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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statement of operations for the three months ended March 31, 2026 and the year ended December 31, 2025, present the historical financial statements of Enchanted Rock Holdings, LLC (“ER Holdings”) on a pro forma basis to give effect to adjustments reflecting the accounting of the following transactions (collectively, the “Transactions”): • the contemplated transactions described under “Organizational Structure—The Reorganization” elsewhere in this prospectus (the “Reorganization”); • the initial public offering of shares of Class A common stock of the Company and the use of the net proceeds therefrom as described in “Use of Proceeds” elsewhere in this prospectus; • a provision for corporate income taxes at an effective rate of % (which is derived from a total estimated rate of % for ER Holdings, reduced by the estimated noncontrolling interest of %) for the year ended December 31, 2025, inclusive of all U.S. federal, state and local income taxes; and

• the entry into a Tax Receivable Agreement in connection with the IPO, which generally provides for a payment
by us for 85% of the amount of the net cash tax savings, if any, that we realize or are deemed to realize (taking into account certain assumptions) as a result of (i) certain increases in, or adjustments to, the tax basis of assets of ER
Holdings and its subsidiaries resulting from exchanges of ER Holdings membership interests in the future, (ii) certain tax attributes available to us as a result of the Reorganization, and (iii) certain other tax benefits related to
our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement.

The unaudited pro forma condensed consolidated balance sheet as of March 31, 2026 gives pro forma effect to the
adjustments reflecting the accounting for the Transactions. The unaudited pro forma condensed consolidated statement of operations for the three months ended March 31, 2026 and the year ended December 31, 2025 gives pro forma effect to
adjustments reflecting accounting for the Transactions made on the unaudited pro forma condensed consolidated balance sheet as if those adjustments were made on January 1, 2025. The unaudited pro forma condensed consolidated financial
information has been prepared in accordance with Article 11 of Regulation S-X, as amended.

The unaudited pro forma consolidated financial information has been prepared on the basis that the Company will be taxed as a
corporation under the Internal Revenue Code of 1986, as amended, and as a result, will become a tax-paying entity subject to U.S. federal and state income taxes, and should be read in conjunction with
“Organizational Structure—The Reorganization,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Certain Relationships and Related Person Transactions—Proposed
Transactions with ERock, Inc.—Tax Receivable Agreement” and with the audited historical consolidated financial statements and related notes of ER Holdings and the unaudited interim condensed consolidated statement of operations of ER
Holdings, each included elsewhere in this prospectus.

The unaudited pro forma condensed consolidated financial
information reflects certain assumptions the Company believes are reasonable. The unaudited pro forma condensed consolidated financial information is not necessarily indicative of financial position and financial results that would have been
attained had the described transactions occurred on the dates indicated above or which could be achieved in the future because they necessarily exclude various operating expenses, including, among other things, increased directors’ and
officers’

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liability insurance premiums, director fees, fees associated with compliance with Securities and Exchange Commission reporting requirements, transfer agent fees, costs related to hiring
additional accounting, legal and administrative personnel, increased auditing and legal fees, and similar expenses. The adjustments are based on currently available information and certain estimates and assumptions. Therefore, the actual adjustments
may differ from the pro forma adjustments. However, management believes that the assumptions provide a reasonable basis for presenting the significant effects of the transactions as contemplated and that the pro forma adjustments give appropriate
effect to those assumptions and are properly applied in the unaudited pro forma condensed consolidated financial statements.

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EROCK, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

AS OF MARCH 31, 2026

Dollars in thousands, unless otherwise noted

Historical Enchanted Rock Holdings, LLC Pro Forma Adjustments Pro Forma ERock, Inc.

Assets

Current assets:

Cash and cash equivalents $	300,508 $ (a	) $

Accounts receivable, net 107,015

Inventory 60,701

Contract assets 10,786

Prepaid expenses 15,580

Other current assets 6,552

Total current assets 501,142

Property and equipment, net 30,677

Right-of-use
assets, net 24,774

Other assets 7,484 (b	)

Total assets $	564,077 $ $

Liabilities and Equity

Current liabilities:

Accounts payable $	27,909 $ $

Accrued liabilities and other payables 19,986

Contract liabilities 471,215

Operating lease liabilities 3,901

Deferred income 20,294

Other current liabilities 351 (d	)(f)

Total current liabilities $	543,656 $

Notes payable 63,202

Noncurrent lease liabilities 25,915

Payable to related parties pursuant to Tax Receivable Agreements —

Noncurrent deferred income 11,726

Other noncurrent liabilities 992

Total liabilities $	645,491 $ $

Commitments and contingencies (Note 17)

Mezzanine equity:

Series A preferred units (163,975 units authorized, issued, and outstanding at December 31,
2025 and 2024) 47,506

Total mezzanine equity 47,506

Members’ equity:

Common units (216,002 units issued and outstanding at December 31, 2025 and 2024) (128,958	) (d	)

Noncontrolling interest 38 (e	)

Total members’ equity $	(128,920	) $

Total liabilities and equity $	564,077 $ $

See the accompanying Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

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EROCK, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2026

Dollars in thousands, unless otherwise noted

(in thousands, except unit and per unit amounts) Historical Enchanted Rock Holdings, LLC Pro Forma Adjustments Pro Forma ERock, Inc.

Power system sales product revenues $	5,157 $ $

Power system sales installation services revenues 10,765

Power system sales revenues 15,922

Ongoing services revenues 15,814

Total revenues 31,736

Cost of power system sales product revenues, excluding depreciation and amortization 3,779

Cost of power system sales installation services revenues, excluding depreciation and
amortization 8,230

Cost of power system sales revenues, excluding depreciation and amortization 12,009

Cost of ongoing services revenues, excluding depreciation and amortization 13,234

Total cost of revenues, excluding depreciation and amortization 25,243

General and administrative expenses 20,943

Depreciation and amortization expense 1,301

Loss from operations (15,751	)

Interest expense (1,451	)

Other income, net 551

Loss before income taxes (16,651	)

Income tax expense (561	) (b	)(f)

Net loss (17,212	)

Deemed dividend related to Series A preferred units (816	)

Net loss attributable to common units $	(18,028	) $ $

Pro forma net loss per share data

Basic $	(83.46	) $ (h	) $

Diluted $	(83.46	) $ (h	) $

Pro forma number of shares used in computing EPS

Basic 216,002 (h	)

Diluted 216,002 (h	)

See the accompanying Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

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EROCK, INC.

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2025

Dollars in thousands, unless otherwise noted

Historical Enchanted Rock Holdings, LLC Pro Forma Adjustments Pro Forma ERock, Inc.

Power system sales product revenues $	90,138 $ $

Power system sales installation services revenues 47,810

Power system sales revenues 137,948

Ongoing services revenues 45,197

Total revenues 183,145

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

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

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

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

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

General and administrative expenses 68,741

Depreciation and amortization expense 3,993

Loss from operations (34,740	)

Interest expense (755	)

Loss on debt extinguishment (24,182	)

Other income, net 1,067

Loss before income taxes (58,610	)

Income tax expense (420	) (b	)(f)

Net loss (59,030	)

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

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

Pro forma net loss per share data

Basic $	(309.43	) (h	) $

Diluted $	(309.43	) (h	) $

Pro forma number of shares used in computing EPS

Basic 216,002 (h	)

Diluted 216,002 (h	)

See the accompanying Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

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EROCK, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION

The Company made the following adjustments and assumptions in the preparation of the unaudited pro forma consolidated balance sheet:

(a) Reflects the following adjustments:

i. Net proceeds from the IPO and use of proceeds as follows:

Gross Proceeds from IPO

Less:

Underwriting Discounts and Commissions

Issuance Expenses

Proceeds, Net of Underwriting and Issuance Expenses

Retained Proceeds from the IPO

(b) Reflects tax adjustments associated with the Reorganization and adjustments to give effect to the
Tax Receivable Agreement (as described in “Certain Relationships and Related Person Transactions—Proposed Transactions with ERock, Inc.—Tax Receivable Agreement”) based on the following assumptions: