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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Contents Enchanted Rock Holdings, LLC Condensed Consolidated Statements of Changes in Mezzanine Equity and Members’ Equity (Unaudited) For the three months ended March 31, 2026 and 2025 (in thousands, except unit amounts) Mezzanine Equity Members’ Equity Series A Preferred Units Common Units Number of Units Mezzanine Equity Number of Units Members’ Equity Noncontrolling Interest Total Members’ Equity Balance at December 31, 2025 163,975 $ 46,690 216,002 $ (112,155 ) $ 38 $ (112,117 ) Net loss — — — (17,212 ) — (17,212 ) Stock-based compensation — — — 1,225 — 1,225 Deemed dividend related to Series A preferred units — 816 — (816 ) — (816 ) Balance at March 31, 2026 163,975 $ 47,506 216,002 $ (128,958 ) $ 38 $ (128,920 ) Mezzanine Equity Members’ Equity Series A Preferred Units Common Units Number of Units Mezzanine Equity Number of Units Members’ Equity Noncontrolling Interest Total Members’ Equity

Balance at December 31, 2024 163,975 $	38,883 216,002 $	(55,658	) $	38 $	(55,620	)

Net loss — — — (15,937	) — (15,937	)

Stock-based compensation — — — 1,487 — 1,487

Deemed dividend related to Series A preferred units — 755 — (755	) — (755	)

Balance at March 31, 2025 163,975 $	39,638 216,002 $	(70,863	) $	38 $	(70,825	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Enchanted Rock Holdings, LLC

Condensed Consolidated Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

(in thousands)

Three Months Ended March 31,

Cash flows from operating activities

Net loss $	(17,212	) $	(15,937	)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization 1,301 1,056

Amortization of deferred financing costs 1,664 881

Amortization of operating lease ROU asset 1,086 805

Amortization of sales commissions and fees 90 48

Paid-in-kind
interest expense 1,603 1,657

Stock-based compensation 1,225 1,487

Changes in operating assets and liabilities:

Accounts receivable, net (69,254	) 6,893

Inventory (17,020	) (1,511	)

Contract assets 5,178 1,109

Prepaid expenses (6,781	) (3,543	)

Other current assets (74	) (4,941	)

Other assets (4,927	) —

Accounts payable 11,012 (629	)

Accrued liabilities and other payables (10,055	) (513	)

Contract liabilities 301,190 5,300

Operating lease liabilities (573	) (794	)

Other liabilities (1,470	) 343

Net cash provided by (used in) operating activities 196,983 (8,289	)

Cash flows from investing activities

Capital expenditures (4,082	) (1,181	)

Net cash used in investing activities (4,082	) (1,181	)

Cash flows from financing activities

Proceeds from notes payable — 10,000

Payments of notes payable (490	) (507	)

Net cash (used in) provided by financing activities (490	) 9,493

Net change in cash and cash equivalents 192,411 23

Cash and cash equivalents

Beginning of period 108,097 21,913

End of period $	300,508 $	21,936

Supplemental disclosures of cash flow information

Interest paid $	548 $	1,749

Supplemental noncash financing and investing activities

Accrued capital expenditures $	540 $	244

Warrants issued with debt agreement $	— $	6,990

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Enchanted Rock Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. NATURE OF OPERATIONS

Enchanted Rock Holdings, LLC (together with its consolidated subsidiaries, “ER Holdings” or the
“Company”) was formed and incorporated under the laws of the State of Delaware in 2018 and operates in accordance with the terms of its Limited Liability Company Agreement effective July 1, 2018.

The Company designs, deploys, sells, operates, and maintains multi-purpose distributed power generation systems utilizing
proprietary, low-emission, quick-response natural gas-fueled generators and embedded software technology. Its offerings include the design, installation, and operation
of modular power systems, as well as ongoing operations and maintenance and asset management services. These systems support a range of customer applications, including bridge power, backup power, and dispatchable power solutions.

The Company primarily serves data centers, utilities, and commercial and industrial customers across the United States. Its
principal markets span nine states, with its largest operating presence in California and Texas, where demand is driven in part by growth in data center and related infrastructure needs.

The Company manufactures key components of its power systems, including proprietary natural gas engines and generators, at
facilities located in Houston, Texas, and deploys its systems throughout its U.S. operating footprint.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 and the condensed consolidated
statements of operations, the condensed consolidated statements of changes in mezzanine equity and members’ equity, and the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 have not been
audited. In the opinion of management, all adjustments (which include only normal recurring adjustments except where disclosed) necessary for the fair presentation of the financial position, results of operations and cash flows have been made. The
results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or any future period.

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Regulation S-X of the Securities and Exchange Commission
(“SEC”). The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or
omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, the condensed consolidated financial statements may not include all the information and footnotes necessary for a complete presentation of the
Company’s financial position, results of operations or cash flows. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in
the Company’s audited consolidated financial statements for the year ended December 31, 2025.

The
Company’s significant accounting policies are described in Note 2. Summary of Significant Accounting Policies in the consolidated financial statements for the year ended December 31, 2025.

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Enchanted Rock Holdings, LLC

Notes to Condensed Consolidated Financial Statements (Unaudited)

Deferred Offering Costs

Legal fees, accounting fees, consulting fees, and other costs that are direct and incremental costs directly related to the
initial public offering are capitalized as deferred offering costs until the consummation of the transaction. Offering costs totaling approximately $4.5 million were incurred at March 31, 2026 and are included in other assets.

Concentrations of Credit, Customer and Vendor Risk

Financial instruments that potentially subject the Company to concentrations of credit and customer risk consist primarily of
its cash and cash equivalents and its net receivable position with customers, which includes amounts related to billed and unbilled accounts receivable and contract assets net of advanced billings with the same customer. Periodically, the Company
maintains its cash balances in financial institutions, which at times exceed federally insured limits. Management periodically assesses the financial condition of the financial institutions and believes that any possible risk is immaterial.

The Company grants credit under normal payment terms, generally without collateral, to its customers. For the three months
ended March 31, 2026, sales to three counterparties accounted for approximately 37%, 13%, and 12% of the Company’s total revenue. For the three months ended March 31, 2025, sales to four counterparties accounted for approximately
16%, 14%, 14%, and 11% of the Company’s total revenue. This concentration of customers may impact the Company’s overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic
or other conditions, including uncertainties and challenges in the energy market. These uncertainties and challenges could expose the Company to increased risk related to collectability of billed and unbilled receivables and contract assets for
services the Company has performed.

Substantially all of the Company’s accounts receivable result from product and
installation revenues. One customer accounted for approximately 69% of the total accounts receivable balance at March 31, 2026. Four customers accounted for approximately 17%, 14%, 14%, and 13% of the total accounts receivable balance at
December 31, 2025.