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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Accrued liabilities and other payables 26,235 16,309 Contract liabilities 170,025 33,197 Operating lease liabilities 3,343 2,773 Deferred income 24,598 41,332 Other current liabilities 344 2,961 Total current liabilities 241,094 128,531 Notes payable 59,984 70,772 Noncurrent lease liabilities 8,019 9,361 Warrant unit liabilities — 13,979 Noncurrent deferred income 10,819 — Other noncurrent liabilities 3,407 1,778 Total liabilities $ 323,323 $ 224,421 Commitments and contingencies (Note 17) Mezzanine equity: Series A preferred units (163,975 units authorized, issued and outstanding at December 31, 2025 and December 31, 2024) 46,690 38,883 Total mezzanine equity 46,690 38,883 Members’ equity: Common units (216,002 units issued and outstanding at December 31, 2025 and December 31, Noncontrolling interest 38 38 Total members’ equity (112,117 ) (55,620 ) Total liabilities and equity $ 257,896 $ 207,684 The accompanying notes are an integral part of these consolidated financial statements. Table of Contents Enchanted Rock Holdings, LLC Consolidated Statements of Operations

For the Years
Ended December 31, 2025 and 2024

(in thousands, except unit and per unit amounts)

Power system sales product revenues $	90,138 $	53,976

Power system sales installation services revenues 47,810 38,363

Power system sales revenues 137,948 92,339

Ongoing services revenues 45,197 36,151

Total revenues 183,145 128,490

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

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

Cost of power system sales revenues, excluding depreciation and amortization 107,837 80,490

Cost of ongoing services revenues, excluding depreciation and amortization 37,314 30,790

Total cost of revenues, excluding depreciation and amortization 145,151 111,280

General and administrative expenses 68,741 57,887

Depreciation and amortization expense 3,993 1,859

Loss from operations (34,740	) (42,536	)

Interest expense (755	) (14,331	)

Loss on debt extinguishment (24,182	) —

Other income, net 1,067 99

Loss before income taxes (58,610	) (56,768	)

Income tax expense (420	) (158	)

Net loss (59,030	) (56,926	)

Deemed dividend related to Series A preferred units (3,110	) (2,880	)

Net loss attributable to common units $	(62,140	) $	(59,806	)

Net loss per common unit

Basic $	(309.43	) $	(276.88	)

Diluted $	(309.43	) $	(276.88	)

Weighted average common units outstanding

Basic 216,002 216,002

Diluted 216,002 216,002

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

Enchanted Rock Holdings, LLC

Consolidated Statements of Changes in Mezzanine Equity and Members’ Equity

For the Years Ended December 31, 2025 and 2024

(in thousands, except unit amounts)

Mezzanine Equity Members’ Equity

Series A Preferred Units Common Units

Number of Units Mezzanine Equity Number of Units Members’ Equity Noncontrolling Interest Total Members’ Equity

Balance at January 1, 2024 163,975 $	36,003 216,002 $	5,973 $	38 $	6,011

Net loss — — — (56,926	) — (56,926	)

Stock-based compensation — — — 2,662 — 2,662

Deemed dividend related to Series A preferred units — 2,880 — (2,880	) — (2,880	)

Warrant units issued — — — 3,207 — 3,207

Dividends to common units ($35.62 dividend per unit) — — — (7,694	) — (7,694	)

Balance at December 31, 2024 163,975 38,883 216,002 (55,658	) 38 (55,620	)

Net loss — — — (59,030	) — (59,030	)

Settlement of Warrants — 4,697 — — — —

Stock-based compensation — — — 4,633 — 4,633

Deemed dividend related to Series A preferred units — 3,110 — (3,110	) — (3,110	)

Warrant units issued — — — 1,010 — 1,010

Balance at December 31, 2025 163,975 $	46,690 216,002 $	(112,155	) $	38 $	(112,117	)

The accompanying notes are an integral part of these consolidated financial statements.

