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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and grid services—to monetize their distributed assets through grid services, demand response and market participation, supporting customers to maximize asset value and reduce total cost of ownership. Our ERock Platform is reinforced by our extensive field-services expertise, built over a decade of operating at hundreds of sites, and proprietary, purpose-built Granite software that captures extensive real-time telemetry and operational performance data, enabling predictive analytics, dynamic maintenance scheduling and system optimization. Whether deployed for bridge, dispatchable or backup power applications, our ERock Platform’s comprehensive capabilities uniquely position us to deliver accelerated time-to-power and firm resiliency solutions. Highly Differentiated, Proprietary Power System Serving Multiple Use Cases. Our highly differentiated, proprietary natural gas power systems are engineered to serve multiple mission-critical use cases through a single integrated power system. Leveraging our quick-response, patented generator technology and modular, emissions-advantaged design, our power systems provide cost-effective, resilient and turnkey solutions for bridge, Table of Contents

dispatchable and backup power applications. As bridge power, our power systems enable the rapid deployment of reliable capacity that arrives with customer load demand and mitigates delays
associated with long-lead grid capacity upgrades. As dispatchable capacity, our power systems function as on-demand, fast-response resources that support grid stability and help large energy users balance load demand and participate in market-driven
dispatch strategies. As backup power, our power systems deliver highly reliable continuity for mission-critical operations during grid disruptions or extreme weather events such as extreme temperatures, earthquakes, hurricanes, typhoons, derechos,
wildfires and flash floods. Our power systems come integrated with our purpose-built Granite platform, which enables real-time monitoring, predictive diagnostics and dynamic asset optimization. With advanced data analytics, sub-second data collection and fleet-wide benchmarking, Granite supports preventive maintenance, remote dispatch and market participation, supporting operational efficiency and maximizing asset value. Our power
systems multi-use capability, combined with best-in-class emissions, a compact footprint and a standardized, scalable packaging architecture, represents a unique customer value proposition, offering superior performance, rapid deployment and
compliance with the most stringent standards.

Engineered for Rapid Deployment and Scale. Our patented natural gas
generator technology is engineered for rapid installation, serviceability and ultra-low local emissions in compliance with CARB-DG. Our CARB ultra-clean emissions
package reduces key pollutants (NMHC, NOx, CO) by approximately 95%+ relative to diesel. The compact footprint and modular design of our pre-integrated RockBlock systems enable rapid deployment and easy
siting, while oversized cooling systems and extensive telemetry support optimal performance and compliance with the most stringent operating standards, which supports an accelerated permitting process and community acceptance. Our ability to
construct modular strings of back-to-back generators, each with a smaller individual footprint than comparable natural gas reciprocating generators, allows us to achieve systems with approximately half the footprint of comparable natural gas
reciprocating generator systems. The standardization of our RockBlock fleet further allows us to deliver reliable, cost-effective power solutions at scale as it simplifies maintenance by enabling uniform service procedures, interchangeable parts and
consolidated training programs, which lowers downtime and improves reliability, allows us to optimize performance monitoring and implement uniform operational protocols, resulting in higher utilization and reduced variability in output, and provides
economies of scale in procurement and inventory management, while accelerating deployment timelines for new projects by reducing variability and complexity. We believe our power systems are well positioned to enable our customers to deploy reliable,
dispatchable utility-grade power at scale faster than our competitors.

Significant Track Record and Feedback Loop
Supporting Continuous Improvement. Our experience across approximately 400 sites representing approximately 1,000 MW of commissioned capacity over 15 years of operations provides us with a uniquely robust data foundation supporting continuous
improvement of our technology and processes. This scale of real-world operating experience—built over 1.9+ million runtime hours across our entire fleet and reflected in our long-standing field services and engineering
capabilities—enables us to optimize power system performance and enhance our core services for all of our customers. As a vertically integrated provider, we capture operational learnings across the entire lifecycle of all of our power systems,
allowing us to systematically feed customer, field and operational performance data back into our design, engineering, assembly, commissioning, O&M and asset management processes. This closed-loop feedback mechanism supports measurable gains in
enhancing our product offerings, services and assembly performance and enables us to leverage the insights gained from across our entire fleet to deliver more to our customers and stakeholders.

