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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market domain expertise in integrated power systems, as our “ERock Platform.” Most of our sales include the comprehensive design, delivery, installation and long-term services provided by the ERock Platform, with platform sales representing 100% and 98% of all generator sales booked in 2024 and 2025 respectively. Leveraging our ERock Platform, we help customers meet evolving energy demands by delivering cost-effective, turnkey speed-to-power and resiliency solutions that supplement and maximize traditional grid infrastructure. Our power systems are engineered for superior operational stability, including: • Reliability . Our systems are capable of 99.999% reliability. • Diesel-equivalent transient performance . Our generators meet or exceed rigorous ISO 8528-5 G3 diesel standards, delivering fast, stable responses to sudden load swings, and we believe we are currently the only provider of natural gas generation that meets utility-grade transient performance requirements for diesel units, which reduces the need for additional technology to deliver required power quality.

• Quieter, cleaner and rapidly deployed . Our power systems are typically quieter, cleaner, more resilient
and dispatchable, and can be deployed and commissioned more rapidly than traditional grid infrastructure and other conventional alternatives.

• No on-site water required . As water use by data centers is receiving increasing scrutiny, our power
systems are designed to operate with no on-site water required.

Our experienced O&M teams handle
all aspects of preventive and corrective maintenance, and our purpose-built software that is embedded in our power systems provides extensive operational data capture and analytical capabilities, enabling greater resilience of generator technology
and dynamic, insight-driven maintenance schedules. These performance attributes and our expertise in developing, deploying and maintaining integrated

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power systems differentiate us from our competitors and support our strong customer relationships, which is evidenced by our proven track record of delivering reliable, integrated power
solutions.

Once connected to the grid, we also assist customers to maximize the return on their
investment in our power systems by leveraging its multi-purpose dispatchable power capabilities through our market operations and dispatch management platform, acting as advisor or agent for owners of our deployed power systems of 724 MW. These
services allow customers to utilize our power systems for backup power as and when needed or to strategically dispatch capacity from our power systems during peak demand or scarcity events—ultimately enabling our power systems to become a grid
asset. Our asset optimization capabilities and market expertise enable us to monetize our power systems capacity, reduce costs to customers in almost any market and reduce times to grid interconnection. Our distributed power systems have
consistently operated in support of the grid.

Over the past eight years, we have supported over 236,000 Grid Support
Events. Each event represents a documented start and stop of our distributed generation systems undertaken to provide power to the grid during periods of actual or anticipated grid constraints, either in response to a direct request from the grid
operator or pursuant to incentive based programs, such as scarcity pricing or peak demand load shed programs, that compensate generators for providing such support. Under our O&M and asset management services agreements, customers authorize us
to dispatch and operate the power systems during Grid Support Events when their operations do not require dedicated output from our power systems. When the grid is down, our power systems can displace grid supply (i.e., island the customer’s
load from the grid) and provide utility-grade power directly to the customer; when the grid is operating normally, our power systems remain interconnected and operate in parallel with the grid, enabling us to deliver grid-supporting services. During
Grid Support Events, when customer operations allow, we can provide the available capacity of our power systems through both offsetting the customer’s load consumption and exporting any additional available capacity to the grid in exchange for
program based compensation or other incentives that benefit our customers. We believe this operational experience is increasingly valuable as grid operators seek alternative tools to address resource adequacy and congestion management for large
loads. Power outage responses and power quality operations are separate from, and in addition to, these Grid Support Events.

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We assemble our proprietary engines and generators at our Titan facility and
are targeting increasing our annual assembly capacity to approximately 1.2 GW by the end of 2026 with the development of our Hyperion facility, both located in Houston, Texas. Our assembly 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. This approach allows us to expand output without the need for extensive new capital investment or
specialized equipment, enabling low-cost, high-velocity capacity expansion while maintaining assembly flexibility and supply-chain security. As we increase capacity to meet accelerating demand, we are able to
produce and deploy additional power systems while maintaining strong control over our supply chain, costs, efficiency and product quality, which supports higher margins. In addition, growing our generator deployment also accelerates our innovation
cycle as the real-world operating data of our power systems in the field informs improvements to our design, development and installation processes. We believe this feedback loop, enabled by our vertically integrated business model and scalable
assembly capabilities, helps drive a faster innovation cycle, supports reliable execution at scale and differentiates us from our competitors with more capital-intensive or less flexible assembly models. For example, insights from field
installations have allowed us to pre-configure and kit key generator components in our production process, reducing installation costs by 20% and creating a continuous improvement cycle between engineering, production and field operations.

Over the past decade, we have built a foundation of deep trust and relationships with leading data center and AI 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
customers’ power ecosystem. Leveraging our position as a trusted provider, we are seeking to grow our business and strengthen our financial and operating performance.

• Our revenue was $183.1 million for the year ended December 31, 2025, representing 42.5% year-over-year growth as compared to the year ended December 31, 2024.

• Our net loss and Adjusted EBITDA were $(59.0) million and $(22.6) million for the year ended
December 31, 2025, representing 3.7% and 35.1% year-over-year growth as compared to the year ended December 31, 2024, respectively.

• Our Contracted Power System Sales Backlog was $1.18 billion for the year ended December 31, 2025,
representing 419.7% year-over-year growth as compared to the year ended December 31, 2024.

• Our Annualized Recurring Service Revenue was $22.4 million for the year ended December 31, 2025,
representing 13.9% year-over-year growth as compared to the year ended December 31, 2024.

• Our net loss margin and Adjusted EBITDA Margin were (32.2)% and (12.4)% for the year ended December 31,
2025, representing 12.1% and 14.8% year-over-year growth as compared to the year ended December 31, 2024, respectively.

• Our installed base was approximately 1,020 MW for the year ended December 31, 2025, representing 9.6%
year-over-year growth as compared to the year ended December 31, 2024.

For more information
regarding our non-GAAP measures Adjusted EBITDA and Adjusted EBITDA Margin and a reconciliation to net loss and net loss margin, the most comparable GAAP (as defined herein) measures, see “Prospectus
Summary—Summary Historical Consolidated Financial Data and Operational Measures—Non-GAAP Financial Measures.”

Key Macro Trends

Generational Surge in Demand Primarily Driven by AI and Electrification

The United States is entering a historic
upswing in power demand driven by the rapid expansion of AI, digital infrastructure and broader electrification, with load growth accelerating to its highest levels in 50 years,

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projected at approximately 5.7% annually for 2025-2030 representing approximately 43x total growth compared to 2015-2020. According to the IEA, data centers are the single largest new source of
U.S. load growth: in 2024, the U.S. accounted for 45% of global data center electricity demand, and from 2024 to 2030 data centers alone are projected to represent half of all U.S. electricity demand growth, a larger impact than in any other region
in the world.

The IEA reports that hyperscale AI facilities with power needs of 200 MW to over 1 GW are proliferating,
with a typical hyperscale data center now consuming as much electricity as 100,000 households and the largest exceeding 2 million household equivalents. This surge coincides with rising load from EV adoption and electrified manufacturing,
driving total U.S. electricity demand up significantly. These converging trends are creating an unprecedented call for reliable, dispatchable generation resources that can scale rapidly.

Traditional Energy Solutions Are Unable to Meet Growing Demand