SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-24
Accession Number: 0001193125-26-177695
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526177695/filename1.htm

Chunk 104 of 107
Word Count: 1449
Character Count: 9254

Document Content:

62,817 and 4,059 Restricted Compensatory Units, respectively, to its Chief Executive Officer and other executive officers. These awards vest over the applicable requisite service period as defined in the individual grant notices (ranging from three to six years) and are subject to the same service and performance conditions as other Restricted Compensatory Units. No compensation cost has been recognized for the accelerated vesting as the performance condition is not considered probable as of December 31, 2025 and 2024. The Company utilized the Black-Scholes option-pricing model to estimate the grant-date fair value of the Restricted Compensatory Units. Assumptions utilized in the valuation of the Restricted Compensatory Units granted in 2025 and 2024 were as follows: Expected term (years) 1.83-3.00 3.00 Volatility 90.00-105.00 % 90.00 % Dividend yield 0.00 % 0.00 % Risk free interest rate 3.49-3.90 % 4.36 % Table of Contents Enchanted Rock Holdings, LLC Notes to Consolidated Financial Statements

December
31, 2025 and 2024

15. EARNINGS PER UNIT

The following table summarizes the basic and diluted earnings per common unit calculations:

For the Year Ended December 31,

Basic:

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

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

Less: Settlement of Warrants (4,697	) —

Less: Undistributed earnings allocable to Series A preferred units — —

Net loss available to common unitholders—Basic (66,837	) (59,806	)

Weighted average number of common units outstanding—Basic 216,002 216,002

Basic net loss per common unit $	(309.43	) $	(276.88	)

Diluted:

Net loss available to common unitholders—Basic $	(66,837	) $	(59,806	)

Reallocation of undistributed earnings allocable to Series A preferred units — —

Net loss available to common unitholders—Diluted (66,837	) (59,806	)

Weighted average number of common units outstanding—Basic 216,002 216,002

Add: Potentially dilutive securities

Series A preferred units Anti-dilutive Anti-dilutive

Warrants Anti-dilutive Anti-dilutive

Compensatory units (Vested and Nonvested) Anti-dilutive Anti-dilutive

Convertible notes Anti-dilutive Anti-dilutive

Weighted average number of common units outstanding—Diluted 216,002 216,002

Diluted net loss per common unit $	(309.43	) $	(276.88	)

16. INCOME TAXES

The Company’s income tax expense consisted of the following components:

Year Ended December 31,

Current

Federal $	— $	—

State 420 158

Deferred

Federal — —

State — —

Total income tax expense $	420 $	158

Table of Contents

Enchanted Rock Holdings, LLC

Notes to Consolidated Financial Statements

December
31, 2025 and 2024

A reconciliation of the provision for income taxes at the statutory federal
tax rate to the Company’s actual income tax expense is as follows:

Year Ended December 31,

Tax computed at the federal statutory rate $	(12,396	) $	(11,921	)

Federal non-taxable income 12,396 11,921

State taxes 420 158

Total income tax expense $	420 $	158

Effective tax rate (0.71	%) (0.28	%)

Deferred income taxes are provided to reflect future tax consequence of temporary differences
between the tax basis of assets and liabilities and their reported amounts in the financial statements. In assessing the realizability of the deferred tax assets, the Company considers whether it is more likely than not that some or all of the
deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future income in periods in which deferred tax assets can be used. The Company does not have any federal or state net
operating losses. Currently there are no deferred taxes recorded on the Company’s consolidated balance sheets.

The
Company did not have any unrecognized tax benefits recorded as of December 31, 2025 and 2024.

The Company only has
tax jurisdictions in the United States (Federal and state presence). The Company’s tax years 2023 to present remain open for Federal examination. Tax years 2022 to present remain open for examination for state purposes.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (the “Bill”) was enacted in the U.S. The Bill includes
significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others
implemented through 2027. These include changes in bonus depreciation on fixed assets and changes to the deductibility of section 174 (research and development) expenses. Currently there is no significant impact on the Company’s
consolidated financial statements.

17. COMMITMENTS AND CONTINGENCIES

Litigation

From time to time, the Company is subject to various litigation and other claims in the normal course of business. The Company
establishes liabilities in connection with legal actions that management deems to be probable and estimable. No amounts have been accrued in the consolidated financial statements with respect to any matters as of December 31, 2025 and 2024.

Table of Contents

Enchanted Rock Holdings, LLC

Notes to Consolidated Financial Statements

December
31, 2025 and 2024

Purchase Commitments

As of December 31, 2024, the Company had a certain
take-or-pay agreement for the purchase of natural gas generators from a single vendor. Total expenditures related to natural gas generator purchases from this supplier
amounted to $0.3 million in 2025 and $32.5 million in 2024. The expenditures in 2024 to this supplier include a full satisfaction of the 2025 purchase commitments, based on the starting dates for each contract year. As the contract was set
to expire in 2025, there are no future commitments under this purchase agreement.

18. RELATED-PARTY TRANSACTIONS

On December 27, 2024, the Company entered into the 2024 Note Purchase Agreement (see Note 11 — Debt — 2024
Note Purchase Agreement) with the investor holding Series A Preferred Units (see Note 12 — Mezzanine Equity). On this same date in connection with this agreement, the Company issued the $10.0 million December 2024 Convertible Note to the
investor. Under the terms of the agreement, upon issuance of the December 2024 Convertible Note, the Company issued a warrant to the investor which can be exercised in whole or in part for up to an aggregate of 6,680 common units with an exercise
price of $0.01 per unit.

19. SUBSEQUENT EVENTS

The Company has evaluated the period after the balance sheet date through April 1, 2026, the date the consolidated financial
statements were available to be issued, noting no material subsequent events.

Table of Contents

Shares

Class A Common Stock

PRELIMINARY PROSPECTUS

Joint Book-Running Managers

Morgan Stanley

Morgan

Bookrunners

Barclays

Through and including    , 2026 (the 25th day after the date of this prospectus), all dealers effecting
transactions in our Class A common stock, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to a dealer’s obligation to deliver a prospectus when acting as an
underwriter and with respect to an unsold allotment or subscription.

Table of Contents

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 13.	Other Expenses of Issuance and Distribution.

The following table shows the costs and expenses, other than underwriting discounts and commissions, payable in connection with
the sale and distribution of the securities being registered. All amounts except the SEC registration fee, the FINRA fee and the stock exchange listing fee are estimated.

SEC Registration Fee $ *

FINRA Filing Fee *

Listing Fee *

Printing Costs *

Legal Fees and Expenses *

Accounting Fees and Expenses *

Transfer Agent Fees and Expenses *

Miscellaneous Expenses *

Total $ *

*	To be provided by amendment.

Item 14.	Indemnification of Directors and Officers.

Our certificate of incorporation will provide that, to the fullest extent permitted by the DGCL, no director shall be
personally liable to our company or its stockholders for monetary damages for breach of fiduciary duty as a director. In addition, if the DGCL is amended to authorize the further elimination or limitation of the liability of directors, then the
liability of a director of the corporation, in addition to the limitation on personal liability provided for in our certificate of incorporation, will be limited to the fullest extent permitted by the amended DGCL. Our bylaws will provide that each
person who was or is party or is threatened to be made a party to, or was or is otherwise involved in, any threatened, pending or completed proceeding by reason of the fact that he or she is or was a director or officer of our company or was serving
at the request of our company as a director, officer, employee, agent or trustee of another entity shall be indemnified and held harmless by us to the full extent authorized by the DGCL against all expense, liability and loss actually and reasonably
incurred in connection therewith, subject to certain limitations.