SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-01
Accession Number: 0001193125-26-138217
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526138217/filename1.htm

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Entergy and ComEd, and C&I customers, such as H-E-B and Walmart, with approximately 50 customers in those end markets, establishing ourselves as a critical link where speed-to-power, reliability, flexibility and scale converge in our customers’ power ecosystem. Leveraging our position as a trusted provider, we are seeking to grow our business and strengthen our financial and operating performance. • Our revenue was $183.1 million for the year ended December 31, 2025, representing 42.5% year-over-year growth as compared to the year ended December 31, 2024. • Our net loss and Adjusted EBITDA were $(59.0) million and $(22.6) million for the year ended December 31, 2025, representing 3.7% and 35.1% year-over-year growth as compared to the year ended December 31, 2024, respectively. • Our Contracted Power System Sales Backlog was $1.18 billion for the year ended December 31, 2025, representing 419.7% year-over-year growth as compared to the year ended December 31, 2024.

• Our Annualized Recurring Service Revenue was $22.4 million for the year ended December 31, 2025,
representing 13.9% year-over-year growth as compared to the year ended December 31, 2024.

• Our net loss margin and Adjusted EBITDA Margin were (32.2)% and (12.4)% for the year ended December 31,
2025, representing 12.1% and 14.8% year-over-year growth as compared to the year ended December 31, 2024, respectively.

• Our installed base was approximately 1,020 MW for the year ended December 31, 2025, representing 9.6%
year-over-year growth as compared to the year ended December 31, 2024.

For more information
regarding our non-GAAP measures Adjusted EBITDA and Adjusted EBITDA Margin and a reconciliation to net loss and net loss margin, the most comparable GAAP (as defined herein) measures, see “Prospectus
Summary—Summary Historical Consolidated Financial Data and Operational Measures—Non-GAAP Financial Measures.”

Key Macro Trends

Generational Surge in Demand Primarily Driven by AI and Electrification

The United States is entering a
historic upswing in power demand driven by the rapid expansion of AI, digital infrastructure and broader electrification, with load growth accelerating to its highest levels in 50 years,

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projected at approximately 5.7% annually for 2025-2030 representing approximately 43x total growth compared to 2015-2020. According to the IEA, data centers are the single largest new source of
U.S. load growth: in 2024, the U.S. accounted for 45% of global data center electricity demand, and from 2024 to 2030 data centers alone are projected to represent half of all U.S. electricity demand growth, a larger impact than in any other region
in the world.

The IEA reports that hyperscale AI facilities with power needs of 200 MW to over 1 GW are
proliferating, with a typical hyperscale data center now consuming as much electricity as 100,000 households and the largest exceeding 2 million household equivalents. This surge coincides with rising load from EV adoption and electrified
manufacturing, driving total U.S. electricity demand up significantly. These converging trends are creating an unprecedented call for reliable, dispatchable generation resources that can scale rapidly.

Traditional Energy Solutions Are Unable to Meet Growing Demand

Existing U.S. electricity infrastructure is insufficient for the speed and magnitude of today’s demand expansion, and
traditional solutions, such as incremental grid expansions and reliance on variable renewables alone, are falling short. The IEA warns that grid congestion and long interconnection queues already pose critical barriers, with transformer and turbine
supply chains facing multi-year backlogs. U.S. interconnection queues are becoming increasingly congested, with median reported grid connection timelines at approximately three years and grid connection timelines for new data center capacity
extending to approximately seven years in major load-growth markets such as Northern Virginia.

Even with strong
renewable energy growth, the IEA notes that renewable energy sources cannot fully resolve short term or seasonal reliability needs, nor can they alone meet the highly concentrated, 24/7 load profiles of data centers. As a result, current reliance on
intermittent resources and conventional grid expansion processes cannot meet the scale, speed or firmness requirements of future demand, reinforcing the need for firm, fast response, dispatchable generation solutions.

