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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issued over time upon the redemption by the holders of Class B Units, assuming we do not elect to redeem such Class B Units for cash. Enchanted Rock Holdings, LLC Agreement Upon completion of the Reorganization, Enchanted Rock will become the sole managing member of ER Holdings pursuant to the Enchanted Rock Holdings, LLC Agreement. As such, Enchanted Rock will operate and control all of the business and affairs of ER Holdings and, through ER Holdings and its subsidiaries, conduct our business. See “Certain Relationships and Related Person Transactions—Proposed Transactions with Enchanted Rock, Inc.—Limited Liability Company Agreement.” Tax Receivable Agreement Enchanted Rock and ER Holdings will enter into the Tax Receivable Agreement for the benefit of the TRA Beneficiaries, pursuant to which Enchanted Rock or ER Holdings, as applicable, will pay 85% of the amount of the net cash tax savings, if any, that Enchanted Rock is Table of Contents

deemed to realize as a result of (i) certain increases in the tax basis of assets of ER Holdings and its subsidiaries resulting from exchanges of ER Holdings Class B Units in the
future, (ii) certain tax attributes available to us as a result of the Reorganization and (iii) certain other tax benefits related to Enchanted Rock entering into the Tax Receivable Agreement, including tax benefits attributable to
payments that Enchanted Rock makes under the Tax Receivable Agreement. See “Organizational Structure” and “Certain Relationships and Related Person Transactions—Proposed Transactions with Enchanted Rock, Inc.—Tax
Receivable Agreement.”

Risk factors	You should carefully read and consider the information set forth in the section entitled “Risk Factors” beginning on
page 32, together with all of the other information set forth in this prospectus, before deciding whether to invest in our Class A common stock.

Listing and trading symbol	We intend to apply to list our Class A common stock on     under the symbol “   .”

Unless otherwise noted, Class A common stock outstanding after the offering and other information
based thereon in this prospectus does not reflect any of the following:

• shares of Class A common stock reserved for issuance upon the exchange of
Class B Units that will be held by Class B stockholders following the completion of this offering;

• shares of Class A common stock issuable upon exercise of the
underwriters’ option to purchase additional shares from us;

• shares of Class A common stock reserved for issuance upon the exercise of our
convertible notes;

• shares of Class A common stock reserved for issuance under our 2026 Plan and
2026 ESPP, which we plan to adopt in connection with this offering.

Unless otherwise indicated in this
prospectus, all information in this prospectus assumes the completion of the Reorganization and that shares of our Class A common stock will be sold in this offering at an initial public offering price of $    per share (the
midpoint of the price range set forth on the cover page of this prospectus).

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SUMMARY HISTORICAL CONSOLIDATED FINANCIAL DATA AND OPERATIONAL MEASURES

The following tables set forth the summary historical consolidated financial data and operational measures of ER Holdings for
the periods and as of the dates presented. ER Holdings is considered our predecessor for accounting purposes, and its consolidated financial statements will be our historical financial statements following this offering. The summary historical
consolidated financial data as of December 31, 2025 and 2024 and for the years ended December 31, 2025 and 2024 has been derived from our audited consolidated financial statements included elsewhere in this prospectus. The summary
historical consolidated financial data and operational measures presented below is not indicative of the results to be expected for any future period.

The following information should be read together with “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and our audited consolidated financial statements and related notes thereto included elsewhere in this prospectus. The summary historical consolidated financial data included in this section is not intended
to replace the financial statements and is qualified in its entirety by our financial statements and the related notes included elsewhere in this prospectus.

