Haim Taib, in Partnership With Angola Sovereign Fund, Launches $1 Billion Development Platform to Transform Africa's Lobito Corridor
Committed First $100 Million to Catalyze Inclusive Growth Across Africa's New Economic Artery
WASHINGTON, DC / / May 14, 2025 / In a bold move to reshape Africa's position in the global economy, Haim Taib, Founder and President of the Menomadin & Mitrelli Group, announced today, in partnership with Angola Sovereign Fund, the launch of a $1 billion Lobito Corridor Impact Development (LCID) Platform. This landmark private initiative will fuel sustainable, inclusive development across Angola, through the DRC, and into Zambia.
The platform opens with a joint commitment of $100 million from Haim Taib and Angola's Sovereign Wealth Fund (FSDEA)-$50 million by each. Its mission is to invest in catalytic projects across agriculture, infrastructure, healthcare, light industry, education, and digital inclusion that unlock economic value, empower local communities, and accelerate regional integration.
The Lobito Corridor Impact Development Platform (LCID Platform) is designed as an independent investment platform to accelerate Africa's next phase of industrial and human development. The Platform invites institutional investors, sovereign partners, and private investors to join this mission, contributing capital, capabilities, and credibility. All projects will be evaluated and selected by an independent investment committee via tenders, ensuring strategic alignment, impact, feasibility and financial viability. Each project will be structured through a dedicated Special Purpose Vehicle (SPV), enabling local and international companies to invest in the projects that most appeal to them.
"This is a once in a generation opportunity and a call for global investors to lead the development of this new trade route of the world," said Haim Taib. "The Lobito Corridor is not just a railway-it's a new economic artery for Africa. This represents opportunities for future development by Africans, supported by global partnerships focused on trust, innovation, and shared prosperity. It is an opportunity to reshape Africa's role in the global economy through strategic economic development and potentially impact the lives of 40 million people."
Strategic Platform with Global Impact. Stretching from Angola's Atlantic Port of Lobito through the DRC and into the mineral-rich Copperbelt of Zambia, the Lobito Corridor is emerging as a key route to global markets. It supports faster and safer access to the critical minerals required for renewable energy, EVs, semiconductors, and industries-at a time when resilient supply chains have become a top priority for the United States and the world. This corridor aims to connect, in the future, the Indian Ocean with the Atlantic Ocean, traversing Africa from east to west.
"The Lobito Corridor is more than infrastructure-it's a catalyst for inclusive development," said Dr. Armando Manuel, Chairman of FSDEA. "This partnership reflects a shared commitment to smart capital and strategic partnerships that prioritize long-term impact. It's an African-led model-with global relevance. This is just the beginning. We are calling on more sovereign funds and global investors to join us in transforming the Lobito Corridor into a platform for scalable growth, prosperity, and global partnership."
The LCID Platform will focus on transformative projects that generate financial returns and advance national development goals in the countries along the corridor. Investment priorities include agro-industrial ventures, manufacturing, digital infrastructure, vocational training, SME development, and youth entrepreneurship. It's currently working with NAPSA-Zambia's public pension fund-to identify strategic projects and investments across the Lobito Corridor.
This model-infrastructure as the foundation, human capital as the accelerator-aligns with the UN Sustainable Development Goals (SDGs) and offers a compelling investment framework for U.S. and global partners.
Taib's holdings are expanding to the USA to facilitate direct collaboration with American financial institutions, tech leaders, and DFIs. The Washington-based platform aims to expand public-private partnerships and mobilize capital in line with Africa's green and digital transformation.
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About Haim Taib
Haim Taib is a global entrepreneur and impact investor who has led and financed projects exceeding $10 billion across Africa, Europe, and the Middle East. As founder of Mitrelli Group, Menomadin Group, JETA, Luminar Impact Capital, and the Menomadin Foundation, he drives a powerful value chain focused on strengthening and developing nations. His work spans over 100 national-scale projects in infrastructure, energy, healthcare, food and water security, education, technology, and urbanization. With a clear vision and decades of experience, Taib is a trusted partner to governments and a driving force behind some of the most ambitious public-private initiatives in the Global South.
About FSDEA
The Fundo Soberano de Angola (FSDEA) is Angola's sovereign wealth fund, established to promote long-term economic growth and diversification and offers trusted entry points for global capital in Africa. Specializing in Strategic Investments, encompassing both Financial Markets and Alternative Assets, it is tasked with establishing a sustainable mechanism that ensures the maximization of long-term returns, the preservation of capital, and the support of sustainable socioeconomic growth in Angola and the region. This is achieved through investments in strategic sectors, both domestically and internationally, aimed at optimizing capital and facilitating the generational transfer of wealth.
