SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS
Document Type: DRS
Date Filed: 2026-02-17
Accession Number: 0001193125-26-054926
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526054926/filename1.htm

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of the proceeds from this offering, as described under “Use of Proceeds.” The table below should be read in conjunction with, and is qualified in its entirety by reference to “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Description of Capital Stock” and our consolidated financial statements appearing elsewhere in this prospectus. As of December 31, 2025 (Dollars in thousands, except par values) Historical ER Holdings Pro Forma Enchanted Rock Cash and cash equivalents $ $ Long-term debt, including current portions: 2025 Credit Agreement (1) Total long-term debt $ $ Members’ / Stockholders’ equity: Members’ equity — Class A common stock, $0.01 par value; no shares authorized, issued or outstanding (Actual); shares authorized, shares issued and outstanding (As Adjusted) — Class B common stock, $0.01 par value; no shares authorized, issued and outstanding (Actual); shares authorized, shares issued and outstanding (As Adjusted) — Additional paid-in capital —

Total members’ / stockholders’ equity $ $

Total capitalization $ $

(1)	As of     , $     of principal remained outstanding.

The information presented above assumes no exercise of the underwriters’ option to purchase
additional shares from us. The table does not reflect shares of common stock reserved for issuance under our 2026 Plan and 2026 ESPP which we plan to adopt in connection with this offering.

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DILUTION

Purchasers of the Class A common stock in this offering will experience immediate and substantial dilution in the net
tangible book value per share of the Class A common stock for accounting purposes. Our net tangible book value as of December 31, 2025 was approximately $    , or $    per share of common
stock. Net tangible book value per share is determined by dividing our tangible net worth (tangible assets less total liabilities) by the total number of outstanding shares of common stock that will be outstanding immediately prior to the closing of
this offering. After giving effect to the Reorganization and the sale of the shares in this offering and the payment of estimated offering expenses by us, our adjusted pro forma net tangible book value as of December 31, 2025 would have been
approximately $    , or $    per share. This represents an immediate decrease in the net tangible book value of $    per share to our Sponsor and an immediate dilution (i.e.,
the difference between the offering price and the adjusted pro forma net tangible book value after this offering) to new investors purchasing shares in this offering of $    per share. The following table illustrates the per
share dilution to new investors purchasing shares in this offering:

Initial public offering price per share $

Pro forma net tangible book value per share as of December 31, 2025 (after giving effect to
the Reorganization) $

Decrease per share attributable to new investors in this offering

As adjusted pro forma net tangible book value per share after giving further effect to this
offering

Dilution in pro forma net tangible book value per share to new investors in this offering (1) $

(1)	If the initial public offering price were to increase or decrease by $1.00 per share, then dilution in pro
forma net tangible book value per share to new investors in this offering would equal $     or $     , respectively.

The following table summarizes, on an adjusted pro forma basis as of December 31, 2025, the total number of shares of
common stock owned by our Sponsor and to be owned by new investors, the total consideration paid, and the average price per share paid by our Sponsor and to be paid by new investors in this offering at $    , calculated
before deduction of underwriting discounts and commissions.

Shares Acquired (1) Total Consideration (2) Average Price Per Share

Number Percent Amount Percent

Energy Impact Fund % $ % $

New investors in this offering % % $

Total 100.0	% $ 100.0	% $

(1)	If the underwriters exercise their option to purchase additional shares in full, our Sponsor would own
approximately     % and our new investors in this offering would own approximately     % of the total number of shares of our common stock outstanding after this offering.

(2)	If the underwriters exercise their option to purchase additional shares in full, the total consideration
paid by our new investors would be approximately $     (or     %).

The data in the table excludes    shares of common stock initially reserved for issuance under our
2026 Plan and 2026 ESPP.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results
of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this prospectus. Some of the information contained in this discussion and analysis, including information with respect to
our planned investments in our research and development, sales and marketing, and general and administrative functions, include forward-looking statements that involve risks and uncertainties. You should review the sections titled “Cautionary
Statement Regarding Forward-Looking Statements” and “Risk Factors” for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied
by the forward-looking statements contained in the following discussion and analysis.

Our Predecessor

Enchanted Rock, Inc. was formed in January 2026 and does not have historical financial results. Unless otherwise indicated,
the historical financial information presented in this document is that of Enchanted Rock Holdings, LLC. Enchanted Rock Holdings, LLC, together with its subsidiaries, is the predecessor to Enchanted Rock, Inc.

Overview

We are a vertically integrated company that designs, deploys, operates and maintains multi-purpose distributed power systems,
consisting of our proprietary, low emission, quick-response natural gas generator and embedded software technology, for our customers. Our resilient, cost-effective, modular power systems can be rapidly deployed at a scale of more than 1 GW to meet
our customers’ full range of power needs, including bridge, backup and dispatchable power applications, and are supported by our O&M and asset management services. We primarily serve data centers, utilities and large C&I businesses
across eight U.S. states, with our largest operating footprints located in California and Texas, where we anticipate disproportionate growth and market potential driven by high data center demand in the near- and medium-term. With over 15 years of
operational experience and approximately 400 operational sites, we believe we are one of the most established, proven providers in the distributed power generation market.

Over the last 15 years, we have established deep expertise and a proven track record in the deployment of complex integrated
power systems through our ERock Platform. Most of our sales include the comprehensive design, delivery, installation and long-term services provided by the ERock Platform. We deliver cost-effective, turnkey speed-to-power and resiliency solutions that supplement and maximize traditional grid infrastructure. Our systems are engineered for superior operational stability, offering the capability of 99.999%
reliability, diesel-equivalent transient performance, quieter operation, cleaner emissions, rapid deployment and no requirement for water-based cooling. Once interconnected, our market operations and dispatch management platform enables customers to
utilize our systems for backup power or to strategically dispatch capacity during peak demand or scarcity events.

At the
core of our power systems is our RockBlock, a modular, distributed generator string that incorporates our proprietary natural gas engine, scales in 0.5 MW increments from 1.5 MW to 3.5 MW per RockBlock and is assembled
in-house. Complementing our generator technology is our Granite Software Ecosystem, a proprietary software that is embedded in our power systems and enables us to use operating data to improve operations for
high reliability at a lower cost. We produce our proprietary engines and generators at our Titan facility and are increasing capacity with the development of our Hyperion facility, both located in Houston, Texas. Our assembly

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model is designed to scale efficiently and rapidly to meet growing customer demand and service our backlog, leveraging a high-volume, largely multi-sourced
supply chain and standardized assembly processes.

Over the past decade, we have built a foundation of deep trust and
relationships with leading data center and artificial intelligence ecosystem companies, such as Microsoft, Wistron and Foxconn, electric and gas utilities, such as Entergy and ComEd, and C&I customers, such as H-E-B and Walmart, with approximately 50 customers in those end markets, establishing ourselves as a critical link where
speed-to-power, reliability, flexibility and scale converge in our customer’s power ecosystem. We serve customers across the United States, with a geographic
footprint spanning eight states and four major RTOs. Data centers partner with us to accelerate site commissioning and meet stringent reliability, sound and emissions requirements while supporting AI-driven
load growth, utilities leverage our systems to address rate pressure, grid stability, reliability and emergency backup, and capacity constraints and demand response, and C&I customers rely on us for resilient backup power and operational
continuity as well as cost savings from grid services.

Recent Trends and Outlook