SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: S-1
Document Type: S-1
Date Filed: 2026-05-15
Accession Number: 0001193125-26-227199
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526227199/d12401ds1.htm

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contracts and successfully completed installations. The markets we target are rapidly evolving, and the viability of new commercial opportunities is influenced by shifting customer requirements, emerging technologies, regulatory and permitting dynamics and broader macroeconomic conditions. Failure to execute on our existing pipeline or to expand our commercial footprint in the data center, utility and C&I markets could negatively impact our financial performance. Timely Project Delivery Our business depends on our ability to complete generator assembly and power system installations on schedule, as delivery timelines affect both revenue recognition and customer satisfaction. Installation cycles are subject to risks beyond our control, such as required governmental approvals and permits and customer site readiness. Delays in the delivery and installation of our power systems may lead to penalty payments or order cancellations, each of which may adversely affect our financial results. Factors Affecting the Comparability of Our Financial Results Impact of the Reorganization

Following the completion of this offering, we will be classified as a corporation for U.S. federal and state income tax
purposes. Our predecessor, ER Holdings, is classified as a partnership for U.S. federal income tax purposes and, as such, has generally not been subject to entity-level U.S. federal income tax. Accordingly, unless otherwise specified, the historical
results of operations and other financial information set forth in this prospectus do not include any provision for U.S. federal income tax. The Reorganization will be accounted for as a reorganization of entities under common control. As a result,
our condensed consolidated financial statements will recognize the assets and liabilities received in the Reorganization at their historical carrying amounts, as reflected in the historical condensed consolidated financial statements of ER Holdings.
In addition, in connection with the Reorganization and this offering, we will enter into the Tax Receivable Agreement pursuant to which we will be required to pay the TRA Beneficiaries 85% of the net cash savings, if any, that we are deemed to
realize as a result of our use of certain tax benefits described under “Certain Relationships and Related Person Transactions—Proposed Transactions with ERock, Inc.—Tax Receivable Agreement.”

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Public Company Expenses

We expect to incur additional recurring administrative expenses as a result of becoming a publicly traded corporation that we
have not previously incurred, including costs associated with SEC reporting and compliance requirements, annual and quarterly reports to shareholders, transfer agent fees, audit fees, incremental director and officer liability insurance costs,
Sarbanes-Oxley compliance readiness, and director and officer compensation. Additionally, in anticipation of this offering, we expect to hire additional employees and consultants, including accounting and legal personnel, in order to prepare for the
requirements of being a publicly traded corporation. We additionally expect to incur approximately $4.4 million in incremental, non-recurring costs related to our transition to a publicly traded
corporation.

Components of Results of Operations

Revenues

generate revenue from two primary sources: power system sales and ongoing services. Power system sales can be a combination of power system sales product revenues and power system sales installation services revenues. Each of power system sales and
ongoing services can also include warranty services.

Power System Sales Revenues

• Power System Sales Product Revenues (Generators): We sell generators to commercial and industrial
customers. We generally recognize product revenue from the sale of generators at a point in time when control is transferred to the customers. In certain
“bill-and-hold” arrangements where the customer requests us to warehouse the generator until the site is ready for installation, control transfers when the
generator is ready for physical transfer to the customer, as we have a present right to payment, the customer can direct the use of the generators (i.e. requests shipment to its facility), and legal title has passed to the customer. Furthermore, the
generator is identified separately as belonging to the customer, and we cannot use the generator or direct it to another customer.

Power system sales product revenue is driven by contracting for new power system projects, executing on our Contracted Power
System Sales Backlog and the timing of assembly and delivery of our generators to customers pursuant to ESI agreements. In 2025, we transitioned the assembly of our generators in-house at our Titan facility,
which we expect to increase power system sales product revenue in 2026 compared to 2025 and 2024 due to improved efficiencies in our assembly and delivery capabilities.

• Power System Sales Installation Services Revenues: We provide services to prepare, construct, and
install distributed generation power systems designed to provide resiliency power for commercial and industrial customers. These service contracts can occur over several months or a multi-year period. The revenues through service contracts are
generated under fixed-price contracts with certain reimbursable variable costs. We recognize revenue over time because our performance creates or enhances an asset that the customer controls as the asset is created or enhanced. We measure progress
using the cost-to-cost method (percentage of costs incurred to total estimated costs), as this best depicts the transfer of value to the customer.

Power system sales installation services revenue is driven by contracting for new power system projects, executing on our
Contracted Power System Sales Backlog, and the achievement of milestones in the design, construction and installation of our power systems pursuant to ESI agreements.

Ongoing Services Revenues

• Ongoing Services: We provide ongoing services to operate and maintain distributed generation power
systems designed to provide resiliency power for commercial and industrial customers. These services

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primarily consist of operations and maintenance (“O&M”) services and asset management services arrangements. Our ongoing services are generally stand-ready obligations satisfied
over time. For fixed-fee arrangements, we recognize revenue either (i) ratably over the contract term, or (ii) on an as-invoiced basis, applying the practical
expedient to recognize revenue in the amount to which the entity has a right to invoice, if the entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s
performance completed to date (e.g. usage-based fees). We also provide extended warranty services in connection with ongoing services that are identified as a separate performance obligation and are recognized ratably over the extended warranty
period.

Ongoing services revenue is driven by commissioned power systems and performing our obligations
pursuant to O&M and asset management agreements. We expect that our ongoing services revenue to increase as we grow our installed base.

• Service-Type Warranty: We sell separately priced service-type warranties that provide coverage beyond
the standard manufacturer’s warranty. Revenues from these warranties are recognized ratably over the warranty period.

Cost
of Revenues

Total cost of revenues consists of cost of power system sales revenues, which includes cost of power
system sales product revenues and cost of power system sales installation services revenues, and cost of ongoing services revenues and excludes depreciation and amortization expense which is shown separately. The cost of ongoing services revenues
can also include cost of warranty services revenues.

Cost of Power System Sales Revenues

• Cost of Power System Sales Product Revenues (Generators): Cost of power system sales product revenues
primarily reflect the direct expenditures associated with the engineering, procurement of the components and materials for, and assembly of, our power systems, including our high-efficiency reciprocating engines. These costs are generally recognized
at the point in time when control of the product is transferred to the customer. We expect that the cost of power system sales product revenues to increase as we contract for new power system projects, execute on our Contracted Power System Sales
Backlog and construct and install our power systems pursuant to ESI agreements.

• Cost of Power System Sales Installation Services Revenues: Cost of power system sales installation
services revenues reflect the construction and installation of our power systems at the customer’s site. These costs include the cost of labor to design our power systems, the cost of components and materials to build our power systems, the
cost of labor to assemble and deliver our generators and the cost of labor and materials to construct and install our power systems. Costs related to power system sales installation services revenues are recognized over time in a manner consistent
with the recognition of the associated revenues, as project milestones are achieved or services are performed and accepted by the customer.

Costs of warranties for power system sales are recognized as incurred and include labor, parts and allocated overhead necessary
to perform repair services. We do not accrue these costs and recognize the expense in the period the services are performed.

Cost of Ongoing Services
Revenues

Cost of ongoing services revenues primarily consists of the expenses associated with operating, maintaining
and managing our power systems pursuant to Ongoing Services agreements. These costs span the term of each Ongoing Services agreement, beginning with the final commissioning and integration phase of installation and continuing with the operation,
maintenance and asset management of the applicable power system. These costs

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