About NAPSA
The National Pension Scheme Authority (NAPSA) is Zambia's public pension fund, responsible for managing social security contributions and investments to secure long-term financial stability for the country's workforce. As one of Zambia's largest institutional investors, NAPSA plays a critical role in driving national development through strategic investments in real estate, infrastructure, and capital markets-ensuring inclusive growth and retirement security for future generations.
Contact Information
Bridget Lewis Senior Account Executivebridget@javelindc.com7027732111
SOURCE: Javelin
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CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) As of May 3, 2025 February 1, 2025 Assets Current assets: Cash and cash equivalents $ 259,025 $ 227,576 Short-term investments 439,092 467,222 Accounts receivable, net 216,469 234,016 Inventories 37,881 38,911 Connected device costs, current 123,332 119,323 Prepaid expenses and other current assets 57,076 58,106 Total current assets 1,132,875 1,145,154 Restricted cash 21,861 18,218 Long-term investments 325,089 282,652 Property and equipment, net 62,148 58,151 Operating lease right-of-use assets 67,741 64,864 Connected device costs, non-current 244,910 242,928 Deferred commissions 215,786 209,341 Other assets, non-current 3,207 2,994 Total assets $ 2,073,617 $ 2,024,302 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 22,309 $ 64,017 Accrued expenses and other current liabilities 84,455 74,976 Accrued compensation and benefits 43,694 43,443 Deferred revenue, current 576,547 563,254 Operating lease liabilities, current 14,151 15,656 Total current liabilities 741,156 761,346 Deferred revenue, non-current 129,565 122,516 Operating lease liabilities, non-current 67,948 64,622 Other liabilities, non-current 7,374 6,622 Total liabilities 946,043 955,106 Stockholders' equity: Preferred stock — — Class A common stock 12 12 Class B common stock 23 23 Class C common stock — — Additional paid-in capital 2,758,992 2,680,012 Accumulated other comprehensive income (loss) 673 (846 ) Accumulated deficit (1,632,126 ) (1,610,005 ) Total stockholders' equity 1,127,574 1,069,196 Total liabilities and stockholders' equity $ 2,073,617 $ 2,024,302 SAMSARA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share data) (Unaudited) Three Months Ended May 3, 2025 May 4, 2024 Revenue $ 366,884 $ 280,726 Cost of revenue 83,169 68,625 Gross profit 283,715 212,101 Operating expenses: Research and development 83,242 72,973 Sales and marketing 165,400 147,437 General and administrative 68,328 57,688 Total operating expenses 316,970 278,098 Loss from operations (33,255 ) (65,997 ) Interest income and other income, net 12,723 10,084 Loss before provision for income taxes (20,532 ) (55,913 ) Provision for income taxes. 1,589 376 Net loss $ (22,121 ) $ (56,289 ) Other comprehensive income (loss): Foreign currency translation adjustments, net of tax 960 100 Unrealized gains (losses) on investments, net of tax 559 (1,687 ) Other comprehensive income (loss) 1,519 (1,587 ) Comprehensive loss $ (20,602 ) $ (57,876 ) Basic and diluted net loss per share: Net loss per share attributable to common stockholders, basic and diluted $ (0.04 ) $ (0.10 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 567,740,728 548,652,306 SAMSARA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended May 3, 2025 May 4, 2024 Operating activities Net loss $ (22,121 ) $ (56,289 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 5,142 4,455 Stock-based compensation expense 77,079 64,656 Net accretion of discounts on investments (2,582 ) (3,993 ) Other non-cash adjustments (348 ) 1,330 Changes in operating assets and liabilities: Accounts receivable, net 15,902 15,862 Inventories 1,114 (8,272 ) Prepaid expenses and other current assets 1,040 3,932 Connected device costs (5,960 ) (6,059 ) Deferred commissions (6,435 ) (5,117 ) Other assets, non-current (13 ) 315 Accounts payable and other liabilities (31,236 ) (9,664 ) Deferred revenue 20,610 22,531 Operating lease right-of-use assets and liabilities, net 420 (17 ) Net cash provided by operating activities 52,612 23,670 Investing activities Purchases of property and equipment (6,920 ) (5,062 ) Purchases of investments (173,141 ) (142,313 ) Proceeds from maturities and redemptions of investments 161,972 150,426 Other investing activities (200 ) — Net cash provided by (used in) investing activities (18,289 ) 3,051 Financing activities Proceeds from issuance of common stock in connection with equity compensation plans 22 808 Payment of principal on finance leases (378 ) (496 ) Net cash provided by (used in) financing activities (356 ) 312 Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 1,125 (103 ) Net increase in cash, cash equivalents, and restricted cash 35,092 26,930 Cash, cash equivalents, and restricted cash, beginning of period 245,794 154,738 Cash, cash equivalents, and restricted cash, end of period $ 280,886 $ 181,668 SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) Three Months Ended May 3, 2025 May 4, 2024 Total revenue and revenue growth reconciliation GAAP revenue $ 366,884 $ 280,726 Add: Constant currency adjustment 3,565 — Revenue adjusted for constant currency (1) $ 370,449 $ 280,726 GAAP revenue growth 31 % 37 % Revenue growth adjusted for constant currency (1) 32 % 37 % Gross profit and gross margin reconciliation GAAP gross profit. $ 283,715 $ 212,101 Add: Stock-based compensation expense-related charges (2) 4,361 3,766 Non-GAAP gross profit $ 288,076 $ 215,867 GAAP gross margin 77 % 76 % Non-GAAP gross margin 79 % 77 % Operating income (loss) and operating margin reconciliation GAAP loss from operations $ (33,255 ) $ (65,997 ) Add: Stock-based compensation expense-related charges (2) 84,326 72,156 Non-GAAP operating income $ 51,071 $ 6,159 GAAP operating margin (9 %) (24 %) Non-GAAP operating margin 14 % 2 % Net income (loss) reconciliation GAAP net loss $ (22,121 ) $ (56,289 ) Add: Stock-based compensation expense-related charges 84,326 72,156 Non-GAAP net income (3) $ 62,205 $ 15,867 SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) Three Months Ended May 3, 2025 May 4, 2024 Net income (loss) per share, basic and diluted, reconciliation GAAP net loss per share attributable to common stockholders, basic $ (0.04 ) $ (0.10 ) Total impact on net loss per share, basic, from non-GAAP adjustments 0.15 0.13 Non-GAAP net income per share attributable to common stockholders, basic $ 0.11 $ 0.03 GAAP net loss per share attributable to common stockholders, diluted $ (0.04 ) $ (0.10 ) Total impact on net loss per share, diluted, from non-GAAP adjustments 0.15 0.13 Non-GAAP net income per share attributable to common stockholders, diluted (4) $ 0.11 $ 0.03 Weighted-average shares used in computing GAAP net loss per share attributable to common stockholders, basic and diluted 567,740,728 548,652,306 Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, basic 567,740,728 548,652,306 Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted (4) 582,805,383 573,154,525 SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) Three Months Ended May 3, 2025 May 4, 2024 Free cash flow, adjusted free cash flow, free cash flow margin, and adjusted free cash flow margin reconciliation Net cash provided by operating activities $ 52,612 $ 23,670 Purchases of property and equipment (6,920 ) (5,062 ) Free cash flow 45,692 18,608 Adjusted free cash flow $ 45,692 $ 18,608 Net cash provided by operating activities margin 14 % 8 % Free cash flow margin 12 % 7 % Adjusted free cash flow margin 12 % 7 % __________ (1) To facilitate comparability across periods, revenue and revenue growth are adjusted for constant currency by excluding the effect of foreign currency rate fluctuations. (2) Stock-based compensation expense-related charges were included in the following line items of our condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended May 3, 2025 May 4, 2024 Cost of revenue $ 4,361 $ 3,766 Research and development 29,556 26,264 Sales and marketing 25,580 20,682 General and administrative 24,829 21,444 Total stock-based compensation expense-related charges (5) $ 84,326 $ 72,156 (3) There were no material income tax effects on our non-GAAP adjustments for all periods presented. (4) For each period in which we had non-GAAP net income, diluted non-GAAP net income per share is calculated using weighted-average number of shares of common stock outstanding during the period, adjusted for dilutive potential shares that were assumed outstanding during the period. (5) Stock-based compensation expense-related charges included amortization of capitalized stock-based compensation expense of approximately $0.7 million and $0.5 million for the three months ended May 3, 2025 and May 4, 2024, respectively, which was initially capitalized as capitalized software. Stock-based compensation expense-related charges also included approximately $6.5 million and $7.0 million of employer taxes on employee equity transactions for the three months ended May 3, 2025 and May 4, 2024, respectively. View source version on Contacts Investor Contact: Mike Changir@ Media Contact: Stephanie Burkemedia@ Sign in to access your portfolio
