixed-term deposits	AC	19,987	n/a
Non-current security deposits	AC	3,386	3,265
Security deposits	AC	2,594	n/a
Investment in equity instrument	FVTPL	—	—
Total financial assets		205,548
Financial liabilities, by class
Non-current trade and other payables	AC	3,483	3,239
Current trade and other payables	AC	33,658	n/a
Non-current other liabilities	AC	21	21
Current other financial liabilities	AC	4	n/a
Warrants:
Level 1	FVTPL	1,162	1,162
Level 2	FVTPL	649	649
Level 3	FVTPL	24,456	24,456
Total financial liabilities		63,433


		Carrying
Thereof aggregated to categories according to IFRS 9		amount
Financial assets measured at AC		205,548
Financial assets measured at FVTPL		—
Financial liabilities measured at FVTPL		26,267
Financial liabilities measured at AC		37,166

Financial assets and liabilities measured at AC

The fair value of current financial assets and liabilities are assumed to be equal to their carrying value.

Non-current financial assets measured at AC

The fair values of the non-current security deposits measured at AC are determined as the principal balance discounted using market-based credit risk adjusted interest rate curves that are applicable for the counterparties. The presented fair value is classified as level 2 on the fair value hierarchy.

Non-current financial liabilities measured at AC

The fair values of the non-current financial liabilities measured at AC 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 presented fair value is classified as level 3 on the fair value hierarchy due to the Group’s credit risk profile. This has no impact on the valuation as non-current financial liabilities were measured at AC.

Financial assets and liabilities measured at FVTPL

During the year there have been no transfers between different levels of the fair value hierarchy.

Investment in equity instrument measured at FVTPL

The fair value of the investment in equity instrument has been determined by considering the price of a recent market transaction close to the end of the financial year. Management considers this the best indicator of the fair value of the investment in equity instrument. Due to the instrument not being publicly traded, the investment in equity instrument has been classified as level 3 on the fair value hierarchy.

The effect of a 10% increase / (decrease) of the price of the recent market transaction on the financial result would be €464 thousand / (€464 thousand).

Reorganization Warrants measured at FVTPL

The Public Warrants are traded in an active market and are therefore classified as level 1 of the fair value hierarchy. The Private Warrants have been classified as level 2 of the fair value hierarchy as they are not traded on an open market, however as the Private Warrants have the same characteristics as the Public Warrants, the quoted price of the Public Warrants has been used to calculate their fair value (see note 4 on Warrants).

RDO & 2022 PIPE Warrants measured at FVTPL

The RDO & 2022 PIPE Warrants were classified as level 3 of the fair value hierarchy, due to the inputs used to determine the fair value of these warrants. The fair value has been determined using a Monte Carlo simulation in a risk neutral framework. The primary inputs into the simulation included the following: closing price of a Class A share as of December 31, 2023, expected stock price volatility for the expected term, term, risk-free rate, and dividend yield.

The expected stock price volatility was based on Lilium N.V. implied volatilities of 97% (December 31, 2022: 70%) which was derived from the price of LILMW. The term input used is equal to the initial 4 years from date of issuance of the RDO & 2022 PIPE Warrants, less the time since issuance. The risk-free interest rate is based on USD SOFR swap rates for a maturity equal to the remaining life of the warrants. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

The RDO & 2022 PIPE Warrants contain a strike price reduction clause that has not been explicitly modelled, since the indication of the triggering event was deemed remote at issuance and at the end of FY2022. As a result of the issuance of the May 2023 Warrants in May 2023, the anti-dilution clause of the RDO & 2022 PIPE Warrants was triggered and resulted in a reduction of the strike price of the RDO & 2022 PIPE Warrants from US$1.30 to US$1.00. Since the likelihood of future issuances of new warrants with a lower strike price is deemed to be very low, the clause was not explicitly modelled within the valuation model at the reporting date.

May 2023 Warrants measured at FVTPL

The May 2023 Warrants were classified as level 3 of the fair value hierarchy, due to the inputs used to determine the fair value of these warrants.

The May 2023 Warrants included an additional funding clause, which has been triggered as of July 2023, this allows for a net settlement option to be exercised. From a valuation perspective, the Warrants can be split into a forward component and an option component. The fair value of the forward component can be derived from the price of Lilium N.V. shares.

The fair value of the option component has been determined using a Monte Carlo simulation in a risk neutral framework. The primary inputs into the simulation included the following: closing price of a Class A share as of December 31, 2023, expected stock price volatility for the expected term, term, risk-free rate, and dividend yield.

The May 2023 Warrants’ volatility was based on Lilium N.V. implied volatilities which was derived from the price of LILMW and was adjusted to 87% to reflect a more established status of the Company and Class A shares at the long-term expiry. The term input used is equal to the initial 15 years, it has been assumed for the fair value calculation that the option to waive the automatic extension has not been taken by the Group, from date of issuance of the May 2023 Warrants, less the time since issuance. The risk-free interest rate is based on USD SOFR swap rates for a maturity equal to the remaining life of the warrants. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

2023 PIPE Warrants measured at FVTPL

The 2023 PIPE Warrants were classified as level 3 of the fair value hierarchy, due to the inputs used to determine the fair value of these warrants. The fair value has been determined using a Monte Carlo simulation in a risk neutral framework. The primary inputs into the simulation included the following: closing price of a Class A share as of December 31, 2023, expected stock price volatility for the expected term, term, risk-free rate, and dividend yield. The expected stock price volatility was based on Lilium N.V. implied volatilities of 97% (December 31, 2022: 70%) which was derived from the price of LILMW. The term input used is equal to the initial 1.5 years from date of issuance of the 2023 PIPE Warrants, less the time since issuance. The risk-free interest rate is based on USD SOFR swap rates for a maturity equal to the remaining life of the warrants. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

The Group engages external, independent, valuation specialists to determine the fair value of the Group’s RDO & 2022 PIPE Warrants, May 2023 Warrants and 2023 PIPE Warrants. The Group has internal processes in place to review the qualifications of the valuation specialists and the results from the valuation.

The tables below show the sensitivity analysis for the RDO & 2022 PIPE Warrants, the May 2023 Warrants, and the 2023 PIPE Warrants (“Level 3 Warrants”):


December 31, 2023	Absolute shift		Fair Value	Effect on financial
in € thousand	in base volatility		of warrants	result
Base	—		(202,159)	—
Up	10	%	(204,254)	(2,095)
Down	(10)	%	(199,866)	2,293


December 31, 2022	Absolute shift		Fair Value	Effect on financial
in € thousand	in base volatility		of warrants	result
Base	—		(24,455)	—
Up	10	%	(27,029)	(2,574)
Down	(10)	%	(21,881)	2,575

The movements in level 3 fair values are as follows:


	Equity		Over-allotment
In € thousand	instruments	Warrants	option
January 1, 2022	—	—	—
Initial recognition of RDO & 2022 PIPE Warrants	—	(34,550)	—
Unrealized gains/losses:	—	—	—
Change in fair value - Finance income	—	8,979	—
Changes in fair value - Finance expense	—	—	—
Foreign exchange effects - Finance income	—	1,116	—
Foreign exchange effects - Finance expense	—	—	—

December 31, 2022	—	(24,455)	—
Purchase of equity instrument	5,159	—	—
Initial recognition of May 2023 Warrants	—	82,829	—
Initial recognition of 2023 PIPE Warrants	—	(4,552)	—
Initial recognition of over-allotment option	—	—	(3,312)
Settlement of Initial Funding Amount on May 2023 Warrants	—	(91,811)	—
Settlement of Additional Funding Amount on May 2023 Warrants	—	(67,416)	—
Exercise of May 2023 Warrants	—	25,593	—
Realized gains/losses:	—	—	—
Changes in fair value - Finance income	—	—	3,346
Changes in fair value - Finance expense	—	(15,765)	—
Foreign exchange effects - Finance income	—	128	—
Foreign exchange effects - Finance expense	—	—	(34)
Unrealized gains/losses:	—	—	—
Changes in fair value - Finance income	—	2,599	—
Changes in fair value - Finance expense	(518)	(112,603)	—
Foreign exchange effects - Finance income	—	3,405	—
Foreign exchange effects - Finance expense	—	(111)	—
December 31, 2023	4,641	(202,159)	—

Net gains and losses of financial instruments

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


2023	Subsequent measurement
		Foreign		Impairment
		exchange		losses net of	Total per
In € thousand	Interest	conversion	Fair value	reversal	category
Financial assets measured at AC	5,713	82	—	57	5,852
Financial liabilities measured at AC	(296)	(887)	—	—	(1,183)
Financial assets and liabilities measured at FVTPL	—	3,476	(124,070)	—	(120,594)
Total	5,417	2,671	(124,070)	57	(115,925)


2022	Subsequent measurement
		Foreign		Impairment
		exchange		losses net of	Total per
In € thousand	Interest	conversion	Fair value	reversal	category
Financial assets measured at AC	(412)	1,147	—	125	860
Financial liabilities measured at AC	(236)	(560)	—	—	(796)
Financial assets and liabilities measured at FVTPL	—	(508)	29,667	—	29,159
Total	(648)	79	29,667	125	29,223


2021	Subsequent measurement
		Foreign		Impairment
		exchange		losses net of	Total per
In € thousand	Interest	conversion	Fair value	reversal	category
Financial assets measured at AC	(364)	1,061	—	(260)	437
Financial liabilities measured at AC	(3,483)	(446)	—	—	(3,929)
Financial assets and liabilities measured at FVTPL	—	(1,018)	(3,327)	—	(4,345)
Total	(3,847)	(403)	(3,327)	(260)	(7,837)

The total interest income for financial assets that are not measured at FVTPL is €5,713 thousand (2022: €145 thousand; 2021: €5 thousand), while the total interest expense for these financial assets is nil (2022: €557 thousand; 2021: €369 thousand). The total interest expense for financial liabilities that are not measured at FVTPL is €296 thousand (2022: €236 thousand; 2021: €3,483 thousand).

29.2 Financial Instrument Risk Management Objectives and Policies

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

The CFO in combination with Treasury ensure on behalf of 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 Board of Directors reviews and agrees on procedures for managing each of these risks, which are summarized below.

Credit Risk

The following tables provide information about the maximum exposure to credit risk for all financial assets that are not measured at FVTPL and therefore are generally subject to the impairment regulations of IFRS 9. The tables present the gross carrying amounts by credit risk rating grade, equivalent to Standard & Poor’s (S&P) credit risk rating.


				12/31/2023
	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	198,552	(78)	No
Of which:
Cash and cash equivalents		83,512	(4)	No
Fixed-term deposits		111,559	(61)	No
Security deposits		3,481	(13)	No


				12/31/2022
	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	205,683	(135)	No
Of which:
Cash and cash equivalents		179,640	(59)	No
Fixed-term deposits		20,017	(30)	No
Security deposits		6,026	(46)	No

The tables below show the movement in the impairment loss allowance for the financial assets exposed to credit risks that are not measured at FVPTL:


	12/31/2022			12/31/2023
	Impairment loss	Reversals of	Additions to	Impairment loss
	allowance	expected	expected credit	allowance
in € thousand	brought forward	credit losses	losses	carried forward
Cash and Cash equivalents	(59)	56	(1)	(4)
Fixed-term deposits	(30)	30	(61)	(61)
Security deposits	(46)	33	—	(13)
Total	(135)	119	(62)	(78)


	12/31/2021			12/31/2022
	Impairment loss	Reversals of	Additions to	Impairment loss
	allowance	expected credit	expected credit	allowance carried
in € thousand	brought forward	losses	losses	forward
Cash and Cash equivalents	(3)	—	(56)	(59)
Fixed-term deposits	(256)	256	(30)	(30)
Security deposits	(1)	—	(45)	(46)
Total	(260)	256	(131)	(135)

The above financial assets are primarily held with reputable financial institutions with high credit ratings. As of December 31, 2023, 64% (2022: 52%) of the Group’s cash and cash equivalents and fixed - term deposits are held with a single financial institution. The Group regularly monitors its cash and cash equivalents and fixed-term deposits and takes corrective actions should it identify any possible changes in creditworthiness of these financial institutions.

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”), Japanese Yen (“JPY”) 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 tables demonstrate the Group’s exposure to rate changes in foreign currency.


	USD	JPY	GBP	Total exposure
At December 31, 2023	(in € thousand)	(in € thousand)	(in € thousand)	(in € thousand)
Cash and cash equivalents	10,827	16	52	10,895
Non-current receivables from affiliated companies	119	—	715	834
Current receivables from affiliated companies	7,388	—	1,946	9,334
Non-current trade and other payables	—	—	—	—
Current trade and other payables	(13,345)	(5,842)	(121)	(19,308)
Non-current payables to affiliated companies	—	—	(757)	(757)
Current payables to affiliated companies	(2,863)	—	—	(2,863)
Warrants	(205,013)	—	—	(205,013)
	(202,887)	(5,826)	1,835	(206,878)


	USD	JPY	GBP	Total exposure
At December 31, 2022	(in € thousand)	(in € thousand)	(in € thousand)	(in € thousand)
Cash and cash equivalents	17,927	—	—	17,927
Non-current receivables from affiliated companies	5,424	—	6,369	11,793
Current receivables from affiliated companies	2,158	—	3,793	5,951
Non-current trade and other payables	(2,885)	(901)	—	(3,786)
Current trade and other payables	(7,097)	—	(138)	(7,235)
Current payables to affiliated companies	(8,358)	—	(10,107)	(18,465)
Warrants	(26,267)	—	—	(26,267)
	(19,098)	(901)	(83)	(20,082)

The Group manages foreign currency risk on future cash flows by closely monitoring the forecast exposure and ensuring sufficient foreign currency is held to meet foreign currency obligations as they fall due.

The following tables demonstrate the sensitivity of the Group to a reasonably possible appreciation and depreciation of the foreign exchange rates consisting of USD, GBP, and JPY towards the EUR 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 year-end:


As of December 31, 2023
	Effect of EUR appreciation on	Effect of EUR depreciation on
	profit before tax	profit before tax
Currency	(in € thousand)	(in € thousand)
USD	19,331	(23,523)
GBP	208	(210)
JPY	530	(647)


As of December 31, 2022
	Effect of EUR appreciation on	Effect of EUR depreciation on profit
	profit before tax	before tax
Currency	(in € thousand)	(in € thousand)
USD	1,736	(2,122)
GBP	8	(9)
JPY	82	(100)

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. Our cash equivalents and investment portfolio can also be subject to market risk due to changes in interest rates. Banks are adjusting the interest rate depending on changes of the respective reference rates set by central banks. The carrying value of variable interest-bearing cash at banks is €45,793 thousand (2022: €82,128 thousand). A hypothetical reasonable increase / decrease of 50 basis points (2022: 50 basis points) in interest rates would have an effect on the Group’s consolidated financial statements of €229 thousand / (€229 thousand) (2022: €411 thousand / (€411 thousand)) arising from cash at banks. A change in interest rates would further affect the fair value of fixed-term deposits held. As the fixed-term deposits are measured at AC, this does not lead to an impact on the consolidated financial statements.

Other Price Risk

The Group holds financial assets and liabilities that are exposed to changes in value derived from changes in various share prices.

The Group recognizes liabilities of €205,013 thousand (2022: €26,267 thousand) to settle 233,711 thousand warrants as at December 31, 2023 (2022: 65,472 thousand) (Please refer to note 24).

The value of the Reorganization Warrants is based on the publicly traded price of the Public Warrants (ticker: LILMW). A reasonably possible increase or decrease in the warrant price by 10%, with all other variables held constant, would have led to a (decrease) / increase in financial result of (€285 thousand) / €285 thousand (2022: (€181 thousand) / €181 thousand).

The value of the RDO & 2022 PIPE Warrants, May 2023 Warrants and 2023 PIPE Warrants are estimated from a Monte-Carlo simulation in a risk-neutral framework with its key parameters include the risk-free rate, volatility, and the closing stock price of Lilium N.V.’s publicly traded Class A share. An increase or decrease in the stock price of Lilium N.V.’s Class A shares by 10% would have led to a (decrease) / increase of financial result of (€21,507 thousand) / €21,324 thousand (2022: (€3,861 thousand) / €3,432 thousand).

The Group recognizes an investment in an equity instrument. The value of the instrument has been determined to be €4,641 thousand (2022: n/a) by considering the price of a recent market transaction close to the end of the financial year. The sensitivity of the value to changes in the market price is disclosed in note 29.1.

The Group monitors other price risks and takes corrective action when negative impacts on business objectives are identified.

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 financing rounds, and ability to raise funds from other sources, such as grants and pre-delivery payments. The Group aims for sufficient supply of liquidity to settle financial liabilities that are due for payment through regular cash flow forecasting. 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 expects to settle the Warrants in own equity instruments.


				12/31/2023
				2029 and
in € thousand	2024	2025	2026 to 2028	thereafter
Lease liabilities	3,460	3,394	5,433	—
Trade and other payables	44,601	1,301	3,617	—


				12/31/2022
				2028 and
in € thousand	2023	2024	2025 to 2027	thereafter
Lease liabilities	2,970	2,457	6,463	—
Trade and other payables	33,658	1,974	2,770	—

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 continue to rely substantially on equity funding by its shareholders, debt financing, PDPs, and grants. 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 operational net cash flow.

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, 2023 and 2022.

29.3 Reconciliation of Changes in Liabilities arising from Financing Activities


			Over-allotment
In € thousand	Lease liabilities	Warrants	option	Total
Statement of Financial Position as of December 31, 2022	10,969	26,267	—	37,236
Principal elements of lease payments	(3,425)	—	—	(3,425)
Interest paid	(604)	—	—	(604)
Settlement of Initial Funding Amount on May 2023 Warrants	—	91,811	—	91,811
Settlement of Additional Funding Amount on May 2023 Warrants	—	67,416	—	67,416
Proceeds from issue of 2023 PIPE Warrants	—	4,552	—	4,552
Proceeds from issue of over-allotment option	—	—	3,312	3,312
Change in the cash flow from financing activities 2023	(4,029)	163,779	3,312	163,062
Additions to lease liabilities due to new lease contracts	3,625	—	—	3,625
Initial recognition of May 2023 Warrants	—	(82,829)	—	(78,277)
Fair value changes	—	126,899	(3,346)	123,553
Effects of foreign exchange conversion	—	(3,510)	34	(3,476)
Exercised May 2023 Warrants	—	(25,593)	—	(25,293)
Interest expenses	602	—	—	602
Statement of Financial Position as of December 31, 2023	11,167	205,013	—	216,180


	Lease		Over-allotment
In € thousand	liabilities	Warrants	option	Total
Statement of Financial Position as of December 31, 2021	11,823	21,405	—	33,228
Principal elements of lease payments	(2,720)	—	—	(2,720)
Interest paid	(443)	—	—	(443)
Change in the cash flow from financing activities 2022	(3,163)	—	—	(3,163)
Additions to lease liabilities due to new lease contracts	1,873	—	—	1,873
Additions to warrants	—	34,550	—	34,550
Fair value changes	—	(30,196)	—	(30,196)
Effects of foreign exchange conversion	—	508	—	508
Interest expenses	436	—	—	436
Statement of Financial Position as of December 31, 2022	10,969	26,267	—	37,236

Research and Development Expenses (Details) - Research and Development Expenses - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Research and Development Expenses
Salaries and social security	€ 76,453	€ 77,455	€ 75,672
Professional services	75,573	72,840	49,421
Materials	9,743	7,808	9,009
Depreciation/amortization/impairment	10,448	6,386	4,541
IT and communication expense	4,249	3,709	1,248
Other expenses by nature	7,294	7,420	4,667
Total	€ 183,760	€ 175,618	€ 144,558

Financial Instruments - Carrying amount of monetary assets and liabilities (Details) - Currency Risk - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
USD
Financial Instruments
Effect of EUR appreciation on profit before tax	€ 19,331	€ 1,736
Effect of EUR depreciation on profit before tax	(23,523)	(2,122)
GBP
Financial Instruments
Effect of EUR appreciation on profit before tax	208	8
Effect of EUR depreciation on profit before tax	(210)	(9)
JPY
Financial Instruments
Effect of EUR appreciation on profit before tax	530	82
Effect of EUR depreciation on profit before tax	€ (647)	€ (100)

Significant Accounting Judgments, Estimates and Assumptions

12 Months Ended

Dec. 31, 2023

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.

Assumptions and estimates relating to the Group’s ability to continue as a going concern are described in note 2.

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

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 its 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 2023 is 5.12% (2022: 3.53%).

Investment in joint venture/ associate – Purchase Price Allocation

The Group holds 27.7% of Ionblox, Inc (“Ionblox”), described in detail in note 17. Management calculated the goodwill acquired during 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 requires 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 Group 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 was estimated to be 15 years at the point of purchase.

Management used the Relief-from-Royalty (RfR) method for valuation of the Ionblox brand. This method is based on the assumption that if the Group 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 was estimated to be 15 years at the point of purchase.

Investment in equity instrument

The Group purchased a non-controlling interest in a supplier to the Group (investment in equity instrument).

Management calculated the fair value of the equity instrument in accordance with IFRS 13 based on the residual interest in the identified net assets acquired upon purchase. Assessing the fair value of the identified net assets acquired requires significant judgement as the instrument is not quoted on an open market. As this is the case, management will assess all available information at the period end to determine the most appropriate fair value. Management has deemed the most appropriate method of valuation to be either the purchase price used by a third party during a recent market transaction close to the relevant period end, or if there is no appropriate transaction, an income approach using discounted cash flow analysis which assesses the fair value of the asset based on its expected future cash flow.

As there has been a recent market transaction close to the end of the financial year, Management has used this method to determine the fair value of the investment in equity instrument as of December 31, 2023.

Share-based Payments

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.

Performance-based Stock Options “PSO”

For the performance-based stock options, the service-based vesting condition is predetermined and does not require any assumptions or estimates. For the performance-based vesting condition management must estimate when the Group will earn its first dollar or any equivalent currency of revenue recognized in the Group’s consolidated 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. This date is reassessed at every reporting date.

Warrants

The Group has issued warrants to issue Class A shares. The terms and conditions and financial impact of the issued warrants are described in note 24, with the exception of the Azul Warrants which are accounted for as a share-based payment and disclosed in note 22.

For each of the warrants disclosed in note 24 the Group assessed that the warrants have the characteristics of a derivative financial instrument. The warrants are accounted at inception as a financial liability at FVTPL, with the exception of the May 2023 Warrants.

At initial recognition the May 2023 Warrants had a positive fair value to Lilium, considering the expected prefunding to be received, the market conditions at date of initial recognition and the exercise price. The Group concluded that the instrument is accounted at inception as a financial asset at FVTPL. The investor, Aceville Pte. Limited (“Aceville”) is an affiliate of Tencent Holdings Limited (“Tencent”), a major shareholder of the Group, and so the issue of the financial asset is recognized as an equity contribution from Tencent in other capital reserves. During the period the prefunding was received in full, and the May 2023 Warrants are subsequently accounted for as a financial liability at FVTPL.

Valuation of Level 2 warrants

The Reorganization warrants consist of the Private Warrants and the Public Warrants. The Public Warrants trade on the NASDAQ stock exchange (ticker: LILMW). 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 to both the Private Warrants and Public Warrants. The Public Warrants are Level 1 and the Private Warrants are Level 2 in the fair value hierarchy.

Valuation of Level 3 warrants

The RDO & 2022 PIPE Warrants, May 2023 Warrants and 2023 PIPE Warrants are all Level 3 in the fair value hierarchy.

The fair value has been determined using a Monte Carlo simulation in a risk neutral framework. The primary inputs into the simulation included the following: closing Lilium N.V. stock price as of the valuation date, expected stock price volatility, term, risk-free rate and dividend yield. The expected stock price volatility was based on Lilium N.V. implied volatilities calculated over a period matching the remaining life of these warrants. The term input is equal to the warrants’ remaining contractual term. The risk-free interest rate is based on interpolated US Dollar (“USD”) Secured Overnight Financing Rate (“SOFR”) swap rate for a maturity equal to the remaining life of the warrants. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

Additionally, the May 2023 Warrants (issued to a related party as described in note 31) initially included the probability of the receipt of the Additional Funding Amount as an independent input factor. The Additional Funding Amount was received in July 2023, therefore this input factor is no longer required for subsequent measurements after July 2023.

Over-allotment option in Confidentially Marketed Public Offering (“CMPO”)

During the 2023 Public Offering as disclosed in note 21, the Company entered into an underwriting agreement for the purchase and sale of its Class A shares. The transaction includes an over-allotment option which grants the underwriter the right to purchase additional shares from the Company at a fixed price to cover any over-allotments at public offerings.

The Group has determined that the over-allotment option meets the criteria to be recognized at inception as a derivative financial liability. In accordance with IFRS 9, the Group classifies derivative financial liabilities at FVTPL.

The over-allotment option is recognized initially at fair value. The Level 3 fair value is determined using a Monte Carlo simulation in a risk neutral framework. The primary inputs into the simulation included the following: closing Lilium N.V. stock price as of initial recognition date, expected stock price volatility, term, risk-free rate and dividend yield. The expected stock price volatility was based on Lilium N.V. implied volatilities calculated over a period matching the remaining life of the option. The term input is equal to the option’s remaining term. The risk-free interest rate is based on interpolated USD SOFR swap rates for a maturity equal to the remaining life of the option. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.

Upon expiry of the over-allotment option, the carrying amount of the liability, after performing a last subsequent measurement, is derecognized against the profit or loss in line with the Group’s policy for financial liabilities.

Covid-19 Risks and Uncertainties, War in Ukraine and Geopolitical Conflicts

The Board is actively monitoring the impact on the Group from uncertainty regarding the consequences and lingering impact of the COVID-19 pandemic. The Group had implemented logistical and organizational changes to bolster the Group’s resilience to the COVID-19 pandemic. The extent that COVID-19 continues to impact our business, prospects and results of operations will depend on future developments, which are highly uncertain and cannot be predicted. However, based on the latest developments, the Group expects business operations to continue with minimal to no ongoing impact from the COVID-19 pandemic for the foreseeable future.

The Board is also actively monitoring the impact on the Group from the war in Ukraine. The Group does not and does not intend to have any operations in Ukraine, Belarus or Russia, or engage with direct suppliers located in Ukraine, Belarus or Russia. There is currently no direct impact on the Group from the war in Ukraine and sanctions imposed on Russia and Belarus as the Group does not have any operations or direct suppliers located in these jurisdictions.

Finally, the Board is also actively monitoring other geopolitical conflicts and tension, including the imposition of and changes in foreign investment, economic sanctions and trade control regulations that could adversely impact our business. There is currently no material impact on the Group’s operations from applicable foreign investment, economic sanctions and trade control regulations. However, the imposition of and changes in such regulations in the future could adversely impact our business. The Group continues to closely monitor the impact on general economic factors from the war in Ukraine, including the impact of inflation, changing interest rate environment, and the access to capital or debt at a favorable cost, as such puts pressure on the Group’s costs for employees, raw materials and other parts provided by suppliers.

Leases - Composition of lease payments (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Fixed lease payments	€ 1,502	€ 1,212
Variable lease payments	2,527	1,951
Total amount of lease payments	€ 4,029	€ 3,163

Research and Development Expenses

12 Months Ended

Dec. 31, 2023

Research and Development Expenses

Research and Development Expenses

6.Research and Development Expenses

Research and development expenses consist of the following:


In € thousand	2023	2022	2021
Salaries and social security	76,453	77,455	75,672
Professional services	75,573	72,840	49,421
Materials	9,743	7,808	9,009
Depreciation/amortization/impairment	10,448	6,386	4,541
IT and communication expense	4,249	3,709	1,248
Other research and development expenses	7,294	7,420	4,667
Total research and development expenses	183,760	175,618	144,558

Expenses for salaries and social security mainly include salary, salary-related expenses and share-based payment awards recognized from the Group’s share-based payment award programs (note 22).

