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

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Reimbursable variable revenue (6,607 ) (3,816 ) (2,791 ) 73.1 % Add: Reimbursable variable cost 6,607 3,781 2,826 74.7 % Adjusted Gross Profit $ 5,192 $ 2,605 $ 2,587 99.3 % Gross margin 16.4 % 11.0 % 5.4 % Adjusted Gross Margin 20.7 % 12.8 % 7.9 % Years Ended December 31, Change (in thousands, except percentages) 2025 2024 Amount % Total Revenues $ 183,145 $ 128,490 $ 54,655 42.5 % Total Cost of Revenues 145,151 111,280 33,871 30.4 % Less: Depreciation and amortization expense 3,993 1,859 2,134 114.8 % Total Gross Profit $ 34,001 $ 15,351 $ 18,650 121.5 % Less: Reimbursable variable revenue (16,336 ) (13,903 ) (2,433 ) 17.5 % Add: Reimbursable variable cost 16,156 14,042 2,114 15.1 % Adjusted Gross Profit $ 33,821 $ 15,490 $ 18,331 118.3 % Gross margin 18.6 % 11.9 % 6.6 % Adjusted Gross Margin 20.3 % 13.5 % 6.8 %

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Operational Measures

Contracted Power System Sales Backlog

Contracted Power System Sales Backlog represents the actual contracted value for purchases of power systems and ESI services,
whether invoiced or not, to be invoiced and recognized as revenue as a result of performing our obligations over the term of the contract, assuming no exceptions or contingencies are exercised.

We believe contracted power system sales backlog is an important operating metric because it provides visibility into future
revenue from power system sales, reflects underlying demand for our power systems, and helps us plan production, procurement, and workforce requirements.

As of March 31, Change

(in thousands, except percentages) 2026 2025 Amount %

Contracted Power System Sales Backlog $	1,276,065 $	145,232 $	1,130,833 778.6	%

As of December 31, Change

(in thousands, except percentages) 2025 2024 Amount %

Contracted Power System Sales Backlog $	1,183,072 $	227,656 $	955,416 419.7	%

Contracted Power System Sales Backlog increased by $1.1 billion, or 778.6%, for the three
months ended March 31, 2026 as compared to the three months ended March 31, 2025, and $955.4 million, or 419.7%, for the year ended December 31, 2025 as compared to the year ended December 31, 2024. This increase was driven
by new contracts with data center customers, partially offset by net reductions in backlog from utility and commercial and industrial customers as revenue recognized during the period exceeded new bookings in those segments.

Substantially all of the backlog growth in the three months ended March 31, 2026 and the year ended December 31,
2025 was attributable to contracts with data center customers, reflecting strong demand for speed-to-power solutions to support accelerated data center development
timelines and increasing power requirements associated with AI and digital infrastructure. Geographically, the backlog growth in the three months ended March 31, 2026 and the year ended December 31, 2025 was driven predominantly by
projects located in Texas, reflecting customer demand in a market characterized by significant load growth and interconnection constraints.

We believe the increase in backlog for the three months ended March 31, 2026 and the year ended December 31, 2025
was also supported by our ability to offer near-term deployment timelines, with most new contracts reflecting expected delivery within 12 to 18 months, which we believe is a key differentiator for customers facing multi-year grid interconnection
timelines.

Annualized Recurring Service Revenue

Annualized Recurring Service Revenue represents the annualized value of recurring revenue under contracted operations and
maintenance service and asset management agreements as of the measurement date, including both fixed contractual payments and variable payments based on typical utilization of such services.

We believe Annualized Recurring Service Revenue is an important operating metric because it reflects a stable base of
recurring revenue which is less dependent on new power system sales and more indicative of ongoing services.