For the Year Ended December 31,

(dollars in thousands)

Consolidated Statements of Operations:

Power system sales product revenues $ $	53,976

Power system sales installation services revenues 38,363

Power system sales revenues 92,339

Ongoing services revenues 36,151

Total revenues 128,490

Cost of power system sales products revenues 50,748

Cost of power system sales installation services revenues 29,742

Cost of power system sales
revenues (1) 80,490

Cost of ongoing services
revenues (1) 30,790

Total cost of revenues 111,280

General and administrative expenses 57,887

Depreciation and amortization expense 1,859

Loss from operations (42,536	)

Interest expense 14,331

Other income, net 99

Loss before income taxes (56,768	)

Income tax expense 158

Net loss (56,926	)

Deemed dividends related to Series A preferred units 2,880

Net loss attributable to common units $ $	(59,806	)

Other Financial Data:

Net loss margin. % (44.3	)%

Adjusted EBITDA $ $	(34,912	)

Adjusted EBITDA margin % (27.2	)%

Operational Measures:

Contracted power system sales backlog $	1,219,121 $	227,656

Annualized recurring service revenue $	22,370 $	19,636

Installed base in megawatts 997 931

(1) Cost of revenue excludes depreciation and amortization

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For the Year Ended December 31,

(in thousands)

Balance Sheets Data:

Property and equipment, net $ $	26,781

Total assets 207,684

Long-term debt (includes current portion) 69,424

Long-term debt (includes current portion) – related party 1,348

Total liabilities $ $	224,421

For the Year Ended December 31,

(in thousands)

Statements of Cash Flow Data:

Net cash provided by (used in):

Operating activities $ $	(24,210	)

Investing activities (9,000	)

Financing activities 31,243

Non-GAAP Financial Measures

Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not prepared in accordance with GAAP. These non-GAAP financial measures should be read in conjunction with the most directly comparable financial measure calculated and presented in accordance with GAAP.

We believe presenting these non-GAAP financial measures provides useful information to
investors because they highlight trends in our underlying operating performance, facilitate comparisons of our core results over time and across peers, and reflect how our management evaluates our business. We also use these non-GAAP financial measures internally for strategic planning, budgeting, forecasting, performance measurement, and resource allocation. We believe that providing investors with access to these measures allows for
greater transparency and facilitates comparisons to our historical operating results.

These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the most directly comparable financial measure prepared in accordance with GAAP. In addition, other companies,
including companies in our industry, may define these non-GAAP financial measures differently, which may limit their usefulness as comparative measures.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA Margin are utilized by our management and other users of our financial statements such as
investors, commercial banks, research analysts and others, to assess our operating performance. Management believes these measures are useful because they each allow us to compare our
operating performance on a consistent basis across periods. Management also believes Adjusted EBITDA is a useful indicator of our operating performance and Adjusted EBITDA Margin is useful because it provides insight on profitability.

Net loss is the GAAP measure most directly comparable to Adjusted EBITDA, and net loss margin is the GAAP measure most
directly comparable to Adjusted EBITDA Margin. We define Adjusted EBITDA as net loss before net interest expense; depreciation and amortization expense; income tax expense; stock-based

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compensation; and other items management deems non-operational or not reflective of ongoing core operations (e.g. changes in fair value of warrant liability, professional fees associated with
debt and equity transactions, legal settlements). We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues.

The table below presents a reconciliation of net loss and net loss margin to Adjusted EBITDA and Adjusted EBITDA Margin:

For the Year Ended December 31,

(in thousands)

Net loss $ $	(56,926	)

Interest expense 14,331

Depreciation and amortization expense 1,859

Income tax expense 158

Stock-based compensation 2,662

Change in fair value of warrants (1) 1,398

Non-recurring professional fees (2) 1,606

Adjusted EBITDA $ $	(34,912	)

Total revenues $ $	128,490

Net loss margin % (44.3	)%

Adjusted EBITDA margin % (27.2	)%

(1)	Non-cash change in fair value of our warrant liability at
December 31, 2024. See Note 13—Equity—Warrant Units, to our consolidated financial statements included in this prospectus for more details.

(2)	Professional fees associated with our evaluation of potential capital market transactions in 2024.

Operational Measures

Contracted Power System Sales Backlog