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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Amount % Interest expense $ (1,451 ) $ (1,978 ) $ 527 (26.6 %) Other income, net 551 284 267 94.0 % Table of Contents Interest expense decreased $0.5 million to $1.5 million for the three months ended March 31, 2026 compared to $2.0 million for the three months ended March 31, 2025. The decrease was primarily attributable to a decrease in interest expense due to higher outstanding debt balances during 2025. Other income, net increased to $0.6 million for the three months ended March 31, 2026, compared to $0.3 million for the three months ended March 31, 2025. This increase is primarily due to an increase in interest income associated with our higher cash balances in 2026 as well as an increase in warranty income from claims and miscellaneous rental income. Provision for Income Taxes Three Months Ended March 31, Change (in thousands, except percentages) 2026 2025 Amount %

Income tax expense $	(561	) $	(17	) $	(544	) 3200.0	%

Income tax expense increased by $0.5 million, or 3200.0%, for the three months ended
March 31, 2026, compared to the three months ended March 31, 2025. This increase was primarily attributable to higher projected revenues in Texas for the full year.

Comparison of the year ended December 31, 2025 and December 31, 2024

The following table presents selected consolidated statements of operations data for the periods indicated. This information is
derived from, and should be read in conjunction with, our consolidated financial statements and the accompanying notes included elsewhere in this prospectus.

Years Ended December 31, Change

(in thousands, except percentages) 2025 2024 Amount %

Consolidated Statements of Operations

Power system sales product revenues $	90,138 $	53,976 $	36,162 67.0	%

Power system sales installation services revenues 47,810 38,363 9,447 24.6	%

Power system sales revenues 137,948 92,339 45,609 49.4	%

Ongoing services revenues 45,197 36,151 9,046 25.0	%

Total revenues 183,145 128,490 54,655 42.5	%

Cost of power system sales product revenues, excluding depreciation and amortization 75,754 50,748 25,006 49.3	%

Cost of power system sales installation services revenues, excluding depreciation and amortization 32,083 29,742 2,341 7.9	%

Cost of power system sales revenues, excluding depreciation and amortization 107,837 80,490 27,347 34.0	%

Cost of ongoing services revenues, excluding depreciation and amortization 37,314 30,790 6,524 21.2	%

Total cost of revenues, excluding depreciation and amortization 145,151 111,280 33,871 30.4	%

General and administrative expenses 68,741 57,887 10,854 18.8	%

Depreciation and amortization expense 3,993 1,859 2,134 114.8	%

Loss from operations (34,740	) (42,536	) 7,796 (18.3	%)

Interest expense (755	) (14,331	) 13,576 (94.7	%)

Loss on debt extinguishment (24,182	) 0 (24,182	) N/A

Other income, net 1,067 99 968 977.8	%

Loss before income taxes (58,610	) (56,768	) (1,842	) 3.2	%

Table of Contents

Years Ended December 31, Change

(in thousands, except percentages) 2025 2024 Amount %

Consolidated Statements of Operations

Income tax expense (420	) (158	) (262	) 165.8	%

Net loss (59,030	) (56,926	) (2,104	) 3.7	%

Deemed dividends related to Series A preferred units (3,110	) (2,880	) (230	) 8.0	%

Net loss attributable to common units $	(62,140	) $	(59,806	) $	(2,334	) 3.9	%

Other Financial Data:

Net loss margin (32.2	)% (44.3	)% 12.1	%

Adjusted EBITDA $	(22,646	) $	(34,912	) $	12,266 (35.1	%)

Adjusted EBITDA margin (12.4	)% (27.2	)% 14.8	%

Net Loss and Net Loss Margin

Net loss increased by $2.1 million, or 3.7%, for the year ended December 31, 2025, compared to the year ended
December 31, 2024. This increase was primarily attributable to a $24.2 million loss on debt extinguishment for the year ended December 31, 2025 and a $13.0 million increase in operating expenses. These impacts were partially
offset by a $54.7 million increase in revenues. Cost of revenues increased by $33.9 million. In addition, interest expense decreased $13.6 million in 2025.

