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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have agreed to indemnify the DSP Underwriter in connection with the directed share program, including for the failure of any participant to pay for its shares. Other than the underwriting discounts and commissions listed on the cover of this prospectus, the underwriters will not be entitled to any commissions with respect to shares of Class A common stock sold pursuant to the directed share program. See “ Underwriting—Directed Share Program .” Listing and trading symbol We intend to apply to list our Class A common stock on the NYSE under the symbol “EROC.” Unless otherwise noted, Class A common stock outstanding after the offering and other information based thereon in this prospectus does not reflect any of the following: • shares of Class A common stock reserved for issuance upon the exchange of Class B Units that will be held by Class B stockholders following the completion of this offering;

• shares of Class A common stock issuable upon exercise of the underwriters’
option to purchase additional shares from us;

• shares of Class A common stock reserved for issuance under our 2026 Plan,
which we plan to adopt in connection with this offering, including:

• shares underlying equity awards with an aggregate grant date fair value of approximately
$    million that we intend to grant to certain independent directors and employees in connection with this offering, which, at the initial public offering price of $    per share, would be comprised of
approximately     shares of Class A common stock underlying restricted stock units, which director restricted stock units will generally vest on the earlier of one year from grant or our next annual meeting of stockholders and
which employee restricted stock units will generally vest three years from the date of grant; and

• additional shares of Class A common stock to be reserved for future issuance of awards
under the 2026 Plan.

Unless otherwise indicated in this prospectus, all information in this prospectus
assumes:

• the completion of the Reorganization;

• that shares of our Class A common stock will be sold in this offering at an initial public offering price
of $    per share (the midpoint of the price range set forth on the cover page of this prospectus);

• no purchase of our Class A common stock by our current or former directors, officers, employees, business
associates and related persons, through the directed share program described under the section titled “ Underwriting—Directed Share Program ;” and

• no exercise of the underwriters’ option to purchase     additional shares of
Class A common stock.

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SUMMARY HISTORICAL CONSOLIDATED FINANCIAL DATA AND OPERATIONAL MEASURES

The following tables set forth the summary historical consolidated financial data and operational measures of ER Holdings for
the periods and as of the dates presented. ER Holdings is considered our predecessor for accounting purposes, and its consolidated financial statements will be our historical financial statements following this offering. The summary historical
consolidated financial data as of December 31, 2025 and 2024 and for the years ended December 31, 2025 and 2024 has been derived from our audited consolidated financial statements included elsewhere in this prospectus. The summary
historical consolidated financial data as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 has been derived from our unaudited condensed consolidated financial statements included elsewhere in this prospectus. The
summary historical consolidated financial data and operational measures presented below is not indicative of the results to be expected for any future period.

The following information should be read together with “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and our audited consolidated financial statements and related notes thereto included elsewhere in this prospectus. The summary historical consolidated financial data included in this section is not intended
to replace the financial statements and is qualified in its entirety by our financial statements and the related notes included elsewhere in this prospectus.

(in thousands, except unit and per unit amounts) Three Months Ended March 31, Years Ended December 31,

Statements of Operations 2026 2025 2025 2024

Power system sales product revenues $	5,157 $	6,072 $	90,138 $	53,976

Power system sales installation services revenues 10,765 7,960 47,810 38,363

Power system sales revenues 15,922 14,032 137,948 92,339

Ongoing services revenues 15,814 10,077 45,197 36,151

Total revenues 31,736 24,109 183,145 128,490

Cost of power system sales product revenues, excluding depreciation and amortization 3,779 5,428 75,754 50,748

Cost of power system sales installation services revenues, excluding depreciation and amortization 8,230 5,848 32,083 29,742

Cost of power system sales revenues, excluding
depreciation and amortization 12,009 11,276 107,837 80,490

Cost of ongoing services revenues, excluding depreciation
and amortization 13,234 9,137 37,314 30,790

Total cost of revenues, excluding depreciation and
amortization 25,243 20,413 145,151 111,280

