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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total accounts receivable balance at December 31, During 2025, expenditures to three vendors accounted for approximately 25% of the Company’s total purchases. As of December 31, 2025, the total balance due for three vendors accounted for approximately 46%, 7%, and 6% of total accounts payable. During 2024, expenditures to three vendors accounted for approximately 33% of the Company’s total purchases. As of December 31, 2024, the total balance due for three vendors accounted for approximately 65%, 6%, and 5% of total accounts payable. Fair Value of Financial Instruments The Company’s financial instruments consist primarily of notes payable and warrants. The Company records its financial assets and liabilities at fair value, in accordance with the framework for measuring fair value in GAAP. This framework establishes a fair value hierarchy that prioritizes the input used to measure fair value: • Level 1 —Quoted prices in active markets for identical assets or liabilities.

• Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly,
such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 —Unobservable inputs that are supported by little or no market activity and that
are significant to the fair value of the assets or liabilities. See Note 3—Fair Value, for additional information on fair value measurements.

Leases

The Company has operating leases for real estate, forklifts, vehicles and trucks, and other equipment under noncancelable
agreements whose initial terms typically range from three to 20 years, including renewal options that the Company is reasonably certain to exercise. The Company determines if these contracts are or contain a lease at inception and reviews the facts
and circumstances of the arrangement to classify the leased asset as operating or finance under the lease standard. To assess whether a contract is or contains a lease, the Company considers whether (i) explicitly or implicitly identified
assets have been deployed in the contract and (ii) whether the Company obtains substantially all the economic benefits from the use of the underlying asset and directs how and for what purpose the asset is used during the term of the contract.

Table of Contents

Enchanted Rock Holdings, LLC

Notes to Consolidated Financial Statements

December
31, 2025 and 2024

The portion of active leases within the Company’s portfolio classified
as operating leases under the standard are included in right-of-use (“ROU”) assets, net, lease liabilities and noncurrent lease liabilities in the
consolidated balance sheets. The ROU assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent the Company’s obligation to make minimum lease payments arising from the lease for
the duration of the lease term.

The Company has evaluated all lease agreements in accordance with ASC 842, Leases
(“ASC 842”) and determined that none meet the criteria for classification as a finance lease. Specifically, none of the Company’s lease contracts transfer ownership of the underlying asset by the end of the lease term, provide
a purchase option that is reasonably certain to be exercised, have lease terms that constitute a major part of the remaining economic life of the asset, or result in the present value of lease payments equaling or exceeding substantially all of the
fair value of the underlying asset. As a result, all active leases are accounted for as operating leases.

Certain of the
Company’s leases include one or more options to renew, with renewal terms that can extend the lease term from two to five years. The exercise of lease renewal options is typically at the Company’s discretion. Additionally, many leases
contain early termination clauses; however, in active lease agreements, early termination typically requires the concurrence of both parties to the lease. The measurement of the lease term includes options to extend or renew the lease when it is
reasonably certain that the Company will exercise that option.

The Company uses the rate implicit in the lease when such
rate readily determinable to determine the present value of future minimum lease payments for the Company’s operating leases. If the rate implicit in the lease contracts is not readily determinable, the Company determines the present value of
future minimum lease payments by using its incremental borrowing rate based on the information available at commencement date of the lease.

Under ASC 842, minimum lease payments are expensed on a straight-line basis over the term of the lease, including renewal
options the Company is reasonably certain to exercise. In addition, some leases may require additional contingent or variable lease payments based on factors specific to the individual agreement. Variable lease payments for which the Company is
typically responsible include payments of real estate taxes, insurance, maintenance, and other operating costs in addition to rent. These payments are expensed as incurred and recorded as variable lease costs.

The Company elected the short-term expedient and will not record ROU assets and lease liabilities onto its balance sheets for
leases with terms of 12 months or less (ASC 842-20-25-2). The Company also elected the practical expedient of not allocating
consideration between lease and non-lease components for all asset classes except for real estate leases. For real estate leases, the Company accounts for leases and
non-lease components separately.

Segments

The Company operates as one operating segment that designs, installs, and operates distributed generation power systems
designed to provide resiliency power for commercial and industrial customers located within the United States. See Note 4—Revenue Recognition, for additional information about the Company’s products and services. The Company’s
operations are managed as a unified business, with integrated processes for product development, marketing, sales, and customer support. As such, the Company reflects

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Enchanted Rock Holdings, LLC

Notes to Consolidated Financial Statements

December
31, 2025 and 2024

its financial results as one reportable segment, which reflects the consolidated performance of its business activities. Management has determined that the Company’s chief operating
decision maker (“CODM”) is the Chief Executive Officer who has the ultimate responsibility for strategic decision making and resource allocation. The CODM uses consolidated net loss to allocate resources, as well as assess the
performance, primarily by monitoring actual results compared to prior periods and expected results. The primary measure of profit or loss used by the CODM to make these decisions is consolidated net loss. Significant expenses presented to the CODM
are at the consolidated level and are the same as those on the face of the consolidated statements of operations. The Company’s CODM does not use any segment assets to assess performance or decide how to allocate resources.

All of the Company’s assets are located in the United States.

Recently Issued Pronouncements

Income Taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The amendments require, among other things, expanded rate reconciliation disclosures with specific categories and greater
disaggregation of income taxes paid by jurisdiction.

For public business entities, the amendments are effective for
annual periods beginning after December 15, 2024 (i.e., the Company’s fiscal year beginning January 1, 2025). The amendments are effective for interim periods within fiscal years beginning after December 15, 2025 (i.e.,
beginning with interim periods in fiscal year 2026). Early adoption is permitted. We adopted this guidance prospectively effective January 1, 2025, resulting in expanded disclosures that improve transparency into our tax positions and payments
across jurisdictions. See Note 16 — Income Taxes, for additional information.

Recently Issued Pronouncements
Not Yet Adopted

Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which
modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. ASU
2025-06, which can be applied prospectively, retrospectively, or with a modified transition approach, will be effective for annual and interim periods within fiscal years beginning after December 15,
2027, with early adoption permitted. The Company is currently evaluating the effects that the adoption of this standard will have on its consolidated financial statements and disclosures.

Income Statement Presentation

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting
Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which increases the transparency of expense information presented in the statements
of operations through disclosures of expanded disaggregation of relevant expense captions. This guidance will be effective for annual periods beginning after December 15, 2026, and interim periods thereafter, with early adoption permitted. The
Company is currently evaluating the effects that the adoption of this standard will have on its consolidated financial statements and disclosures.

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Enchanted Rock Holdings, LLC

Notes to Consolidated Financial Statements

December
31, 2025 and 2024

Financial Instruments—Credit Losses