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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of Contents Enchanted Rock Holdings, LLC Notes to Condensed Consolidated Financial Statements (Unaudited) 16. INCOME TAXES The effective tax rate for the three months ended March 31, 2026 and 2025 was (3.03%) and (0.71%), respectively. One Big Beautiful Bill Act On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted in the U.S. The Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The Act has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. These include changes in bonus depreciation on fixed assets and changes to the deductibility of section 174 (research and development) expenses. Currently there is no significant impact on the condensed consolidated financial statements. 17. COMMITMENTS AND CONTINGENCIES Litigation

From time to time, the Company is subject to various litigation and other claims in the normal course of business. The Company
establishes liabilities in connection with legal actions that management deems to be probable and estimable. No amounts have been accrued in the condensed consolidated financial statements with respect to any matters at March 31, 2026 and
December 31, 2025.

Purchase Commitments

At March 31, 2026 and December 31, 2025, the Company had no outstanding purchase commitments. For the year end
December 31, 2025, the Company fulfilled its obligations under a take-or-pay agreement for the purchase of natural gas generators from a single vendor, with total
expenditure of approximately $0.3 million. The agreement expired in 2025, and there are no remaining future commitments under this purchase agreement.

18. RELATED-PARTY TRANSACTIONS

On December 27, 2024, the Company entered into the 2024 Note Purchase Agreement (see Note 11 — Debt —
2024 Note Purchase Agreement) with the investor holding Series A Preferred Units (see Note 12 — Mezzanine Equity). On this same date in connection with this agreement, the Company issued the $10.0 million December 2024 Convertible Note to
the investor. Under the terms of the agreement, upon issuance of the December 2024 Convertible Note, the Company issued a warrant to the investor which can be exercised in whole or in part for up to an aggregate of 6,680 common units with an
exercise price of $0.01 per unit.

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Enchanted Rock Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited)

19. SUBSEQUENT EVENTS

The Company has evaluated the period after the balance sheet date through May 15, 2026, the date the condensed
consolidated financial statements were available to be issued, noting the following subsequent events:

Settlement of Convertible Notes

On May 13, 2026, the Company settled the Notes having an aggregate carrying value of approximately
$34.6 million. Portions of the Notes (aggregate carrying value of ~$15.3 million) were converted into 12,289 common units, and the remaining Notes (aggregate carrying value of ~$19.3 million) were redeemed in cash at 2x outstanding
principal plus accrued interest for total cash payments of approximately $44.2 million. As a result of the settlement, the Company expects to recognize a loss in the range of $44 to $59 million or more in the period in which the
transaction closes, inclusive of the cash redemption premium of approximately $20.3 million on portions of the Notes, the difference between the fair value of common units issued and the carrying value of portions of the Notes, and the write-off of remaining unamortized debt discounts and issuance costs across all Notes and the final remeasurement of the derivative liabilities associated with the Notes. The warrants issued in connection with the
Notes were not affected by the settlement and remain outstanding.

New Senior Secured Revolving Credit Facility

In May 2026, the Company entered into a commitment letter with JPMorgan Chase Bank, N.A., acting as administrative agent, for a
senior secured asset-based revolving credit facility with a syndicate of lenders. The facility is contemplated to provide for revolving commitments of up to $250 million with a stated three-year term, subject to a borrowing base determined
primarily by eligible accounts receivable, eligible inventory, and certain cash collateral (the “ABL Facility”). Borrowings under the facility are contemplated to bear interest at variable rates based on either an Alternate Base Rate
(i.e. the greater of (a) the rate of interest last quoted by the Wall Street Journal as the “Prime Rate” in the U.S., changing when and as said prime rate changes (the “Prime Rate”), (b) the NYFRB Rate (to be
defined in the Credit Agreement) on such day plus 0.5% and (c) the Adjusted Term SOFR Rate for a one month interest period on such day plus 1.00%) or term SOFR, plus an applicable margin, and the proposed facility will have customary fees and
is contemplated to contain customary financial and negative covenants. The obligations under the facility will be secured by a first-priority lien on substantially all of the Company’s and its material domestic subsidiaries’ assets and
will be guaranteed by certain domestic subsidiaries. Proceeds may be used for working capital and general corporate purposes, including the issuance of letters of credit. The closing of the ABL Facility is subject to customary conditions, including
the consummation of the initial public offering resulting in gross proceeds to the Company of at least $200.0 million, minimum excess availability at closing of $105.0 million, the repayment in full of the 2025 Credit Agreement and the release of
all liens securing it, and the execution and delivery of definitive financing documentation.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the unitholders and the Board of Directors of Enchanted Rock Holdings, LLC

Opinion on the Financial Statements

have audited the accompanying consolidated balance sheets of Enchanted Rock Holdings, LLC and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in mezzanine
equity and members’ equity, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31,
2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the
Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required
to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Houston, TX

April 1, 2026

We have served as the Company’s auditor since 2024.

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Enchanted Rock Holdings, LLC

Consolidated Balance Sheets

As of December 31,
2025 and 2024

(in thousands, except unit value amounts)

Assets

Current assets:

Cash and cash equivalents $	108,097 $	21,913

Accounts receivable, net 33,762 28,633

Inventory 43,681 80,487

Contract assets 15,964 9,682

Prepaid expenses 8,799 16,683

Other current assets 6,567 3,511

Total current assets 216,870 160,909

Property and equipment, net 27,545 26,781

Right-of-use
assets, net 10,832 11,670

Other assets 2,649 8,324

Total assets $	257,896 $	207,684

Liabilities and Equity

Current liabilities:

Accounts payable $	16,549 $	31,959

Accrued liabilities and other payables 26,235 16,309

Contract liabilities 170,025 33,197

Operating lease liabilities 3,343 2,773

Deferred income 24,598 41,332

Other current liabilities 344 2,961

Total current liabilities 241,094 128,531