General and administrative expenses 20,943 16,866 68,741 57,887

Depreciation and amortization expense 1,301 1,056 3,993 1,859

Loss from operations (15,751	) (14,226	) (34,740	) (42,536	)

Interest expense (1,451	) (1,978	) (755	) (14,331	)

Loss on debt extinguishment — — (24,182	) —

Other income, net 551 284 1,067 99

Loss before income taxes (16,651	) (15,920	) (58,610	) (56,768	)

Income tax expense (561	) (17	) (420	) (158	)

Net loss (17,212	) (15,937	) (59,030	) (56,926	)

Deemed dividends related to Series A preferred units (816	) (755	) (3,110	) (2,880	)

Net loss attributable to common units $	(18,028	) $	(16,692	) $	(62,140	) $	(59,806	)

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(in thousands, except unit and per unit amounts) Three Months Ended March 31, Years Ended December 31,

Statements of Operations 2026 2025 2025 2024

Other Financial Data:

Net loss margin (54.2	)% (66.1	)% (32.2	)% (44.3	)%

Adjusted EBITDA $	(12,417	) $	(10,917	) $	(22,646	) $	(34,912	)

Adjusted EBITDA margin (39.1	)% (45.3	)% (12.4	)% (27.2	)%

March 31, December 31, December 31,

(In thousands) 2026 2025 2024

Balance Sheets Data:

Property, equipment and software, net $	30,677 $	27,545 $	26,781

Total assets $	564,077 $	257,896 $	207,684

Notes payable (includes current portion) $	63,202 $	60,028 $	70,772

Total liabilities $	645,491 $	323,323 $	224,421

Three Months Ended March 31, Years Ended December 31,

(in thousands) 2026 2025 2025 2024

Statements of Cash Flow Data:

Net cash provided by (used in):

Operating activities $	196,983 $	(8,289	) $	116,501 $	(24,210	)

Investing activities (4,082	) (1,181	) (4,667	) (9,000	)

Financing activities (490	) 9,493 (25,650	) 31,243

Non-GAAP Financial Measures

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Adjusted Gross Margin are financial measures that are not
prepared in accordance with GAAP. These non-GAAP financial measures should be read in conjunction with the most directly comparable financial measure calculated and presented in accordance with GAAP.

We believe presenting these non-GAAP financial measures provides useful information to
investors because they highlight trends in our underlying operating performance, facilitate comparisons of our core results over time and across peers, and reflect how our management evaluates our business. We also use these non-GAAP financial measures internally for strategic planning, budgeting, forecasting, performance measurement, and resource allocation. We believe that providing investors with access to these measures allows for
greater transparency and facilitates comparisons to our historical operating results.

These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the most directly comparable financial measure prepared in accordance with GAAP. In addition, other companies,
including companies in our industry, may define these non-GAAP financial measures differently, which may limit their usefulness as comparative measures.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA Margin are utilized by our management and other users of our financial statements such as
investors, commercial banks, research analysts and others, to assess our operating performance. Management believes these measures are useful because they each allow us to

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compare our operating performance on a consistent basis across periods. Management also believes Adjusted EBITDA is a useful indicator of our operating performance and Adjusted EBITDA Margin
is useful because it provides insight on profitability.

Net loss is the GAAP measure most directly comparable to Adjusted
EBITDA, and net loss margin is the GAAP measure most directly comparable to Adjusted EBITDA Margin. We define Adjusted EBITDA as net loss before net interest expense; depreciation and amortization expense; income tax expense; stock-based
compensation; and other items management deems non-operational or not reflective of ongoing core operations (e.g. changes in fair value of unit liabilities, professional fees associated with debt and equity transactions, legal settlements). We
define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues.

The table below presents a reconciliation of
net loss and net loss margin to Adjusted EBITDA and Adjusted EBITDA Margin:

Three Months Ended March 31, Years Ended December 31,

(in thousands, except percentages) 2026 2025 2025 2024

Net loss $	(17,212	) $	(15,937	) $	(59,030	) $	(56,926	)