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Enchanted Rock Holdings, LLC

Consolidated Statements of Cash Flows

For the Years
Ended December 31, 2025 and 2024

(in thousands)

Cash flows from operating activities

Net loss $	(59,030	) $	(56,926	)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization 3,993 1,859

Amortization of deferred financing costs 5,868 1,719

Amortization of operating lease ROU asset 3,668 3,406

Warrant expense — 1,175

Loss on debt extinguishment 24,182 —

Amortization of sales commissions 427 275

Paid-in-kind interest expense 6,877 3,938

Interest paid on long term debt (6,202	) —

Stock-based compensation 4,610 2,662

Gain on disposal of assets — 1

Changes in operating assets and liabilities:

Accounts receivable, net (5,129	) 29,915

Inventory 36,806 (30,831	)

Contract assets (6,282	) 6,545

Prepaid expenses 7,884 5,013

Other current assets (3,484	) 406

Other assets 5,753 (8,283	)

Accounts payable (15,488	) (2,913	)

Accrued liabilities and other payables (9,407	) 21,844

Contract liabilities 136,828 (7,735	)

Operating lease liabilities (3,602	) (3,246	)

Other liabilities (11,771	) 6,966

Net cash provided by (used in) operating activities 116,501 (24,210	)

Cash flows from investing activities

Capital expenditures (4,667	) (9,000	)

Net cash used in investing activities (4,667	) (9,000	)

Cash flows from financing activities

Dividends paid to common unit holders — (7,694	)

Proceeds from notes payable 55,069 85,000

Payments of notes payable (79,177	) (37,988	)

Payments of deferred financing costs (1,542	) (8,075	)

Net cash (used in) provided by financing activities (25,650	) 31,243

Net change in cash and cash equivalents 86,184 (1,967	)

Cash and cash equivalents

Beginning of year 21,913 23,880

End of year $	108,097 $	21,913

Supplemental disclosures of cash flow information

Interest paid $	12,591 $	6,820

Income taxes paid $	— $	100

Supplemental noncash financing and investing activities

Accrued capital expenditures $	193 $	114

Warrants issued with debt agreement $	1,009 $	10,197

The accompanying notes are an integral part of these consolidated financial statements.

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Enchanted Rock Holdings, LLC

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

1. NATURE OF OPERATIONS

Enchanted Rock Holdings, LLC (together with its consolidated subsidiaries, “ER Holdings” or the
“Company”) was formed and incorporated under the laws of the State of Delaware in 2018 and operates in accordance with the terms of its Limited Liability Company Agreement, effective July 1, 2018.

The Company designs, deploys, sells, operates, and maintains multi-purpose distributed power generation systems utilizing
proprietary, low-emission, quick-response natural gas-fueled generators and embedded software technology. Its offerings include the design, installation, and operation of modular power systems, as well as ongoing operations and maintenance and asset
management services. These systems support a range of customer applications, including bridge power, backup power, and dispatchable power solutions.

The Company primarily serves data centers, utilities, and commercial and industrial customers across the United States. Its
principal markets span eight states, with its largest operating presence in California and Texas, where demand is driven in part by growth in data center and related infrastructure needs.

The Company manufactures key components of its power systems, including proprietary natural gas engines and generators, at
facilities located in Houston, Texas, and deploys its systems throughout its U.S. operating footprint.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements include the accounts of Enchanted Rock Holdings, LLC and its consolidated
subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated. All amounts presented in the
footnotes are in thousands, except number of common and preferred units and per common and preferred unit amounts, unless otherwise stated.

Use of Estimates

The preparation of the consolidated financial statements in accordance with GAAP requires the use of estimates and assumptions
by management in determining the reported amounts of assets and liabilities, revenue and expenses and disclosures regarding contingent assets and liabilities. Actual results could differ from those estimates.

Regulation

The Company’s operations, including its wholesale transactions, transmission service, and compliance with state-mandated
reliability standards, are subject to the regulatory oversight of various state regulatory authorities including both the Public Utility Commission of Texas and the Electric Reliability Council of Texas as well as California Public Utilities
Commission. Failure to comply with laws and regulations established by such regulatory agencies could result in suspension or revocation of license required for the Company to conduct its business. The Company is not aware of any violations or
noncompliance with laws and regulations discussed above.

Revenue Recognition

The Company recognizes revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, which

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Enchanted Rock Holdings, LLC

Notes to Consolidated Financial Statements

December
31, 2025 and 2024

requires revenue to be recognized when or as control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to
in exchange for those goods or services.

Performance Obligations

A performance obligation is a promise in a contract with a customer to transfer a distinct good or service. The Company’s
contracts generally include one or more of the following performance obligations:

Power System Sales Revenues