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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operational continuity for the most demanding digital infrastructure clients. Additionally, independent system operators and vertically integrated utilities are stipulating load flexibility as a means to accelerate interconnection to the grid, which we can provide without affecting the workloads by dispatching onsite generation. Coupled with bridge and backup power, we can provide a complete onsite power solution that achieves speed-to-power years earlier than current practice. Scale Utility Flexibility Market. We are growing our presence with utilities seeking cost-effective, dispatchable capacity to address rate pressure, grid reliability and regulatory requirements. Our distributed power generation assets provide utilities with lower cost, dispatchable and low-emission alternatives to traditional infrastructure, supporting grid stability and customer resiliency. Fast dispatching generating capacity without duration limitations can support resource adequacy requirements, and when co-located with load or at renewable plant interconnections we can achieve lower costs and faster deployment than traditional options since no interconnection study is needed.

Continue to Expand C&I Core. We are seeking to broaden our C&I customer base and grow within existing
customers, delivering resilient backup and bridge power solutions for critical infrastructure, retail, manufacturing and logistics. The aging grid, increasing loads and operational impacts of power outages has resulted in increased market interest
in our proven natural gas backup power managed solution. We are targeting large multi-site customers who are adopting new strategies to address these risks across their enterprise. We derive a substantial portion of our revenue and Contracted Power
System Sales Backlog from a limited number of customers. For the year ended December 31, 2025, three customers accounted for 18%, 16%, and 14%, respectively, of our revenue. For the year ended December 31, 2024, three customers accounted
for 19%, 17%, and 17%, respectively, of our revenue.

Diversify Assembly and Supply; Expand Capacity. Historically,
we utilized a third party to assemble our power systems. In 2025, we began assembling our power systems internally at our Titan facility, and we are seeking to further increase our assembly capacity in the second half of 2026 with the development of
our

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Hyperion facility. We are investing in new assembly capacity and diversifying our supply chain to support growth, expand margins and enhance product availability. Because we control the design,
engineering and certification of our power systems, we are working to incorporate field experience into the engineering of our products to improve reliability and lower cost by optimizing the components used in our generator. These optimizations can
enhance product performance, reduce component and manufacturing costs, improve ease of assembly and lower the potential for rework incidents. As we seek to scale our manufacturing capacity, we intend to further diversify our supplier base and
transition additional high-margin components to in-house assembly to improve supply-chain certainty and reduce cost.

Enhance Core Technology to Deliver More. We are committed to the continued innovation of our generator and power
systems platform. Building on the success of our RockBlock systems, we are seeking to enhance our core capabilities and address emerging applications and by integrating advanced technologies such as storage and turbines to enhance our
platform’s flexibility and address a broader range of customer needs as our target markets mature. As part of these efforts, we expect to continue to increase the prime power rating of our current generator platform based on data gathered from
assembly operations, supporting an increase in power density at customer sites. We are also pursuing improvements to simplify and extend the intervals between preventative maintenance activities, and, by leveraging Granite, we are seeking to move
away from fixed, hour-based maintenance schedules to variable maintenance intervals based on actual usage patterns.

Deepen Integration with Renewables. We are seeking to further incorporate renewable power capabilities with our power
systems. Integrating our power systems with renewable energy generation and storage systems could enhance the speed at which our power systems could be deployed because existing interconnection can be used to bypass interconnection queues, further
strengthening our speed-to-power solution. Combining our power systems with renewable energy generation and storage systems can also enable customers to potentially
maximize their use of renewable power by prioritizing the output of renewables when available and then leveraging the dispatch capabilities during periods when renewable sources are unavailable or producing less, which supports grid reliability
while reducing emissions. Battery energy storage systems can complement this strategy by providing additional dispatch capability, supporting stable and efficient delivery of power.

Expand Granite Software Ecosystem and O&M and Asset Management Services. We are investing in the continued
development of our Granite software platform, which provides real-time monitoring, high-resolution data collection and analytics that support predictive diagnostics and dynamic asset optimization. These capabilities directly enable and enhance the
delivery of our O&M and asset management services. Granite collects and analyzes far more data points than typical monitoring systems, allowing it to more quickly detect short-term performance variability. With Granite, ERock can observe
long-term operational trends and unit-to-unit outliers across a site or fleet, which supports a predictive maintenance program, thereby reducing unplanned outages and lowering lifecycle costs. By utilizing Granite to more effectively deliver our
O&M and asset-management services to third-party asset owners, we aim to create long-term recurring revenue streams that grow alongside our installed base as well as enhance customer value through greater operational efficiency and improved
asset performance.

Organizational Structure

We currently conduct our business through ER Holdings and its subsidiaries.

UP-C Structure

Prior to the completion of this offering, we intend to undertake certain transactions as part of a reorganization (the
“Reorganization”) described under “Organizational Structure” below. Immediately following the Reorganization and this offering, we will be a holding company and our sole material asset will be all of the Class A
membership interests of ER Holdings, which we will hold either directly or indirectly through one or more wholly owned subsidiaries. We, or our wholly-owned subsidiary, will be the managing member of ER Holdings, will control all of ER
Holdings’ business and affairs, and will be able to consolidate the financial

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results of ER Holdings into our financial statements. Our organizational structure is commonly referred to as an “UP-C” structure, which is
often used by partnerships and limited liability companies undertaking an initial public offering. The UP-C structure provides the Continuing Equity Unitholders with the tax advantage of continuing to own interests in a pass-through structure and
provides potential future tax benefits for the public company and economic benefits for the Continuing Equity Unitholders when they ultimately exchange their Class B Units for shares of our Class A common stock.

Tax Receivable Agreement

In connection with this offering, we will enter into a Tax Receivable Agreement (the “Tax Receivable Agreement”)
for the benefit of certain Continuing Equity Unitholders and Blocked Unitholders, including Energy Impact Fund (FT-B) LP and Energy Impact Fund (FT-D) LP (the “TRA Beneficiaries”). Pursuant to the Tax Receivable Agreement, we will pay
85% of the amount of the net cash tax savings, if any, that we are deemed to realize as a result of (i) certain increases in, or adjustments to, the tax basis of assets of ER Holdings and its subsidiaries resulting from exchanges of ER Holdings
membership interests in the future, (ii) certain tax attributes available to us as a result of the Reorganization, and (iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits
attributable to payments that we make under the Tax Receivable Agreement. Generally, payments under the Tax Receivable Agreement will be made to the TRA Beneficiaries based on the tax assets, including basis step-ups and certain other tax assets,
delivered by those TRA Beneficiaries in connection with the IPO and in the future. Such payments will reduce the cash provided by the tax savings generated from the previously described transactions the TRA Beneficiaries that would otherwise have
been available to ERock, Inc. for other uses, including reinvestment or dividends to holders of our Class A common stock.

The amount payable under the Tax Receivable Agreement generally will be based on an annual calculation of the reduction in our
U.S. federal, state and local taxes resulting from the use of certain pre-IPO tax attributes and tax benefits resulting from sales and exchanges by continuing members of ER Holdings. We expect that the payments that we may be required to make under
the Tax Receivable Agreement may be substantial. Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, we expect that the
reduction in tax payments for us associated with the federal, state and local tax benefits described above would be approximately     $ million through 20 . Under such scenario we would be required to pay the TRA
Beneficiaries  % of such amount, or     $ million through 20 . See “Organizational Structure” and “Certain Relationships and Related Person Transactions—Proposed Transactions
with ERock, Inc.—Tax Receivable Agreement.”

The following diagram reflects our simplified
organizational structure immediately prior to the consummation of the Reorganization.

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