As of March 31, Change

(in thousands, except percentages) 2026 2025 Amount %

Annualized recurring service revenue $	22,879 $	19,831 $	3,048 15.4	%

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As of December 31, Change

(in thousands, except percentages) 2025 2024 Amount %

Annualized recurring service revenue $	22,370 $	19,636 $	2,734 13.9	%

Annualized Recurring Service Revenue increased $3.0 million, or 15.4%, for the three
months ended March 31, 2026 as compared to the three months ended March 31, 2025, and increased $2.7 million, or 13.9%, for the year ended December 31, 2025 as compared to the year ended December 31, 2024. This increase is
primarily due to additional systems we commissioned in 2025 which have services contracts and additional services contracts signed associated with new systems we will be building in the future.

Installed Base

Installed Base represents the total installed megawatt capacity of our power systems that have been deployed and are currently
operational.

We believe Installed Base is an important operating metric because it reflects the scale of our equipment
footprint in the field and is broadly representative of our assets under ongoing services contracts. Most of our deployments include the comprehensive design, delivery, installation and long-term services provided by the ERock Platform.

A larger Installed Base expands our potential to generate ongoing service revenue through maintenance agreements, parts sales,
monitoring services, and equipment upgrades or replacements. It also provides insight into customer adoption of our products and the long-term demand for our service offerings.

As of March 31, Change

2026 2025 Amount %

Installed base in megawatts 1,059 934 125 13.4	%

As of December 31, Change

2025 2024 Amount %

Installed base in megawatts 1,020 931 89 9.6	%

Installed Base increased by 125 megawatts, or 13.4%, for the three months ended March 31,
2026 as compared to the three months ended March 31, 2025, and 89 megawatts, or 9.6%, for the year ended December 31, 2025 as compared to the year ended December 31, 2024. This increase is primarily due to additional systems deployed
to customers in 2025.

Key Factors Affecting Our Performance

Power and Distributed Generation Demand

Our performance depends on demand for distributed energy generation solutions across data centers, utility and commercial and
industrial sectors. Market demand is influenced by trends in electricity usage, including electrification of transportation and buildings, reshoring of manufacturing and rapid growth in data center and AI driven load, as well as customers’
capital spending levels and expectations for the availability, pricing and reliability of grid sourced power. Changes in regulatory policies, technological alternatives, macroeconomic conditions or shifts in customer procurement priorities could
materially affect demand for our products.

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Cost and Availability of Components or Materials

Our financial performance is affected by the cost, availability and quality of the components and materials used in our power
systems. We rely on third-party suppliers, including some that are located overseas, and we are exposed to risks from supply-chain disruptions, commodity price fluctuations, labor and material shortages, geopolitical instability and changes in trade
policies or tariffs. Increases in material prices that cannot be passed through to customers, or delays caused by supplier constraints, may lead to installation delays, cancellations or reduced margins.

Regulatory Environment

The construction, installation, operation and economic value of our power systems are subject to federal, state and local
regulations relating to building codes, safety, environmental and climate protection, domestic content requirements and related matters, as well as energy market rules, regulations and tariffs. Changes in regulation may extend development timelines
or make the deployment of our power systems less economically attractive.

Execution on Pipeline and Expanding Commercial Opportunities

Our growth depends on our ability to convert identified pipeline projects into executed contracts and successfully completed
installations. The markets we target are rapidly evolving, and the viability of new commercial opportunities is influenced by shifting customer requirements, emerging technologies, regulatory and permitting dynamics and broader macroeconomic
conditions. Failure to execute on our existing pipeline or to expand our commercial footprint in the data center, utility and C&I markets could negatively impact our financial performance.

Timely Project Delivery

Our business depends on our ability to complete generator assembly and power system installations on schedule, as delivery
timelines affect both revenue recognition and customer satisfaction. Installation cycles are subject to risks beyond our control, such as required governmental approvals and permits and customer site readiness. Delays in the delivery and
installation of our power systems may lead to penalty payments or order cancellations, each of which may adversely affect our financial results.

Factors Affecting the Comparability of Our Financial Results

Impact of the Reorganization