Embedded Relationships with Utilities, ISOs and Policy Makers. We have built deep, long-standing relationships with
leading utilities, ISOs and policymakers across the United States—partnerships founded on trust, proven performance and a track record of delivering value in mission-critical applications. In several cases, these relationships have resulted in
proprietary offtake and commercial arrangements with utilities such as Entergy and CPS Energy, as well as other potential arrangements that are under development. These arrangements involve bespoke, utility-specific carve-outs and structures that
are not available on a generalized tariff basis and are not broadly accessible to other market participants, reflecting a high degree of confidence in

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our capabilities and operating model. These relationships enable us to execute effectively because the utilities, ISOs and policy makers know us, rely on our expertise and work closely with us to
address their most pressing challenges. We also actively help create new markets for utilities by opening opportunities in both regulated and deregulated jurisdictions while securing attractive economics for our customers. Our positioning also
facilitates faster interconnections and tailored solutions for our customers, whether the objective is to increase available capacity, support grid resilience initiatives or improve outcomes within existing utility and ISO frameworks. By serving as
a trusted intermediary between companies and utilities and ISOs, we align interests, help solve complex problems and unlock new business opportunities, including from utility-sponsored projects and direct referrals from utilities that view us as a
reliable partner with demonstrated ability to deliver differentiated solutions.

Asset-Light Business Model Supports
Balance Sheet. Our asset-light business model enables us to scale efficiently while supporting a strong and flexible balance sheet. Because we do not lease or own the power systems we deploy—and instead sell those systems to customers,
including third-party investors—the assets do not reside on our balance sheet and are typically financed through customer or investor payments, allowing us to recycle capital rapidly and avoid the capital-intensive burden typical of
traditional infrastructure models. As a result, we require significantly lower capital expenditure than our peers and do not expect to require external capital to support our growth for the foreseeable future. In addition, because we provide
comprehensive O&M and asset-management services through the ERock Platform, each power system we deploy has the potential to become an additional source of ongoing services revenue with limited incremental cost or capital. This business model
avoids idle-asset risk, creates meaningful operating leverage as every additional MW we install can expand our service base and enables us to grow while preserving both capital efficiency and balance-sheet strength.

Long-term Contracted Services and O&M Revenue from a Growing Installed Base. With approximately 1,000 MW of
installed capacity today, we have built a portfolio of long-term O&M and asset management services contracts, which we expect to grow over time as we continue to deploy our integrated power systems. These services contracts typically have a term
of 5 to 15 years, and today our portfolio of services contracts have a weighted average remaining contract tenor of approximately 10 years and a historical customer renewal rate of 100%. As such, our services contracts represent a recurring,
high-margin revenue stream that provides multi-year revenue visibility and supports predictable cashflow generation. Our O&M and asset management services offerings are designed to enhance the economics, efficiency, reliability and useful life
of customer-owned generating units through advanced O&M, asset management and technology-enabled performance optimization. These capabilities reduce outage duration, improve system availability and increase energy output, while lowering
lifecycle operating costs. Long-term services agreements are key elements of our business model and support the continued adoption and expansion of our ERock Platform. As our installed base continues to grow, we expect our ongoing services revenue
to grow.

Seasoned Leadership Team with Multi-Decade, Cross-Functional Experience. Our management team brings over
150 years of combined experience across energy, technology, software, trading, risk management and industrial operations, including major roles at global energy companies, technology firms and infrastructure providers. This leadership is
complemented by a workforce with deep cross-functional expertise in engineering, procurement, construction, operations, maintenance, asset management, market operations and customer support, supporting successful execution of complex, large-scale
power projects.

Our Business Strategies

We intend to achieve our primary business objective of creating value for our stockholders through the following business
strategies:

Execute on Contracted Power System Sales Backlog. Our near- and medium-term revenue is substantially
dependent on the disciplined execution of our approximately $1.2 billion of Contracted Power System Sales Backlog as of December 31, 2025, which is expected to support multi-year growth across power system sales

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