Net loss margin improved by 12.1%, for the year ended December 31, 2025, compared to the year ended December 31,
2024. The improvement was primarily driven by strong revenue growth and improved operating efficiency, which reduced net loss as a percentage of total revenues. Although net loss increased primarily due to our loss on debt extinguishment, higher
revenues and improved operating margins helped offset this impact.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA improved $12.3 million to a loss of $(22.6) million for the year ended December 31, 2025, from a
loss of $(34.9) million for the year ended December 31, 2024. This improvement was primarily attributable to the increase in our operating margin of 7.3%.

Adjusted EBITDA Margin improved by 14.8% for the year ended December 31, 2025, compared to 2024. The improvement was
primarily attributable to strong revenue growth and improved operating margins. Total revenues increased by $54.7 million, or 42.5%, from $128.5 million in 2024 to $183.1 million in 2025, allowing us to better absorb fixed operating
costs and improve overall efficiency.

For more information regarding our non-GAAP
measures Adjusted EBITDA and Adjusted EBITDA Margin, and a reconciliation to their most comparable GAAP measures, see “—Non-GAAP Financial Measures.”

Total Revenues

Years Ended December 31, Change

(in thousands, except percentages) 2025 2024 Amount %

Power system sales product revenues $	90,138 $	53,976 $	36,162 67.0	%

Power system sales installation services revenues 47,810 38,363 9,447 24.6	%

Power system sales revenues 137,948 92,339 45,609 49.4	%

Ongoing services revenues 45,197 36,151 9,046 25.0	%

Total revenues $	183,145 $	128,490 $	54,655 42.5	%

Table of Contents

Total revenues for the year ended December 31, 2025, were
$183.1 million, an increase of $54.7 million, or 42.5%, compared to $128.5 million for the year ended December 31, 2024. This increase was driven by a $45.6 million increase in power system sales revenues and a
$9.0 million increase in ongoing services revenues. At December 31, 2025, we have $1.2 billion in Contracted Power System Sales Backlog. Based on our current delivery capacity and production capacity at our Titan facility and the
anticipated commencement of operations at our Hyperion facility in the second half of 2026, we expect to execute on this backlog over approximately three years, increasing our total revenues in these years, primarily relating to power system sales
product revenues and power system sales installation services revenues, with ongoing services revenues expected to grow as additional systems are commissioned. Our ability to execute on this backlog as anticipated is subject to a number of risks and
uncertainties, the risk that customers fail to meet or seek to modify their contractual commitments, disruptions to our assembly operations or supply chain, and broader macroeconomic conditions that could affect our customers’ ability to
finance their purchases.

Power system sales product revenues increased by $36.2 million, or 67.0%, for
the year ended December 31, 2025, compared to the prior year. This increase was primarily driven by higher volumes of generator deliveries under new and existing customer contracts, particularly from commercial and industrial customers, including a
significant purchase from a new industrial customer representing approximately 45 MW that was both signed and delivered during the period. Geographically, the increase in product revenues was primarily driven by projects in Texas, reflecting
continued demand for backup power and grid-support applications, while revenues in California declined year-over-year due to the absence of certain non-recurring system sale revenues recognized in 2024.

The increase in product revenues in 2025 was also influenced by the timing of equipment deliveries and customer project
milestones, including a higher number of systems reaching delivery readiness during the period compared to 2024. While we have observed increasing demand from data center customers and expect this to be a driver of future growth, data center-related
activity did not represent a significant contributor to power system sales product revenue growth in 2025. Instead, data center demand during 2025 was primarily reflected in Contracted Power System Sales Backlog growth rather than power system sales
product revenues recognized in the period, due to the timing of project execution and delivery.

Power system sales
installation services revenues increased by $9.4 million, or 24.6%, for the year ended December 31, 2025, compared to the prior year. This increase was driven by higher installation activity associated with customer projects
requiring on-site deployment and integration of power generation equipment, as more power system projects progressed from equipment delivery to implementation phases during the year. As projects advanced
toward critical deployment stages, a greater portion of installation-related work was completed and recognized as revenue during the period.

Ongoing services revenues increased by $9.0 million, or 25.0%, for the year ended December 31, 2025,
compared to the prior year. The increase was primarily driven by a $2.3 million increase in service activity related to our expanding installed base of power systems and increased demand for maintenance and support services. Also contributing
to the increase was approximately $2.2 million of unplanned billable service work performed during the year, as well as approximately $0.6 million of warranty-related service activity.