Increasing Adoption of Co-Locating Loads with Distributed Power Solutions

To manage grid constraints and ensure reliability, companies are increasingly
co-locating large loads, especially data centers, with onsite or near-site distributed generation. Data centers continue to take on a larger role in electricity systems,
ensuring their smart integration becomes critical, both to enhance grid stability and support ongoing investment. The IEA suggests that data centers be strategically sited in areas with available power and grid headroom and emphasizes that onsite
generation and flexible backup systems, such as those provided by us, are vital for maintaining reliability and easing pressure on constrained grids.

Given AI data center loads are highly concentrated, the IEA reports that firm onsite generation improves both project
feasibility and system-wide resilience. In the U.S., where grid congestion and interconnection delays are among the most severe globally, distributed natural gas generation provides a practical, scalable path for powering mission critical loads
while relieving stress on regional networks.

Reliability and Resilience Are Under Strain

Energy-system reliability risks in the U.S. are intensifying as extreme weather, cyber-risks, electrification and AI-driven demand converge. The IEA finds that 20% of new data center projects globally are at risk of delay due to grid constraints.
Meanwhile, electricity grids in advanced economies, including the U.S., face rising outage exposure, with weather-related events increasing in frequency and severity according to the IEA.

The IEA highlights that the U.S. grid is simultaneously challenged by surging peak loads driven by EV charging and data
centers. Data centers have extremely low tolerance for outages and power quality issues given they require uninterrupted, firm power, supplied by technologies capable of operating continuously through seasonal variability and grid disturbances.

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Emerging large loads, such as data centers, seeking to swiftly interconnect
also pose power quality risks. New large electric loads, such as cryptocurrency miners and AI data centers, have the potential to introduce significant voltage fluctuations to the supply system, due to the significant variation in the load profile
of these loads. As a result, during the transition to higher-power pulses, the system may experience harmonic distortions, voltage fluctuations causing flicker, unbalances or general power quality issues, according to NERC. These pressures on
reliability and resilience underscore the need for resilient, dispatchable generation capable of supporting mission critical loads.

Utilities Face Unprecedented Capital Requirements with Affordability Pressure

This rapid load growth is driving record capital requirements for U.S. utilities, primarily for new generation and system
upgrades to maintain reliable service for customers. The IEA reports that investment in grid infrastructure has materially under-paced generation investment, with grid spending growing at only about half the rate of generation investment since 2015.

Modernizing the U.S. grid to handle electrification, AI-driven loads and
resilience requirements demands large increases in transmission, distribution, storage and flexible generation. According to the IEA, the scarcity of grid equipment (especially transformers, cables and gas turbines) and rising material costs are
contributing to higher capital expenditures and longer project lead times.

(Axios)

Electricity costs are rising nationwide and could get even higher for some amid the explosion in powering AI. The nationwide
average retail price per kilowatt-hour of electricity increased approximately 6% for residential customers from November 2024 to November 2025 and approximately 32% in the last 10 years (EIA). Policy makers face growing affordability constraints, as
electricity prices are a central political and economic issue in the “Age of Electricity” according to the IEA. These constraints increase the value of cost-effective, capital-efficient, rapidly deployable firm-power solutions.

Demand for Speed-to-Power Grows as Power Demand-Supply Mismatch Expands

The IEA highlights that the gap between required power capacity and the speed at which new supply can be added is widening.
Data center construction timelines are 2 to 3 years, while grid and generation infrastructure

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typically require 4 to 8 years, creating a structural mismatch. Long interconnection queues and scarce generation equipment further slow progress; global turbine deliveries now face multi-year lead times, risking commissioning delays beyond 2030.

As a result, U.S.
hyperscalers and utilities increasingly seek near-term, scalable solutions, with natural-gas generators identified by the IEA as a leading dispatchable source supporting
rising AI and electrification demand. The IEA reports that natural gas is expected to expand by 175 TWh globally to meet data center load through 2035, with most of this growth occurring in the U.S. Solutions that can be deployed quickly, provide
firm capacity and integrate into existing infrastructure are crucial to closing the speed-to-power gap.

Potential Market Opportunity