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

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grid revenues through electricity and natural gas market participation, hedging and dispatch strategies. Table of Contents White Label Program Services. We partner with utilities, such as Entergy, to design and execute white label resiliency programs, enabling them to offer branded reliability solutions. Financing and Contract Support Services. To facilitate project development, we offer robust financing and contract support, coordinating and arranging project financing and providing guidance on contract structuring and risk management. Policy Advocacy and External Affairs. Our team of policy experts actively monitors and shapes policy at the local, state and federal level to support current and prospective customers’ use of natural gas onsite generation in their overall energy strategy. Our Business Model We generate revenue through a combination of power system sales and services, which allows us to realize revenue from equipment sales, site buildout, installations and commissioning and recurring revenue from O&M and asset management services post-commissioning.

Power System Sales Revenues. We generate revenue from selling our natural gas power systems to customers inclusive of
the design and ESI of turnkey power system solutions, and we report these revenues as product revenues and installation services revenues. Power system sales product revenues consist of product sales of generators and related equipment to produce
our power systems. Power system sales installation services revenues consist of ESI services to design, construct, install and commission our power systems. Customers enter into ESI contracts to purchase our power systems, and these contracts also
typically cover design and ESI services of such power systems. Our ESI agreements are generally structured such that customers pay a percentage of the contract price at execution, additional percentages upon the achievement of specified milestones,
such as equipment delivery and installation, and the remaining balance upon successful completion of testing and commissioning.

Ongoing Services Revenues. After installation and commissioning, we enter into long-term service agreements for O&M
and asset management services. Our typical services contracts range from 5 to 15 years and include both preventative and corrective services. These contracts typically include remote monitoring, preventive maintenance, rapid response and warranty
support. Asset management contracts may also cover dispatch optimization, market participation and regulatory compliance. Recurring service fees are billed monthly for the duration of the contract and include a fixed service fee and, in some cases,
a fee based on the financial performance of the power systems, with additional amounts payable on a per-work-order basis. The weighted average term of our O&M and asset management services agreements is
approximately 10 years. To date, none of our customers have terminated or failed to renew our O&M or asset-management services.

Our Customers and
Markets

We serve customers across the United States, with a proven track record in data centers, utilities and
C&I sectors. Our geographic footprint spans nine states and four major RTOs, with approximately 1,000 MW in deployed operating assets with an estimated current replacement value of approximately $1.4 billion. Our proprietary generator and
software technology platform is trusted by leading enterprises and utilities to deliver reliable, dispatchable, and cost-effective power across a rapidly expanding footprint.

Our Key Highlights of Deployed Assets and Contracted Power System Sales Backlog

Our first distributed power system was commissioned in 2011 and since then our operations have grown to approximately 400
operational sites, with approximately 1,000 MW deployed operating power systems, approximately $1.4 billion in deployed operating assets and approximately $1.2 billion in Contracted Power System Sales Backlog as of December 31, 2025
representing approximately 3x faster growth than the market from 2024 to 2025.

Table of Contents

Our Primary End Markets

Data Centers
(Speed-to-Power). We partner with hyperscale and “colocation” data centers, providing rapid deployment of scalable, utility-grade backup and bridge power
solutions. Our technology enables data centers to accelerate site commissioning, meet stringent reliability, sound and emissions requirements while supporting AI-driven load growth. We can provide power
generation solutions for data center customers that enables fast-track data center construction and operation with prime power, ability to accelerate access to grid interconnection, prescribed flexibility and revenue generating grid services, and
supports 24/7 reliable operations—all from a single generator technology platform, our ERock Platform, across the lifecycle of a data center buildout and operation.

Utilities (Grid Stability and Cost-Effective Capacity Expansion). Utilities leverage our distributed power generation
assets to address rate pressure, grid stability, reliability and emergency backup, and capacity constraints and demand response. Our power systems offer dispatchable, cost-effective capacity that helps utilities avoid costly infrastructure upgrades
and respond to regulatory demands for cleaner, more resilient power and supports overall grid stability during peak demand or scarcity events. We also have proven partnerships with major utilities in storm-prone and high-growth regions. We offer our
solutions through turnkey system sales, in which we design, deploy and operate our power systems as fully integrated, customer-ready offerings, under white-label arrangements that allow our customers (e.g., a utility) to present these systems as
part of their own branded energy solutions. We also enter into capacity offtake agreements that are structured to reflect the high availability and performance of our aggregated portfolio of distributed generation assets. In addition, our
longstanding relationships with utilities help large loads navigate the interconnection process and meet the technical and contractual requirements necessary to secure flexible conditional firm interconnections, creating a meaningful speed-to-power
pathway for rapid deployment and earlier access to reliable capacity.

Table of Contents

Commercial and Industrial (Resilience). C&I
customers—including retailers, manufacturers, healthcare providers, logistics companies and government entities—rely on us for resilient backup power and operational continuity as well as cost savings from grid services like peak demand
reduction. Our power system solutions help protect critical infrastructure and enterprise operations from power outages and other grid disturbances, reduce emissions and support sustainability goals compared to traditional resilience solutions, such
as diesel.

Our Competitive Strengths

We believe the following characteristics differentiate us from our peers and uniquely position us to execute on our strategy to
create value for our stakeholders:

Reliable, Fast-Response Generator Technology. Our patented natural gas
generator technology achieves diesel-equivalent transient performance response requirements, which is a critical capability for data centers that experience highly dynamic electrical loads. These facilities routinely see rapid fluctuations in power
demand within milliseconds due to workload spikes, server startups and cooling system adjustments. Modern data centers, particularly large, high-density facilities supporting AI training, cloud computing and other high-performance workloads, and
next-generation semiconductor chips such as AI accelerators, GPUs and custom silicon are placing growing demands on electrical power systems. These environments draw enormous and highly variable amounts of electricity and are far more sensitive to
power quality than prior generations of computing infrastructure. Even very brief frequency deviations, voltage dips, or other grid disturbances can cause system instability, performance degradation, or costly downtime. As a result, these facilities
increasingly require the ability to maintain continuous operation during short-duration grid disturbances, supported by fast, on-site frequency control and power stabilization capabilities. Strong transient response enables stable voltage and
frequency during these sudden changes and supports seamless transitions between grid power, on-site generation and battery storage systems, helping to prevent equipment malfunctions, data corruption and costly
downtime. Our natural gas generators also offer meaningful reliability advantages over diesel-based solutions, which depend on continuous fuel deliveries that can be disrupted by severe weather, transportation constraints or supply-chain
interruptions. By contrast, our power systems operate on natural gas delivered through a resilient underground natural gas infrastructure, which reduces the operational risks associated with refueling. We believe that the combination of
diesel-equivalent transient performance and a reliable fuel supply positions our power systems to meet the demanding requirements of mission-critical data center operations.