Professional services include €66,217 thousand (2022: €54,734 thousand; 2021: €31,576 thousand) for consulting services and supply-chain development costs and €9,356 thousand (2022: €18,105 thousand; 2021: €17,845 thousand) for contractors. Consulting, supply-chain development, and contractor services are in relation to 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.

Other research and development expenses include occupancy costs, travel expenses and other operating expenses.

Non-Financial Assets - Prepaid expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Non-Financial Assets
Prepayments for acquisition of fixed assets	€ 7,998	€ 4,069
Non current prepaid expenses	1,771	9,418
Current prepaid expenses	€ 16,299	€ 16,241

Investment in a Joint Venture / Associate - Financial information for Zenlabs (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in a Joint Venture
Revenue	€ 0	€ 0	€ 47
Net loss for the year	(389,119)	(253,064)	(411,036)
Current assets	218,656	220,979
Non-current assets	93,285	67,852
Non-current liabilities	(14,867)	(12,312)
Current liabilities	(260,016)	(73,016)
Shareholders' equity	€ 37,058	€ 203,503	342,511	€ 57,722
Reconciliation to the Group's interest in at equity-accounted investee:
Group's effective interest in the joint venture / associate	27.70%	27.70%
Group's share in shareholders' equity	€ 5,480	€ 7,780
Goodwill	8,079	8,370
Currency translation difference	(2,519)	(2,740)
Investment in equity instrument	11,040	13,410
Zenlabs Energy Inc
Investment in a Joint Venture
Revenue	2,789	1,927
Loss from continued operations	(9,022)	(7,777)
Net loss for the year	(8,478)	(7,369)
Current assets	9,944	13,487
Non-current assets	22,993	25,438
Preferred stock reclassification	21,434	21,619
Non-current liabilities	(29,965)	(31,482)
Current liabilities	(4,624)	(933)
Shareholders' equity	€ 19,782	28,129
Reconciliation to the Group's interest in at equity-accounted investee:
Group's effective interest in the joint venture / associate	27.70%
Investment in equity instrument	€ 11,040	€ 13,410	€ 15,054

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Shareholders' Equity

Shareholders' Equity

21.Shareholders’ Equity

Class A shares have a nominal value of €0.01 (2022: €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 one (2022: twelve) 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 it.

Class B shares have a nominal value of €0.03 (2022: €0.36) per share 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 €0.02 (2022: €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 (i) at the discretion of the Class B holder or (ii) 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.

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, and one Class C share is transferred immediately to Lilium treasury. The Class B share is immediately canceled. During the year the conversion of 350,000 (2022: 525,000) Class B shares and the transfer of 350,000 (2022: 525,000) Class C shares to the Group were conducted.

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. As of year-end no (2022: 525,000) Class C shares were issued and held in treasury.

Each Class B share confers the right to cast three (2022: thirty-six) votes and each Class C share confers the right to cast two (2022: twenty-four) votes in Lilium’s shareholders meeting.

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.


		Supervoting	Ordinary
	Common shares	shares	shares
(in units)	(Class A)	(Class B)	(Class C)	Total
Issued at January 1, 2021	173,014,206	24,413,065	—	197,427,271
Issued shares – convertible loans	20,533,259	—	—	20,533,259
Reorganization as of September 14, 2021	22,697,450	—	—	22,697,450
Capital increase 2021 PIPE	45,000,000	—	—	45,000,000
Issued as of December 31, 2021	261,244,915	24,413,065	—	285,657,980
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


	Common shares	Supervoting shares	Ordinary shares
(in units)	(Class A)	(Class B)	(Class C)	Total
Issued at January 1, 2022	261,244,915	24,413,065	—	285,657,980
Issued shares for share-based payment awards exercised	10,857,264	—	—	10,857,264
Exercise of Reorganization Warrants	10	—	—	10
Issued shares – ELOC	5,618,697	—	—	5,618,697
Capital increase RDO & 2022 PIPE	91,524,935	—	—	91,524,935
Conversion of Class B Shares	525,000	(525,000)	525,000	525,000
Repurchase of Class B Shares	50,000	—	—	50,000
Issued as of December 31, 2022	369,820,821	23,888,065	525,000	394,233,886
Treasury shares	—	(425,000)	(525,000)	(950,000)
Outstanding as of December 31, 2022	369,820,821	23,463,065	—	393,283,886


	Common shares	Supervoting shares	Ordinary shares
(in units)	(Class A)	(Class B)	(Class C)	Total
Issued at January 1, 2023	369,820,821	23,888,065	525,000	394,233,886
Issued shares for share-based payment awards	19,449,259	—	—	19,449,259
Issued shares – CMPO & 2023 PIPE	89,838,455	—	—	89,838,455
Exercise of May 2023 Warrants	24,007,607	—	—	24,007,607
Conversion of Class B shares	350,000	(350,000)	350,000	350,000
Cancellation of issued shares	—	(425,000)	(875,000)	(1,300,000)
Issued as of December 31, 2023	503,466,142	23,113,065	—	526,579,207
Treasury shares	—	—	—	-
Outstanding as of December 31, 2023	503,466,142	23,113,065	—	526,579,207

As of December 31, 2023, there were 130,664,910 (2022: 196,385,439) shares with a par value each of €0.01 (2022: €0.12) authorized for issue by the management.

Reduction in nominal value of Class A, B and C shares

In May 2023, an extraordinary general meeting (“EGM”) of shareholders was held and the shareholders approved the proposed reduction of subscribed capital by reducing the nominal value of each Class A Share, Class B Share and Class C Share from €0.12, €0.36, and €0.24 per share respectively, to €0.01, €0.03, and €0.02 per share respectively. The reduction of subscribed capital was effective as of August 1, 2023. The difference between the prior nominal value per issued ordinary share and the reduced nominal value per issued ordinary share was added to reserves of the Company. The impact of the transaction resulted in a reduction from the subscribed capital and treasury shares by €60,152 thousand and €169 thousand respectively and increase to share premium by €59,983 thousand.

2021 convertible loans and Reorganization

On March 26, 2021, the convertible loan of €85,900 thousand 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 and other capital reserves decreased by €34,084 thousand due to the conversion as described above.

On March 30, 2021, Lilium entered into the Business Combination Agreement leading to the Reorganization, as described in note 1. Concurrently, Lilium entered into Subscription Agreements with certain investors for PIPE Financing (“2021 PIPE”). As a result of the Reorganization and the 2021 PIPE, the Group has increased shareholders’ equity by €164,868 thousand and €381,208 thousand, respectively. 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 IFRS 2 share listing expense of €111,109 thousand. The amounts related to the Reorganization also reflect the impact of (i) the conversion of the convertible loan 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. From the 2021 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 amounted to €29,029 thousand.

Share Purchase Agreement (“ELOC”)

On June 3, 2022, the Group had entered into a Share Purchase Agreement and a Registration Rights Agreement with Tumim Stone Capital LLC (“Tumim Stone”), pursuant to which (a) the Group agreed to issue 262,697 (the “Commitment Shares”) of the Group’s Class A shares to Tumim Stone and (b) Tumim Stone had committed to purchase, subject to certain limitations, up to US$75 million of Class A shares. While the Group had the right, but not the obligation, to sell the Class A shares to Tumim Stone, the latter was obligated to purchase the Class A shares up to the total committed amount as and when the Group required funding via a purchase notice to Tumin Stone. Under this Agreement, the Group issues Class A shares at a discount to the volume-weighted average price on the date of the purchase notice.

The Group determined that the right to issue Class A shares represents a freestanding purchased put option, and the purchased put option was classified as a derivative asset with a fair value at the inception of €696 thousand equal to the market value of the Commitment Shares paid as consideration. The issuance of the Commitment Shares resulted in a €31 thousand increase in subscribed capital and a €665 thousand increase in share premium.

As all shares were issued at a discount to the market value, the put option was immediately considered to have a fair value of nil and a €696 thousand fair value loss was recognized in financial expenses.

Between July 5, 2022, and October 31, 2022, Lilium N.V. issued 5,356,000 Class A shares under this Share Purchase Agreement for cash proceeds of €12,498 thousand. Lilium N.V. recorded the issued Class A shares at fair value net of equity issuance cost (represented by the discount) by increasing subscribed capital by €643 thousand and share premium by €11,855 thousand.

The agreement was terminated on November 17, 2022.

Registered Direct Offering (“RDO”)

In November 2022, the Group entered into securities purchase agreements (“RDO Securities Purchase Agreement”) with certain investors in a registered direct offering for the purchase and sale of 22,499,997 Class A shares and warrants to purchase up to 11,249,997 Class A shares at US$1.30 per share for aggregate gross cash proceeds of €28,217 thousand (the “Registered Direct Offering”).

€8,541 thousand were recognized as a derivative liability for issued warrants. Details of the warrants (“RDO Warrants”) are disclosed in note 24.

2022 Private Placement (“2022 PIPE”)

In November 2022, the Group entered into securities purchase agreements (“2022 PIPE Securities Purchase Agreement”) with certain investors for the purchase and sale of 69,024,938 Class A shares and warrants to purchase up to 34,512,464 Class A shares at US$1.30 per share for aggregate cash proceeds of €85,754 thousand and a non-cash contribution of €975 thousand. Each Class A Share sold in the 2022 PIPE will also be accompanied by a 2022 PIPE Warrant to purchase 0.5 Class A Share. Under the 2022 PIPE agreement, the 2022 PIPE transaction concluded concurrently with the RDO transaction and the purchase price of the 2022 PIPE transaction was determined in connection with the pricing of the RDO transaction. The terms and pricing of the 2022 PIPE transaction is similar with the RDO transaction.

The contribution from two investors, who are also suppliers of the Group, was accounted for as an IFRS 2 share-based payment in exchange for non-recurring cost (“NRC”) supplies. The share-based payments resulted in €11,916 thousand recognized in other capital reserves.

The closing of the 2022 PIPE occurred in November 2022. €26,009 thousand were recognized as a derivative liability for issued warrants. Details of the 2022 PIPE Warrants are disclosed in note 24.

May 2023 Warrants

During the year ended December 31, 2023, €82,829 thousand was recognized as an increase in other capital reserves in relation to the May 2023 Warrants derivative financial instrument, as described in note 24. The May 2023 Warrants were issued to Aceville as described in note 31. Management has concluded that the financial asset of €82,829 thousand recognized at inception of the contract represents an equity contribution from Tencent Holdings Limited.

During the year a total of 24,007,607 Class A shares were issued upon exercise of some May 2023 Warrants. Proceeds of €1,091 thousand were received from the payment of the strike price of US$0.05 per share. The receipt of the strike price and the conversion of the remaining warrant liability (note 24) to equity resulted in an increase of €2,453 thousand in subscribed capital and €24,231 thousand in share premium.

Confidentially marketed public offering (“CMPO”)

In July 2023, the Company entered into an underwriting agreement with B. Riley Securities, Inc., which acted as the sole underwriter for the purchase and sale, in a confidentially marketed public offering (the “CMPO” or “2023 Public Offering”) of 57,692,308 Class A Shares at a price of US$1.30 per share. The transaction includes an over-allotment option to purchase additional 8,653,846 Class A shares of Lilium at a purchase price of US$1.30 per share exercisable within 30-days from the date of signing of underwriting agreement. The option expired without being exercised. The issue of CMPO shares were subject to a 6% underwriter’s fee.

Gross proceeds of €66,785 thousand were received from the transaction, of which €63,473 thousand was recognized in equity and €3,312 thousand recognized as a derivative financial liability in relation to the over-allotment option (refer to note 29). Transaction costs of €5,561 thousand were incurred, including the 6% underwriter’s fee, and were allocated proportionally between the issue of Class A Shares and the over-allotment option. €5,287 thousand transaction costs were recognized as deduction from share premium in relation to the issue of Class A shares, and €274 thousand were recognized in general and administrative expenses in relation to the over-allotment option.

The transaction resulted in an increase in subscribed capital of €6,923 thousand and a net increase in share premium of €51,263 thousand.

2023 Private Placement (“2023 PIPE”)

Concurrent with the CMPO, the Group also entered into securities purchase agreements with certain investors for the purchase and sale of 32,146,147 Class A shares at a purchase price of US$1.30 per share, together with warrants to purchase up to 8,036,528 Class A shares at an exercise price of US$2.00 per share. The expiry term of the 2023 PIPE Warrants (“2023 PIPE Warrants”) is 18 months from the date of issuance.

Gross proceeds of €37,624 thousand were received, of which €33,072 thousand were recognized in equity and €4,552 thousand recognized as a warrant liability (note 24). Transaction costs of €940 thousand were incurred and allocated proportionally between the issue of Class A shares and the issue of the 2023 PIPE Warrants. €825 thousand transaction costs were recognized as deduction from share premium in relation to the issue of Class A shares, and €115 thousand were recognized in general and administrative expenses in relation to the issue of 2023 PIPE Warrants.

The transaction resulted in an increase in subscribed capital of €2,123 thousand and a net increase in share premium of €30,124 thousand.

Share-based payments

During the year ended December 31, 2023, a total of 19,449,259 (2022: 10,857,264) shares have been issued due to the distribution or exercise of vested share-based payment awards; €1,471 thousand (2022: €1,303 thousand) have been added to subscribed capital, thereof €1,179 thousand (2022: €1,227 thousand) is transferred from other capital reserves, and nil (2022: €207 thousand) to share premium. A further €331 thousand (2022: €845 thousand) is deducted from other capital reserves in relation to net settlement of employee income taxation obligations.

During the year ended December 31, 2023, €22,805 thousand (2022: €27,380 thousand) was recognized in other capital reserves in relation to equity-settled share-based payment arrangements, as described in note 22.

Treasury Shares

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. The movement of treasury shares during years are as follows:


	Common shares	Supervoting shares	Ordinary shares
(in units)	(Class A)	(Class B)	(Class C)	Total
At January 1, 2022	1,254,691	—	—	1,254,691
Repurchase of Class B shares for Class A shares held in treasury	(375,000)	375,000	—	—
Repurchase of Class B shares for newly issued Class A shares	—	50,000	—	50,000
Conversion of Class B shares	—	—	525,000	525,000
Treasury shares sold by Stichting JSOP	(879,691)	—	—	(879,691)
At December 31, 2022	—	425,000	525,000	950,000
Conversion of Class B shares	—	—	350,000	350,000
Cancellation of issued shares	—	(425,000)	(875,000)	(1,300,000)
At December 31, 2023	—	—	—	—

During 2022, the Group repurchased 375,000 class B shares for no consideration against the transfer of 375,000 class A shares held in treasury, increasing the treasury share reserve by €90 thousand due to the difference in nominal capital between class B and class A shares. Additionally, the Group repurchased 50,000 Class B shares for no consideration and issued and transferred 50,000 Class A shares, increasing treasury reserve by € 18 thousand. As there was no consideration paid by the Group the share premium increased by €108 thousand and the subscribed capital increased by €6 thousand.

In December 2022, the Group sold 879,691 shares held in treasury resulting in total consideration of €983 thousand of which €877 thousand was recognized in share premium. The sale was triggered due to the settlement of JSOP with a related party. Further details are in note 30.

During 2023, a shareholder converted 350,000 (2022: 525,000) Class B shares into 350,000 (2022: 525,000) Class A shares and 350,000 (2022: 525,000) Class C shares and transferred the Class C shares back to the Group for no consideration in line with the articles of association, increasing treasury share reserve by €84 thousand (2022: €126 thousand). As no consideration was paid for these Class C shares by the Group, the nominal amount of €84 thousand (2022: €126 thousand) has been recorded in share premium.

During 2023 the Group cancelled 425,000 Class B shares and 875,000 Class C shares. All shares were held in treasury at the point of cancellation. The cancellation of the Class B and Class C shares resulted in a decrease of €194 thousand in subscribed capital and a reduction in treasury shares reserve by €194 thousand.

Other Non-Financial Liabilities

12 Months Ended

Dec. 31, 2023

Other Non-Financial Liabilities

Other Non-Financial Liabilities

28.Other Non-Financial Liabilities

Other non-financial liabilities are as follows:


In € thousand	12/31/2023	12/31/2022
Non-current other non-financial liabilities
Non-current contract liabilities	2,000	—
Total non-current other non-financial liabilities	2,000	—
Current other non-financial liabilities
Vacation accruals	2,010	2,474
Value added tax payables	—	—
Payroll tax and social security	2,816	3,497
Miscellaneous other current non-financial liabilities	1,883	2,596
Total current other non-financial liabilities	6,709	8,567
Total other non-financial liabilities	8,709	8,567

Payroll tax and social security mainly comprise of personnel-related taxes. Miscellaneous other non-financial liabilities mainly result from personnel-related liabilities.

Warrants - Components (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Warrants
Total Warrants	€ 205,013	€ 26,267
Reorganization Warrants
Warrants
Total Warrants	2,854	1,811
RDO & 2022 PIPE Warrants
Warrants
Total Warrants	29,590	€ 24,456
May 2023 Warrants
Warrants
Total Warrants	170,505
2023 PIPE Warrants
Warrants
Total Warrants	€ 2,064

Other Financial Assets - Other financial assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Financial Assets
Security deposits	€ 3,350	€ 3,386
Investment in equity instrument	4,641
Total non-current financial assets	7,991	3,386
Fixed term deposits	111,498	19,987
Security deposits	118	2,594
Total current other financial assets	111,616	22,581
Total other financial assets	€ 119,607	€ 25,967

Shareholders' Equity - May 2023 Warrants (Details) € in Thousands	1 Months Ended		12 Months Ended
	May 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€)	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2023 $ / shares	May 31, 2023 $ / shares
Shareholders' Equity
Proceeds from exercise of May 2023 Warrants			€ 1,091
Shares converted \| shares			350,000	525,000
Consideration transferred		€ 983
Initial recognition of May 2023 Warrants			€ 82,829
May 2023 Warrants
Shareholders' Equity
Exercise price \| $ / shares						$ 0.05
May 2023 Warrants \| Aceville
Shareholders' Equity
Proceeds from exercise of May 2023 Warrants	€ 1,091		1,091
Exercise price \| $ / shares					$ 0.05	$ 1.00
Other capital reserves
Shareholders' Equity
Initial recognition of May 2023 Warrants	82,829		82,829
Other capital reserves \| Aceville
Shareholders' Equity
Initial recognition of May 2023 Warrants			82,829
Subscribed capital \| May 2023 Warrants
Shareholders' Equity
Exercise of May 2023 Warrants	2,453
Subscribed capital \| May 2023 Warrants \| Aceville
Shareholders' Equity
Exercise of May 2023 Warrants			2,453
Share premium \| May 2023 Warrants
Shareholders' Equity
Exercise of May 2023 Warrants	€ 24,231
Share premium \| May 2023 Warrants \| Aceville
Shareholders' Equity
Exercise of May 2023 Warrants			€ 24,231
Class A shares
Shareholders' Equity
Warrants exercised \| shares			24,007,607	10
Shares converted \| shares			350,000	525,000
Class A shares \| May 2023 Warrants \| Aceville
Shareholders' Equity
Warrants exercised \| shares	24,007,607		24,007,607
Class B shares
Shareholders' Equity
Shares converted \| shares			350,000	525,000
Consideration transferred				€ 0
Class C shares
Shareholders' Equity
Shares converted \| shares			350,000	525,000
Consideration transferred			€ 0
Increase in treasury share reserve due to conversion and buyback			€ 84	€ 126

Selling Expenses (Details) - Selling Expenses - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Selling Expenses
Salaries, social security	€ 7,320	€ 8,915	€ 11,971
Professional services	291	1,690	1,983
Marketing	1,956	1,448	2,059
Travel	588	523	626
Depreciation/amortization	189	65	65
Other expenses by nature	415	288	485
Total	€ 10,759	€ 12,929	€ 17,189

Leases - Right-of-use assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets
Beginning balance	€ 10,499	€ 11,525
Additions to right-of-use assets	3,143	1,612
Transfer		(144)
Disposal of right-of-use assets		(4)
Depreciation	(3,623)	(2,977)	€ (1,941)
Indexation impact	1,256	488
Ending balance	11,275	10,499	11,525
Rights to land and buildings including leasehold improvements [Member]
Disclosure of quantitative information about right-of-use assets
Beginning balance	10,034	10,910
Additions to right-of-use assets	3,126	1,526
Depreciation	(3,553)	(2,889)
Indexation impact	1,256	488
Ending balance	10,863	10,034	10,910
Vehicles [Member]
Disclosure of quantitative information about right-of-use assets
Beginning balance	54	43
Additions to right-of-use assets		63
Disposal of right-of-use assets		(3)
Depreciation	(19)	(49)
Ending balance	35	54	43
Property, plant and equipment
Disclosure of quantitative information about right-of-use assets
Beginning balance	411	428
Additions to right-of-use assets	17	23
Disposal of right-of-use assets		(1)
Depreciation	(51)	(39)
Ending balance	€ 377	411	428
Office and other equipment [Member]
Disclosure of quantitative information about right-of-use assets
Beginning balance		144
Transfer		€ (144)
Ending balance			€ 144

Selling Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Selling Expenses

Selling Expenses


In € thousand	2023	2022	2021
Salaries, social security	7,320	8,915	11,971
Professional services	291	1,690	1,983
Marketing	1,956	1,448	2,059
Travel	588	523	626
Depreciation/amortization/impairment	189	65	65
Other selling expenses	415	288	485
Total selling expenses	10,759	12,929	17,189

Share-based Payments - Other plans (Details) € in Thousands, $ in Thousands	1 Months Ended	6 Months Ended			12 Months Ended
	Nov. 30, 2022 EUR (€)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Share-based Payments
Total expense					€ 22,539	€ 24,261	€ 48,349
General population and executives - Employee Stock Option Program (ESOP)
Share-based Payments
Total expense					1,298	7,942	29,286
General population - Restricted Stock units (RSU)
Share-based Payments
Total expense					5,156	4,977	77
General population and executives - Retention and Recognition (RNR)
Share-based Payments
Total expense					925
Executives - Employee Stock Option Program (ESOP) special vesting
Share-based Payments
Total expense					598	1,101	2,135
Executives - Restricted Stock units (RSU)
Share-based Payments
Total expense					4,273	3,259	1,178
Executives - Performance-based stock awards
Share-based Payments
Total expense					2,368	(375)	2,296
Executives - Time-based stock options (TSO)
Share-based Payments
Total expense					932	2,200	3,505
Share-based payment - Vendors
Share-based Payments
Total expense	€ 4,558	$ 5,000	€ 4,674	$ 5,000	5,632	9,726
Executives - Equity-based annual bonus
Share-based Payments
Total expense					€ 1,357
Executives - Success fees (cash-settled)
Share-based Payments
Total expense						€ (4,569)	€ 9,872

Financial Instruments - Movement in the impairment loss allowance for the financial assets exposed to credit risks that are not measured at FVPTL (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Percentage of cash and cash equivalents and fixed term deposits are held with a single financial institution	64.00%	52.00%
BBB- to AAA
Disclosure of financial assets [line items]
Impairment loss allowance brought forward, beginning balance	€ (135)	€ (260)
Reversals of expected credit losses	119	256
Additions to expected credit losses	(62)	(131)
Impairment loss allowance carried forward, ending balance	(78)	(135)
BBB- to AAA \| Cash And Cash Equivalents
Disclosure of financial assets [line items]
Impairment loss allowance brought forward, beginning balance	(59)	(3)
Reversals of expected credit losses	56
Additions to expected credit losses	(1)	(56)
Impairment loss allowance carried forward, ending balance	(4)	(59)
BBB- to AAA \| Fixed Term Deposit
Disclosure of financial assets [line items]
Impairment loss allowance brought forward, beginning balance	(30)	(256)
Reversals of expected credit losses	30	256
Additions to expected credit losses	(61)	(30)
Impairment loss allowance carried forward, ending balance	(61)	(30)
BBB- to AAA \| Security Deposits
Disclosure of financial assets [line items]
Impairment loss allowance brought forward, beginning balance	(46)	(1)
Reversals of expected credit losses	33
Additions to expected credit losses		(45)
Impairment loss allowance carried forward, ending balance	€ (13)	€ (46)

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

12.Income Taxes

Income Tax Expenses/ (Benefits)

The expenses/ benefits for income taxes are comprised of the following:


In € thousand	2023	2022	2021
Current income tax charge	(363)	(169)	(556)
Current income tax related to prior years	19	495	(143)
Current taxes	(344)	326	(699)
Deferred taxes	10	—	(10)
Income tax benefits / (expense)	(334)	326	(709)

The income tax expenses/ (benefits) mainly relate to foreign subsidiaries.

At German companies, a corporate tax rate of 15% was used for the calculation of deferred taxes. In addition, a solidarity surcharge of 5.5% on corporate 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 tax rate (previous year: 27.55%). At international group companies, the respective country-specific tax rates were used for the calculation of current and deferred taxes.

Tax Rate Reconciliation

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


In € thousand	2023		2022		2021
Profit (Loss) before income tax	(388,785)		(253,390)		(410,327)
Income tax rate	27.55	%	27.55	%	27.55	%
Expected income taxes on this	107,110		69,809		113,045
Effects deriving from differences in foreign tax rates	54		9		40
Taxes for prior years	19		495		—
Other non-deductible expenses and taxes	(155)		(59)		(209)
Changes in the realization of deferred tax assets	(72,434)		(76,074)		(67,465)
Other	(34,928)		6,146		(46,120)
Income tax as per consolidated statement of operations	(334)		326		(709)
Effective tax rate in %	(0.1)	%	0.1	%	(0.2)	%

The other effects mainly relate to share-based payments (€10,444 thousand; resulting in a reconciliation effect of (€2,877 thousand)), change in value of warrants (€123,389 thousand; resulting in a reconciliation effect of (€33,994 thousand)), transaction costs deducted for equity (€6,112 thousand; resulting in a reconciliation effect of €1,683 thousand).

The other effects in 2022 mainly relate to share-based payments (€22,817 thousand; resulting in a reconciliation effect of (€6,286 thousand)), fair value adjustments of Reorganization Warrants and RDO & 2022 PIPE Warrants (€29,689 thousand; resulting in a reconciliation effect of €8,179 thousand) and transaction costs deducted from equity (€7,402 thousand; resulting in a reconciliation effect of €2,039 thousand).

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), equity-settled share-based payments (€40,321 thousand; resulting in a reconciliation effect of €11,108 thousand) and fair value adjustments of the Azul 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 Reorganization warrants (€4,454 thousand; resulting in a reconciliation effect of €1,227 thousand).

Deferred Taxes

Deferred taxes relate to the following:


	Deferred tax assets		Deferred tax liabilities
In € thousand	12/31/2023	12/31/2022	12/31/2023	12/31/2022
Non-current assets	2,669	2,378	3,106	2,913
Intangible assets	2,596	2,341	—	—
Property, plant and equipment	72	37	3,106	2,903
Financial assets	1	—	—	10
Current assets	478	149	—	—
Inventories	475	123	—	—
Receivables and other assets	3	26	—	—
Non-current liabilities	442	446	429	—
Provisions	—	10	—	—
Liabilities	442	436	429	—
Current liabilities	153	138	207	208
Provisions	—	—	—	47
Liabilities	153	138	207	161
Total value	3,742	3,111	3,742	3,121
Netting	(3,742)	(3,111)	(3,742)	(3,111)
Recognition in the consolidated statement of financial position	—	—	—	10

The Group has offset deferred tax asset and liabilities when it has the right to settle on a net basis.

