SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-01
Accession Number: 0001193125-26-138217
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526138217/filename1.htm

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31, 2024. • Our Annualized Recurring Service Revenue was $22.4 million for the year ended December 31, 2025, representing 13.9% year-over-year growth as compared to the year ended December 31, 2024. • Our net loss margin and Adjusted EBITDA Margin were (32.2)% and (12.4%) for the year ended December 31, 2025, representing 12.1% and 14.8% year-over-year growth as compared to the year ended December 31, 2024, respectively. • Our installed base was approximately 1,020 MW for the year ended December 31, 2025, representing 9.6% year-over-year growth as compared to the year ended December 31, 2024. For more information regarding our non-GAAP measures Adjusted EBITDA and Adjusted EBITDA Margin and a reconciliation to net loss and net loss margin, the most comparable GAAP (as defined herein) measures, see “Summary Historical Consolidated Financial Data and Operational Measures—Non-GAAP Financial Measures.” Key Macro Trends Generational Surge in Demand Primarily Driven by AI and Electrification

The United States is entering a
historic upswing in power demand driven by the rapid expansion of AI, digital infrastructure and broader electrification, with load growth accelerating to its highest levels in 50 years, projected at approximately 5.7% annually for 2025-2030
representing approximately 43x total growth compared to 2015-2020. According to the IEA, data centers are the single largest new source of U.S. load growth: in 2024, the U.S. accounted for 45% of global data center electricity demand, and from 2024
to 2030 data centers alone are projected to represent half of all U.S. electricity demand growth, a larger impact than in any other region in the world.

Traditional Energy Solutions Are Unable to Meet Growing Demand

Existing U.S. electricity infrastructure is insufficient for the speed and magnitude of today’s demand expansion, and
traditional solutions, such as incremental grid expansions and reliance on variable renewables alone, are falling short. The IEA warns that grid congestion and long interconnection queues already pose critical barriers, with transformer and turbine
supply chains facing multi-year backlogs. U.S. interconnection queues are becoming increasingly congested, with median reported grid connection timelines at approximately three years and grid connection timelines for new data center capacity
extending to approximately seven years in major load-growth markets such as Northern Virginia.

Increasing
Adoption of Co-Locating Loads with Distributed Power Solutions

To manage
grid constraints and ensure reliability, companies are increasingly co-locating large loads, especially data centers, with onsite or near-site distributed generation.
Data centers continue to take on a larger role in electricity systems, ensuring their smart integration becomes critical, both to enhance grid stability and support ongoing investment. The IEA suggests that data centers be strategically sited in
areas with available power and grid headroom and emphasizes that onsite generation and flexible backup systems, such as those provided by us, are vital for maintaining reliability and easing pressure on constrained grids.

Reliability and Resilience Are Under Strain

Energy-system reliability risks in the U.S. are intensifying as extreme weather, cyber-risks, electrification and AI-driven demand converge. The IEA finds that 20% of new data center projects globally are at risk of delay

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due to grid constraints. Meanwhile, electricity grids in advanced economies, including the U.S., face rising outage exposure, with weather-related events
increasing in frequency and severity according to the IEA.

The IEA highlights that the U.S. grid is simultaneously
challenged by surging peak loads driven by EV charging and data centers. Data centers have extremely low tolerance for outages and power quality issues given they require uninterrupted, firm power, supplied by technologies capable of operating
continuously through seasonal variability and grid disturbances.

Utilities Face Unprecedented Capital Requirements
with Affordability Pressure

This rapid load growth is driving record capital requirements for U.S. utilities,
primarily for new generation and system upgrades to maintain reliable service for customers. The IEA reports that investment in grid infrastructure has materially under-paced generation investment, with grid spending growing at only about half the
rate of generation investment since 2015.

Electricity costs are rising nationwide and could get even higher for some
amid the explosion in powering AI. The nationwide average retail price per kilowatt-hour of electricity increased approximately 6% for residential customers from November 2024 to November 2025 and approximately 32% in the last 10 years (EIA). Policy
makers face growing affordability constraints, as electricity prices are a central political and economic issue in the “Age of Electricity” according to the IEA. These constraints increase the value of
cost-effective, capital-efficient, rapidly deployable firm-power solutions.

