MUNICH - Lilium N.V. (NASDAQ:LILM), a company engaged in developing electric vertical take-off and landing (eVTOL) jets, announced the appointment of Johan Malmqvist as its new Chief Financial Officer (CFO), effective April 1, 2024. Malmqvist's extensive experience spans over 25 years, including roles at global public and private companies in various sectors.
Before joining Lilium, Malmqvist served as the CFO of Polestar (NASDAQ:PSNY) Automotive Holding UK PLC (NASDAQ:PSNY), a premium electric vehicle manufacturer. During his tenure, he played an instrumental role in Polestar's U.S. public listing and capital formation activities. His previous experience also includes over seven years as CFO at Dole Food Company (NYSE:DOLE), where he was pivotal in the company's merger with Total Produce and subsequent public offering.
Lilium's CEO Klaus Roewe expressed enthusiasm for Malmqvist's addition to the leadership team, highlighting his suitability to guide Lilium through its next growth phase, which includes the anticipated 2026 introduction of its eVTOL Jet service. Malmqvist himself is eager to contribute to Lilium's transition from design to industrialization, aiming to transform regional air travel with a sustainable approach.
Malmqvist succeeds Oliver Vogelgesang, who joined Lilium in 2021 as SVP Finance & Controlling. The company expressed gratitude for Vogelgesang's contributions and wished him well in his future endeavors.
Lilium, founded in 2015, aims to decarbonize air travel with its all-electric Lilium Jet, focusing on high-speed, regional transportation. The company has garnered interest and announced sales in various global markets, with over 950 employees, including around 500 aerospace engineers. Its headquarters and manufacturing base are located in Munich, Germany.
This article is based on a press release statement from Lilium.
InvestingPro Insights
As Lilium N.V. gears up for its ambitious eVTOL Jet introduction in 2026, the company's financial health and strategic planning will be under scrutiny. With the recent appointment of Johan Malmqvist as CFO, his prior experience at Polestar Automotive Holding UK PLC and Dole Food Company could be instrumental in navigating the complexities of the capital-intensive aerospace sector. Here's a look at some key metrics and insights from InvestingPro that might be relevant for investors keeping an eye on Lilium's journey:
The aerospace sector often requires significant upfront investment, with profitability sometimes years down the line. For instance, Amazon (NASDAQ:AMZN), although not a direct competitor, represents a company that has successfully navigated through various growth phases. Amazon's P/E Ratio stands at 60.65, reflecting investor confidence in its future earnings potential despite the high capital expenditures typical of its industry. Similarly, Lilium's financial strategy will need to ensure investor confidence during its growth phase.
InvestingPro Data for Amazon (NASDAQ:AMZN) as of the last twelve months ending in Q4 2023 shows a Revenue Growth of 11.83%, indicating a steady increase in sales. Additionally, the Operating Income Margin is at 6.41%, which could serve as a benchmark for Lilium as it scales up operations. The Gross Profit Margin for Amazon is also impressive at 46.98%, a testament to its efficient cost management—a vital aspect for Lilium to consider as it progresses towards production.
InvestingPro Tips suggest that understanding the financial metrics of industry leaders can provide valuable benchmarks for emerging companies. For those interested in deeper financial analysis and more InvestingPro Tips, there are additional insights available on the InvestingPro platform. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and discover the 15+ additional tips that can help you make more informed investment decisions.
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