As of December 31, 2023, and 2022, there were the following tax attributes (gross):


In € thousand	12/31/2023	12/31/2022
Corporation tax loss carryforwards	939,479	661,501
Trade tax loss carryforwards	935,268	659,161
Interest carryforwards	10,151	15,348

The reported tax loss and interest carryforwards mainly relate to the German Lilium entities and can be carried forward indefinitely. Tax loss carryforwards in the amount of €56,891 thousand can’t 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 consolidated financial statements:


	Deferred tax assets on
			Interest
	Temporary	Tax	carry
In € thousand	differences	losses	forward	Total
Unrecognized deferred tax assets as of January 1, 2022	13,850	106,264	3,929	124,043
Addition	1,541	75,705	436	77,682
Deductions	—	—	(137)	(137)
Unrecognized deferred tax assets as of December 31, 2022	15,391	181,969	4,228	201,588
Addition	2,676	76,702	—	79,378
Deductions	—	(338)	(1,729)	(2,067)
Unrecognized deferred tax assets as of December 31, 2023	18,067	258,333	2,499	278,899

Shareholders' Equity - Share Purchase Agreement ("ELOC") (Details) € in Thousands, $ in Millions			4 Months Ended	12 Months Ended
	Jun. 03, 2022 EUR (€) shares	Jun. 03, 2022 USD ($) shares	Oct. 31, 2022 EUR (€) shares	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)
Shareholders' Equity
Fair value loss was recognized in financial expenses				€ 0	€ 696
Gross proceeds						€ 381,208
Class A shares
Shareholders' Equity
Commitment Shares paid as consideration	€ 696
Number of shares issued \| shares			5,356,000
Gross proceeds			€ 12,498
Class A shares \| Subscribed capital
Shareholders' Equity
Commitment Shares paid as consideration	31
Equity issuance cost			643
Class A shares \| Share premium
Shareholders' Equity
Commitment Shares paid as consideration	€ 665
Equity issuance cost			€ 11,855
Class A shares \| Agreement with Tumim Stone
Shareholders' Equity
Number of commitment shares \| shares	262,697	262,697
Maximum amount committed to purchase subject to certain limitations \| $		$ 75

Financial Instruments - Net gains and losses for each of the financial instrument measurement categories (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments
Interest	€ 5,417	€ (648)	€ (3,847)
Foreign exchange conversion	2,671	79	(403)
Fair value	(124,070)	29,667	(3,327)
Impairment losses net of reversal	57	125	(260)
Total per category	(115,925)	29,223	(7,837)
Interest income for financial assets not measured at FVTPL	5,713	145	5
Interest expense on financial assets	0	557	369
Interest expense for financial liabilities not measured at FVTPL	296	236	3,483
Financial assets measured at amortized cost
Financial Instruments
Interest	5,713	(412)	(364)
Foreign exchange conversion	82	1,147	1,061
Impairment losses net of reversal	57	125	(260)
Total per category	5,852	860	437
Financial liabilities measured at amortized cost
Financial Instruments
Interest	(296)	(236)	(3,483)
Foreign exchange conversion	(887)	(560)	(446)
Total per category	(1,183)	(796)	(3,929)
Financial assets and liabilities measured at fair value through profit or loss
Financial Instruments
Foreign exchange conversion	3,476	(508)	(1,018)
Fair value	(124,070)	29,667	(3,327)
Total per category	€ (120,594)	€ 29,159	€ (4,345)

Income Taxes - Deferred tax related to Assets and Liabilities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Taxes
Deferred tax assets, Total value	€ 3,742	€ 3,111
Deferred tax liabilities, Total value	3,742	3,121
Deferred tax assets, Netting	(3,742)	(3,111)
Deferred tax liabilities, Netting	(3,742)	(3,111)
Recognition of deferred tax liabilities in the statement of financial position		10
Non-current assets
Deferred Taxes
Deferred tax assets, Total value	2,669	2,378
Deferred tax liabilities, Total value	3,106	2,913
Intangible assets
Deferred Taxes
Deferred tax assets, Total value	2,596	2,341
Property, plant and equipment
Deferred Taxes
Deferred tax assets, Total value	72	37
Deferred tax liabilities, Total value	3,106	2,903
Financial assets
Deferred Taxes
Deferred tax assets, Total value	1
Deferred tax liabilities, Total value		10
Current assets
Deferred Taxes
Deferred tax assets, Total value	478	149
Inventories
Deferred Taxes
Deferred tax assets, Total value	475	123
Receivables and other assets
Deferred Taxes
Deferred tax assets, Total value	3	26
Non-current liabilities
Deferred Taxes
Deferred tax assets, Total value	442	446
Deferred tax liabilities, Total value	429
Provisions
Deferred Taxes
Deferred tax assets, Total value		10
Liabilities
Deferred Taxes
Deferred tax assets, Total value	442	436
Deferred tax liabilities, Total value	429
Current liabilities
Deferred Taxes
Deferred tax assets, Total value	153	138
Deferred tax liabilities, Total value	207	208
Provisions
Deferred Taxes
Deferred tax liabilities, Total value		47
Liabilities
Deferred Taxes
Deferred tax assets, Total value	153	138
Deferred tax liabilities, Total value	€ 207	€ 161

Commitments and Contingencies (Details) € in Thousands	12 Months Ended
Commitments and Contingencies (Details) € in Thousands	Dec. 31, 2023 EUR (€) tranche	Dec. 31, 2022 EUR (€)	Nov. 30, 2022 EUR (€)
Commitments and contingencies
Future lease payments for non-cancellable lease contracts not yet commenced	€ 0
Number of tranches upon achieving certain performance and market conditions \| tranche	3
Cap of future fundraising			€ 9,900
Payment for success fee arrangement fundraising	€ 906	€ 0
Contractual term of success fee arrangement with third party	12 months
Retainer payment	€ 181
Property, plant and equipment
Commitments and contingencies
Commitments to acquire assets	5,376	5,016
Intangible assets
Commitments and contingencies
Commitments to acquire assets	3	4,344
Within one year
Commitments and contingencies
Future lease payments for non-cancellable lease contracts not yet commenced		400
Future payments for operating contracts	82,690	73,779
Later than one year and not later than five years
Commitments and contingencies
Future lease payments for non-cancellable lease contracts not yet commenced		1,601
Future payments for operating contracts	100,805	100,177
Thereafter
Commitments and contingencies
Future lease payments for non-cancellable lease contracts not yet commenced		0
Future payments for operating contracts	€ 194	€ 18,558

General and Administrative Expenses (Tables)

12 Months Ended

Dec. 31, 2023

General and Administrative Expenses

Schedule of general and administrative expenses


In € thousand	2023	2022	2021
Share listing expense	—	—	111,109
Professional services	19,383	28,851	70,380
Salaries and social security	31,742	30,187	35,395
IT and communication expense	19,457	20,374	12,391
Depreciation/amortization/impairment	2,057	1,816	1,870
Insurances	3,161	6,457	1,698
HR related expenses (training, recruitment)	492	1,466	1,617
Other administrative expenses	4,988	4,736	4,633
Total administrative expenses	81,280	93,887	239,093

Trade and other Payables (Tables)

12 Months Ended

Dec. 31, 2023

Trade and other Payables

Summary of trade and other payables

Trade and other payables are as follows:


In € thousand	12/31/2023	12/31/2022
Long-term accruals	3,362	3,483
Non-current trade and other payables	3,362	3,483
Trade payables	22,540	19,195
Accruals for outstanding invoices	22,061	14,463
Current trade and other payables	44,601	33,658
Total trade and other payables	47,963	37,141

Research and Development Expenses - Additional Information (Details) - Research and Development Expenses - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Research and Development Expenses
Professional fees, consulting services	€ 66,217	€ 54,734	€ 31,576
Professional fees, contractors	€ 9,356	€ 18,105	€ 17,845

Consolidated Statements of Operations and Other Comprehensive (Loss) / Income - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Operations and Other Comprehensive (Loss) / Income
Revenue			€ 47
Cost of sales			(11)
Gross profit			36
Research and development expenses	€ (183,760)	€ (175,618)	(144,558)
General and administrative expenses	(81,280)	(93,887)	(239,093)
Selling expenses	(10,759)	(12,929)	(17,189)
Other income	8,136	6,808	2,274
Other expenses	(3,028)	(3,268)	(2,036)
Operating loss	(270,691)	(278,894)	(400,566)
Finance income	15,335	30,322	11,288
Finance expenses	(131,059)	(1,995)	(20,201)
Financial result	(115,724)	28,327	(8,913)
Share of loss in a joint venture / associate	(2,370)	(2,823)	(848)
Loss before income tax	(388,785)	(253,390)	(410,327)
Income tax (expense) / benefit	(334)	326	(709)
Net loss for the year	(389,119)	(253,064)	(411,036)
Other comprehensive (loss) / income
Other comprehensive (loss) / income that may be reclassified to profit or loss	(60)	33	44
Exchange differences on translation of foreign business units	(60)	33	44
Items that will not be subsequently reclassified to profit or loss	22	28	162
Remeasurement of defined pension benefit obligation	22	28	162
Other comprehensive (loss) / income	(38)	61	206
Total consolidated comprehensive loss for the year	€ (389,157)	€ (253,003)	€ (410,830)
Loss per share basic (in Euro per share)	€ (0.71)	€ (0.80)	€ (1.91)
Loss per share diluted (in Euro per share)	€ (0.71)	€ (0.80)	€ (1.91)

Loss per Share

12 Months Ended

Dec. 31, 2023

Loss per Share

Loss per Share

13.Loss per Share

Basic loss per share (LPS) is calculated by dividing the net loss for the year by the weighted average number of ordinary shares outstanding during the year. The weighted average number of ordinary shares is calculated inclusive of the prefunded 175,000,000 units of Class A shares issuable from the May 2023 Warrants as the shares will be issued either upon exercise by the warrant holder or otherwise at the end of the contractual term of the warrants.

Diluted LPS 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 employee stock options and warrants into ordinary shares.

For the periods included in these consolidated financial statements, the Group incurred net losses; therefore, anti-dilutive stock options, outstanding equity awards during the period (as described in note 22), the Reorganization Warrants, RDO & 2022 PIPE Warrants, the 2023 PIPE Warrants, the option component of the May 2023 Warrants and the Azul Warrants are excluded from the diluted LPS calculation.

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


	2023	2022	2021
Net loss for the year	(389,119)	(253,064)	(411,036)
(in € thousand)
Weighted average number of shares outstanding
Basic and diluted	547,391,640	316,474,576	214,858,203
Basic and diluted loss per share (in €)	(0.71)	(0.80)	(1.91)

Warrants - RDO Warrants & 2022 PIPE Warrants (Details)	12 Months Ended
Warrants - RDO Warrants & 2022 PIPE Warrants (Details)	Dec. 31, 2023 D € / shares $ / shares shares	Dec. 31, 2023 $ / shares shares	Aug. 31, 2023 € / shares	Aug. 01, 2023 € / shares	May 31, 2023 € / shares	Dec. 31, 2022 € / shares shares	Dec. 31, 2022 $ / shares shares
Ifrs Class of Warrant or Right [Line Items]
Nominal value \| € / shares	€ 0.01					€ 0.12
Class A shares
Ifrs Class of Warrant or Right [Line Items]
Nominal value \| € / shares	€ 0.01		€ 0.12	€ 0.01	€ 0.12	€ 0.12
RDO and 2022 PIPE Warrants
Ifrs Class of Warrant or Right [Line Items]
Exercisable period	4 years
Exercise price of warrant		$ 1.30
Minimum trading days required for prior written notice to registered holders of warrants \| D	20
Exercise price		1.00					$ 1.30
RDO and 2022 PIPE Warrants \| Class A shares
Ifrs Class of Warrant or Right [Line Items]
Maximum share price subject to exceptions		1.30
Redemption price per share		$ 0.01
Minimum market price required for at least 20 trading days during 30 consecutive trading day period	€ 2.60
PIPE Warrants
Ifrs Class of Warrant or Right [Line Items]
Warrants outstanding \| shares	34,512,464	34,512,464				34,512,464	34,512,464
Warrant Issued \| shares						34,512,464	34,512,464
PIPE Warrants \| Class A shares
Ifrs Class of Warrant or Right [Line Items]
Share price		$ 1.30
Nominal value \| € / shares	€ 0.01					€ 0.12
RDO Warrants
Ifrs Class of Warrant or Right [Line Items]
Warrants outstanding \| shares	11,249,997	11,249,997				11,249,997	11,249,997
Warrant Issued \| shares						11,249,997	11,249,997
RDO Warrants \| Class A shares
Ifrs Class of Warrant or Right [Line Items]
Number of warrant to purchase shares \| shares	0.5	0.5
Share price \| € / shares	€ 1.30
Nominal value		$ 0.12

Financial Instruments - Liquidity Risk (Details) - Liquidity Risk - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Year one
Financial Instruments
Lease liabilities	€ 3,460	€ 2,970
Trade and other payables	44,601	33,658
Year two
Financial Instruments
Lease liabilities	3,394	2,457
Trade and other payables	1,301	1,974
Year 3-5
Financial Instruments
Lease liabilities	5,433	6,463
Trade and other payables	€ 3,617	€ 2,770

Other Income - Additional Information (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income
Foreign currency gains derived from favorable exchange rate movements	€ 5,698	€ 3,842	€ 1,689
Gain on dilution in the investment		€ 1,179

Basis of Preparation - Group Information (Details)	12 Months Ended
Basis of Preparation - Group Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Lilium N.V.
Basis of Preparation
Proportion of interest in subsidiary	100.00%	100.00%
Lilium GmbH
Basis of Preparation
Proportion of interest in subsidiary	100.00%	100.00%
Lilium Schweiz GmbH
Basis of Preparation
Proportion of interest in subsidiary	100.00%	100.00%
Lilium Aviation UK Ltd.
Basis of Preparation
Proportion of interest in subsidiary	100.00%	100.00%
Lilium Aviation Inc.
Basis of Preparation
Proportion of interest in subsidiary	100.00%	100.00%
Lilium eAircraft GmbH
Basis of Preparation
Proportion of interest in subsidiary	100.00%	100.00%
Stichting JSOP
Basis of Preparation
Proportion of interest in subsidiary	0.00%	0.00%
Lilium Aviation Spain SLU
Basis of Preparation
Proportion of interest in subsidiary	100.00%	100.00%
Lilium Aviation France SAS
Basis of Preparation
Proportion of interest in subsidiary	100.00%

Leases - Total cash outflow (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Principal paid	€ 3,425	€ 2,720	€ 1,781
Interest paid	604	443	437
Short term and low value leases	308	143	708
Total amount paid	€ 4,337	€ 3,306	€ 2,926

Income Taxes - Tax attributes (gross) (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Corporation tax loss carryforwards	€ 939,479	€ 661,501
Trade tax loss carryforwards	935,268	659,161
Interest carryforwards	10,151	€ 15,348
Tax loss carryforwards cannot be used	€ 56,891

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents

Cash and Cash Equivalents

20.Cash and Cash Equivalents

Cash and cash equivalents are as follows:


In € thousand	12/31/2023	12/31/2022
Short-term fixed-term deposits	—	49,385
Cash at banks	83,508	130,196
Total cash and cash equivalents	83,508	179,581

The Group invests in fixed-term deposits as part of its capital management strategy. As of December 31, 2023 the Group holds no (2022: €49,385 thousand) short-term fixed-term deposits with an initial maturity of 90 days or less. Fixed-term deposits with a term of greater than 90 days are classified as financial assets, please see note 18.

Corporate Information

12 Months Ended

Dec. 31, 2023

Corporate Information

Corporate Information

1.Corporate Information

Lilium N.V. (“the Company”), together with its consolidated entities (“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 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 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. On February 1, 2024, the address, but not the physical location, of the Company’s principal executive office changed from Claude-Dornier Straße 1, Bldg. 335, 82234, Wessling, Germany to Galileostraße 335, 82131 Gauting, Germany. The Company is publicly listed and traded on Nasdaq under the symbols “LILM” for its Class A ordinary shares and “LILMW” for its listed redeemable warrants since September 15, 2021.

The consolidated financial statements of the Group for the year ended December 31, 2023, were authorized for issue by the Management Board on March 14, 2024.

The Reorganization

On September 14, 2021, Lilium GmbH consummated the Business Combination Agreement, with Qell Acquisition Corp (“Qell”), Lilium GmbH, Lilium N.V., and Queen Cayman Merger LLC. The transaction was accounted for as a capital reorganization (“Reorganization”) with Lilium GmbH being the accounting acquirer. Lilium N.V. acquired 100% of the share capital of Lilium GmbH in exchange for Class A and Class B shares of Lilium N.V., and Lilium N.V. acquired the net assets of Qell in exchange for the issuance of Class A shares of Lilium N.V. As of the date of Reorganization, Lilium N.V. succeeded Lilium GmbH as the parent company of the Group. The accounting impact of the Reorganization is described in note 21.

Related Party Disclosures - Additional information (Details) $ / shares in Units, € in Thousands, $ in Thousands	1 Months Ended		4 Months Ended	12 Months Ended
	May 31, 2023 EUR (€) shares	Nov. 30, 2022 USD ($)	Oct. 31, 2022 EUR (€) shares	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2021 EUR (€)	Dec. 31, 2023 $ / shares	May 31, 2023 USD ($) $ / shares shares
Related Party Disclosures
Initial recognition of May 2023 Warrants				€ 82,829
Proceeds from exercise of May 2023 Warrants				1,091
Cash remuneration				298	€ 320
Proceeds from the 2021 PIPE capital increase						€ 381,208
Success fees and JSOP					(4,568)
Bonus liability				0	1,003
Ifrs General And Administrative Expense [Member]
Related Party Disclosures
Future fund rasing cap				906	€ 0
Joint Stock Ownership Plan
Related Party Disclosures
Success fees and JSOP				€ 1,003
Cash payment \| $		$ 9,900
Cloud subscription
Related Party Disclosures
Exchange of shares \| shares				3,101,523
Other capital reserves
Related Party Disclosures
Initial recognition of May 2023 Warrants	€ 82,829			€ 82,829
Class A shares
Related Party Disclosures
Exchange of shares \| shares			5,356,000
Warrants exercised \| shares				24,007,607	10
Proceeds from the 2021 PIPE capital increase			€ 12,498
May 2023 Warrants
Related Party Disclosures
Exercise price \| $ / shares								$ 0.05
May 2023 Warrants \| Subscribed capital
Related Party Disclosures
Exercise of May 2023 Warrants	2,453
May 2023 Warrants \| Share premium
Related Party Disclosures
Exercise of May 2023 Warrants	€ 24,231
Key management
Related Party Disclosures
Contribution of related party				€ 2,142	€ 15,461
Exchange of shares \| shares				1,838,459	12,192,306
Acquiring ownership percentage				0.40%	3.10%
Grants (in shares) \| shares				7,925,000	3,557,000
Exercised (in shares) \| shares				2,623,000	1,872,000
Forfeited (in shares) \| shares				3,878,000	6,553,000
Options outstanding \| shares				14,153,000	12,437,000
Cash payment				€ 906	€ 2,457
Key management \| Warrant reserve
Related Party Disclosures
Exchange of shares \| shares				459,612	6,096,151
Aceville \| Other capital reserves
Related Party Disclosures
Initial recognition of May 2023 Warrants				€ 82,829
Aceville \| May 2023 Warrants
Related Party Disclosures
Warrants issued \| shares	184,210,526							184,210,526
Exercise price \| $ / shares							$ 0.05	$ 1.00
Initial funding amount from Aceville \| $								$ 100,000
Additional funding amount from Aceville \| $								75,000
Additional funding from third parties \| $								$ 75,000
Derivative financial asset	€ 82,829
Proceeds from exercise of May 2023 Warrants	€ 1,091			1,091
Aceville \| May 2023 Warrants \| Subscribed capital
Related Party Disclosures
Exercise of May 2023 Warrants				2,453
Aceville \| May 2023 Warrants \| Share premium
Related Party Disclosures
Exercise of May 2023 Warrants				€ 24,231
Aceville \| May 2023 Warrants \| Class A shares
Related Party Disclosures
Warrants exercised \| shares	24,007,607			24,007,607

Material Accounting Policies - Purchase of intangible assets (Details)	12 Months Ended
	Dec. 31, 2023
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

Consolidated Statement of Changes in Equity - EUR (€) € in Thousands	Subscribed capital ELOC	Subscribed capital PIPE 2021	Subscribed capital 2022 PIPE & RDO	Subscribed capital CMPO & 2023 PIPE	Subscribed capital Class B shares	Subscribed capital	Share premium ELOC	Share premium PIPE 2021	Share premium 2022 PIPE & RDO	Share premium CMPO & 2023 PIPE	Share premium Class B shares	Share premium	Other capital reserves 2022 PIPE & RDO	Other capital reserves	Treasury shares Class B shares	Treasury shares	Accumulated loss	Currency translation reserve	Remeasurement of defined pension benefit obligation	ELOC	PIPE 2021	2022 PIPE & RDO	CMPO & 2023 PIPE	Class B shares	Total
Beginning balance at Dec. 31, 2020						€ 29,550						€ 224,359		€ 110,055		€ (25)	€ (306,098)	€ 39	€ (158)						€ 57,722
Loss for the year																	(411,036)								(411,036)
Other comprehensive income / (loss)																		44	162						206
Total comprehensive income / (loss)																	(411,036)	44	162						(410,830)
Share-based payment awards														53,350											53,350
Convertible loans						2,464						127,813		(34,084)											96,193
Reorganization						2,724						51,116		111,109		(81)									164,868
Share capital increase		€ 5,400						€ 375,808													€ 381,208
Share buy-back												45				(45)
Ending balance at Dec. 31, 2021						40,138						779,141		240,430		(151)	(717,134)	83	4						342,511
Loss for the year																	(253,064)								(253,064)
Other comprehensive income / (loss)																		33	28						61
Total comprehensive income / (loss)																	(253,064)	33	28						(253,003)
Share-based payment awards														27,380											27,380
Convertible loans						1,303					€ 126	207		(2,072)	€ (126)										(562)
Reorganization						0						0													0
Share capital increase	€ (674)		€ 10,983				€ (12,520)		€ 50,095				€ 11,916							€ (13,194)		€ 72,994
Share buy-back					€ 6						108				(108)									€ 6
Sale of treasury shares held by consolidated entity												877				106									983
Ending balance at Dec. 31, 2022						53,104						843,074		277,654		(279)	(970,198)	116	32						203,503
Loss for the year																	(389,119)								(389,119)
Other comprehensive income / (loss)																		(60)	22						(38)
Total comprehensive income / (loss)																	(389,119)	(60)	22						(389,157)
Share-based payment awards														22,805											22,805
Convertible loans						1,471					€ 84	0		(1,510)	(84)										(39)
Share capital increase				€ 9,046						€ 81,387													€ 90,433
Initial recognition of May 2023 Warrants														82,829											82,829
Exercise of May 2023 Warrants			€ 2,453						€ 24,231													€ 26,684
Cancellation of issued shares					€ (194)	(194)									€ 194	(194)
Reduction in nominal value of Class A, B and C shares						(60,152)						59,983				€ 169
Ending balance at Dec. 31, 2023						€ 5,728						€ 1,008,759		€ 381,778			€ (1,359,317)	€ 56	€ 54						€ 37,058

Financial Instruments - Financial instruments, analyzed by classes and categories (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial instruments
Carrying amount, Financial Assets	€ 203,115
Carrying amount, Financial liabilities	252,997
Financial liabilities measured at amortized cost
Financial instruments
Carrying amount, Financial liabilities	47,984	€ 37,166
Financial liabilities measured at amortized cost \| Non-current trade and other payables
Financial instruments
Carrying amount, Financial liabilities	3,362
Fair value, Financial liabilities	3,679	3,239
Financial liabilities measured at amortized cost \| Current trade and other payables
Financial instruments
Carrying amount, Financial liabilities	44,601
Financial liabilities measured at amortized cost \| Non-current other financial liabilities
Financial instruments
Carrying amount, Financial liabilities	17
Fair value, Financial liabilities	17
Financial liabilities measured at amortized cost \| Current other financial liabilities
Financial instruments
Carrying amount, Financial liabilities	4
Financial liabilities at fair value through profit or loss, category
Financial instruments
Carrying amount, Financial liabilities	205,013	26,267
Financial liabilities at fair value through profit or loss, category \| Non-current other financial liabilities
Financial instruments
Fair value, Financial liabilities		21
Financial liabilities at fair value through profit or loss, category \| Non-current other liabilities \| Level 1
Financial instruments
Fair value, Financial liabilities		1,162
Financial liabilities at fair value through profit or loss, category \| Non-current other liabilities \| Level 2
Financial instruments
Fair value, Financial liabilities		649
Financial liabilities at fair value through profit or loss, category \| Non-current other liabilities \| Level 3
Financial instruments
Fair value, Financial liabilities		24,456
Financial liabilities at fair value through profit or loss, category \| Warrants \| Level 1
Financial instruments
Carrying amount, Financial Assets	1,832
Fair value, Financial liabilities	1,832
Financial liabilities at fair value through profit or loss, category \| Warrants \| Level 2
Financial instruments
Carrying amount, Financial Assets	1,022
Fair value, Financial liabilities	1,022
Financial liabilities at fair value through profit or loss, category \| Warrants \| Level 3
Financial instruments
Carrying amount, Financial Assets	202,159
Fair value, Financial liabilities	202,159
AC
Financial instruments
Carrying amount, Financial Assets	198,474	205,548
Carrying amount, Financial liabilities		63,433
AC \| Current other financial liabilities
Financial instruments
Carrying amount, Financial liabilities		4
AC \| Cash and cash equivalents
Financial instruments
Carrying amount, Financial Assets	83,508	179,581
AC \| Fixed term deposit
Financial instruments
Carrying amount, Financial Assets	111,498	19,987
AC \| Non-current security deposits
Financial instruments
Carrying amount, Financial Assets	3,350	3,386
Fair value, Financial Assets	3,276
AC \| Security deposits
Financial instruments
Carrying amount, Financial Assets	118	2,594
AC \| Financial liabilities measured at amortized cost \| Non-current trade and other payables
Financial instruments
Carrying amount, Financial liabilities		3,483
AC \| Financial liabilities measured at amortized cost \| Current trade and other payables
Financial instruments
Carrying amount, Financial liabilities		33,658
AC \| Financial liabilities at fair value through profit or loss, category \| Non-current other financial liabilities
Financial instruments
Carrying amount, Financial liabilities		21
AC \| Financial liabilities at fair value through profit or loss, category \| Non-current other liabilities \| Level 1
Financial instruments
Carrying amount, Financial liabilities		1,162
AC \| Financial liabilities at fair value through profit or loss, category \| Non-current other liabilities \| Level 2
Financial instruments
Carrying amount, Financial liabilities		649
AC \| Financial liabilities at fair value through profit or loss, category \| Non-current other liabilities \| Level 3
Financial instruments
Carrying amount, Financial liabilities		24,456
AC \| Financial liabilities at fair value through profit or loss, category \| Non-current security deposits
Financial instruments
Fair value, Financial Assets		€ 3,265
FVTPL
Financial instruments
Carrying amount, Financial Assets	4,641
FVTPL \| Investment in equity instrument
Financial instruments
Carrying amount, Financial Assets	4,641
Fair value, Financial Assets	€ 4,641

Shareholders' Equity - Share-based payments (Details) - EUR (€) € in Thousands		12 Months Ended
	Mar. 26, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shareholders' Equity
Issued shares for share-based payments exercised		19,449,259	10,857,264
Convertible loans		€ (39)	€ (562)	€ 96,193
Share-based payment awards		22,805	27,380	53,350
Subscribed capital
Shareholders' Equity
Convertible loans	€ 2,464	1,471	1,303	2,464
Share premium
Shareholders' Equity
Convertible loans	127,813	0	207	127,813
Other capital reserves
Shareholders' Equity
Convertible loans	€ (34,084)	(1,510)	(2,072)	(34,084)
Increase Decrease Through Conversion Of Convertible Instruments Excluding Tax Obligations		1,179	1,227
Increase Decrease Through Conversion Of Convertible Instruments, Tax Obligations		331	845
Share-based payment awards		€ 22,805	€ 27,380	€ 53,350

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies.

Commitments and Contingencies

30.Commitments and Contingencies

The Group has no lease contracts that have not yet commenced as at December 31, 2023. The Group had various lease contracts not yet commenced as of December 31, 2022. The future lease payments for these lease contracts as of December 31, 2022 were €400 thousand within one year, €1,601 thousand between one and five years and nil thereafter.

The Group has commitments under operating contracts. The future payments for the operating contracts are €82,690 thousand (2022: €73,779 thousand) within one year, €100,805 thousand (2022: €100,177 thousand) between one and five years and €194 thousand (2022: €18,558 thousand) thereafter.

Further, the Group has commitments of €5,376 thousand (2022: €5,016 thousand) to acquire items of property, plant & equipment and commitments of €3 thousand (2022: €4,344 thousand) to acquire items of intangible assets.

The Group is required to issue, subject to the execution of definitive agreements, Azul Additional Warrants, which are expected to vest in three tranches upon achieving certain performance and market conditions. Please refer to the Strategic Collaboration Agreement with Azul in note 22.

On April 18, 2022, a putative class action was filed against Lilium N.V., Daniel Wiegand, Geoffrey Richardson and Barry Engle for purported violations of United States securities laws (the “Lawsuit”). The Lawsuit was filed in the U.S. District Court for the Central District of California, but was later transferred to the U.S. District Court for the Southern District of Florida. The Lawsuit is presently captioned as: Maniraj Ashirwad Gnanaraj v. Lilium N.V. et al., 23-CV-80232- Rosenberg/Reinhart. On March 10, 2023, the Lead Plaintiff filed an amended complaint, which Defendants moved to dismiss. On January 3, 2024, the court granted Defendants’ motion to dismiss but allowed the Lead Plaintiff to file a second amended complaint. On January 24, 2024, the Lead Plaintiff filed a second amended complaint, which Defendants have moved to dismiss. The Company’s management believes the claims are without merit and intend to vigorously defend this litigation. The Lawsuit is currently at a preliminary stage and Lilium cannot predict its outcome, so the Company therefore cannot determine the likelihood of loss or estimate a range of possible loss.

In November 2022, the Group entered into a success fee arrangement with an entity controlled by a former member of key management personnel shortly after cessation of employment, in which the Company will pay a percentage of future fundraising up to a cap of US$9,900 thousand. During the year, €906 thousand (2022: nil) was paid out in relation to successful fundraising, and the contract expired with no further payments due.

In 2023, the Group entered into a success fee arrangement with a third-party entity (the “Provider”) with a contractual term of 12 months until December 2024. In the event of any fundraising transaction during the contractual term with a party defined in the success fee arrangement, Lilium must pay the Provider a percentage of the gross proceeds as a success fee. The arrangement also includes a retainer payment, of which €181 thousand remains committed as of December 31, 2023.

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

16.Leases

The Group has lease contracts for facilities, which contain variable lease payments and for 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, 2022	10,910	43	428	144	11,525
Additions to right-of-use assets	1,526	63	23	—	1,612
Transfer	—	—	—	(144)	(144)
Disposal of right-of-use assets	—	(3)	(1)	—	(4)
Depreciation	(2,889)	(49)	(39)	—	(2,977)
Indexation impact	488	—	—	—	488
December 31, 2022	10,034	54	411	—	10,499
Additions to right-of-use assets	3,126	—	17	—	3,143
Depreciation	(3,553)	(19)	(51)	—	(3,623)
Indexation impact	1,256	—	—	—	1,256
December 31, 2023	10,863	35	377	—	11,275

Some lease payments for rights to buildings are indexed to the German consumer price index, which is 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, 2022		11,823
Additions		1,385
Accrued interest		(7)
Interest		443
Payments		(3,163)
Indexation impact		488
December 31, 2022		10,969
Additions		2,369
Accrued interest		(2)
Interest		604
Payments		(4,029)
Indexation impact		1,256
December 31, 2023		11,167

The current and non-current portion of lease liabilities are as follows:


In € thousand	12/31/2023	12/31/2022
Current	2,943	2,616
Non-current	8,224	8,353
Total lease liabilities	11,167	10,969

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


In € thousand	2023	2022	2021
Depreciation of right of-use-assets	3,623	2,977	1,941
Interest expense on lease liabilities	604	443	437
Short-term lease expenses	214	6	488
Lease expenses for low-value assets	94	137	220
Total amount recognized in expense	4,535	3,563	3,086

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	2023	2022
Fixed lease payments	1,502	1,212
Variable lease payments	2,527	1,951
Total amount of lease payments	4,029	3,163

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


In € thousand	2023	2022	2021
Principal paid	3,425	2,720	1,781
Interest paid	604	443	437
Short term and low value leases	308	143	708
Total amount paid	4,337	3,306	2,926

Financial Instruments - Foreign Currency Risk (Details) - Currency Risk - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments
Total exposure	€ (206,878)	€ (20,082)
Cash and cash equivalents
Financial Instruments
Total exposure	10,895	17,927
Non-current receivables from affiliated companies
Financial Instruments
Total exposure	834	11,793
Current receivables from affiliated companies
Financial Instruments
Total exposure	9,334	5,951
Non-current trade and other payables
Financial Instruments
Total exposure		(3,786)
Current trade and other payables
Financial Instruments
Total exposure	(19,308)	(7,235)
Non-current payables to affiliated companies
Financial Instruments
Total exposure	(757)
Current payables to affiliated companies
Financial Instruments
Total exposure	(2,863)	(18,465)
Warrants [Member]
Financial Instruments
Total exposure	(205,013)	(26,267)
USD
Financial Instruments
Total exposure	(202,887)	(19,098)
USD \| Cash and cash equivalents
Financial Instruments
Total exposure	10,827	17,927
USD \| Non-current receivables from affiliated companies
Financial Instruments
Total exposure	119	5,424
USD \| Current receivables from affiliated companies
Financial Instruments
Total exposure	7,388	2,158
USD \| Non-current trade and other payables
Financial Instruments
Total exposure		(2,885)
USD \| Current trade and other payables
Financial Instruments
Total exposure	(13,345)	(7,097)
USD \| Current payables to affiliated companies
Financial Instruments
Total exposure	(2,863)	(8,358)
USD \| Warrants [Member]
Financial Instruments
Total exposure	(205,013)	(26,267)
JPY
Financial Instruments
Total exposure	(5,826)	(901)
JPY \| Cash and cash equivalents
Financial Instruments
Total exposure	16
JPY \| Non-current trade and other payables
Financial Instruments
Total exposure		(901)
JPY \| Current trade and other payables
Financial Instruments
Total exposure	(5,842)
GBP
Financial Instruments
Total exposure	1,835	(83)
GBP \| Cash and cash equivalents
Financial Instruments
Total exposure	52
GBP \| Non-current receivables from affiliated companies
Financial Instruments
Total exposure	715	6,369
GBP \| Current receivables from affiliated companies
Financial Instruments
Total exposure	1,946	3,793
GBP \| Current trade and other payables
Financial Instruments
Total exposure	(121)	(138)
GBP \| Non-current payables to affiliated companies
Financial Instruments
Total exposure	€ (757)
GBP \| Current payables to affiliated companies
Financial Instruments
Total exposure		€ (10,107)

Material Accounting Policies - Estimated useful lives of property plant and equipment (Details)	12 Months Ended
	Dec. 31, 2023
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

Revenue from Contracts with Customers and Cost of Sales

12 Months Ended

Dec. 31, 2023

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

During the year, the Group entered into revenue generating contracts to deliver aircraft. No revenue was recognized during the current year (2022: nil) as no goods or services were transferred to customers.

In 2021, revenue amounting to €47 thousand was recognized from one customer at a point in time upon receipt of acceptance in relation to provision of infrastructure and mobility consultation services provided to airport authorities. The geographic region which recognized revenues was Germany based on the Group’s location which bills the customer. Related costs are captured in costs of sales and comprise of personnel expenses.

Financial Instruments - The movements in level 3 fair values (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Beginning balance	€ 203,503	€ 342,511	€ 57,722
Realized gains/losses:
Foreign exchange effects - Finance income	5,698	3,842	1,689
Foreign exchange effects - Finance expense	(3,027)	(3,264)	(1,054)
Ending balance	37,058	203,503	342,511
May 2023 Warrant
Unrealized gains/losses:
Settlement of initial funding amount	91,811
Settlement of Additional Funding Amount	67,416
Over-allotment option \| Level 3
Disclosure of detailed information about financial instruments [line items]
Beginning balance		0
Unrealized gains/losses:
Initial recognition of over-allotment option	(3,312)
Realized gains/losses:
Changes in fair value - Finance income	3,346
Foreign exchange effects - Finance expense	(34)
Ending balance			€ 0
Warrants [Member] \| Level 3
Disclosure of detailed information about financial instruments [line items]
Beginning balance	(24,455)
Unrealized gains/losses:
Change in fair value - Finance income	2,599	8,979
Changes in fair value - Finance expense	(112,603)
Foreign exchange effects - Finance income	3,405	1,116
Foreign exchange effects - Finance expense	(111)
Realized gains/losses:
Changes in fair value - Finance expense	(15,765)
Foreign exchange effects - Finance income	128
Ending balance	(202,159)	(24,455)
Warrants [Member] \| Level 3 \| RDO & 2022 PIPE Warrants
Disclosure of detailed information about financial instruments [line items]
Initial recognition of Warrants		€ (34,550)
Warrants [Member] \| Level 3 \| May 2023 Warrant
Unrealized gains/losses:
Initial recognition of over-allotment option	82,829
Settlement of initial funding amount	(91,811)
Settlement of Additional Funding Amount	(67,416)
Exercise of May 2023 Warrants	25,593
Warrants [Member] \| Level 3 \| 2023 PIPE Warrants
Unrealized gains/losses:
Initial recognition of over-allotment option	(4,552)
Equity instruments \| Level 3
Unrealized gains/losses:
Changes in fair value - Finance expense	(518)
Purchase of equity instrument	5,159
Realized gains/losses:
Ending balance	€ 4,641

Other Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
Other Expenses (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Expenses
Foreign currency losses	€ 3,027	€ 3,264	€ 1,054
Miscellaneous other items	1	4	982
Total other expenses	€ 3,028	€ 3,268	€ 2,036

Financial Instruments - Thereof aggregated to categories according to IFRS 9 (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments
Carrying amount	€ 203,115
Carrying amount, financial liabilities	252,997
Financial assets measured at amortized cost
Financial Instruments
Carrying amount	198,474	€ 205,548
Carrying amount, financial liabilities		63,433
FVTPL.
Financial Instruments
Carrying amount	4,641
Financial liabilities at fair value through profit or loss, category
Financial Instruments
Carrying amount, financial liabilities	205,013	26,267
Financial liabilities measured at amortized cost
Financial Instruments
Carrying amount, financial liabilities	€ 47,984	€ 37,166

- Definition

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]

+ References + Details

- Definition

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]]

+ References + Details

Corporate Information (Details)	Dec. 31, 2022	Sep. 14, 2021
Corporate Information
Percentage of shares acquired	31.40%
Business Combination Agreement
Corporate Information
Percentage of shares acquired		100.00%

Shareholders' Equity - 2022 Private Placement ("2022 PIPE") (Details) € in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022 EUR (€) shares	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2021 EUR (€) shares	Nov. 30, 2022 $ / shares
Shareholders' Equity
Aggregate cash proceeds		€ 1,091
Share-based payment awards		€ 22,805	€ 27,380	€ 53,350
Class A shares
Shareholders' Equity
Shares issued \| shares		89,838,455	91,524,935	45,000,000
Class A shares \| 2022 PIPE Securities Purchase Agreement
Shareholders' Equity
Shares issued \| shares	69,024,938
Warrants to purchase class A shares \| shares	34,512,464
Price per share \| $ / shares					$ 1.30
Aggregate cash proceeds	€ 85,754
Non-cash contribution	975
Share-based payment awards	€ 11,916
Number of shares called by each warrant \| shares	0.5
Amount of liability to issue warrants	€ 26,009	€ 8,541

Share-based Payments - Movements during the year (Details)	12 Months Ended
	Dec. 31, 2023 shares EUR (€) Options	Dec. 31, 2023 shares EUR (€) Options	Dec. 31, 2023 shares EUR (€) € / shares Options	Dec. 31, 2023 shares EUR (€) Options	Dec. 31, 2022 shares EUR (€) € / shares Options
Weighted average exercise prices
Number of RSU exercisable \| Options	2,199	2,199	2,199	2,199	908
General population and executives - Employee Stock Option Program (ESOP)
Number of options
Exercised during the period			(0.99)		(2.52)
WAEP
Outstanding at December 31			€ 0
General population - Restricted Stock units (RSU)
Number of options
Outstanding at January 1 \| shares					162,800
Granted during the year \| €		6,826,000			4,886,000
Forfeited during the year \| shares					(135,309)
WAEP
Outstanding at January 1			€ 0.12		€ 0.12
Assigned during the year			0.01		0.12
Forfeited during the year			€ 0.04		€ 0.12
Outstanding at December 31			€ 0.01		€ 0.12
Number of RSU
Outstanding at January 1 \| shares	7,739,562	7,739,562	7,739,562	7,739,562	4,275,098
Assigned during the year \| shares	6,826,462				4,886,077
Exercised during the year \| shares	(2,473,089)				(638,470)
Forfeited during the year \| shares	(888,909)
Outstanding at December 31 \| shares	7,739,562	7,739,562	7,739,562	7,739,562	4,275,098
Weighted average exercise prices
Exercised during the year			€ 0.05		€ 0.12
General population and executives - Retention and Recognition (RNR)
WAEP
Assigned during the year			0.01
Forfeited during the year			€ 0.01
Exercised during the period			0.01
Outstanding at December 31			€ 0.01
Number of RSU
Outstanding at January 1 \| shares	810,816	810,816	810,816	810,816
Assigned during the year	2,432,424	2,432,000
Exercised during the year \| shares	(405,401)
Forfeited during the year \| shares	(1,216,207)
Outstanding at December 31 \| shares	810,816	810,816	810,816	810,816
Weighted average exercise prices
Number of RSU exercisable \| €	0	0	0	0
Executives - Employee Stock Option Program (ESOP) special vesting
Number of options
Outstanding at January 1 \| Options				728,020	1,888,477
Granted during the year \| Options				322,840	531,449
Forfeited during the year \| Options				(302,327)	(1,160,457)
Exercised during the period \| Options				(93,718)	(430,431)
Outstanding at December 31 \| Options				425,693	728,020
WAEP
Outstanding at January 1			€ 6.94		€ 7.90
Forfeited during the year			8.50		8.50
Outstanding at December 31			5.85		€ 6.94
Executives - Restricted Stock units (RSU)
Number of options
Outstanding at January 1 \| Options				2,324,725	1,050,913
Granted during the year \| Options				4,931,937	1,699,411
Forfeited during the year \| Options				(1,178,419)	(291,199)
Outstanding at December 31 \| Options				5,639,673	2,324,725
WAEP
Outstanding at January 1			€ 0.12		€ 0.12
Granted during the year					€ 0.12
Assigned during the year	4,932,000		0.01		1,699,000
Forfeited during the year			€ 0.03		€ 0.12
Exercised during the period			0.03		0.12
Outstanding at December 31			0.01		€ 0.12
Number of RSU
Forfeited during the year \| Options				(438,570)	(134,400)
Executives - Performance-based stock awards
Number of options
Outstanding at January 1 \| Options				3,596,721	7,036,501
Granted during the year \| Options				657,608	1,272,059
Forfeited during the year \| Options					(4,711,839)
Outstanding at December 31 \| Options				4,254,329	3,596,721
WAEP
Outstanding at January 1			7.94		€ 8.15
Granted during the year			0.01		9.45
Forfeited during the year					8.66
Outstanding at December 31			6.71		€ 7.94
Executives - Time-based stock options (TSO)
Number of options
Outstanding at January 1 \| Options				3,107,488	2,951,000
Granted during the year \| Options				0	2,199,488
Forfeited during the year \| Options					(2,043,000)
Outstanding at December 31 \| Options				3,107,488	3,107,488
WAEP
Outstanding at January 1			4.07		€ 7.25
Granted during the year					2.76
Forfeited during the year					7.25
Outstanding at December 31			4.07		€ 4.07
General population and Executives - standard ESOP, Equity-settled options \| General population and executives - Employee Stock Option Program (ESOP)
Number of options
Outstanding at January 1 \| Options				8,049,568	19,573,307
Granted during the year \| Options					5,714
Forfeited during the year \| Options				(657,381)	(1,188,512)
Exercised during the period \| Options				(2,577,144)	(10,318,085)
Transferred to cash-settled \| shares					(22,856)
Outstanding at December 31 \| Options				4,815,043	8,049,568
WAEP
Outstanding at January 1			0.00		€ 0.00
Granted during the year					0.00
Forfeited during the year			0.00		0.00
Exercised during the period			0.00		€ 0.00
Transferred from cash-settled					0.00
Outstanding at December 31			0.00		€ 0.00
General population and Executives - standard ESOP, Cash-settled options \| General population and executives - Employee Stock Option Program (ESOP)
Number of options
Outstanding at January 1 \| Options				5,714
Forfeited during the year \| Options				(5,714)
Exercised during the period					(17,142)
Transferred to cash-settled \| shares					22,856
Outstanding at December 31 \| Options					5,714
WAEP
Outstanding at January 1			0.00
Forfeited during the year			0.00
Transferred from cash-settled					0.00
Outstanding at December 31					€ 0.00
Executives - Restricted Stock units (RSU) \| Executives - Restricted Stock units (RSU)
WAEP
Outstanding at January 1			1.66
Outstanding at December 31			€ 1.30		€ 1.66

Intangible Assets

12 Months Ended

Dec. 31, 2023

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, 2023	4,161	145	4,306
Additions	79	—	79
Disposal	(3,470)	(18)	(3,488)
December 31, 2023	770	127	897
Accumulated amortization/write downs
January 1, 2023	3,411	25	3,436
Amortization	386	8	394
Disposal	(3,470)	(18)	(3,488)
Impairment	60	1	61
December 31, 2023	387	16	403
Carrying amount:
December 31, 2022	750	120	870
December 31, 2023	383	111	494


		Purchased concessions,
		rights, and other
In € thousand	Software	in-tangible assets	Total
Costs of acquisition
January 1, 2022	3,998	108	4,106
Additions	163	37	200
Transfer from property, plant and equipment	—	—	—
December 31, 2022	4,161	145	4,306
Accumulated amortization/write downs
January 1, 2022	2,694	18	2,712
Amortization	717	7	724
December 31, 2022	3,411	25	3,436
Carrying amount:
December 31, 2021	1,304	90	1,394
December 31, 2022	750	120	870

In 2023, 2022 and 2021 all amortization was recognized in the profit or loss in each given year.

During the year, an impairment loss of €61 thousand (2022: nil and 2021: nil) relating to assets that were obsolete was recognized in the consolidated statement of operations.

Non-Financial Assets

12 Months Ended

Dec. 31, 2022

Non-Financial Assets

Non-Financial Assets

19.Non-Financial Assets

Non-financial assets are as follows:


In € thousand	12/31/2023	12/31/2022
Advance payments	7,998	4,069
Prepaid expenses	1,771	9,418
Total non-current non-financial assets	9,769	13,487
Value added tax claims	6,072	1,696
Prepaid expenses	16,299	16,241
Miscellaneous other current non-financial assets	410	711
Total current non-financial assets	22,781	18,648
Total non-financial assets	32,550	32,135

Advance payments are payments made for the acquisition of fixed assets amounting to €7,998 thousand (2022: €4,069 thousand). Non-current prepaid expenses of €1,771 thousand (2022: €9,418) mainly consist of multi-year supplier contracts. Current prepaid expenses of €16,299 thousand (2022: €16,241 thousand) mainly relate to prepaid supply-chain development costs and prepaid software costs.

Financial Result (Tables)

12 Months Ended

Dec. 31, 2023

Financial Result

Schedule of financial results


In € thousand	2023	2022	2021
Finance income	15,335	30,322	11,288
thereof: fair value changes	9,565	29,922	11,280
thereof: impairment losses net of reversal	57	125	—
thereof: interest income	5,713	275	8
Finance expenses	(131,059)	(1,995)	(20,201)
thereof: fair value changes	(130,159)	(763)	(15,645)
thereof: interest portion of lease payments	(604)	(443)	(437)
thereof: other interest expense	(296)	(789)	(376)
thereof: impairment losses net of reversal	—	—	(260)
thereof: interest on convertible loans	—	—	(3,483)
Financial result	(115,724)	28,327	(8,913)

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Financial Instruments

Summary of financial instruments, analyzed by classes and categories


	12/31/2023
In € thousand	Category	Carrying amount	Fair value
Financial assets, by class
Cash and cash equivalents	AC	83,508	n/a
Fixed-term deposits	AC	111,498	n/a
Non-current security deposits	AC	3,350	3,276
Security deposits	AC	118	n/a
Investment in equity instrument	FVTPL	4,641	4,641
Total financial assets		203,115
Financial liabilities, by class
Non-current trade and other payables	AC	3,362	3,679
Current trade and other payables	AC	44,601	n/a
Non-current other financial liabilities	AC	17	17
Current other financial liabilities	AC	4	n/a
Warrants:
Level 1	FVTPL	1,832	1,832
Level 2	FVTPL	1,022	1,022
Level 3	FVTPL	202,159	202,159
Total financial liabilities		252,997


		Carrying
Thereof aggregated to categories according to IFRS 9		amount
Financial assets measured at AC		198,474
Financial assets measured at FVTPL		4,641
Financial liabilities measured at FVTPL		205,013
Financial liabilities measured at AC		47,984


	12/31/2022
In € thousand	Category	Carrying amount	Fair value
Financial assets, by class
Cash and cash equivalents	AC	179,581	n/a
Fixed-term deposits	AC	19,987	n/a
Non-current security deposits	AC	3,386	3,265
Security deposits	AC	2,594	n/a
Investment in equity instrument	FVTPL	—	—
Total financial assets		205,548
Financial liabilities, by class
Non-current trade and other payables	AC	3,483	3,239
Current trade and other payables	AC	33,658	n/a
Non-current other liabilities	AC	21	21
Current other financial liabilities	AC	4	n/a
Warrants:
Level 1	FVTPL	1,162	1,162
Level 2	FVTPL	649	649
Level 3	FVTPL	24,456	24,456
Total financial liabilities		63,433


		Carrying
Thereof aggregated to categories according to IFRS 9		amount
Financial assets measured at AC		205,548
Financial assets measured at FVTPL		—
Financial liabilities measured at FVTPL		26,267
Financial liabilities measured at AC		37,166

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


December 31, 2023	Absolute shift		Fair Value	Effect on financial
in € thousand	in base volatility		of warrants	result
Base	—		(202,159)	—
Up	10	%	(204,254)	(2,095)
Down	(10)	%	(199,866)	2,293


December 31, 2022	Absolute shift		Fair Value	Effect on financial
in € thousand	in base volatility		of warrants	result
Base	—		(24,455)	—
Up	10	%	(27,029)	(2,574)
Down	(10)	%	(21,881)	2,575

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


	Equity		Over-allotment
In € thousand	instruments	Warrants	option
January 1, 2022	—	—	—
Initial recognition of RDO & 2022 PIPE Warrants	—	(34,550)	—
Unrealized gains/losses:	—	—	—
Change in fair value - Finance income	—	8,979	—
Changes in fair value - Finance expense	—	—	—
Foreign exchange effects - Finance income	—	1,116	—
Foreign exchange effects - Finance expense	—	—	—

December 31, 2022	—	(24,455)	—
Purchase of equity instrument	5,159	—	—
Initial recognition of May 2023 Warrants	—	82,829	—
Initial recognition of 2023 PIPE Warrants	—	(4,552)	—
Initial recognition of over-allotment option	—	—	(3,312)
Settlement of Initial Funding Amount on May 2023 Warrants	—	(91,811)	—
Settlement of Additional Funding Amount on May 2023 Warrants	—	(67,416)	—
Exercise of May 2023 Warrants	—	25,593	—
Realized gains/losses:	—	—	—
Changes in fair value - Finance income	—	—	3,346
Changes in fair value - Finance expense	—	(15,765)	—
Foreign exchange effects - Finance income	—	128	—
Foreign exchange effects - Finance expense	—	—	(34)
Unrealized gains/losses:	—	—	—
Changes in fair value - Finance income	—	2,599	—
Changes in fair value - Finance expense	(518)	(112,603)	—
Foreign exchange effects - Finance income	—	3,405	—
Foreign exchange effects - Finance expense	—	(111)	—
December 31, 2023	4,641	(202,159)	—

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


2023	Subsequent measurement
		Foreign		Impairment
		exchange		losses net of	Total per
In € thousand	Interest	conversion	Fair value	reversal	category
Financial assets measured at AC	5,713	82	—	57	5,852
Financial liabilities measured at AC	(296)	(887)	—	—	(1,183)
Financial assets and liabilities measured at FVTPL	—	3,476	(124,070)	—	(120,594)
Total	5,417	2,671	(124,070)	57	(115,925)


2022	Subsequent measurement
		Foreign		Impairment
		exchange		losses net of	Total per
In € thousand	Interest	conversion	Fair value	reversal	category
Financial assets measured at AC	(412)	1,147	—	125	860
Financial liabilities measured at AC	(236)	(560)	—	—	(796)
Financial assets and liabilities measured at FVTPL	—	(508)	29,667	—	29,159
Total	(648)	79	29,667	125	29,223


2021	Subsequent measurement
		Foreign		Impairment
		exchange		losses net of	Total per
In € thousand	Interest	conversion	Fair value	reversal	category
Financial assets measured at AC	(364)	1,061	—	(260)	437
Financial liabilities measured at AC	(3,483)	(446)	—	—	(3,929)
Financial assets and liabilities measured at FVTPL	—	(1,018)	(3,327)	—	(4,345)
Total	(3,847)	(403)	(3,327)	(260)	(7,837)

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


				12/31/2023
	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	198,552	(78)	No
Of which:
Cash and cash equivalents		83,512	(4)	No
Fixed-term deposits		111,559	(61)	No
Security deposits		3,481	(13)	No


				12/31/2022
	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	205,683	(135)	No
Of which:
Cash and cash equivalents		179,640	(59)	No
Fixed-term deposits		20,017	(30)	No
Security deposits		6,026	(46)	No

Movement in the impairment loss allowance for the financial assets exposed to credit risks


	12/31/2022			12/31/2023
	Impairment loss	Reversals of	Additions to	Impairment loss
	allowance	expected	expected credit	allowance
in € thousand	brought forward	credit losses	losses	carried forward
Cash and Cash equivalents	(59)	56	(1)	(4)
Fixed-term deposits	(30)	30	(61)	(61)
Security deposits	(46)	33	—	(13)
Total	(135)	119	(62)	(78)


	12/31/2021			12/31/2022
	Impairment loss	Reversals of	Additions to	Impairment loss
	allowance	expected credit	expected credit	allowance carried
in € thousand	brought forward	losses	losses	forward
Cash and Cash equivalents	(3)	—	(56)	(59)
Fixed-term deposits	(256)	256	(30)	(30)
Security deposits	(1)	—	(45)	(46)
Total	(260)	256	(131)	(135)

