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

Chunk 96 of 119
Word Count: 1475
Character Count: 9421

Document Content:

(h ) $ Diluted $ (309.43 ) (h ) $ Pro forma number of shares used in computing EPS Basic 216,002 (h ) Diluted 216,002 (h ) See the accompanying Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements Table of Contents EROCK, INC. NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION The Company made the following adjustments and assumptions in the preparation of the unaudited pro forma consolidated balance sheet: (a) Reflects the following adjustments: i. Net proceeds from the IPO and use of proceeds as follows: Gross Proceeds from IPO Less: Underwriting Discounts and Commissions Issuance Expenses Proceeds, Net of Underwriting and Issuance Expenses Retained Proceeds from the IPO (b) Reflects tax adjustments associated with the Reorganization and adjustments to give effect to the Tax Receivable Agreement (as described in “Certain Relationships and Related Person Transactions—Proposed Transactions with ERock, Inc.—Tax Receivable Agreement”) based on the following assumptions:

i.	we expect to record $    million in deferred tax assets for the estimated income tax
effects of the differences in the tax basis and the books basis of the assets owned by the Company following completion of the Reorganization; and

ii.	in connection with the IPO, we will enter into a Tax Receivable Agreement, which generally provides for a
payment by us for 85% of the amount of the net cash tax savings, if any, that we realize or are deemed to realize (taking into account certain assumptions) 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. We have estimated this liability to be approximately $    million. This estimate assumes
. The estimated Tax Receivable Agreement liability also includes significant assumptions including     .

The amounts to be recorded for both the deferred tax assets and the liability for our obligations under the Tax Receivable Agreement have been
estimated. To the extent that future changes in the obligation under the Tax Receivable Agreement are not due to (1) transactions among or with our shareholders and (2) actual payments under the Tax Receivable Agreement, such changes will
be recognized in earnings, but not as a component of the income tax provision.

We intend to only record the offset to the deferred tax
asset in equity for the initial tax effects resulting from transactions among or with shareholders. As future changes in the deferred tax asset are not due to transactions among or with our shareholders, we intend to reflect those changes in
earnings as component of income in the tax provision.

Adjustments to the obligation under the Tax Receivable Agreement, which might
result from, among other things, changes in expectations about the extent to which tax benefits subject to the Tax Receivable Agreement will be realized and tax rate changes, would also be recognized in earnings. This arrangement does not represent
a tax based on income, but rather a contractual relationship between an entity and its shareholders and is accounted for under ASC 450—Contingencies. The effects of these adjustments are not an element of income tax expense as they do not
relate to costs incurred in connection with compliance with income tax law.

(c)	Represents an adjustment to members’/stockholders’ equity reflecting:

i. par value of $0.01 for approximately     million shares of Class A common stock to be
outstanding following the IPO; and

Table of Contents

ii. a decrease of $     million in members’ equity to allocate a portion of ERock,
Inc.’s equity to the noncontrolling interest. ( See Note (e) below ).

(d)	Represents the effect of the following:

i. the issuance of shares of Class A common stock in the IPO and the application of the net proceeds therefrom;

ii. the net impact of the recording of deferred tax assets and the payable related to the Reorganization and the
Tax Receivable Agreement, as described under note (b) above; and

iii. .

(e)	Represents non-voting interest due to consolidation of financial results of ER Holdings. As described in
“Organizational Structure—The Reorganization,” ERock, Inc. will become the sole managing member of ER Holdings. ERock, Inc. will initially have a minority economic interest in ER Holdings, but ERock, Inc. will have control over the
management of ER Holdings. As a result, we will consolidate the financial results of ER Holdings and will report a noncontrolling interest on our consolidated balance sheet for the percentage of ER Holdings units not held by ERock, Inc. Upon
completion of the contemplated transactions, the noncontrolling interest is expected to own approximately   % of ER Holdings. Details for the adjustment for the noncontrolling interest are as follows:

Historical ER Holdings Members’ Equity as of March 31, 2026

Gross Proceeds from IPO

Underwriting Discounts and Offering Costs

Pro Forma ER Holdings Member’s Equity as of March 31, 2026

Estimated Noncontrolling Interest Percentage of ERock, Inc.

Pro Forma Noncontrolling Interest of ERock, Inc.

The Company made the following adjustments and assumptions in the preparation of the unaudited pro forma
condensed consolidated statements of operations:

(f)	Reflects estimated incremental income tax expense of $    million for the three
months ended March 31, 2026 associated with the Company’s historical results of operations assuming the Company’s earnings had been subject to federal income tax as a subchapter C corporation using a statutory tax rate of
approximately     % and based on the Company’s ownership of approximately   % of ER Holdings following completion of the contemplated transactions. This rate is inclusive of U.S. federal and state
income taxes.

(g)	Reflects the reduction in consolidated net income attributable to
non-voting interest for ER Holdings’ historical results of operations. Upon completion of the Reorganization, the non-voting interest will be
approximately    %.

(h)	On a pro forma basis, basic earnings per share and diluted earnings per share are the same as there were no
antidilutive securities during the periods presented. Earnings per share on a pro forma basis is computed as follows:

Three Months Ended March 31, 2026

Pro forma income before income taxes

Pro forma income tax expense

Pro forma net income

Pro forma net income (loss) attributable to members’/stockholders’ equity

Net income (loss) attributable to noncontrolling interests

Pro forma income (loss) available to Class A common stock

Weighted average shares of Class A common stock outstanding

Pro forma net income (loss) available to Class A common stock per share

Table of Contents

ERock. Inc.

Balance Sheet (Unaudited)

As of March 31, 2026

ASSETS

Current assets:

Cash $	10

Total assets $	10

Commitments and contingencies

STOCKHOLDER’S EQUITY

Common stock, $0.01 par value, 1,000 shares authorized, issued and outstanding $	10

Total Stockholder’s equity $	10

See accompanying notes to the balance sheet.

Table of Contents

ERock, Inc.

Notes to the Balance Sheet (Unaudited)

NOTE 1 - ORGANIZATION AND BACKGROUND

ERock, Inc. (“the Company”) was incorporated in Delaware on January 20, 2026. Pursuant to a reorganization into a holding company
structure, the Company will be a holding company, and its principal asset will be an indirectly held controlling equity interest in Enchanted Rock Holdings, LLC (the “LLC”). Through the Company’s ability to appoint the board
of managers of the LLC, the Company will operate and control all of the business and affairs of the LLC, and through the LLC and its subsidiaries, conduct the Company’s business.

Basis of Presentation

The balance sheet
has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Statements of income, stockholder’s equity and cash flows have not been presented because the Company has not engaged in any business
or other activities except in connection with its formation.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash

The Company considers cash on hand,
cash in banks, and other highly liquid debt instruments purchased with an original maturity of three months or less to be cash and cash equivalents.

Income Taxes

The Company is treated as a
subchapter C corporation, and therefore, is subject to both federal and state income taxes. The LLC continues to be recognized as a limited liability company, a pass-through entity for income tax purposes.

NOTE 3 - STOCKHOLDER’S EQUITY

January 20, 2026, the Company was authorized to issue 1,000 shares of common stock, $0.01 par value. On January 21, 2026, the Company issued 1,000 shares for $10.00, all of which are owned by ERock Holdings, Ltd.

NOTE 4 - SUBSEQUENT EVENTS

The Company
has evaluated subsequent events through May 15, 2026, the date on which the balance sheet was available to be issued.

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sole Director of ERock, Inc.

Opinion
on the Financial Statement