Demand for Speed-to-Power Grows as Power
Demand-Supply Mismatch Expands

The IEA highlights that the gap between required power capacity and the speed at
which new supply can be added is widening. Data center construction timelines are 2 to 3 years, while grid and generation infrastructure typically require 4 to 8 years, creating a structural mismatch. Long interconnection queues and scarce
generation equipment further slow progress; global turbine deliveries now face multi-year lead times, risking commissioning delays beyond 2030.

As a result, U.S. hyperscalers and utilities increasingly seek near-term, scalable
solutions, with natural-gas generators identified by the IEA as a leading dispatchable source supporting rising AI and electrification demand. The IEA reports that natural gas is expected to expand by 175 TWh
globally to meet data center load through 2035, with most of this growth occurring in the U.S. Solutions that can be deployed quickly, provide firm capacity and integrate into existing infrastructure are crucial to closing the speed-to-power gap.

Potential Market Opportunity

The United States is entering a period of unprecedented electricity demand growth, driven by accelerating adoption of AI-enabled data centers, industrial reshoring, transportation electrification and building electrification. NERC estimates that over the next 10 years, North American summer and winter peak electricity demand is
projected to increase by over 224 GW and 245 GW respectively, representing the fastest growth since NERC’s tracking started in 1995. NERC identifies new data centers for artificial intelligence and the digital economy as the primary drivers of
this surge in demand, noting the concern that the pace of resource additions has been too slow to meet demand growth. NERC estimates 190 GW of Tier 2 or other resources would need to complete the interconnection planning process and reach commercial
operations to meet the expected peak demand growth of nearly 250 GW over the next 10 years. While interconnection queues continue to grow, uncertainty surrounds the timing and amount of resource additions. In parallel, the generation mix is expected
to become increasingly intermittent and weather-dependent as older fossil-fired units retire and are sometimes replaced by non-dispatchable resources. NERC reports that the anticipated shortfall in capacity,
which is complicated by swelling interconnection queues and an increasingly variable resource mix, creates a significant near- and medium-term opportunity for scalable, rapidly deployable, dispatchable solutions capable of

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addressing both (i) bridge power needs in regions with multi-year interconnection delays and (ii) ongoing capacity support for grid operators facing shrinking reserve margin.

Source: North American Electric Reliability Corporation

Several U.S. markets, such as Texas and California, face especially acute reliability risks. Texas already shows rapid load
growth pressures tied to data centers and industrial expansion, while California faces grid congestion, long interconnection queues and above-average vulnerability to extreme heat and weather-driven outages. Additionally, supply-chains for critical grid components are showing strain. GE Vernova, Siemens Energy and Mitsubishi Power, which supply turbines for roughly
two-thirds of the gas-fired power plants under construction globally, as reported by the IEA, are facing extensive backlogs and turbine delivery timelines of as long as eight years according to the Institute
for Energy Economics and Financial Analysis. The IEA highlights that order backlogs for transformers grew by more than 30% in 2024, after two years of growth above 15%. In combination with these pressures, the current market dynamics illustrate a
growing divergence between the rapid acceleration of load growth and the comparatively slow pace of utility-scale infrastructure development.

Source: North American Electric Reliability Corporation

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We are well positioned to deliver on the significant market demand for
dispatchable, resilient and cost-effective power solutions that can be quickly deployed and commissioned. Through delivering 99.999% reliability and the capability to deliver in less than six months, with full project commissioning typically
achieved within 12 to 18 months from contract signing, we provide one of the few scalable solutions capable of addressing near-term capacity needs, particularly in
high-growth regions like Texas and California. As natural gas remains a critical firm resource supporting renewable integration, our modular, low-emission solutions enable hyperscale data centers, industrial
facilities and utilities to procure reliable, firm power at substantial scale, often reaching several hundred megawatts or over a gigawatt, without the prolonged lead times inherent in traditional transmission expansion. This combination of speed,
reliability and flexibility positions us to capture significant share in an increasingly capacity-constrained U.S. power market.

Our Power System Solutions