Schedule of exposure to possible appreciation and depreciation in foreign currency


	USD	JPY	GBP	Total exposure
At December 31, 2023	(in € thousand)	(in € thousand)	(in € thousand)	(in € thousand)
Cash and cash equivalents	10,827	16	52	10,895
Non-current receivables from affiliated companies	119	—	715	834
Current receivables from affiliated companies	7,388	—	1,946	9,334
Non-current trade and other payables	—	—	—	—
Current trade and other payables	(13,345)	(5,842)	(121)	(19,308)
Non-current payables to affiliated companies	—	—	(757)	(757)
Current payables to affiliated companies	(2,863)	—	—	(2,863)
Warrants	(205,013)	—	—	(205,013)
	(202,887)	(5,826)	1,835	(206,878)

Summary of sensitivity of a change in foreign currency


As of December 31, 2023
	Effect of EUR appreciation on	Effect of EUR depreciation on
	profit before tax	profit before tax
Currency	(in € thousand)	(in € thousand)
USD	19,331	(23,523)
GBP	208	(210)
JPY	530	(647)


As of December 31, 2022
	Effect of EUR appreciation on	Effect of EUR depreciation on profit
	profit before tax	before tax
Currency	(in € thousand)	(in € thousand)
USD	1,736	(2,122)
GBP	8	(9)
JPY	82	(100)

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


				12/31/2023
				2029 and
in € thousand	2024	2025	2026 to 2028	thereafter
Lease liabilities	3,460	3,394	5,433	—
Trade and other payables	44,601	1,301	3,617	—


				12/31/2022
				2028 and
in € thousand	2023	2024	2025 to 2027	thereafter
Lease liabilities	2,970	2,457	6,463	—
Trade and other payables	33,658	1,974	2,770	—

Summary of reconciliation of changes in liabilities arising from financing activities


			Over-allotment
In € thousand	Lease liabilities	Warrants	option	Total
Statement of Financial Position as of December 31, 2022	10,969	26,267	—	37,236
Principal elements of lease payments	(3,425)	—	—	(3,425)
Interest paid	(604)	—	—	(604)
Settlement of Initial Funding Amount on May 2023 Warrants	—	91,811	—	91,811
Settlement of Additional Funding Amount on May 2023 Warrants	—	67,416	—	67,416
Proceeds from issue of 2023 PIPE Warrants	—	4,552	—	4,552
Proceeds from issue of over-allotment option	—	—	3,312	3,312
Change in the cash flow from financing activities 2023	(4,029)	163,779	3,312	163,062
Additions to lease liabilities due to new lease contracts	3,625	—	—	3,625
Initial recognition of May 2023 Warrants	—	(82,829)	—	(78,277)
Fair value changes	—	126,899	(3,346)	123,553
Effects of foreign exchange conversion	—	(3,510)	34	(3,476)
Exercised May 2023 Warrants	—	(25,593)	—	(25,293)
Interest expenses	602	—	—	602
Statement of Financial Position as of December 31, 2023	11,167	205,013	—	216,180


	Lease		Over-allotment
In € thousand	liabilities	Warrants	option	Total
Statement of Financial Position as of December 31, 2021	11,823	21,405	—	33,228
Principal elements of lease payments	(2,720)	—	—	(2,720)
Interest paid	(443)	—	—	(443)
Change in the cash flow from financing activities 2022	(3,163)	—	—	(3,163)
Additions to lease liabilities due to new lease contracts	1,873	—	—	1,873
Additions to warrants	—	34,550	—	34,550
Fair value changes	—	(30,196)	—	(30,196)
Effects of foreign exchange conversion	—	508	—	508
Interest expenses	436	—	—	436
Statement of Financial Position as of December 31, 2022	10,969	26,267	—	37,236

Cash and Cash Equivalents (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents
Short-term fixed-term deposits	€ 0	€ 49,385
Cash at banks	83,508	130,196
Total cash and cash equivalents	€ 83,508	€ 179,581	€ 129,856	€ 102,144

Financial Result

12 Months Ended

Dec. 31, 2023

Financial Result

Financial Result

11.Financial Result

Financial result is comprised of the following:


In € thousand	2023	2022	2021
Finance income	15,335	30,322	11,288
thereof: fair value changes	9,565	29,922	11,280
thereof: impairment losses net of reversal	57	125	—
thereof: interest income	5,713	275	8
Finance expenses	(131,059)	(1,995)	(20,201)
thereof: fair value changes	(130,159)	(763)	(15,645)
thereof: interest portion of lease payments	(604)	(443)	(437)
thereof: other interest expense	(296)	(789)	(376)
thereof: impairment losses net of reversal	—	—	(260)
thereof: interest on convertible loans	—	—	(3,483)
Financial result	(115,724)	28,327	(8,913)

Finance Income

Fair value changes mainly resulted from changes in value of warrants of €6,219 thousand (2022: €29,688 thousand; 2021: €4,454 thousand) consisting of fair value changes of the 2023 PIPE Warrants of €2,599 thousand (2022: €30,196 thousand; 2021: €5,492 thousand) and the gain from the foreign exchange translation of warrants of €3,620 thousand (2022: (€508 thousand); 2021: ( €1,038 thousand)).

As part of the CMPO financing transaction described in note 21, the underwriter had an over-allotment option to purchase additional shares within 30 days of the underwriting agreement. The option expired without being exercised, resulting in fair value changes of €3,346 thousand being recognized upon subsequent measurement in finance income.

Finance income also consists of interest income of €5,713 thousand (2022: €275 thousand; 2021: €8 thousand) primarily earned from fixed-term deposits and cash at bank.

In 2021, finance income further included €6,351 thousand from fair value changes of embedded derivatives of convertible loans.

Finance expense

Fair value changes mainly resulted from changes in fair value of warrants of €129,609 thousand (2022 and 2021: nil), consisting of realised fair value changes of €15,765 thousand (2022 and 2021: nil) from the exercise of 2023 May Warrants and changes in value of unexercised warrants of €113,844 thousand (2022 and 2021: nil), consisting of fair value changes of warrants of €113,733 thousand (2022 and 2021: nil) and the loss from the foreign exchange translation of 2023 PIPE Warrants of €111 thousand (2022 and 2021: nil).

In 2022, the finance expenses that resulted from fair value changes consisted of fair value changes in money market funds of €67 thousand (2021: €87 thousand) and fair value changes in the ELOC purchased put option of €696 thousand (2021: nil) (see note 21).

In 2021, fair value changes also included the loss from a foreign currency exchange contract of €15,532 thousand. The foreign currency exchange contract was related to the funds from the Reorganization expected to be received in USD.

General and Administrative Expenses - Additional Information (Details) - General and Administrative Expenses - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General and Administrative Expenses
Professional services, consulting and legal fees	€ 33,127
Professional services, issue of Azul warrants expenses	13,030
IT and communication expense incurred for cloud-based data analytics tool	€ 8,895	€ 13,527	€ 0

Share-based Payments (Tables)

12 Months Ended

Dec. 31, 2023

Share-based Payments

Schedule of share-based payment arrangement expense


In € thousand	2023	2022	2021
Equity-settled
General population and executives – Employee Stock Option Program (ESOP)	1,298	7,942	29,286
General population – Restricted stock units (RSU)	5,156	4,977	77
General population and executives – Retention and Recognition (RNR)	925	—	—
Executives – Employee Stock Option Program (ESOP) special vesting	598	1,101	2,135
Executives – Restricted stock units (RSU)	4,273	3,259	1,178
Executives – Performance-based stock awards	2,368	(375)	2,296
Executives – Time-based stock options (TSO)	932	2,200	3,505
Share-based payment – Vendors	5,632	9,726	—
Executives – Equity-based annual bonus	1,357	—	—
Cash-settled
Executives - Success fees	—	(4,569)	9,872
Total expense	22,539	24,261	48,349

General population and executives - Employee Stock Option Program (ESOP)

Share-based Payments

Schedule of expense from share-based payment arrangement


In € thousand	2023	2022	2021
Expense arising from equity-settled share-based payment awards	1,298	7,942	29,286

Schedule of movements

Equity-settled options:


	2023			2022
	Number of	2023		Number of	2022
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	8,049,568	€	0.00	19,573,307	€	0.00
Granted during the year	—		—	5,714	€	0.00
Forfeited during the year	(657,381)	€	0.00	(1,188,512)	€	0.00
Exercised during the year	(2,577,144)	€	0.00	(10,318,085)	€	0.00
Transferred to cash-settled	—		—	(22,856)	€	0.00
Outstanding at December 31	4,815,043	€	0.00	8,049,568	€	0.00

Cash-settled options:


	2023			2022
	Number of	2023		Number of	2022
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	5,714	€	0.00	—		—
Forfeited during the year	(5,714)	€	0.00	—		—
Exercised during the year	—		—	(17,142)	€	0.00
Transferred from equity-settled	—		—	22,856	€	0.00
Outstanding at December 31	—		—	5,714	€	0.00

General population - Restricted Stock units (RSU)

Share-based Payments

Schedule of expense from share-based payment arrangement


In € thousand	2023	2022	2021
Expense arising from equity-settled RSU	5,156	4,977	77

Schedule of movements


	2023			2022
	Number of	2023		Number of	2022
(in units)	RSU	WAEP		RSU	WAEP
Outstanding at January 1	4,275,098	€	0.12	162,800	€	0.12
Assigned during the year	6,826,462	€	0.01	4,886,077	€	0.12
Exercised during the year	(2,473,089)	€	0.05	(638,470)	€	0.12
Forfeited during the year	(888,909)	€	0.04	(135,309)	€	0.12
Outstanding at December 31	7,739,562	€	0.01	4,275,098	€	0.12

General population and executives - Retention and Recognition (RNR)

Share-based Payments

Schedule of expense from share-based payment arrangement


In € thousand	2023	2022	2021
Expense arising from equity-settled RNR	925	—	—

Schedule of movements


	2023			2022
	Number of		2023	Number of	2022
(in units)	RNR		WAEP	RNR	WAEP
Outstanding at January 1	—		—	—	—
Assigned during the year	2,432,424	€	0.01	—	—
Exercised during the year	(405,401)	€	0.01	—	—
Forfeited during the year	(1,216,207)	€	0.01	—	—
Outstanding at December 31	810,816	€	0.01	—	—

Executives - Employee Stock Option Program (ESOP) special vesting

Share-based Payments

Schedule of expense from share-based payment arrangement


In € thousand	2023	2022	2021
Expense arising from equity-settled share-based payment awards	598	1,101	2,135

Schedule of movements


	2023			2022
	Number of		2023	Number of		2022
(in units)	options		WAEP	options		WAEP
Outstanding at January 1	728,020	€	6.94	1,888,477	€	7.90
Granted during the year	—		—	—		—
Forfeited during the year	(302,327)	€	8.50	(1,160,457)	€	8.50
Outstanding at December 31	425,693	€	5.85	728,020	€	6.94

Executives - Restricted Stock units (RSU)

Share-based Payments

Schedule of expense from share-based payment arrangement


In € thousand	2023	2022	2021
Expense arising from equity-settled RSU	4,273	3,259	1,178

Schedule of movements


	2023			2022
	Number of	2023		Number of	2022
(in units)	RSU	WAEP		RSU	WAEP
Outstanding at January 1	2,324,725	€	0.12	1,050,913	€	0.12
Granted during the year	4,931,937	€	0.01	1,699,411	€	0.12
Forfeited during the year	(438,570)	€	0.03	(134,400)	€	0.12
Exercised during the year	(1,178,419)	€	0.03	(291,199)	€	0.12
Outstanding at December 31	5,639,673	€	0.01	2,324,725	€	0.12

Executives - Performance-based stock awards

Share-based Payments

Schedule of expense from share-based payment arrangement


In € thousand	2023	2022	2021
Expense / (income) arising from performance-based stock awards	2,368	(375)	2,296

Schedule of movements


	2023			2022
	Number of	2023		Number of	2022
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	3,596,721	€	7.94	7,036,501	€	8.15
Granted during the year	657,608	€	0.01	1,272,059	€	9.45
Forfeited during the year	—		—	(4,711,839)	€	8.66
Outstanding at December 31	4,254,329	€	6.71	3,596,721	€	7.94

Executives - Time-based stock options (TSO)

Share-based Payments

Schedule of expense from share-based payment arrangement


In € thousand	2023	2022	2021
Expense arising from time-based stock options	932	2,200	3,505

Schedule of movements


	2023			2022
	Number of	2023		Number of	2022
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	3,107,488	€	4.07	2,951,000	€	7.25
Granted during the year	—		—	2,199,488	€	2.76
Forfeited during the year	—		—	(2,043,000)	€	7.25
Outstanding at December 31	3,107,488	€	4.07	3,107,488	€	4.07

Executives - Success fees (cash-settled)

Share-based Payments

Schedule of expense from share-based payment arrangement


In € thousand	2023	2022	2021
(Income) / expense for success fees	—	(4,569)	9,872
Total (Income) / expense	—	(4,569)	9,872

Related party Disclosures - Transactions with other related parties (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Disclosures
Non-cancelable commitment	€ 7,240	€ 7,702
Capital expenditure	3,526	0
License & Development agreement \| Ionblox
Related Party Disclosures
Research and Development expenditure	254	1,323
Remaining commitments on the contract	€ 22	€ 1,226

Material Accounting Policies (Details) € in Thousands	12 Months Ended
Material Accounting Policies (Details) € in Thousands	Dec. 31, 2023 EUR (€)
Significant Accounting Policies
Low value assets	€ 1
Useful life of property and equipment	5 years
Minimum
Significant Accounting Policies
Lease term	2 years
Maximum
Significant Accounting Policies
Lease term	9 years

Other Income (Details) - EUR (€) € in Thousands	12 Months Ended
Other Income (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income
Foreign currency gains	€ 5,698	€ 3,842	€ 1,689
Insurance recoveries	22	483	456
Income received from grants	2,039	1,038	51
At-equity income from dilution		1,179
Other miscellaneous income	377	266	78
Total other income	€ 8,136	€ 6,808	€ 2,274

Related Party Disclosures

12 Months Ended

Dec. 31, 2023

Related Party Disclosures

Related Party Disclosures

31.Related Party Disclosures

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


	Shares (in thousand units)		Ownership Interest (%)
Function	12/31/2023	12/31/2022	12/31/2023		12/31/2022
Key management	32,703	28,302	6.2	%	7.2	%
Other related parties	152,686	128,679	29.0	%	32.7	%
Total	185,389	156,981	35.2	%	39.9	%

2022 PIPE participation

Members of key management personnel and other related parties participated in the 2022 PIPE transaction described in note 21. The related parties contributed €15,461 thousand in exchange for 12,192,306 shares and 6,096,151 warrants, acquiring additional beneficial ownership of 3.1% based on outstanding shares after the transaction.

May 2023 Warrants

In May 2023, the Group executed a Securities Purchase Agreement (the “2023 SPA”) to issue to Aceville warrants to purchase up to 184,210,526 Class A shares (the “May 2023 Warrants”) for an initial exercise price of US$1.00 per share. On the closing date, Aceville has partially prefunded the aggregate exercise price of the May 2023 Warrants in an amount of US$100,000 thousand (the “Initial Funding Amount”) and also committed to prefund to the Group an additional US$75,000 thousand (the “Additional Funding Amount”) of the aggregate exercise price, contingent upon the Group securing US$75,000 thousand in additional funding from third parties. In July 2023, the Group satisfied the aforementioned condition and received the Additional Funding Amount. Details of the May 2023 Warrants are disclosed in note 24.

The initial valuation resulted in a derivative financial asset of €82,829 thousand. Management have concluded that the financial asset represents an equity contribution from Tencent Holdings Limited, resulting in an increase of €82,829 thousand in other capital reserves.

During the year 24,007,607 Class A shares were issued upon exercise of May 2023 Warrants. Proceeds of €1,091 thousand were received from the payment of the strike price of US$0.05 per share. The receipt of the strike price and the conversion of the remaining warrant liability (note 24) to equity resulted in an increase of €2,453 thousand in subscribed capital and €24,231 thousand in share premium.

2023 PIPE participation

Members of key management personnel and other related parties participated in the 2023 PIPE transaction described in note 21. The related parties contributed €2,142 thousand in exchange for 1,838,459 shares and 459,612 warrants, acquiring additional beneficial ownership of 0.4% based on outstanding shares after the transaction.

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 Board of Directors and Senior Leadership Team of Lilium.

The annual remuneration and related compensation costs recognized as expense during the reporting period is comprised of the following:


In € thousand	2023	2022
Short-term employee benefits	2,889	4,657
Termination remuneration	—	52
Post-employment benefits	84	45
Share-based payment remuneration	10,630	7,364
Success fees and JSOP	—	(4,568)
Total	13,603	7,550

During the year €298 thousand (2022: €320 thousand) were recognized as expense for cash remuneration of the board members of Lilium N.V.

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 the equity-settled award schemes operated by Lilium during the period. Refer to note 22.

During the year, 7,925 thousand (2022: 3,557 thousand) awards were granted to key management personnel. Further, 2,623 thousand (2022: 1,872 thousand) awards were exercised, and 3,878 thousand (2022: 6,553 thousand) awards were forfeited. As of December 31, 2023, 14,153 thousand (2022: 12,437 thousand) awards were held by key management personnel, including awards that were granted before certain individuals were members of key management personnel.

Success fees and JSOP

JSOP and bonus

Success fee remuneration included the creation of the Joint Stock Ownership Plan (Stichting JSOP) and the bonus issued to one former member of key management personnel (refer to note 22). An amount of €1,003 thousand for the bonus was fully settled during the current year. As of December 31, 2023, the liability is nil (2022: €1,003 thousand) and the JSOP and bonus are now closed.

Success fees and related arrangements with related parties

In November 2022, the success fee award for one member of key management personnel was replaced with a cash bonus agreement conditional on certain liquidity targets being met during the period which resulted in a payment in December 2022. Subsequently, in December 2022 the member signed a separation agreement with the Group and the liquidity bonus was terminated.

In November 2022, a success fee arrangement was cancelled upon the recipient leaving the employment of Lilium. A new arrangement was signed with an entity controlled by the former member of key management personnel shortly after cessation of employment, in which Lilium would pay a percentage of some future fundraising up to a cap of US $9.9m. During 2023 an amount of €906 thousand (2022: nil) was recognized in general & administrative expenses in relation to this agreement. As of December 31, 2023, the agreement has expired, and no further amounts are owed.

During the year Lilium made total cash payments of €906 thousand (2022: €2,457 thousand) to related parties in relation to success fees and related arrangements.

Other transactions with Key Management Personnel

The following transactions occurred with entities controlled or significantly influenced by members of key management personnel:


(in € thousand)	2023	2022
Research and development expenses	2	17
General and administration expenses	46	—
Selling expenses	—	289
Finance income	—	7
Finance expenses	—	6
Purchase of property, plant and equipment	19	24

Lilium have committed to indemnification agreements for several of its directors and executive officers of the Group in relation to any possible claims, suits or proceedings arising from their service to Lilium.

As of December 31, 2023 the Group recognized €46 thousand (2022: €20 thousand) in current trade and other payables, nil (2022: €149 thousand) in non-current trade and other payables, and prepaid expenses of nil (2022: €1 thousand) in non-financial assets in relation to transactions with entities controlled or significantly influenced by members of key management personnel.

As of December 31, 2023, the Group had non-cancelable commitments of €226 thousand (2022: nil) with entities controlled by Key Management Personnel.

A member of key management personnel returned 350,000 (2022: 950,000) Lilium N.V. Class B shares in exchange for 350,000 (2022: 950,000) Class A shares in 2023, described in note 21. No further consideration was paid under the transactions.

Transactions with other related parties

Investment in joint venture

In June 2021, the Group closed a licensing agreement for the use of Ionblox’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 Ionblox’s battery technology. In the same month, the Group signed an amendment to an existing Development agreement with Ionblox, extending an exclusivity period for the use of Ionblox’s licensed technology.

During the year ended December 31, 2023, the Group recognized €254 thousand (2022: €1,323 thousand) in research and development expenses under the existing Development agreement with Ionblox. As of December 31, 2023, a balance of €22 thousand (2022: €1,226 thousand) is held in trade and other payables.

As of December 31, 2023, the Group has a non-cancelable commitment of €7,240 thousand (2022: €7,702 thousand) on the Development agreement. Further, the Group has committed to capital expenditure of €3,526 thousand (2022: nil) with Ionblox.

Transactions with shareholders

Cloud subscription

In 2021, the Group 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) payable in incremental annual installments over five years. The agreement was revised in 2023 with a fee reduction of €1,810 thousand ($2,000 thousand) which would be allocated to the remaining years. Additionally, during the same year in 2023 the Group also agreed to a fee increase of €205 thousand ($227 thousand). The shareholder has no significant influence over the Group.

During the year, the Group recognized €8,895 thousand (2022: €13,527 thousand) in General and Administration expenses for the services rendered. During the year, the Group issued 9,672,897 Class A shares to settle a total amount of €9,389 thousand on the contract.

In November 2022, the Group entered into a contract to increase the scope of services delivered by €4,558 thousand ($4,500 thousand). During 2023 the Group settled the balance by issuing 3,101,523 Class A shares as disclosed in note 22.

As of December 31, 2023, the Group has remaining commitments under the contract of €18,846 thousand (2022: €26,894 thousand).

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents

Schedule of cash and cash equivalents


In € thousand	12/31/2023	12/31/2022
Short-term fixed-term deposits	—	49,385
Cash at banks	83,508	130,196
Total cash and cash equivalents	83,508	179,581

Other Financial Assets

12 Months Ended

Dec. 31, 2023

Other Financial Assets

Other Financial Assets

18.Other Financial Assets

Other financials assets are as follows:


In € thousand	12/31/2023	12/31/2022
Security deposits	3,350	3,386
Investment in equity instrument	4,641	—
Total non-current financial assets	7,991	3,386
Fixed-term deposits	111,498	19,987
Security deposits	118	2,594
Total current other financial assets	111,616	22,581
Total other financial assets	119,607	25,967

Security deposits include €3,157 thousand (December 31, 2022: €2,941 thousand) pledged as collateral for facility leases, and nil (December 31, 2022: €2,530 thousand) for deposits to suppliers. The security deposits for facility leases are expected to be returned to the Group at the cessation of the lease contracts, provided that the Group have fulfilled all contractual obligations under the lease.

In 2023, the Group invested in an equity instrument with an initial fair value of €5,159 thousand. During the year ended December 31, 2023, the group recognized a fair value loss of €518 thousand. For further information see note 29.

As of December 31, 2023, the Group has invested in fixed-term deposits amounting to €110,000 thousand with a term of 3-7 months. The group recognized accrued interest income of €1,559 thousand and an expected credit loss of €61 thousand. The deposits were not redeemable before maturity.

As of December 31, 2022, the Group had invested in a fixed-term deposit amounting to €20,000 thousand with a term of 4 months. The group recognized accrued interest income of €17 thousand and an expected credit loss of €30 thousand. The deposits were not redeemable before maturity.

Loss per Share (Details) - EUR (€) € / shares in Units, € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss per Share
Net loss for the year	€ (389,157)	€ (253,003)	€ (410,830)
Net loss for the year	€ (389,119)	€ (253,064)	€ (411,036)
Weighted average number of ordinary shares outstanding, Basic (in shares)	547,391,640	316,474,576	214,858,203
Weighted average number of ordinary shares outstanding, Diluted (in shares)	546,570,776	316,474,576	214,858,203
Basic EPS (in Euros per share)	€ (0.71)	€ (0.80)	€ (1.91)
Diluted EPS (in Euros per share)	€ (0.71)	€ (0.80)	€ (1.91)
May 2023 Warrants
Loss per Share
Weighted average number of ordinary shares outstanding, Basic (in shares)	175,000,000

- Definition

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.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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+ Details

Consolidated Statement of Financial Position - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Intangible assets	€ 494	€ 870
Property, plant and equipment	63,991	36,699
Investment in equity instrument	11,040	13,410
Other financial assets	7,991	3,386
Non-financial assets	9,769	13,487
Non-current assets	93,285	67,852
Other financial assets	111,616	22,581
Non-financial assets	22,781	18,648
Income tax receivable	751	169
Cash and cash equivalents	83,508	179,581
Current assets	218,656	220,979
Total Assets	311,941	288,831
SHAREHOLDERS' EQUITY AND LIABILITIES
Subscribed capital	5,728	53,104
Share premium	1,008,759	843,074
Other capital reserves	381,778	277,654
Treasury shares		(279)
Accumulated loss	(1,359,317)	(970,198)
Accumulated other comprehensive income	110	148
Shareholders' equity	37,058	203,503
Other financial liabilities	17	21
Lease liabilities	8,224	8,353
Provisions	1,264	445
Trade and other payables	3,362	3,483
Deferred tax liabilities		10
Other non-financial liabilities	2,000
Non-current liabilities	14,867	12,312
Other current financial liabilities	4	4
Lease liabilities	2,943	2,616
Shares-based payment liability		1,046
Provisions	311	730
Income tax payable	435	128
Warrants	205,013	26,267
Trade and other payables	44,601	33,658
Other non-financial liabilities	6,709	8,567
Current liabilities	260,016	73,016
Total Shareholders' Equity and Liabilities	€ 311,941	€ 288,831

Warrants - Additional Information (Details) $ / shares in Units, € in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2023 EUR (€) shares	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 $ / shares shares	May 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 shares
Warrants
Initial recognition of May 2023 Warrants \| €		€ 82,829
Other capital reserves
Warrants
Initial recognition of May 2023 Warrants \| €	€ 82,829	82,829
Other capital reserves \| Aceville
Warrants
Initial recognition of May 2023 Warrants \| €		€ 82,829
RDO Warrants
Warrants
Warrants outstanding			11,249,997		11,249,997
RDO Warrants \| Class A shares
Warrants
Number of shares called by each warrant			0.5
PIPE Warrants
Warrants
Warrants outstanding			34,512,464		34,512,464
May 2023 Warrants
Warrants
Exercise price \| $ / shares				$ 0.05
May 2023 Warrants \| Aceville
Warrants
Warrants outstanding			160,202,919
Exercise price \| $ / shares			$ 0.05	$ 1.00
Warrants issued	184,210,526			184,210,526
Number of shares called by each warrant	1			1
Warrants exercised			24,007,607
Percentage, down	(10.00%)			(10.00%)
Fair value of warrants at decrease in unobservable input \| €	€ 7,706
Fair value of warrants at increase in unobservable input \| €	€ 5,847
Percentage of probability of receipt of Additional Funding Amount	85.00%
Initial Funding Amount from Aceville \| $				$ 100,000
Additional Funding Amount from Aceville \| $				75,000
Additional funding from third parties \| $				$ 75,000
Remaining unpaid exercise price, upon receipt of the Initial Funding Amount \| $ / shares				$ 0.05
Derivative financial asset \| €	€ 82,829

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40736
Entity Registrant Name	Lilium N.V.
Entity Incorporation, State or Country Code	P7
Entity Address, Address Line One	Galileostraße 335
Entity Address, Postal Zip Code	82131
Entity Address, City or Town	Gauting
Entity Address, Country	DE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Central Index Key	0001855756
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Name	PricewaterhouseCoopers GmbH
Auditor Firm ID	1275
Auditor Location	Munich, Germany
Business contact member
Document Information
Entity Address, Address Line One	2385 N.W. Executive Center Drive, Suite 300
Entity Address, Postal Zip Code	33431
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Contact Personnel Name	Roger Franks
City Area Code	561
Local Phone Number	526-8460
Class A ordinary shares
Document Information
Title of 12(b) Security	Class A ordinary shares, nominal value €0.01 per share
Trading Symbol	LILM
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	503,466,142
Class B ordinary shares
Document Information
Entity Common Stock, Shares Outstanding	23,113,065
Warrants to purchase Class A ordinary shares
Document Information
Title of 12(b) Security	Warrants to purchase Class A ordinary shares
Trading Symbol	LILMW
Security Exchange Name	NASDAQ

Material Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Material Accounting Policies

Intangible assets

Intangible assets

Research and development costs

In developing its novel eVTOL technology, the Group incurs 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; and

●

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 over the estimated useful lives of the assets, as follows:


		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

Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.

