SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-24
Accession Number: 0001193125-26-177695
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526177695/filename1.htm

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of Operations for the Years Ended December 31, 2025 and 2024 F-12 Consolidated Statements of Changes in Mezzanine Equity and Members’ Equity for the Years Ended December 31, 2025 and 2024 F-13 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024 F-14 Notes to Consolidated Financial Statements F-15 Table of Contents EROCK, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION Introduction ERock, Inc. (the “Company”) was formed in January 2026 and will have no assets or operations prior to reorganization completed in connection with this offering (the “IPO”). The unaudited pro forma condensed consolidated balance sheet as of December 31, 2025, and the unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2025, present the historical financial statements of Enchanted Rock Holdings, LLC (“ER Holdings”) on a pro forma basis to give effect to the following transactions (collectively, the “Transactions”):

• the contemplated transactions described under “Organizational Structure—The Reorganization”
elsewhere in this prospectus (the “Reorganization”);

• the initial public offering of shares of Class A common stock of the Company and the use of the net
proceeds therefrom as described in “Use of Proceeds” elsewhere in this prospectus;

• a provision for corporate income taxes at an effective rate of    % (which is derived
from a total estimated rate of    % for ER Holdings, reduced by the estimated noncontrolling interest of    %) for the year ended December 31, 2025, inclusive of all U.S. federal, state and local
income taxes; and

• the entry into a Tax Receivable Agreement in connection with the IPO, which generally provides for a payment
by us for 85% of the amount of the net cash tax savings, if any, that we realize or are deemed to realize (taking into account certain assumptions) as a result of (i) certain increases in, or adjustments to, the tax basis of assets of ER
Holdings and its subsidiaries resulting from exchanges of ER Holdings membership interests in the future, (ii) certain tax attributes available to us as a result of the Reorganization, and (iii) certain other tax benefits related to our
entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement.

The unaudited condensed consolidated pro forma balance sheet as of December 31, 2025 gives pro forma effect to the
Transactions as if they had occurred on December 31, 2025. The unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2025 gives pro forma effect to the Transactions as if they had occurred on
January 1, 2025. The unaudited pro forma condensed consolidated financial statements have been prepared in accordance with Article 11 of Regulation S-X, as amended.

The unaudited pro forma consolidated financial statements have been prepared on the basis that the Company will be taxed as a
corporation under the Internal Revenue Code of 1986, as amended, and as a result, will become a tax-paying entity subject to U.S. federal and state income taxes, and should be read in conjunction with
“Organizational Structure—The Reorganization,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Certain Relationships and Related Person Transactions—Proposed
Transactions with ERock, Inc.—Tax Receivable Agreement” and with the audited historical consolidated financial statements and related notes of ER Holdings and the unaudited interim condensed consolidated statement of operations of ER
Holdings, each included elsewhere in this prospectus.

The pro forma data presented reflect events directly attributable
to the described transactions and certain assumptions the Company believes are reasonable. The pro forma information is not necessarily indicative of financial results that would have been attained had the described transactions occurred on the
dates indicated above or which could be achieved in the future because they necessarily exclude various operating expenses, including, among other things, increased directors’ and officers’ liability insurance premiums, director fees,
fees associated with compliance with Securities and Exchange Commission reporting requirements, transfer agent fees, costs related to hiring additional accounting, legal and administrative personnel, increased auditing and legal fees, and similar
expenses. The adjustments are based on currently available information and certain estimates and assumptions. Therefore, the actual adjustments may differ from the pro forma adjustments. However, management believes that the assumptions provide a
reasonable basis for presenting the significant effects of the transactions as contemplated and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed consolidated
financial statements.

Table of Contents

EROCK, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

AS OF DECEMBER 31, 2025

Dollars in thousands, unless otherwise noted

Historical Enchanted Rock Holdings, LLC Pro Forma Adjustments Pro Forma ERock, Inc.

Assets

Current assets:

Cash and cash equivalents $	108,097 $ (a	) $

Accounts receivable, net 33,762

Inventory 43,681

Contract assets 15,964

Prepaid expenses 8,799

Other current assets 6,567

Total current assets 216,870

Property and equipment, net 27,545

Right-of-use
assets, net 10,832

Other assets 2,649 (b	)

Total assets $	257,896 $ $

Liabilities and Equity

Current liabilities:

Accounts payable $	16,549 $ $

Accrued liabilities and other payables 26,235

Contract liabilities 170,025

Operating lease liabilities 3,343

Deferred income 24,598

Other current liabilities 344 (d	)(f)

Total current liabilities $	241,094 $

Notes payable 59,984

Noncurrent lease liabilities 8,019

Payable to related parties pursuant to Tax Receivable Agreements —

Noncurrent deferred income 10,819

Other noncurrent liabilities 3,407

Total liabilities $	323,323 $ $

Commitments and contingencies (Note 17)

Mezzanine equity:

Series A preferred units (163,975 units authorized, issued, and outstanding at December 31,
2025 and 2024) 46,690

Total mezzanine equity 46,690

Members’ equity:

Common units (216,002 units issued and outstanding at December 31, 2025 and 2024) (112,155	) (d	)

Noncontrolling interest 38 (e	)

Total members’ equity $	(112,117	) $

Total liabilities and equity $	257,896 $ $

See the accompanying Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

Table of Contents

EROCK, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2025

Dollars in thousands, unless otherwise noted

Historical Enchanted Rock Holdings, LLC Pro Forma Adjustments Pro Forma ERock, Inc.

Power system sales product revenues $	90,138 $ $

Power system sales installation services revenues 47,810

Power system sales revenues 137,948

Ongoing services revenues 45,197

Total revenues 183,145

Cost of power system sales product revenues, excluding depreciation and amortization 75,754

Cost of power system sales installation services revenues, excluding depreciation and amortization 32,083

Cost of power system sales revenues, excluding depreciation and amortization 107,837

Cost of ongoing services revenues, excluding depreciation and amortization 37,314

Total cost of revenues, excluding depreciation and amortization 145,151

General and administrative expenses 68,741

Depreciation and amortization expense 3,993

Loss from operations (34,740	)

Interest expense (755	)

Loss on debt extinguishment (24,182	)

Other income, net 1,067

Loss before income taxes (58,610	)

Income tax expense (420	) (b	)(f)

Net loss (59,030	)

Deemed dividend related to Series A preferred units (3,110	)

Net loss attributable to common units $	(62,140	) $ $

Pro forma net loss per share data

Basic $	(309.43	) (h	) $

Diluted $	(309.43	) (h	) $

Pro forma number of shares used in computing EPS

Basic 216,002 (h	)

Diluted 216,002 (h	)

See the accompanying Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

Table of Contents

EROCK, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION

The Company made the following adjustments and assumptions in the preparation of the unaudited pro forma consolidated balance sheet:

(a) Reflects the following adjustments:

i. Net proceeds from the IPO and use of proceeds as follows:

Gross Proceeds from IPO

Less:

Underwriting Discounts and Commissions

Issuance Expenses

Proceeds, Net of Underwriting and Issuance Expenses

Retained Proceeds from the IPO

(b) Reflects tax adjustments associated with the Reorganization and adjustments to give effect to the
Tax Receivable Agreement (as described in “Certain Relationships and Related Person Transactions—Proposed Transactions with ERock, Inc.—Tax Receivable Agreement”) based on the following assumptions:

i.	we expect to record $    million in deferred tax assets for the estimated income tax
effects of the differences in the tax basis and the books basis of the assets owned by the Company following completion of the Reorganization; and