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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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 ENCHANTED ROCK, 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 Enchanted Rock, Inc. Assets Current assets: Cash and cash equivalents (a ) Accounts receivable, net Inventory Contract assets Prepaid expenses Other current assets Total current assets Property and equipment, net Right-of-use assets, net Deferred tax asset (a )(d) Other assets (b ) Total assets Liabilities and Equity Current liabilities: Accounts payable (b )

Accrued liabilities and other payables

Contract liabilities

Lease liabilities

Deferred income

Other current liabilities (d	)(f)

Total current liabilities

Note payable

Noncurrent lease liabilities

Warrant unit liabilities

Tax receivable liabilities

Payable to related parties pursuant to Tax Receivable Agreements (b	)

Other noncurrent liabilities

Total liabilities

Commitments and contingencies

Mezzanine equity:

Series A preferred units (   units authorized, issued, and outstanding at
December 31, 2025)

Members’ equity:

Common units (   units authorized, issued, and outstanding at December 31,

Class A Common Stock (   shares authorized, issued, and outstanding on a pro
forma basis at December 31, 2025) (d	)

Additional paid-in capital (a	)

Noncontrolling interest (e	)

Total members’ equity

Total liabilities and equity

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

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ENCHANTED ROCK, 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 Enchanted Rock, Inc.

Power system sales product revenues

Power system sales installation services revenues

Power system sales revenues

Ongoing services revenues

Total revenues

Cost of power system sales products revenues

Cost of power system sales installation services revenues

Cost of power system sales
revenues (1)

Cost of ongoing services revenues (1)

Total cost of revenues

General and administrative expenses

Depreciation and amortization expense

Loss from operations

Interest expense

Other income, net

Loss before income taxes

Income tax expense (b	)(f)

Net loss

Deemed dividend related to Series A preferred units

Net loss attributable to noncontrolling interests (g	)

Net loss attributable to Enchanted Rock Holdings, LLC

Pro forma net loss per share data

Basic (h	)

Diluted (h	)

Pro forma weighted average shares used in computing net loss per share

Basic (h	)

Diluted (h	)

(1)	Cost of revenues excludes depreciation and amortization

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

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ENCHANTED ROCK, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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:

Amount

(in thousands)

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 Enchanted Rock, Inc.—Tax Receivable Agreement”) based on the following assumptions:

ii.	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

iii.	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 (i) all exchanges occurred on    , 2026; (ii) a price of $    per share (the midpoint of the price
range set forth on the cover page of this prospectus); (iii) a constant combined federal and state corporate tax rate of    %; (iv) sufficient future taxable income to fully utilize the tax benefits in the year the related
tax deduction arises; and (v) no material changes in tax law

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

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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

ii. a decrease of $    million in members’ equity to allocate a portion of Enchanted
Rock, 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; and

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.

(e)	Represents non-controlling interest due to consolidation of
financial results of ER Holdings. As described in “Organizational Structure,” Enchanted Rock, Inc. will become the sole managing member of ER Holdings. Enchanted Rock, Inc. will initially have a minority economic interest in ER Holdings,
but Enchanted Rock, 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 Enchanted Rock, 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

Amount

(dollars
in thousands)

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 Enchanted Rock, Inc.

Pro Forma Noncontrolling Interest of Enchanted Rock, 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 loss attributable to
non-controlling interest for ER Holdings’ historical results of operations. Upon completion of the Reorganization, the non-controlling interest will be
approximately    %.

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

Year Ended
December 31, 2025

(dollars in thousands)

Pro forma net loss before income taxes $

Pro forma income tax expense

Pro forma net loss