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

Chunk 12 of 119
Word Count: 1442
Character Count: 9119

Document Content:

timely basis could materially and adversely affect our business. • We derive a substantial portion of our revenue and Contracted Power System Sales Backlog from a limited number of customers. The loss of, or events affecting, one of our major customers could reduce our power system sales and have a material adverse effect on our business, financial condition, results of operations and key operating metrics. • We face significant competition and many of our competitors are larger and have more resources. • Our business involves many hazards and operational risks, some of which may not be fully covered by insurance, customer indemnifications or other liability protections. The occurrence of a significant Table of Contents accident or other event that is not fully covered by insurance, customer indemnifications or other liability protections could curtail our operations and have a material adverse effect on our business, financial condition and results of operations.

• A significant portion of our revenue is derived from operations in Texas and California, making us vulnerable
to risks associated with geographic concentration generally and Texas and California specifically, including supply and demand factors, regulatory changes and severe weather impacts that could have a material adverse effect on our business.

• Our power systems have significant upfront costs, and, for some customers, they need to attract investors to
help them finance purchases.

• Monetization of our power systems can be affected by interconnection requirements, independent system operator
requirements and utility tariff requirements that are each subject to change. Accordingly, our customers may not receive any benefit from exporting excess electricity or natural gas capacity back to the grid, or from displacing their own load during
peak periods, which could adversely affect demand for our power systems.

• Our future success depends in part on our ability to maintain and increase assembly capacity for our power
systems, and we may not be able to do so in a timely or cost-effective manner. Our limited history of assembling our power systems internally makes it difficult to evaluate our future prospects and the challenges we may encounter.

• Any significant disruption to the operations at our assembly facilities could delay the assembly of our power
systems, which would harm our business and results of operations.

• The failure of our third-party suppliers to deliver the necessary components or materials of our power systems
in a timely manner and to the required specifications could prevent us from delivering our power system solutions within required timeframes and could cause installation delays, cancellations, penalty payments and damage to our reputation.

• Possible new trade tariffs could have a material adverse effect on our business.

• We are subject to laws and regulations that could impose substantial costs upon us and cause delays in the
delivery and installation of our power systems.

• Our failure to protect our intellectual property rights may undermine our competitive position, and litigation
to protect our intellectual property rights may be costly.

• Our patent applications may not result in issued patents, and our issued patents may be successfully
challenged in litigation or post-grant proceedings, either of which may have a material adverse effect on our ability to prevent others from commercially exploiting power system solutions similar to ours.

• We may need to defend ourselves against claims that we infringed, misappropriated or otherwise violated the
intellectual property rights of others, which could divert management’s attention, cause us to incur significant costs and prevent us from selling or using the technology to which such rights relate.

• We identified material weaknesses in our internal control over financial reporting, and, if not remediated
effectively, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired, which could result in loss of investor confidence in the accuracy and completeness of our financial
reports and materially adversely affect our results of operations and stock price.

• Operational disruptions in our areas of operation from weather, natural disasters, terrorism or other similar
causes could impact our business, financial condition and results of operations.

Table of Contents

• We may be subject to disruptions or failures in information technology systems and network infrastructures
that could have a material adverse effect on our business, financial condition and results of operations.

• Conflicts of interest could arise in the future between us, on the one hand, and our Sponsor and entities
owned by or affiliated with it (including Energy Impact Fund), on the other hand, concerning among other things, business transactions, potential competitive business activities or business opportunities.

• A significant reduction by our Sponsor of its ownership interest in us or our Sponsor’s ownership
interest in Energy Impact Fund could materially and adversely affect us.

• The Class M Units in ER Holdings will cause increasing dilution to holders of Class A common stock and holders
of Class B Units, pro rata, if our business appreciates in value.

• We will depend on distributions from ER Holdings to pay any taxes and other expenses, including payments under
the Tax Receivable Agreement.

• We are required to pay to the TRA Beneficiaries 85% of the tax benefits we receive from tax basis step-ups (and certain other tax assets) attributable to our acquisition of Legacy ER Holdings Units in connection with the IPO and in the future, and the amount of those payments may be substantial.

• The application of certain valuation assumptions under the Tax Receivable Agreement in the case of certain
changes of control or other events may impair our ability to consummate change of control transactions or negatively impact the value received by owners of our Class A common stock.

• In certain circumstances, cash and other assets retained by ERock may disproportionately benefit the
Continuing Equity Unitholders and Continuing Profits Interest Unitholders relative to holders of our Class A common stock.

• If ER Holdings is or were to become a publicly traded partnership taxable as a corporation for
U.S. federal income tax purposes, we and ER Holdings might be subject to potentially significant tax inefficiencies, and we would not be able to recover payments previously made by us under the Tax Receivable Agreement, even if the
corresponding tax benefits were subsequently determined to have been unavailable due to such status.

You should carefully read and consider the information set forth under the heading “Risk Factors” beginning on
page 35 and the other information in this prospectus before investing in our Class A common stock.

Table of Contents

THE OFFERING

Issuer	ERock, Inc.

Class A common stock offered by us	shares of Class A common stock (or     shares of Class A common stock
if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

Underwriters’ option to purchase additional shares of Class A common stock from us	shares of Class A common stock.

Class A common stock outstanding immediately after this offering	shares of Class A common stock (or    shares of Class A common stock if the underwriters
exercise their option to purchase additional shares of Class A common stock in full). Following the consummation of this offering,   shares of our Class A common stock will be owned by the Blocked Unitholders and
shares of our Class A common stock will be owned by public stockholders purchasing shares in this offering (or   shares and shares, respectively, if the underwriters exercise in full their option to purchase additional
shares of Class A common stock), assuming a price per share of $   , the midpoint of the range set forth on the cover page of this prospectus.

Class B common stock outstanding immediately after this offering	shares of Class B common stock. Class B common stock will be issued to holders of Class B Units of ER
Holdings.   shares of our Class B common stock and corresponding Class B Units will be owned by the Continuing Equity Unitholders.

Voting power of Class A common stock immediately after this offering	% (or   % if the underwriters exercise in full their option to purchase additional shares of Class A common
stock).

Voting power of Class B common stock immediately after this offering	% (or   % if the underwriters exercise in full their option to purchase additional shares of Class A common
stock). Upon completion of this offering, the Continuing Equity Unitholders will initially own   shares of Class B common stock, representing   % of the voting power of ERock, Inc.

Voting rights	We have two classes of authorized common stock: Class A common stock and Class B common stock. Each share of Class A
common stock and Class B common stock will entitle the holder to one vote.