The 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); and

●

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 joint venture / associate company

Investment in joint venture / associate company

(a)

Goodwill relating to a joint venture or associate is included in the carrying amount of the investment. Amortization of that goodwill is not permitted.

(b)

Non-financial Assets

Non-financial Assets

Insurance recoveries are recognized for virtually certain reimbursements for damaged assets from insurers. Other non-financial assets are recognized at cost.

Cash and Cash Equivalents

Cash and Cash Equivalents

Treasury Shares

Treasury Shares

Financial Instruments

Financial Instruments

Financial assets

Transaction costs are expensed as incurred for financial assets initially measured at fair value through profit or loss (“FVTPL”).

The Group classifies its investment in equity instruments in FVTPL.

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

Financial liabilities

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

Convertible Loans

Derivative Financial Instruments

The Group recognizes all warrant liabilities as current liabilities as the date of settlement is outside of the Group’s control and can occur within twelve months from the balance sheet date.

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: using inputs 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 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 29.1.

Share-based Payments

Share-based Payments

General accounting principles

The Group grants certain share-based payment awards to the Group’s employees, advisors and vendors in exchange for their service.

Refer to note 22 for the measurement approach of the fair value of share-based payments.

Non-financial Liabilities

Non-financial liabilities

Non-financial liabilities are recognized at their nominal amounts.

Revenue Recognition

Revenue Recognition

Revenue from sale of Lilium Jet

Revenue is recognized at a point in time (i.e. when the customer accepts the delivery of the aircraft).

Government Grants

Government Grants

Income Taxes - Expense for Income Tax Expense (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Current income tax expense	€ (363)	€ (169)	€ (556)
Current income tax expense related to prior years	19	495	(143)
Current taxes	344	(326)	699
Deferred tax expense	10		(10)
Income tax benefits / (expense)	€ (334)	€ 326	€ (709)

- Definition

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)]

+ References + Details

Non-Financial Assets (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-Financial Assets
Advance payments	€ 7,998	€ 4,069
Prepaid expenses	1,771	9,418
Total non-current non-financial assets	9,769	13,487
Value added tax claims	6,072	1,696
Current prepaid expenses	16,299	16,241
Miscellaneous other current non-financial assets	410	711
Total current non-financial assets	22,781	18,648
Total non-financial assets	€ 32,550	€ 32,135

Selling Expenses

12 Months Ended

Dec. 31, 2023

Selling Expenses

Selling Expenses

8.Selling Expenses

Selling expenses consist of the following:


In € thousand	2023	2022	2021
Salaries, social security	7,320	8,915	11,971
Professional services	291	1,690	1,983
Marketing	1,956	1,448	2,059
Travel	588	523	626
Depreciation/amortization/impairment	189	65	65
Other selling expenses	415	288	485
Total selling expenses	10,759	12,929	17,189

The Group recognizes costs related to the commercialization of the Lilium Jet as selling expenses. Expenses for salaries and social security mainly include employee remunerations, benefits and share-based payment awards recognized from the Group’s share-based payment award programs (note 22). In 2021, marketing costs mainly related to the Reorganization.

Financial Instruments - Other Price Risk (Details) € in Thousands, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)
Financial Instruments
Effect on financial result, down	€ 2,293		€ 2,575
Effect on financial result, up	(2,095)		(2,574)
Other Price Risk
Financial Instruments
Notional amount	€ 4,641
Other Price Risk \| Warrants Excluding Reorganization Warrants [Member]
Financial Instruments
Percentage of reasonably possible increase (decrease) in risk component	10.00%	10.00%
Effect on financial result, down	€ 21,507		(3,861)
Effect on financial result, up	21,324		3,432
Other Price Risk \| Warrants [Member]
Financial Instruments
Associated liabilities that entity continues to recognise to extent of continuing involvement	€ 205,013		€ 26,267
Warrants outstanding \| shares	233,711
Increase (decrease) in profit and loss due to reasonably possible increase (decrease) in designated risk component \| $		$ 65,472
Percentage of reasonably possible increase (decrease) in risk component			10.00%	10.00%
Effect on financial result, down	€ 285		€ (181)
Effect on financial result, up	€ 285			$ 181

Other Financial Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Financial Assets

Schedule of other financials assets


In € thousand	12/31/2023	12/31/2022
Security deposits	3,350	3,386
Investment in equity instrument	4,641	—
Total non-current financial assets	7,991	3,386
Fixed-term deposits	111,498	19,987
Security deposits	118	2,594
Total current other financial assets	111,616	22,581
Total other financial assets	119,607	25,967

Other Financial Liabilities

12 Months Ended

Dec. 31, 2023

Other Financial Liabilities

Other Financial Liabilities

23.Other Financial Liabilities

Other financial liabilities relate to amounts for which the Group has a contractual obligation to deliver cash.

Financial Result (Details) - EUR (€) € in Thousands	12 Months Ended
Financial Result (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Result
Finance income	€ 15,335	€ 30,322	€ 11,288
thereof: fair value changes	9,565	29,922	11,280
thereof: reversal of expected credit losses	57	125
thereof: interest income	5,713	275	8
Finance expenses	(131,059)	(1,995)	(20,201)
thereof: fair value changes	130,159	763	15,645
thereof: interest portion of lease payments	(604)	(443)	(437)
thereof: other interest expense	(296)	(789)	(376)
thereof: expected credit losses			(260)
thereof: interest on convertible loans			(3,483)
Financial result	€ (115,724)	€ 28,327	€ (8,913)

Basis of Preparation

12 Months Ended

Dec. 31, 2023

Basis of Preparation

Basis of Preparation and Changes to the Group's Accounting Policies

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.

Going Concern

The financial statements have been prepared on a basis that 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. Since its inception, the Group has incurred recurring losses and negative cash flows from operations (accumulated losses of €1,359.3 million as of December 31, 2023). The Group expects to continue generating operating losses and negative cash flow from operations for the foreseeable future. The outstanding warrants are settled upon exercise by warrant holders via issuance of Class A Shares against the applicable exercise price without negatively impacting the liquidity of the Group.

Lilium’s financing plan shows substantial financing needs for the foreseeable future. Based on its business plan, the Group depends on substantial financing to fund development activities and operations, which is not assured.

Additionally, the Group must reach several milestones, including completion of its research and development program, and obtaining regulatory approvals, which will have an increased importance as the company progresses towards commercialization. Consequently, the Group’s ability to continue as a going concern is largely dependent on its ability to successfully progress with its business model and to raise additional funds in the near future through a combination of debt financings, equity offerings, partnerships and grant funding. The Group plans to raise additional capital in the next 12 months and beyond through a variety of means, including equity offerings, pre-delivery payments (“PDPs”), grants, debt financing or a combination of these financing measures in order to continue as a going concern.

There is no certainty that the Group will be successful in obtaining sufficient funding through any or a combination of these financing measures. If the Group is unsuccessful in raising sufficient capital, the Group’s management will be required to undertake, and is committed to undertaking, additional significant cost-cutting measures including significant headcount reductions that could mean that it would be forced to curtail or discontinue its operations.

Based on its recurring losses from operations since inception, expectation of continuing operating losses for the foreseeable future and the need to raise additional capital to finance its future operations, which is not assured yet, the Group has concluded that there is substantial doubt about its ability to continue as a going concern, and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Despite this substantial doubt, management is continuing to take actions to secure sufficient financing, and thus believes that the application of the going concern assumption for the preparation of these consolidated financial statements is appropriate.

Group information

Consolidated entities are as follows:


	Country of	Date of	% equity interest owned
Name	Incorporation	incorporation	12/31/ 2023		12/31/ 2022
Lilium N.V.	Netherlands	March 11, 2021	100.0	%	100.0	%
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	%	0.0	%
Lilium Aviation Spain SLU	Spain	April 7, 2022	100.0	%	100.0	%
Lilium Aviation France SAS	France	December 29, 2023	100.0	%	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 as it bears the responsibility for all operational costs associated with 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. 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. Regarding the geographical split of non-current assets, the investment in a joint venture is located in the United States, and the geographic location of property, plant and equipment is disclosed in 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 consolidated 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 in 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 recognition 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, other expenses, financial income or financial 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, 2022, except for the adoption of new standards effective as of January 1, 2023. The following standards, amendments and interpretations were adopted by the Group for the first time for its annual reporting period commencing January 1, 2023:


Standard/amendment/ interpretation		Effective date
IFRS 17, ‘Insurance contracts’ as amended in June 2020 by amendments to IFRS 17, Insurance Contracts		Annual periods on or after January 1, 2023
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
Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12		Annual periods on or after January 1, 2023
Amendments to IFRS 17: First-time Adoption of IFRS 17 and IFRS 9 - Comparative Information		Annual periods on or after January 1, 2023

The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.

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

New Standards and Interpretations not yet adopted by the Group

Certain new accounting standards and amendments to accounting standards and interpretations have been published that are not mandatory for December 31, 2023 reporting periods and have not been early adopted by the Group. None of these standards are expected to have a material impact on the consolidated financial statements of the Group:


Standard/amendment/ interpretation		Effective date
Amendment to IAS 1, Non-current liabilities with Covenants		Annual periods on or after January 1, 2024
Amendment to IFRS 16 – Leases on sale and leaseback		Annual periods on or after January 1, 2024
Amendment to IAS 1, ‘Presentation of financial statements’, on classification of liabilities as current or non-current		Annual periods on or after January 1, 2024
Amendment to IAS 7 and IFRS 7, on supplier finance arrangements		Annual periods on or after January 1, 2024

General and Administrative Expenses

12 Months Ended

Dec. 31, 2023

General and Administrative Expenses

General and Administrative Expenses

7.General and Administrative Expenses

General and administrative expenses consist of the following:


In € thousand	2023	2022	2021
Share listing expense	—	—	111,109
Professional services	19,383	28,851	70,380
Salaries and social security	31,742	30,187	35,395
IT and communication expense	19,457	20,374	12,391
Depreciation/amortization/impairment	2,057	1,816	1,870
Insurances	3,161	6,457	1,698
HR related expenses (training, recruitment)	492	1,466	1,617
Other administrative expenses	4,988	4,736	4,633
Total administrative expenses	81,280	93,887	239,093

Professional services related to general legal advice, external contractors, consultants, audit expense, staff lease and bookkeeping services. In 2021, professional services also included Lilium’s consulting and legal fees in relation to the Reorganization which are not capitalizable, investor relations costs not deducted from capital reserves (in total €33,127 thousand), and €13,030 thousand for the issue of Azul Warrants (see note 22).

Expenses for salaries and social security include employee remunerations, benefits and share-based payment awards recognized from the Group’s share-based payment award programs (note 22).

IT and communication expense relate to IT maintenance and development costs for general tools used by all functions in the Group. In 2023, these expenses include €8,895 thousand (2022: €13,527 thousand; 2021: €6,590 thousand) incurred for a cloud-based data analytics tool.

Insurance expenses mainly relate to Directors & Officers liability insurance.

Other administrative expenses include occupancy costs, travel expenses, membership fees and other operating expenses.

In 2021 the share listing expense was 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).

Share-based Payments

12 Months Ended

Dec. 31, 2023

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 success fees which are treated as cash-settled.

The table below summarizes the expense / (income) recorded for share-based payments in the year ended 31^st December, 2023:


In € thousand	2023	2022	2021
Equity-settled
General population and executives – Employee Stock Option Program (ESOP)	1,298	7,942	29,286
General population – Restricted stock units (RSU)	5,156	4,977	77
General population and executives – Retention and Recognition (RNR)	925	—	—
Executives – Employee Stock Option Program (ESOP) special vesting	598	1,101	2,135
Executives – Restricted stock units (RSU)	4,273	3,259	1,178
Executives – Performance-based stock awards	2,368	(375)	2,296
Executives – Time-based stock options (TSO)	932	2,200	3,505
Share-based payment – Vendors	5,632	9,726	—
Executives – Equity-based annual bonus	1,357	—	—
Cash-settled
Executives - Success fees	—	(4,569)	9,872
Total expense	22,539	24,261	48,349

In August 2023, the nominal value of Lilium Class A shares was reduced from €0.12 to €0.01. Management chose to reduce the corresponding exercise price, where the exercise price equals the nominal value, accounted for as a modification of the affected awards. The modification resulted in additional expense of €495 thousand to the share-based payment reserve for the year. The modification to the agreements also details that where the exercise price is equal to the nominal amount, the exercise price will change in line with the change in the nominal amount.

The exercise price for new grants generally equals the nominal value and is thus significantly lower than the share price at grant date. Accordingly for new grants, the intrinsic value of the new shares granted has generally been used, i.e. the share price at grant date less the exercise price. Where another valuation method is used, the methodology is detailed below.

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

The Group maintains an Employee Stock Option Program (“ESOP”), originally established in 2017, which allows for the issuance of options to purchase Lilium 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 date (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 to vest. Upon termination, all unvested options are forfeited. The options will expire on the 10^th anniversary of the date on which vested options became exercisable. The Group has the right but no present obligation to settle the options in cash at its own discretion.

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


In € thousand	2023	2022	2021
Expense arising from equity-settled share-based payment awards	1,298	7,942	29,286

This plan is now closed for new participants, therefore no options were granted during the year (2022: fair value of options granted of €17 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 options during the years:

Equity-settled options:


	2023			2022
	Number of	2023		Number of	2022
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	8,049,568	€	0.00	19,573,307	€	0.00
Granted during the year	—		—	5,714	€	0.00
Forfeited during the year	(657,381)	€	0.00	(1,188,512)	€	0.00
Exercised during the year	(2,577,144)	€	0.00	(10,318,085)	€	0.00
Transferred to cash-settled	—		—	(22,856)	€	0.00
Outstanding at December 31	4,815,043	€	0.00	8,049,568	€	0.00

Under the ESOP program, two external consultants were offered cash-settled options. These plans were due to be settled during 2023 provided the participants remained in continuous service until 31 July, 2023. Both participants have now forfeited their remaining shares due to no longer remaining in continuous service with Lilium.

Cash-settled options:


	2023			2022
	Number of	2023		Number of	2022
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	5,714	€	0.00	—		—
Forfeited during the year	(5,714)	€	0.00	—		—
Exercised during the year	—		—	(17,142)	€	0.00
Transferred from equity-settled	—		—	22,856	€	0.00
Outstanding at December 31	—		—	5,714	€	0.00

The exact WAEP for all options is €1 divided by 2,857, which is 0.00035 and rounded to nil. The Group waived the employee’s liability for the share capital. The weighted-average remaining contractual life is 9.6 years.

Total options that vested during the year were 1,351,378 options (2022: 979,661 options). The weighted average share price for options exercised during 2023 was €0.99 (2022 : €2.52).

As of December 31, 2023, 4,661,231 options (2022: 7,043,620) are vested and are exercisable at the request of the employee with a WAEP of €0.00.

General population – Restricted Stock Units (“RSU”)

The Group started offering Restricted Stock Units to its employees in 2021 based on their grade. Upon vesting, the plan participants are eligible to acquire shares at a nominal value of €0.01 (until July 30, 2023: €0.12). There are several vesting schedules with differing installment periods. The RSU are settled in shares of Lilium N.V., and hence are accounted as equity-settled awards. The vesting periods are between 1 to 4 years depending on terms of the grant agreement, with a 12-month cliff period. Upon termination, the employee is entitled to the vested portion of the RSU. All unvested RSU are forfeited. The Group has the right but no present obligation to settle the options in cash at its own discretion.

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


In € thousand	2023	2022	2021
Expense arising from equity-settled RSU	5,156	4,977	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, 2023 and 2022:


	2023			2022
	Number of	2023		Number of	2022
(in units)	RSU	WAEP		RSU	WAEP
Outstanding at January 1	4,275,098	€	0.12	162,800	€	0.12
Assigned during the year	6,826,462	€	0.01	4,886,077	€	0.12
Exercised during the year	(2,473,089)	€	0.05	(638,470)	€	0.12
Forfeited during the year	(888,909)	€	0.04	(135,309)	€	0.12
Outstanding at December 31	7,739,562	€	0.01	4,275,098	€	0.12

6,826 thousand RSU (2022: 4,886 thousand) were granted during the year. As RSU are exercised on vesting, none of the RSU were exercisable as of December 31, 2023 (2022: None). The weighted average remaining contractual life of RSU outstanding at the end of 2023 is 1.03 years (2022: 0.58 years). During the year the exercise price was reduced from € 0.12 to € 0.01 resulting in additional expense of € 368 thousand for the period. The weighted average fair value of RSU granted during the year is €1.12 (2022: €1.92). The weighted average share price for options exercised during 2023 was €0.82 (2022: €2.40).

General population and Executives – Retention and Recognition (“RNR”)

The Group offered RNR plans to certain members of staff in 2023, both in the executive and general population pools. The participants were eligible to RSU subject to the group achieving certain liquidity targets in 2023. The targets were assessed at monthly intervals during 2023, with the last measurement of the liquidity position taking place on 1 January 2024. As a result of the final measurement, 50% of the RSU were granted and the remaining 50% were forfeited.

The granted RSU are subject to continuous service. The vesting is as follows; 33% as soon as practicable on the achievement of the targets, however, no sooner than October 2023, 33% on the first anniversary of the achievement of the targets, 34% at the earlier of the second anniversary of the achievement of the targets or the first manned flight of the Group’s type conforming aircraft. As for almost all grants under the executive incentive program, an alternative settlement in cash is at the discretion of the company.

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


In € thousand	2023	2022	2021
Expense arising from equity-settled RNR	925	—	—

Movements during the year

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, RNR during the year ended December 31, 2023:


	2023			2022
	Number of		2023	Number of	2022
(in units)	RNR		WAEP	RNR	WAEP
Outstanding at January 1	—		—	—	—
Assigned during the year	2,432,424	€	0.01	—	—
Exercised during the year	(405,401)	€	0.01	—	—
Forfeited during the year	(1,216,207)	€	0.01	—	—
Outstanding at December 31	810,816	€	0.01	—	—

2,432 thousand RNR (2022: n/a) were granted during the year. As of December 31, 2023 no RNR are exercisable (2022: n/a). The weighted average remaining contractual life of RNR outstanding at the end of 2023 is 1.2 years (2022: n/a). The weighted average fair value of RNR granted during the year is €1.49 (2022: n/a). The weighted average share price for options exercised during 2023 was €0.61 (2022: n/a).

Executives – Employee Stock Option Program (“ESOP”) special vesting

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	2023	2022	2021
Expense arising from equity-settled share-based payment awards	598	1,101	2,135

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


	2023			2022
	Number of		2023	Number of		2022
(in units)	options		WAEP	options		WAEP
Outstanding at January 1	728,020	€	6.94	1,888,477	€	7.90
Granted during the year	—		—	—		—
Forfeited during the year	(302,327)	€	8.50	(1,160,457)	€	8.50
Outstanding at December 31	425,693	€	5.85	728,020	€	6.94

Total options in Lilium N.V. shares vested during the year were 93,718 options (2022: 430,431 options). As of December 31, 2023, 322,840 (2022: 531,449) of the options granted under the ESOP plan have vested and are available to be exercised, with a WAEP of €0.00. The weighted average remaining contractual life of the ESOP option outstanding at the end of 2023 is 11.6 years (2022: 11.4 years). The range of exercise prices for the outstanding ESOPs are between €0.00-€8.47 in 2023 (2022: €0.00-€8.90).

Executives – Restricted Stock Units (“RSU”)

The Group offered RSU of Lilium N.V. to executives, they are accounted for as equity-settled awards. RSU are exercisable with a nominal amount of €0.01 (July 30, 2022: €0.12) per share. All RSU are subject to participants’ continuous service, additionally upon termination of employment, all unvested RSU are forfeited. The range for vesting periods for executive RSU’s are between 1-4 years. The Group has the right but no present obligation to settle the options in cash at its own discretion.

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


In € thousand	2023	2022	2021
Expense arising from equity-settled RSU	4,273	3,259	1,178

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, 2023 and 2022:


	2023			2022
	Number of	2023		Number of	2022
(in units)	RSU	WAEP		RSU	WAEP
Outstanding at January 1	2,324,725	€	0.12	1,050,913	€	0.12
Granted during the year	4,931,937	€	0.01	1,699,411	€	0.12
Forfeited during the year	(438,570)	€	0.03	(134,400)	€	0.12
Exercised during the year	(1,178,419)	€	0.03	(291,199)	€	0.12
Outstanding at December 31	5,639,673	€	0.01	2,324,725	€	0.12

There were 4,932 thousand shares (2022: 1,699 thousand) granted under the executive RSU plan during 2023. The weighted average remaining contractual life of RSU outstanding at the end of 2023 is 1.2 years (2022: 1.5 years).

During the year the exercise price was reduced from €0.12 to €0.01 resulting in additional expense of €127 thousand for the period. The weighted average fair value of options granted during the period was €1.37 (2022: €1.67). The weighted average share price for options exercised during 2023 was €1.30 (2022: €1.66).

Executives – Performance-based stock awards

The Group offers performance-based stock plans to executives. These options vest and are exercisable upon the satisfaction of both the service-based vesting condition and the performance-based vesting condition. The Group has the right but no present obligation to settle the options in cash at its own discretion.

The service-based vesting conditions are between 4-5 years. The maximum term of options granted is 10 years from the date of grant for PSO, PSU are exercised immediately on vesting.

For performance-based stock options (“PSO”), the performance-based vesting condition will be satisfied when the Group earns its first dollar or any equivalent currency of revenue recognized in the Group’s consolidated 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 fair value of PSO has been determined using the Black-Scholes option pricing model.

For performance-based stock units (“PSU”), the performance-based vesting condition is based on peer related performance, tested 3 years after grant date. The PSU have a performance objective based on total shareholder returns (TSR) against 34 peer group companies. To obtain 100% Lilium would have to finish in the top 8 of the peer group for TSR. Based on current market conditions and expected performance, Lilium expects to fully meet this target. As a result, the PSU were treated as 100% of granted amount. The performance test is completed at the end of the third year. The fair value of PSU are calculated using the intrinsic value, which is share price at grant minus exercise price (€0.01).

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


In € thousand	2023	2022	2021
Expense / (income) arising from performance-based stock awards	2,368	(375)	2,296

Movements during the year

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share awards during the years ended December 31, 2023 and 2022:


	2023			2022
	Number of	2023		Number of	2022
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	3,596,721	€	7.94	7,036,501	€	8.15
Granted during the year	657,608	€	0.01	1,272,059	€	9.45
Forfeited during the year	—		—	(4,711,839)	€	8.66
Outstanding at December 31	4,254,329	€	6.71	3,596,721	€	7.94

There were 657,608 new awards granted on this plan in 2023 (2022: 1,272 thousand). The awards in 2023 have been solely PSU (2022: solely PSO). No awards (2022: no awards) are exercisable as of December 31, 2023. The weighted average remaining contractual life of the performance-based plans outstanding at the end of 2023 is 8.5 years (2022: 9.5 years). The weighted average fair value of awards granted during 2023 was €1.54 (2022: €1.14). The range of exercise prices for the outstanding PSO are between €7.11-€9.71 in 2023 (2022: €7.11-€9.71). The exercise prices for the outstanding PSU are €0.01 in 2023 (2022: n/a).

Executives – Time-based stock options (“TSO”)

In 2022, the group offered time-based stock options for three participants. Time-based stock options are settled in shares of Lilium N.V. and are treated as equity-settled. The options vest in equal quarterly installments commencing April 19, 2022 (with one year cliff) or October 31, 2022 and ending April 1, 2026 or July 31, 2026, subject to participants’ continuous service in the Group. These options can be exercised until expiration or until 90 days after the participant ceases to be an employee. The maximum term of options granted is 10 years from date of grant. As for almost all grants under the executive incentive program, an alternative settlement in cash is at the discretion of the company.

Upon termination, the participants are entitled to the vested portion of the options. All unvested options are forfeited.

In 2023, one participant left the Company, and 31% of this participant’s options had vested by December 31, 2022 with the remainder forfeited in 2022 as it was known the participant was due to leave.

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


In € thousand	2023	2022	2021
Expense arising from time-based stock options	932	2,200	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, 2023 and 2022:


	2023			2022
	Number of	2023		Number of	2022
(in units)	options	WAEP		options	WAEP
Outstanding at January 1	3,107,488	€	4.07	2,951,000	€	7.25
Granted during the year	—		—	2,199,488	€	2.76
Forfeited during the year	—		—	(2,043,000)	€	7.25
Outstanding at December 31	3,107,488	€	4.07	3,107,488	€	4.07

There were no new options granted on this plan in 2023 (2022: 2,199 thousand). 1,643 thousand stock options (2022: 908 thousand options) are exercisable as of December 31, 2023. The weighted average remaining contractual life of time-based stock options outstanding at the end of 2023 is 8.5 years (2022: 9.5 years).

The range of exercise prices for the outstanding TSO are between €2.30-€7.25 in 2023 (2022: €2.30-€7.25).The weighted average fair value of options granted in 2022 was €1.21.

Executives – Success fees

The Group had granted success fees to certain key management personnel for successful fundraising. The success fees had been treated as cash-settled.

All success fee arrangements were terminated in the fourth quarter of 2022. The termination was a result of the participant’s completion of their service with the Group. No further share-based payment success fees were granted to executives in 2023.

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


In € thousand	2023	2022	2021
(Income) / expense for success fees	—	(4,569)	9,872
Total (Income) / expense	—	(4,569)	9,872

The remaining liability of €1,003 thousand was paid in 2023. As of December 31, 2023, the liability is nil (2022: €1,003 thousand).

Share-based payment – Executive bonuses

During the year ended December 31, 2023, certain executives of the Group were issued Lilium N.V. Class A shares in lieu of cash bonuses pursuant to a resolution by the Compensation Committee approving such arrangement in March 2023. These bonuses amounting to €225 thousand were accrued in December 31, 2022, and in 2023 have been transferred to other capital reserves and subscribed capital.

In 2023, the Group offered a new bonus plan for the executives. The new plan is designed with a combination of financial, operational, and strategic measures which support the delivery of Group’s long term strategic plan. The targets and metric are set on an annual basis by the Chief Executive Officer and agreed with the Compensation Committee. The remuneration will either be cash-settled or equity-settled, subject to the discretion of the Group’s Compensation Committee. The Group has the final choice of settlement and there is no present obligation to settle in cash, therefore the bonus is recorded as an equity-settled share-based payment.

The Group considers the cash value of the bonus award to be the fair value of the award issued. Consequently, €1,357 thousand (2022: nil) was recorded in other capital reserves.

Share-based payment – Vendors

In November 2022, the Group entered into a Share Issuance Agreement with a third-party vendor, with the option at the Group’s discretion to pay for the IT services to be rendered by the vendor either via the issuance of 3,101,523 units of Class A shares of Lilium N.V. or cash of US$4,500 thousand. The Group has opted to settle the invoiced amount via issuance of shares and have recognized an expense in 2022 amounting to €4,558 thousand. The settlement by way of issuing 3,101,523 Class A shares occurred in 2023.

During 2023, the Group amended its contract with the same vendor to settle the first part of the 2023 annual subscription in relation to cloud services provided by the vendor at the Group’s discretion either via the issuance of 4,672,897 Class A Shares or cash of US $5,000 thousand. The Group opted to settle the invoiced amount of €4,674 thousand (US$5,000 thousand) via issuance of shares pursuant to a share issuance agreement. Further, the Group had the option to settle the remaining part of the annual subscription of US$5,000 thousand in either cash or shares in second half of 2023. The Group issued 5,000 thousand Class A shares to settle the balance.

The amounts are accounted for as equity-settled share-based payments and expenditure of €5,632 thousand (2022: €9,726 thousand) has been recognized in the consolidated statement of operations.

In November 2022, the Group entered into share-based payment arrangements with two third-party vendors as part of the 2022 PIPE transaction in exchange for prepayment of the goods and services to the vendors amounting to €19,502 thousand. The prepayment value was deemed to be the fair value of the securities issued. There were no further share-based payment PIPE transactions during 2023.

Advisors – Strategic Collaboration Agreement (Azul Warrants)

In 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. The term was extended in 2023. Except for the up-front warrants (“Azul Warrants”), the term sheet is legally non-binding. As of the date these consolidated financial statements were approved, no contracts with respect to the acquisition of Lilium Jets or any other collaboration have been executed.

The Azul 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 Azul the warrants to purchase up to 8,000,000 Class A shares at an exercise price of €0.12 per share, consisting of

(i)

Azul Warrants to purchase 1,800,000 Class A shares, which were issued on a fully vested basis on October 22, 2021, granted upon the signing of 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 (“Azul Additional Warrants”), 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 December 31, 2023 they have not yet been granted.

The Azul Warrants entitle Azul to purchase 1,800,000 Class A shares at an exercise price of €0.12 per share. The Azul Warrants will expire on October 22, 2026 (“Expiration Date”), five years after their issuance. The warrants and any Class A shares issuable upon exercise of the 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 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 Azul 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 other capital reserves in 2021.

The Azul Warrants have not been exercised by Azul as of December 31, 2023.

Significant Accounting Judgments, Estimates and Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Judgments, Estimates and Assumptions
Weighted average IBR	5.12%	3.53%
Period of ownership restriction for Private Warrants after the completion of the Business Combination	30 days

Share-based Payments - Additional Informations (Details) € / shares in Units, $ in Thousands		1 Months Ended				5 Months Ended	6 Months Ended			9 Months Ended	12 Months Ended
	Jul. 30, 2022 € / shares	Aug. 31, 2023 EUR (€) € / shares	Dec. 31, 2022 EUR (€) Options € / shares shares	Nov. 30, 2022 EUR (€) item shares	Nov. 30, 2022 USD ($) item shares	Dec. 31, 2023 EUR (€) Options € / shares shares	Dec. 31, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 € / shares	Dec. 31, 2023 EUR (€) shares € / shares Options item	Dec. 31, 2023 USD ($) shares Options item	Dec. 31, 2022 EUR (€) shares € / shares Options item	Dec. 31, 2021 EUR (€) € / shares	Aug. 01, 2023 € / shares	May 31, 2023 € / shares
Share-based Payments
Nominal value per share			€ 0.12			€ 0.01					€ 0.01		€ 0.12
Number of options exercisable \| Options			1,272			657,608					657,608		1,272
Number of RSU exercisable \| Options			908			2,199					2,199		908
Expense recognized \| €											€ 22,539,000		€ 24,261,000	€ 48,349,000
Reserve of share-based payments
Share-based Payments
Impact of the transaction \| €		€ 495,000
Class A shares
Share-based Payments
Nominal value per share		€ 0.12	€ 0.12			€ 0.01					€ 0.01		€ 0.12		€ 0.01	€ 0.12
Key management
Share-based Payments
Exercised during the period \| shares											(2,623,000)	(2,623,000)	(1,872,000)
General population and executives - Employee Stock Option Program (ESOP)
Share-based Payments
Vesting period (in years)											4 years	4 years
Vesting percentage											25.00%	25.00%
Contractual life											10 years	10 years
Total fair value of options granted \| €			€ 17,000			€ 0					€ 0		€ 17,000
Number of external customers offered cash settled options \| item											2	2
Weighted average exercise price for all option						€ 0					€ 0
Weighted average remaining contractual life											9 years 7 months 6 days	9 years 7 months 6 days
Number of share options vested \| shares											1,351,378	1,351,378	979,661
Number of options exercisable \| Options			7,043,620			4,661,231					4,661,231		7,043,620
Exercised during the period											(0.99)		(2.52)
Expense recognized \| €											€ 1,298,000		€ 7,942,000	29,286,000
Expense arising from equity-settled share-based payments \| €											€ 1,298,000		€ 7,942,000	€ 29,286,000
General population - Restricted Stock units (RSU)
Share-based Payments
Nominal value per share						€ 0.12					€ 0.12			€ 0.01
Weighted average exercise price for all option			€ 0.12			€ 0.01					€ 0.01		€ 0.12	0.12
Weighted average remaining contractual life											1 year 10 days	1 year 10 days	6 months 29 days
Number of options exercisable \| Options			0			0					0		0
Number of options granted \| €											6,826,000		4,886,000
Exercise price						€ 0.01				€ 0.12	€ 0.01		€ 0.12	€ 0.12
Additional expense from share based transactions \| €											€ 368,000
Assigned during the year \| shares											6,826,462	6,826,462	4,886,077
Share price			€ 2.40			0.82					€ 0.82		€ 2.40
Weighted average exercise price of the option											€ 1.12		€ 1.92
Expense recognized \| €											€ 5,156,000		€ 4,977,000	€ 77,000
Expense arising from equity-settled share-based payments \| €											€ 5,156,000		€ 4,977,000	€ 77,000
General population - Restricted Stock units (RSU) \| Minimum
Share-based Payments
Vesting period (in years)											1 year	1 year
General population - Restricted Stock units (RSU) \| Maximum
Share-based Payments
Vesting period (in years)											4 years	4 years
General population and executives - Retention and Recognition (RNR)
Share-based Payments
Weighted average exercise price for all option						€ 0.01					€ 0.01
Weighted average remaining contractual life											1 year 2 months 12 days	1 year 2 months 12 days
Share-based compensation arrangement by share-based payment award, award granted, percentage											50.00%	50.00%
Share-based compensation arrangement by share-based payment award, award forfeited, percentage											50.00%	50.00%
Assigned during the year											2,432,424	2,432,424
Number of RSU exercisable \| €						0					0
Weighted average fair value of other equity instruments granted in sharebased payment arrangement											€ 1.49
Share price						€ 0.61					€ 0.61
Expense recognized \| €											€ 925,000
Expense arising from equity-settled share-based payments \| €											€ 925,000
General population and executives - Retention and Recognition (RNR) \| Tranche one
Share-based Payments
Vesting percentage											33.00%	33.00%
General population and executives - Retention and Recognition (RNR) \| Tranche two
Share-based Payments
Vesting percentage											33.00%	33.00%
General population and executives - Retention and Recognition (RNR) \| Tranche three
Share-based Payments
Vesting percentage											34.00%	34.00%
Executives - Employee Stock Option Program (ESOP) special vesting
Share-based Payments
Weighted average exercise price for all option			6.94			5.85					€ 5.85		€ 6.94	€ 7.90
Weighted average remaining contractual life											11 years 7 months 6 days	11 years 7 months 6 days	11 years 4 months 24 days
Number of options granted \| Options											322,840	322,840	531,449
Exercised during the period \| Options											(93,718)	(93,718)	(430,431)
Expense recognized \| €											€ 598,000		€ 1,101,000	€ 2,135,000
Expense arising from equity-settled share-based payments \| €											€ 598,000		€ 1,101,000	€ 2,135,000
Executives - Employee Stock Option Program (ESOP) special vesting \| Minimum
Share-based Payments
Exercise price of outstanding share options			0.00			0.00					€ 0.00		€ 0.00
Executives - Employee Stock Option Program (ESOP) special vesting \| Maximum
Share-based Payments
Exercise price of outstanding share options			8.90			8.47					8.47		8.90
Executives - Restricted Stock units (RSU)
Share-based Payments
Weighted average exercise price for all option			0.12			0.01					€ 0.01		€ 0.12	€ 0.12
Weighted average remaining contractual life											1 year 2 months 12 days	1 year 2 months 12 days	1 year 6 months
Number of options granted \| Options											4,931,937	4,931,937	1,699,411
Additional expense from share based transactions \| €											€ 127,000
Price per share upon vesting	€ 0.12										€ 0.01
Weighted average fair value of options granted											1.37		1.67
Expense recognized \| €											€ 4,273,000		€ 3,259,000	€ 1,178,000
Expense arising from equity-settled share-based payments \| €											€ 4,273,000		€ 3,259,000	€ 1,178,000
Executives - Restricted Stock units (RSU) \| Minimum
Share-based Payments
Vesting period (in years)											1 year	1 year
Exercise price											€ 0.01
Executives - Restricted Stock units (RSU) \| Maximum
Share-based Payments
Vesting period (in years)											4 years	4 years
Exercise price											€ 0.12
Executives - Restricted Stock units (RSU) \| Executives - Restricted Stock units (RSU)
Share-based Payments
Weighted average exercise price for all option			1.66			1.30					€ 1.30		€ 1.66
Executives - Performance-based stock awards
Share-based Payments
Contractual life											10 years	10 years
Weighted average exercise price for all option			€ 7.94			€ 6.71					€ 6.71		€ 7.94	€ 8.15
Weighted average remaining contractual life											8 years 6 months	8 years 6 months	9 years 6 months
Number of options exercisable \| Options			0			0					0		0
Number of options granted \| Options											657,608	657,608	1,272,059
Exercise price											€ 0.01
Peer performance testing period											3 years	3 years
Minimum position to be obtained under peer performance test for total shareholder return to get 100 percentage \| item											8	8
Weighted average fair value of awards granted											€ 1.54		€ 1.14
Expense recognized \| €											€ 2,368,000		€ (375,000)	€ 2,296,000
Expense arising from equity-settled share-based payments \| €											€ 2,368,000		€ (375,000)	€ 2,296,000
Executives - Performance-based stock awards \| Minimum
Share-based Payments
Exercise price of outstanding share options			€ 7.11			€ 7.11					€ 7.11		€ 7.11
Executives - Performance-based stock awards \| Maximum
Share-based Payments
Exercise price of outstanding share options						9.71					9.71
Executives - Time-based stock options (TSO)
Share-based Payments
Contractual life													10 years
Weighted average exercise price for all option			4.07			€ 4.07					€ 4.07		€ 4.07	€ 7.25
Weighted average remaining contractual life											8 years 6 months	8 years 6 months	9 years 6 months
Number of options exercisable \| Options						1,643					1,643
Number of options granted \| Options											0	0	2,199,488
Exercise price											€ 1.21
Weighted average fair value of options granted											2.30
Number of participants, offered time based stock options \| item													3
Award expiration period, participant ceases to be an employee													90 days
Expense recognized \| €											€ 932,000		€ 2,200,000	€ 3,505,000
Executives - Time-based stock options (TSO) \| Minimum
Share-based Payments
Exercise price of outstanding share options			2.30			€ 2.30					€ 2.30		€ 2.30
Executives - Time-based stock options (TSO) \| Maximum
Share-based Payments
Exercise price of outstanding share options			€ 7.25										€ 7.25
Weighted average fair value of options granted											7.25
Executives - Success fees (cash-settled)
Share-based Payments
Remaining liability amount \| €											€ 0		€ 1,003,000
Expense recognized \| €													(4,569,000)	€ 9,872,000
Share-based payment - Vendors
Share-based Payments
Cash \| $					$ 4,500							$ 5,000
Expense recognized				€ 4,558,000			$ 5,000	€ 4,674,000	$ 5,000		5,632,000		9,726,000
Expense arising from equity-settled share-based payments \| €											€ 5,632,000		9,726,000
Number of third parties \| item				2	2
Prepayment of the goods and services to the vendors \| €				€ 19,502,000
Share-based payment - Vendors \| Class A shares
Share-based Payments
Issuance of units \| shares			3,101,523
Number of settlement shares to be issued for services rendered \| shares				3,101,523	3,101,523						4,672,897	4,672,897
Share-based payment - Vendors \| Share-based payment - Vendors \| Class A shares
Share-based Payments
Number of settlement shares to be issued for services rendered \| shares											5,000,000	5,000,000
Executives - Equity-based annual bonus
Share-based Payments
Share-based payment \| €			€ 225,000			€ 225,000					€ 225,000		225,000
Expense recognized \| €											€ 1,357,000
Executives - Equity-based annual bonus \| Other capital reserves
Share-based Payments
Share-based payment \| €			€ 0										€ 0
Advisors - Strategic collaboration agreement
Share-based Payments
Number of warrants issued to purchase shares \| shares						1,800,000					1,800,000
Expiration period (in years)											5 years	5 years
Transfer restriction period (in months)											12 months	12 months
Discount for lack of marketability											5.00%	5.00%
Professional fees \| €											€ 13,030,000
Advisors - Strategic collaboration agreement \| Class A shares
Share-based Payments
Number of warrants issued to purchase shares \| shares						1,800,000					1,800,000
Exercise price of warrant						€ 0.12					€ 0.12

Warrants - Movements of the warrant (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Beginning Balance	€ 26,267	€ 21,405
Foreign currency translation	(3,510)	508
Fair value changes to profit or loss	126,899	(30,196)
Ending Balance	205,013	26,267
RDO and 2022 PIPE Warrants
Initial recognition		€ 34,550
2023 PIPE Warrants
Initial recognition	4,552
May 2023 Warrants
Initial recognition	(82,829)
Settlement	91,811
Exercise	(25,593)
Additional Funding Amount On May 2023 Warrants
Settlement	€ 67,416

Related Party Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Related Party Disclosures

Schedule of share based ultimate controlling party


	Shares (in thousand units)		Ownership Interest (%)
Function	12/31/2023	12/31/2022	12/31/2023		12/31/2022
Key management	32,703	28,302	6.2	%	7.2	%
Other related parties	152,686	128,679	29.0	%	32.7	%
Total	185,389	156,981	35.2	%	39.9	%

Schedule of annual remuneration and related compensation costs recognized as expense


In € thousand	2023	2022
Short-term employee benefits	2,889	4,657
Termination remuneration	—	52
Post-employment benefits	84	45
Share-based payment remuneration	10,630	7,364
Success fees and JSOP	—	(4,568)
Total	13,603	7,550

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


(in € thousand)	2023	2022
Research and development expenses	2	17
General and administration expenses	46	—
Selling expenses	—	289
Finance income	—	7
Finance expenses	—	6
Purchase of property, plant and equipment	19	24

Shareholders' Equity - Movements of the shares issued (Details) - shares			12 Months Ended
	Mar. 30, 2021	Mar. 26, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shareholders' Equity
Issued shares - convertible loans	274,272	20,533,259
Issued shares for share-based payments exercised			19,449,259	10,857,264
After reorganization
Shareholders' Equity
Number of shares outstanding, beginning balance			394,233,886	285,657,980	197,427,271
Outstanding as adjusted, beginning balance			393,283,886	284,403,289
Issued shares - convertible loans					20,533,259
Reorganization as of September 14, 2021					22,697,450
Issued shares for share-based payments exercised			19,449,259	10,857,264
Warrants exercised			24,007,607	10
Issued shares - ELOC				5,618,697
Number of shares issued during period			89,838,455	91,524,935	45,000,000
Conversion of Class B Shares			350,000	525,000
Cancellation of issued shares			(1,300,000)
Repurchase of Class B Shares				50,000
Number of shares outstanding, ending balance			526,579,207	394,233,886	285,657,980
Treasury shares				(950,000)	(375,000)
Treasury shares (due to consolidation)					(879,691)
Outstanding as adjusted, ending balance			526,579,207	393,283,886	284,403,289
Class A shares
Shareholders' Equity
Number of shares outstanding, beginning balance			369,820,821	261,244,915	173,014,206
Outstanding as adjusted, beginning balance			369,820,821	259,990,224
Issued shares - convertible loans					20,533,259
Reorganization as of September 14, 2021					22,697,450
Issued shares for share-based payments exercised			19,449,259	10,857,264
Warrants exercised			24,007,607	10
Issued shares - ELOC				5,618,697
Number of shares issued during period			89,838,455	91,524,935	45,000,000
Conversion of Class B Shares			350,000	525,000
Repurchase of Class B Shares				50,000
Number of shares outstanding, ending balance			503,466,142	369,820,821	261,244,915
Treasury shares					(375,000)
Treasury shares (due to consolidation)					(879,691)
Outstanding as adjusted, ending balance			503,466,142	369,820,821	259,990,224
Class B shares
Shareholders' Equity
Number of shares outstanding, beginning balance			23,888,065	24,413,065	24,413,065
Outstanding as adjusted, beginning balance			23,463,065	24,413,065
Conversion of Class B Shares			350,000	525,000
Cancellation of issued shares			425,000
Number of shares outstanding, ending balance			23,113,065	23,888,065	24,413,065
Treasury shares				425,000
Outstanding as adjusted, ending balance			23,113,065	23,463,065	24,413,065
Class C shares
Shareholders' Equity
Number of shares outstanding, beginning balance			525,000
Conversion of Class B Shares			350,000	525,000
Cancellation of issued shares			875,000
Number of shares outstanding, ending balance				525,000
Treasury shares				525,000

Financial Instruments - Credit Risk (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Carrying amount	€ 203,115
Fixed Term Deposit
Disclosure of financial assets [line items]
Notional amount	110,000	€ 20,000
Credit Risk \| Cash And Cash Equivalents
Disclosure of financial assets [line items]
Carrying amount	83,512
Impairment loss	(4)
Notional amount	0	0
Credit Risk \| Cash And Cash Equivalents \| Costs of acquisition or construction
Disclosure of financial assets [line items]
Carrying amount		179,640
Credit Risk \| Cash And Cash Equivalents \| Accumulated impairment
Disclosure of financial assets [line items]
Impairment loss		(59)
Credit Risk \| Fixed Term Deposit
Disclosure of financial assets [line items]
Carrying amount	111,559
Impairment loss	(61)
Notional amount	0	0
Credit Risk \| Fixed Term Deposit \| Costs of acquisition or construction
Disclosure of financial assets [line items]
Carrying amount		20,017
Credit Risk \| Fixed Term Deposit \| Accumulated impairment
Disclosure of financial assets [line items]
Impairment loss		(30)
Credit Risk \| Security Deposits
Disclosure of financial assets [line items]
Carrying amount	3,481
Impairment loss	(13)
Notional amount	0	0
Credit Risk \| Security Deposits \| Costs of acquisition or construction
Disclosure of financial assets [line items]
Carrying amount		6,026
Credit Risk \| Security Deposits \| Accumulated impairment
Disclosure of financial assets [line items]
Impairment loss		(46)
Credit Risk \| BBB- to AAA
Disclosure of financial assets [line items]
Carrying amount	198,552
Impairment loss	(78)
Notional amount	€ 0	0
Credit Risk \| BBB- to AAA \| Costs of acquisition or construction
Disclosure of financial assets [line items]
Carrying amount		205,683
Credit Risk \| BBB- to AAA \| Accumulated impairment
Disclosure of financial assets [line items]
Impairment loss		€ (135)

Financial Instruments - Interest Rate Risk (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments
Cash at banks	€ 83,508	€ 130,196
Interest Rate Risk
Financial Instruments
Cash at banks	€ 45,793	€ 82,128
Percentage hypothetical reasonable increase or decrease in basis points	0.50%	50.00%
Increase (decrease) in cash at banks due to reasonably possible increase in risk assumption	€ 229	€ 411
Increase (decrease) in cash at banks due to reasonably possible decrease in risk assumption	€ (229)	€ (411)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income tax expense benefits


In € thousand	2023	2022	2021
Current income tax charge	(363)	(169)	(556)
Current income tax related to prior years	19	495	(143)
Current taxes	(344)	326	(699)
Deferred taxes	10	—	(10)
Income tax benefits / (expense)	(334)	326	(709)

Schedule of reconciliation of expected tax expense and reported tax expense


In € thousand	2023		2022		2021
Profit (Loss) before income tax	(388,785)		(253,390)		(410,327)
Income tax rate	27.55	%	27.55	%	27.55	%
Expected income taxes on this	107,110		69,809		113,045
Effects deriving from differences in foreign tax rates	54		9		40
Taxes for prior years	19		495		—
Other non-deductible expenses and taxes	(155)		(59)		(209)
Changes in the realization of deferred tax assets	(72,434)		(76,074)		(67,465)
Other	(34,928)		6,146		(46,120)
Income tax as per consolidated statement of operations	(334)		326		(709)
Effective tax rate in %	(0.1)	%	0.1	%	(0.2)	%

Schedule of deferred taxes


	Deferred tax assets		Deferred tax liabilities
In € thousand	12/31/2023	12/31/2022	12/31/2023	12/31/2022
Non-current assets	2,669	2,378	3,106	2,913
Intangible assets	2,596	2,341	—	—
Property, plant and equipment	72	37	3,106	2,903
Financial assets	1	—	—	10
Current assets	478	149	—	—
Inventories	475	123	—	—
Receivables and other assets	3	26	—	—
Non-current liabilities	442	446	429	—
Provisions	—	10	—	—
Liabilities	442	436	429	—
Current liabilities	153	138	207	208
Provisions	—	—	—	47
Liabilities	153	138	207	161
Total value	3,742	3,111	3,742	3,121
Netting	(3,742)	(3,111)	(3,742)	(3,111)
Recognition in the consolidated statement of financial position	—	—	—	10

Schedule of tax attributes (gross)


In € thousand	12/31/2023	12/31/2022
Corporation tax loss carryforwards	939,479	661,501
Trade tax loss carryforwards	935,268	659,161
Interest carryforwards	10,151	15,348

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, 2022	13,850	106,264	3,929	124,043
Addition	1,541	75,705	436	77,682
Deductions	—	—	(137)	(137)
Unrecognized deferred tax assets as of December 31, 2022	15,391	181,969	4,228	201,588
Addition	2,676	76,702	—	79,378
Deductions	—	(338)	(1,729)	(2,067)
Unrecognized deferred tax assets as of December 31, 2023	18,067	258,333	2,499	278,899

Warrants

12 Months Ended

Dec. 31, 2023

Warrants

Warrants

24.Warrants

Warrants are as follows:


in € thousand	12/31/2023	12/31/2022
Reorganization Warrants	2,854	1,811
RDO & 2022 PIPE Warrants	29,590	24,456
May 2023 Warrants	170,505	—
2023 PIPE Warrants	2,064	—
Warrants	205,013	26,267

The movements of the warrants were as follows:


in € thousand	2023	2022
At January 1	26,267	21,405
Initial recognition of RDO & 2022 PIPE Warrants	—	34,550
Initial recognition of 2023 PIPE Warrants	4,552	—
Initial recognition of May 2023 Warrants	(82,829)	—
Settlement of Initial Funding Amount on May 2023 Warrants	91,811	—
Settlement of Additional Funding Amount on May 2023 Warrants	67,416	—
Exercise of May 2023 Warrants	(25,593)	—
Foreign currency translation	(3,510)	508
Fair value changes to profit or loss	126,899	(30,196)
At December 31	205,013	26,267

The settlement of any exercise of the Warrants will be via the issuance of Class A shares against the applicable exercise price as determined by the terms of the respective warrant agreements.

Reorganization Warrants

Upon the Reorganization, 12,649,946 Public Warrants and 7,060,000 Private Warrants (collectively the “Reorganization Warrants”) were assigned from Qell to Lilium. The terms of the Reorganization Warrants remain unchanged following the assignment. During the year no (2022: 10) Public Warrants and no (2022: nil) Private Warrants were exercised. As of December 31, 2023, 12,649,936 Public Warrants (2022: 12,649,936) and 7,060,000 Private Warrants (2022: 7,060,000) were outstanding.

The Reorganization 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 Reorganization Warrants became exercisable 30 days after the consummation of the Reorganization. The Reorganization Warrants will expire five years after the completion of the Reorganization or earlier upon redemption, liquidation or expiration in accordance with their terms.

Public Warrants are listed and publicly traded in USD on the Nasdaq stock exchange (ticker: LILMW). Private Warrants share the same characteristics as Public Warrants and the same price has been used to calculate the fair value as described in note 29.

RDO & 2022 PIPE Warrants

As part of the RDO & 2022 PIPE transaction as described in note 21, the Company also entered into a warrant agreement dated November 18, 2022, (the “RDO & 2022 PIPE Warrants”) with each of the RDO & 2022 PIPE investors. The RDO & 2022 PIPE Warrants entitle each warrant holder to purchase 0.5 Class A share of the Company for US$1.30 per share with a minimum of the USD equivalent of the nominal value of €0.01 (2022: €0.12) per share. The total units of RDO Warrants and 2022 PIPE Warrants issued was 11,249,997 and 34,512,464 respectively.

The RDO Warrants are identical to the 2022 PIPE Warrants as these share the same terms except that the RDO Warrants and the underlying shares are registered securities and the 2022 PIPE Warrants and the underlying shares are unregistered and would need an effective registration statement for resale. Subsequent to the issuance of the 2022 PIPE Warrants, the Group registered the securities underlying the 2022 PIPE Warrants on December 13, 2022. The RDO & 2022 PIPE Warrants are unlisted warrants.

The RDO & 2022 PIPE Warrants are exercisable for a four-year period at an exercise price of US$1.30 per share and contain customary anti-dilution adjustments, including adjustments in connection with the issuance of Class A shares at a price below US$1.30, subject to exceptions. Beginning on November 22, 2024, the Group can redeem the warrants for US$0.01 per share if the market price of the Class A shares is equal or exceeds US$2.60 per share as reported by Nasdaq, for at least twenty (20) trading days (whether or not consecutive) during a thirty (30) consecutive trading day period by giving at least twenty (20) trading days’ prior written notice to the registered holders of the warrants.

During the current period, the exercise price of the RDO & 2022 PIPE Warrants was reduced from US$1.30 per share to US$1.00 per share triggered by the issuance of the May 2023 Warrants and in line with the warrant agreement.

As of December 31, 2023, 11,249,997 (2022: 11,249,997) RDO Warrants and 34,512,464 (2022: 34,512,464) 2022 PIPE Warrants were outstanding.

May 2023 Warrants

In May 2023, the Group executed a Securities Purchase Agreement (the “2023 SPA”) to issue to Aceville (an affiliate of Tencent Holdings Limited, a major shareholder of Lilium N.V.) 184,210,526 warrants (the “May 2023 Warrants”) in a private placement to purchase one Class A share for an initial exercise price of US$1.00 per warrant. The maturity of the May 2023 Warrants is ten years from the date of issuance with an automatic five-year extension that can be waived by the Group subject to the consent of Aceville. On the closing date, Aceville has partially prefunded the aggregate exercise price of the May 2023 Warrants in an amount of US$100,000 thousand (the “Initial Funding Amount”) and also committed to prefund to the Group an additional US$75,000 thousand (the “Additional Funding Amount”) of the aggregate exercise price, contingent upon the Group securing US$75,000 thousand in additional funding from third parties. In July 2023, the Group satisfied the aforementioned condition by concluding the CMPO and 2023 PIPE (refer to note 21) and received the Additional Funding Amount.

Following the Group’s receipt of the Initial Funding Amount and the Additional Funding Amount, the May 2023 Warrants are exercisable at the remaining unpaid exercise price of US$0.05 per Class A share. Following the receipt of the Additional Funding Amount, Aceville has the right to cashless net settlement of remaining outstanding warrants.

At initial recognition, the Group recorded a derivative financial asset of €82,829 thousand, recognized as a contribution from shareholder in other capital reserves, as described in note 21.

At the initial recognition date, the Group used a probability of receiving the Additional Funding Amount of 85% in the initial valuation of the May 2023 Warrants. If for each of the annual conditional probabilities of the Additional Funding Amount an absolute shift of +/- 10% would have been assumed, the impact to the initial fair value would have been (€7,706 thousand)/ €5,847 thousand.

During the year, 24,007,607 (2022: n/a) of the May 2023 Warrants were exercised. As of December 31, 2023, 160,202,919 (2022: n/a) May 2023 Warrants were outstanding.

2023 PIPE Warrants

As part of the 2023 PIPE transaction as described in note 21, each warrant holder is entitled to purchase a Class A share of the Company for US$2.00 per share.

The Group issued 8,036,528 warrants exercisable for an 18-month period from the date of issue. The 2023 PIPE Warrants contain customary anti-dilution adjustments, including adjustments in connection with the issuance of Class A shares at a price below US$1.00, subject to exceptions.

The table below shows the sensitivity analysis of the fair value for the 2023 PIPE Warrants at initial recognition:


	Absolute shift		Fair value	Effect on
in € thousand	in base volatility		of warrants	initial fair value
Base	—		(4,552)	—
Up	10	%	(5,089)	(537)
Down	(10)	%	(3,998)	554

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

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, 2023	22,887	139	19,520	9,683	2,887	55,116
Additions	5,060	14	15,185	1,026	16,984	38,269
Disposals	(795)	(20)	(3,646)	(5,725)	—	(10,186)
Transfers	819	—	458	38	(1,315)	—
Indexation impact	1,256	—	—	—	—	1,256
Foreign exchange	—	—	—	7	—	7
December 31, 2023	29,227	133	31,517	5,029	18,556	84,462
Accumulated depreciation:
January 1, 2023	9,080	52	3,877	5,408	—	18,417
Depreciation	4,675	30	4,024	1,627	—	10,356
Disposals	(795)	(20)	(3,646)	(5,725)	—	(10,186)
Impairment	104	6	1,359	414	—	1,883
Foreign exchange	—	—	—	1	—	1
December 31, 2023	13,064	68	5,614	1,725	—	20,471
Carrying amount:
December 31, 2022	13,807	87	15,643	4,275	2,887	36,699
December 31, 2023	16,163	65	25,903	3,304	18,556	63,991


	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, 2022	19,903	166	10,738	8,243	2,611	41,661
Additions	2,366	67	6,328	1,519	2,894	13,174
Disposals	—	(94)	(12)	(95)	—	(201)
Transfers	130	—	2,466	22	(2,618)	—
Indexation impact	488	—	—	—	—	488
Foreign exchange	—	—	—	(6)	—	(6)
December 31, 2022	22,887	139	19,520	9,683	2,887	55,116
Accumulated depreciation:
January 1, 2022	5,438	82	1,669	3,862	—	11,051
Depreciation	3,642	64	2,168	1,617	—	7,491
Disposals	—	(94)	(12)	(68)	—	(174)
Impairment	—	—	52	—	—	52
Foreign exchange	—	—	—	(3)	—	(3)
December 31, 2022	9,080	52	3,877	5,408	—	18,417
Carrying amount:
December 31, 2021	14,465	84	9,069	4,381	2,611	30,610
December 31, 2022	13,807	87	15,643	4,275	2,887	36,699

In 2023, 2022 and 2021 all depreciation was recognized in the profit or loss in each given year.

Property, plant and equipment includes right-of-use assets for an amount of €11,275 thousand as of December 31, 2023 (December 31, 2022: €10,499 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. There are no security pledges.

The Group test for impairment on an annual basis. During the year, an impairment loss of €1,883 thousand (2022: €52 thousand and 2021: nil) relating to assets that were obsolete and in the process of being disposed of was recognized in the consolidated statement of operations.

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


In € thousand	12/31/2023	12/31/2022
Property, plant and equipment
Germany	39,757	26,063
Spain	12,012	5
Rest of the World	947	132
Right-of-use assets
Germany	11,083	10,033
Spain	192	466
Total	63,991	36,699

Shareholders' Equity - Additional information (Details) € / shares in Units, € in Thousands			1 Months Ended	4 Months Ended	12 Months Ended
	Mar. 30, 2021 EUR (€) shares	Mar. 26, 2021 EUR (€) shares	May 31, 2023 EUR (€) € / shares	Oct. 31, 2022 EUR (€) shares	Dec. 31, 2023 EUR (€) Vote € / shares shares	Dec. 31, 2022 EUR (€) Vote € / shares shares	Dec. 31, 2021 EUR (€) shares	Aug. 31, 2023 € / shares	Aug. 01, 2023 € / shares	Dec. 31, 2020 EUR (€) shares
Shareholders' Equity
Nominal value per share \| € / shares					€ 0.01	€ 0.12
Share capital					€ 5,728	€ 53,104
Number of Class B shares converted to Class C share \| shares					1
Number of Class B shares converted to Class A share \| shares					1
Witten notice period (in days)					3 days
Consideration value for transfer of shares					€ 0
Increase in share capital	€ 381,208
Convertible loans, shares \| shares	274,272	20,533,259
Conversion					(39)	(562)	€ 96,193
Transaction costs	€ 29,029
Amount of convertible loan		€ 85,900
Share capital increased through reorganization	€ 164,868					0	164,868
Proceeds From Reorganization							83,393
Shareholders' deficit					37,058	203,503	342,511			€ 57,722
Proceeds from the 2021 PIPE capital increase							€ 381,208
Other capital reserves					381,778	277,654
Share premium					1,008,759	843,074
Equity settled share-based payments					€ 10,444	€ 22,817
Number of shares authorized for issue \| shares					130,664,910	196,385,439
Success Fee
Shareholders' Equity
Convertible loans, shares \| shares	293,230
After reorganization
Shareholders' Equity
Number of shares outstanding \| shares					526,579,207	394,233,886	285,657,980			197,427,271
Number of shares issued during period \| shares					89,838,455	91,524,935	45,000,000
Convertible loans, shares \| shares							20,533,259
Shares converted \| shares					350,000	525,000
Shares held under consolidation \| shares							(879,691)
Class A shares
Shareholders' Equity
Exchange of shares \| shares				5,356,000
Nominal value per share \| € / shares			€ 0.12		€ 0.01	€ 0.12		€ 0.12	€ 0.01
Number of votes \| Vote					1	12
Number of shares outstanding \| shares					503,466,142	369,820,821	261,244,915			173,014,206
Number of shares issued during period \| shares					89,838,455	91,524,935	45,000,000
Convertible loans, shares \| shares							20,533,259
Proceeds from the 2021 PIPE capital increase				€ 12,498
Shares converted \| shares					350,000	525,000
Shares held under consolidation \| shares							(879,691)
Class B shares
Shareholders' Equity
Nominal value per share \| € / shares			0.36		€ 0.03	€ 0.36			0.03
Number of votes \| Vote					3	36
Number of shares outstanding \| shares					23,113,065	23,888,065	24,413,065			24,413,065
Transfer of shares						€ 6
Shares converted \| shares					350,000	525,000
Class C shares
Shareholders' Equity
Number of shares transferred to Class B shares \| shares					350,000	525,000
Exchange of shares \| shares					0	525,000
Nominal value per share \| € / shares			€ 0.24		€ 0.02	€ 0.24			€ 0.02
Number of votes \| Vote					2	24
Number of shares outstanding \| shares						525,000
Percentage of maximum profits on nominal value per share (in percent)					0.10%
Shares converted \| shares					350,000	525,000
Shares transferred \| shares					350,000	525,000
Subscribed capital
Shareholders' Equity
Increase in share capital	€ 5,400
Conversion		2,464			€ 1,471	€ 1,303	€ 2,464
Share capital increased through reorganization	2,724					0	2,724
Shareholders' deficit					5,728	53,104	40,138			€ 29,550
Impact of the transaction			€ 60,152		(60,152)
Subscribed capital \| Success Fee
Shareholders' Equity
Conversion	35
Subscribed capital \| After reorganization
Shareholders' Equity
Conversion	33
Subscribed capital \| Class B shares
Shareholders' Equity
Transfer of shares						6
Share premium
Shareholders' Equity
Increase in share capital	375,808
Conversion		127,813			0	207	127,813
Transaction costs	2,227
Transfer of shares							45
Share capital increased through reorganization	51,116					0	51,116
Shareholders' deficit					1,008,759	843,074	779,141			224,359
Impact of the transaction			59,983		59,983
Share premium \| Success Fee
Shareholders' Equity
Conversion	1
Share premium \| After reorganization
Shareholders' Equity
Conversion	2,023
Share premium \| Class B shares
Shareholders' Equity
Conversion					84	126
Transfer of shares						108
Other capital reserves
Shareholders' Equity
Conversion		€ (34,084)			(1,510)	(2,072)	(34,084)
Share capital increased through reorganization	111,109						111,109
Shareholders' deficit					381,778	277,654	240,430			110,055
Treasury shares
Shareholders' Equity
Transfer of shares							(45)
Share capital increased through reorganization							(81)
Shareholders' deficit						(279)	€ (151)			€ (25)
Impact of the transaction			€ 169		169
Treasury shares \| Success Fee
Shareholders' Equity
Conversion	€ 81
Treasury shares \| Class B shares
Shareholders' Equity
Conversion					€ (84)	(126)
Transfer of shares						€ (108)
Treasury shares \| Class C shares
Shareholders' Equity
Number of shares outstanding \| shares					0	525,000

Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

Loss per Share

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


	2023	2022	2021
Net loss for the year	(389,119)	(253,064)	(411,036)
(in € thousand)
Weighted average number of shares outstanding
Basic and diluted	547,391,640	316,474,576	214,858,203
Basic and diluted loss per share (in €)	(0.71)	(0.80)	(1.91)

Financial Instruments - Financial assets and liabilities measured at FVTPL (Details) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($) item Y $ / shares	May 31, 2023 item	Dec. 31, 2022
Minimum [Member] \| RDO & 2022 PIPE Warrants
Financial Instruments
Share price \| $ / shares		$ 1.30
Maximum [Member] \| RDO & 2022 PIPE Warrants
Financial Instruments
Share price \| $ / shares		$ 1.00
Base volatility \| RDO & 2022 PIPE Warrants
Financial Instruments
Percentage, Base		97		70
Base volatility \| May 2023 Warrants
Financial Instruments
Percentage, Base		87
Base volatility \| 2023 PIPE Warrants
Financial Instruments
Percentage, Base		97		70
Remaining contractual term \| RDO & 2022 PIPE Warrants
Financial Instruments
Significant unobservable input, liabilities \| Y		4
Remaining contractual term \| May 2023 Warrants
Financial Instruments
Significant unobservable input, liabilities \| Y		15
Remaining contractual term \| 2023 PIPE Warrants
Financial Instruments
Significant unobservable input, liabilities \| $		1.5
Dividend rate \| RDO & 2022 PIPE Warrants
Financial Instruments
Percentage, Base		0
Dividend rate \| May 2023 Warrants
Financial Instruments
Significant unobservable input, liabilities \| item			0
Dividend rate \| 2023 PIPE Warrants
Financial Instruments
Significant unobservable input, liabilities \| item		0
FVTPL.
Financial Instruments
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	€ 0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	0
Transfers into Level 3 of fair value hierarchy, assets	0
FVTPL
Financial Instruments
Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities held at end of reporting period	0
Transfers out of Level 3 of fair value hierarchy, liabilities	€ 0
Level 3
Financial Instruments
Increase/decrease of Price of recent market transaction percentage	10.00%
Increase of Price of recent market transaction price	€ 464
Decrease of Price of recent market transaction price	€ (464)

Related Party Disclosures - Other transactions with key management personnel (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Disclosures
Research and development expenses	€ 183,760	€ 175,618	€ 144,558
General and administrative expense	81,280	93,887	239,093
Selling expense	10,759	12,929	17,189
Finance income	15,335	30,322	11,288
Finance expenses	131,059	1,995	20,201
Purchase of property, plant and equipment	28,671	8,942	€ 17,099
Current trade payables	22,540	19,195
Non current prepaid expenses	7,998	4,069
Key management
Related Party Disclosures
Research and development expenses	2	17
General and administrative expense	46
Selling expense		289
Finance income		7
Finance expenses		6
Purchase of property, plant and equipment	19	24
Current trade payables	46	20
Non current trade payables	0	149
Non current prepaid expenses	€ 0	€ 1
Shares in exchange returned	350,000	950,000
Non-cancelable commitment	€ 226	€ 0

Related Party Disclosures - Annual remuneration and related compensation costs recognized as expense (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Disclosures
Short-term employee benefits	€ 2,889	€ 4,657
Termination remuneration		52
Post-employment benefits	84	45
Share-based payment remuneration	10,630	7,364
Success fees and JSOP		(4,568)
Total	€ 13,603	€ 7,550

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023	22,887	139	19,520	9,683	2,887	55,116
Additions	5,060	14	15,185	1,026	16,984	38,269
Disposals	(795)	(20)	(3,646)	(5,725)	—	(10,186)
Transfers	819	—	458	38	(1,315)	—
Indexation impact	1,256	—	—	—	—	1,256
Foreign exchange	—	—	—	7	—	7
December 31, 2023	29,227	133	31,517	5,029	18,556	84,462
Accumulated depreciation:
January 1, 2023	9,080	52	3,877	5,408	—	18,417
Depreciation	4,675	30	4,024	1,627	—	10,356
Disposals	(795)	(20)	(3,646)	(5,725)	—	(10,186)
Impairment	104	6	1,359	414	—	1,883
Foreign exchange	—	—	—	1	—	1
December 31, 2023	13,064	68	5,614	1,725	—	20,471
Carrying amount:
December 31, 2022	13,807	87	15,643	4,275	2,887	36,699
December 31, 2023	16,163	65	25,903	3,304	18,556	63,991


	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, 2022	19,903	166	10,738	8,243	2,611	41,661
Additions	2,366	67	6,328	1,519	2,894	13,174
Disposals	—	(94)	(12)	(95)	—	(201)
Transfers	130	—	2,466	22	(2,618)	—
Indexation impact	488	—	—	—	—	488
Foreign exchange	—	—	—	(6)	—	(6)
December 31, 2022	22,887	139	19,520	9,683	2,887	55,116
Accumulated depreciation:
January 1, 2022	5,438	82	1,669	3,862	—	11,051
Depreciation	3,642	64	2,168	1,617	—	7,491
Disposals	—	(94)	(12)	(68)	—	(174)
Impairment	—	—	52	—	—	52
Foreign exchange	—	—	—	(3)	—	(3)
December 31, 2022	9,080	52	3,877	5,408	—	18,417
Carrying amount:
December 31, 2021	14,465	84	9,069	4,381	2,611	30,610
December 31, 2022	13,807	87	15,643	4,275	2,887	36,699

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


In € thousand	12/31/2023	12/31/2022
Property, plant and equipment
Germany	39,757	26,063
Spain	12,012	5
Rest of the World	947	132
Right-of-use assets
Germany	11,083	10,033
Spain	192	466
Total	63,991	36,699

Provisions

12 Months Ended

Dec. 31, 2023

Provisions

Provisions

25.Provisions

The movement in provisions during the year is as follows:


In € thousand	01/01/2023	Additions	Reversals	Utilization	Discount Effects	Foreign Exchange	12/31/2023
Asset retirement obligations	302	765	—	—	58	—	1,125
Post-employment benefits (note 26)	75	—	—	—	—	5	80
Record retention obligations	68	—	—	(9)	—	—	59
Total non-current provisions	445	765	—	(9)	58	5	1,264
Legal Claims	420	384	—	(662)	—	(54)	88
Severance payments	114	—	(97)	(17)	—	—	—
Other	196	107	(63)	(18)	—	1	223
Total current provisions	730	491	(160)	(697)	—	(53)	311


In € thousand	01/01/2022	Additions	Reversals	Utilization	Discount Effects	Foreign Exchange	12/31/2022
Asset retirement obligations	233	66	—	—	3	—	302
Post-employment benefits (note 26)	84	15	(24)	—	—	—	75
Record retention obligations	56	22	—	—	(10)	—	68
Total non-current provisions	373	103	(24)	—	(7)	—	445
Year-end audit	1,067	—	(1,067)	—	—	—	—
Legal Claims	—	426	—	(6)	—	—	420
Severance payments	619	—	(505)	—	—	—	114
Other	736	1,384	(701)	(1,223)	—	—	196
Total current provisions	2,422	1,810	(2,273)	(1,229)	—	—	730

Asset retirement obligations originate from the Group’s lease rental contracts (removal of tenant fixtures – refer to note 16) and they are expected to be settled in May 2027 at the lease contract end. Accrued severance payments from prior year have been paid. Other provisions closing balance relates to social security provisions with reversals during the year primarily relating to board remuneration, payroll, social security, and HR provisions.

In 2023 the accrual for the year end audit is presented in trade and other payables.

Legal claims relate to the expected legal fees in relation to US litigation proceedings. On April 18, 2022, a putative class action was filed against Lilium N.V., Daniel Wiegand, Geoffrey Richardson and Barry Engle for purported violations of United States securities laws (the “Lawsuit”). The Lawsuit was filed in the U.S. District Court for the Central District of California, but was later transferred to the U.S. District Court for the Southern District of Florida. The Lawsuit is presently captioned as: Maniraj Ashirwad Gnanaraj v. Lilium N.V. et al., 23-CV-80232-Rosenberg/Reinhart. On March 10, 2023, the Lead Plaintiff filed an amended complaint, which Defendants moved to dismiss. On January 3, 2024, the court granted Defendants’ motion to dismiss but allowed the Lead Plaintiff to file a second amended complaint. On January 24, 2024, the Lead Plaintiff filed a second amended complaint, which Defendants have moved to dismiss. The Company’s management believes the claims are without merit and intend to vigorously defend this litigation. The Lawsuit is currently at a preliminary stage and Lilium cannot predict its outcome, so the Company therefore cannot determine the likelihood of loss or estimate a range of possible loss.

Research and Development Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Research and Development Expenses

Schedule of research and development expenses


In € thousand	2023	2022	2021
Salaries and social security	76,453	77,455	75,672
Professional services	75,573	72,840	49,421
Materials	9,743	7,808	9,009
Depreciation/amortization/impairment	10,448	6,386	4,541
IT and communication expense	4,249	3,709	1,248
Other research and development expenses	7,294	7,420	4,667
Total research and development expenses	183,760	175,618	144,558

Post-Employment Benefits

12 Months Ended

Dec. 31, 2023

Post-Employment Benefits

Post-Employment Benefits

26.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 €569 thousand (2022: €635 thousand, 2021: €465 thousand). There are no liabilities (2022: nil) that are recognized in the Group’s balance sheet in respect of such plans along with regular prepayments and accruals of the contributions withheld from employees’ wages and salaries and of the Group’s contributions. Contributions totaling nil (2022: €1 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 to employees in Switzerland in accordance with local law through defined benefit plans, these employees make up a very small portion of the Groups total employees. 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 100% again. 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 defined benefit obligation is €80 thousand (2022: €76 thousand) with €105 thousand (2022: €101 thousand, 2021: €117 thousand) recognized as an expense and €22 thousand (2022: €28 thousand, 2021: €162 thousand) as other comprehensive income during the year. Due to the size of the pension plan, the Swiss defined benefit plans will not have a material impact on the amount, timing or uncertainty of the Group’s future cash flows.

Post-Employment Benefits (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Post-Employment Benefits
Expense for defined contribution plans	€ 569	€ 635	€ 465
Contributions	€ 0	€ 1
Liabilities for defined contribution plans \| $				$ 0	$ 0

Financial Instruments - Reconciliation of changes in liabilities arising from financing activities (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments
Beginning balance	€ 37,236	€ 33,228
Principal elements of lease payment	(3,425)	(2,720)
Interest paid	(604)	(443)
Additions to warrants		34,550
Change in the cash flow from financing activities	163,062	(3,163)
Additions to lease liabilities due to new lease contracts	3,625	1,873
Initial recognition of May 2023 Warrants	(78,277)
Fair value changes	123,553	(30,196)
Effects of foreign exchange conversion	(3,476)	508
Exercised May 2023 Warrants	(25,293)
Interest expenses	602	436
Ending balance	216,180	37,236
Over-allotment option
Financial Instruments
Additions to warrants	3,312
Change in the cash flow from financing activities	3,312
Fair value changes	(3,346)
Effects of foreign exchange conversion	34
May 2023 Warrant
Financial Instruments
Fair Value Of Derivative Instrument Settlement Of Initial Fund Amount	91,811
Fair Value Of Derivative Instrument Settlement Of Additional Fund Amount	67,416
2023 PIPE Warrants
Financial Instruments
Additions to warrants	4,552
Lease liabilities
Financial Instruments
Beginning balance	10,969	11,823
Principal elements of lease payment	(3,425)	(2,720)
Interest paid	(604)	(443)
Change in the cash flow from financing activities	(4,029)	(3,163)
Additions to lease liabilities due to new lease contracts	3,625	1,873
Interest expenses	602	436
Ending balance	11,167	10,969
Warrants
Financial Instruments
Beginning balance	26,267	21,405
Additions to warrants		34,550
Change in the cash flow from financing activities	163,779
Initial recognition of May 2023 Warrants	(82,829)
Fair value changes	126,899	(30,196)
Effects of foreign exchange conversion	(3,510)	508
Exercised May 2023 Warrants	(25,593)
Ending balance	205,013	€ 26,267
Warrants \| May 2023 Warrant
Financial Instruments
Fair Value Of Derivative Instrument Settlement Of Initial Fund Amount	91,811
Fair Value Of Derivative Instrument Settlement Of Additional Fund Amount	67,416
Warrants \| 2023 PIPE Warrants
Financial Instruments
Additions to warrants	€ 4,552

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets

Schedule of intangible assets


		Purchased concessions,
		rights and other
In € thousand	Software	intangible assets	Total
Costs of acquisition
January 1, 2023	4,161	145	4,306
Additions	79	—	79
Disposal	(3,470)	(18)	(3,488)
December 31, 2023	770	127	897
Accumulated amortization/write downs
January 1, 2023	3,411	25	3,436
Amortization	386	8	394
Disposal	(3,470)	(18)	(3,488)
Impairment	60	1	61
December 31, 2023	387	16	403
Carrying amount:
December 31, 2022	750	120	870
December 31, 2023	383	111	494


		Purchased concessions,
		rights, and other
In € thousand	Software	in-tangible assets	Total
Costs of acquisition
January 1, 2022	3,998	108	4,106
Additions	163	37	200
Transfer from property, plant and equipment	—	—	—
December 31, 2022	4,161	145	4,306
Accumulated amortization/write downs
January 1, 2022	2,694	18	2,712
Amortization	717	7	724
December 31, 2022	3,411	25	3,436
Carrying amount:
December 31, 2021	1,304	90	1,394
December 31, 2022	750	120	870

Material Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Material 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

Leases - Related expense (Details) - EUR (€) € in Thousands	12 Months Ended
Leases - Related expense (Details) - EUR (€) € in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Depreciation of right of-use-assets	€ 3,623	€ 2,977	€ 1,941
Interest expense on lease liabilities	604	443	437
Short-term lease expenses	214	6	488
Lease expenses for low-value assets	94	137	220
Total amount recognized in expense	€ 4,535	€ 3,563	€ 3,086

Basis of Preparation - Going Concern (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Basis of Preparation and Changes to the Group's Accounting Policies
Cash flows from operations including accumulated losses	€ 1,359,300
Accumulated loss	1,359,317		€ 970,198
Shareholders' deficit	€ (37,058)	€ (342,511)	€ (203,503)	€ (57,722)
Proceeds from the 2021 PIPE capital increase		€ 381,208

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

General and Administrative Expenses (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General and Administrative Expenses
Share listing expense			€ 111,109
General and Administrative Expenses
General and Administrative Expenses
Share listing expense			111,109
Professional services	€ 19,383	€ 28,851	70,380
Salaries and social security	31,742	30,187	35,395
IT and communication expense	19,457	20,374	12,391
Depreciation/amortization	2,057	1,816	1,870
Insurances	3,161	6,457	1,698
HR related expenses (training, recruitment)	492	1,466	1,617
Other administrative expenses	4,988	4,736	4,633
Total	€ 81,280	€ 93,887	€ 239,093

Shareholders' Equity - 2023 Private Placement (Details) € in Thousands		1 Months Ended	12 Months Ended
	Mar. 30, 2021 EUR (€)	Jul. 31, 2023 EUR (€) shares	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Jul. 31, 2023 $ / shares
Shareholders' Equity
Proceeds from the 2021 PIPE capital increase					€ 381,208
Transaction cost			€ 6,112	€ 7,402
Share capital increase	€ 381,208
Share issue related cost			€ 6,112	€ 7,402
Subscribed capital
Shareholders' Equity
Share capital increase	5,400
Share premium
Shareholders' Equity
Share capital increase	€ 375,808
2023 Public Offering
Shareholders' Equity
Term Of The Over-Allotment Option		30 days
Underwriter Fee Percentage		6.00%
Proceeds from the 2021 PIPE capital increase		€ 66,785
Transaction cost		5,561
Share capital increase		63,473
Share issue related cost		5,561
Derivative financial liabilities		3,312
Transaction Costs Recognized In General And Administrative Expenses		274
2023 Public Offering \| Subscribed capital
Shareholders' Equity
Share capital increase		6,923
2023 Public Offering \| Share premium
Shareholders' Equity
Share capital increase		€ 51,263
2023 Public Offering \| Class A ordinary shares
Shareholders' Equity
Number of shares issued during period \| shares		57,692,308
Sale price per share \| $ / shares						$ 1.30
2023 Public Offering \| Class A ordinary shares \| Share premium
Shareholders' Equity
Decrease In Equity Through Transaction Related Costs		€ 5,287
2023 PIPE
Shareholders' Equity
Proceeds from the 2021 PIPE capital increase		37,624
Transaction cost		940
Share capital increase		33,072
Warrant liability		4,552
Share issue related cost		940
Transaction Costs Recognized In General And Administrative Expenses		115
2023 PIPE \| Subscribed capital
Shareholders' Equity
Share capital increase		2,123
2023 PIPE \| Share premium
Shareholders' Equity
Share capital increase		€ 30,124
2023 PIPE \| Class A ordinary shares
Shareholders' Equity
Number of shares issued during period \| shares		32,146,147
Sale price per share \| $ / shares						1.30
Ifrs Class of Warrant or Right, Number of Securities Called by Warrants or Rights \| shares		8,036,528
2023 PIPE \| Class A ordinary shares \| Share premium
Shareholders' Equity
Decrease In Equity Through Transaction Related Costs		€ 825
2023 PIPE \| Warrants to purchase Class A ordinary shares
Shareholders' Equity
Expiration period (in years)		18 months
Exercise price of warrant \| $ / shares						$ 2.00

Warrants - Sensitivity analysis for the May 2023 Warrants at initial recognition (Details) € in Thousands	12 Months Ended
	Dec. 31, 2023 EUR (€) shares	Dec. 31, 2022 EUR (€)	Dec. 31, 2023 $ / shares
Warrants
Effect on initial fair value, due to increase in unobservable input	€ (204,254)	€ (27,029)
Effect on initial fair value, due to decrease in unobservable input	€ (199,866)	€ (21,881)
2023 PIPE Warrants
Warrants
Percentage, up	10.00%
Percentage, down	(10.00%)
Exercise price \| $ / shares			$ 2.00
Warrant Issued \| shares	8,036,528
Term of warrants	18 months
Class of warrant or right, adjusted exercise price of warrants or rights \| $ / shares			$ 1.00
Fair value of warrants	€ (4,552)
Fair value of warrants at decrease in unobservable input	(3,998)
Fair value of warrants at increase in unobservable input	(5,089)
Effect on initial fair value, due to increase in unobservable input	(537)
Effect on initial fair value, due to decrease in unobservable input	€ 554