SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-01
Accession Number: 0001193125-26-138217
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526138217/filename1.htm

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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

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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

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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

ii.	in connection with the IPO, we will enter into a Tax Receivable Agreement, which generally provides for a
payment by us for 85% of the amount of the net cash tax savings, if any, that we are deemed to realize. We have estimated this liability to be approximately $    million. This estimate assumes     .
The estimated Tax Receivable Agreement liability also includes significant assumptions including     .

The amounts to be recorded for both the deferred tax assets and the liability for our obligations under the Tax Receivable Agreement have been
estimated. To the extent that future changes in the obligation under the Tax Receivable Agreement are not due to (1) transactions among or with our shareholders and (2) actual payments under the Tax Receivable Agreement, such changes will
be recognized in earnings, but not as a component of the income tax provision.

We intend to only record the offset to the deferred tax
asset in equity for the initial tax effects resulting from transactions among or with shareholders. As future changes in the deferred tax asset are not due to transactions among or with our shareholders, we intend to reflect those changes in
earnings as component of income in the tax provision.

Adjustments to the obligation under the Tax Receivable Agreement, which might
result from, among other things, changes in expectations about the extent to which tax benefits subject to the Tax Receivable Agreement will be realized and tax rate changes, would also be recognized in earnings. This arrangement does not represent
a tax based on income, but rather a contractual relationship between an entity and its shareholders and is accounted for under ASC 450—Contingencies. The effects of these adjustments are not an element of income tax expense as they do not
relate to costs incurred in connection with compliance with income tax law.

(c)	Represents an adjustment to members’/stockholders’ equity reflecting:

i. par value of $0.01 for approximately     million shares of Class A common stock to be
outstanding following the IPO; and

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ii. a decrease of $     million in members’ equity to allocate a portion of ERock,
Inc.’s equity to the noncontrolling interest. ( See Note (e) below ).

(d)	Represents the effect of the following:

i. the issuance of shares of Class A common stock in the IPO and the application of the net proceeds therefrom;

ii. the net impact of the recording of deferred tax assets and the payable related to the Reorganization and the
Tax Receivable Agreement, as described under note (b) above; and

iii. .

(e)	Represents non-controlling interest due to consolidation of financial results of ER Holdings. As described
in “Organizational Structure—The Reorganization,” ERock, Inc. will become the sole managing member of ER Holdings. ERock, Inc. will initially have a minority economic interest in ER Holdings, but ERock, Inc. will have control over
the management of ER Holdings. As a result, we will consolidate the financial results of ER Holdings and will report a noncontrolling interest on our consolidated balance sheet for the percentage of ER Holdings units not held by ERock, Inc. Upon
completion of the contemplated transactions, the noncontrolling interest is expected to own approximately   % of ER Holdings. Details for the adjustment for the noncontrolling interest are as follows:

Historical ER Holdings Members’ Equity as of December 31, 2025

Gross Proceeds from IPO

Underwriting Discounts and Offering Costs

Pro Forma ER Holdings Member’s Equity as of December 31, 2025

Estimated Noncontrolling Interest Percentage of ERock, Inc.

Pro Forma Noncontrolling Interest of ERock, Inc.

The Company made the following adjustments and assumptions in the preparation of the unaudited pro
forma condensed consolidated statements of operations:

(f)	Reflects estimated incremental income tax expense of $    million for the year ended
December 31, 2025 associated with the Company’s historical results of operations assuming the Company’s earnings had been subject to federal income tax as a subchapter C corporation using a statutory tax rate of approximately
% and based on the Company’s ownership of approximately   % of ER Holdings following completion of the contemplated transactions. This rate is inclusive of U.S. federal and state income taxes.

(g)	Reflects the reduction in consolidated net income attributable to
non-controlling interest for ER Holdings’ historical results of operations. Upon completion of the Reorganization, the non-controlling interest will be
approximately    %.

(h)	On a pro forma basis, basic earnings per share and diluted earnings per share are the same as there were no
antidilutive securities during the periods presented. Earnings per share on a pro forma basis is computed as follows:

Year Ended December 31, 2025

Pro forma income before income taxes

Pro forma income tax expense

Pro forma net income

Pro forma net income (loss) attributable to members’/stockholders’ equity

Net income (loss) attributable to noncontrolling interests

Pro forma income (loss) available to Class A common stock

Weighted average shares of Class A common stock outstanding

Pro forma net income (loss) available to Class A common stock per share

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sole Director of ERock, Inc.

Opinion on the Financial Statement

have audited the accompanying balance sheet of ERock, Inc. (the “Company”) as of January 21, 2026, and the related notes (collectively referred to as the “financial statement”). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company as of January 21, 2026, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion