ERock (EROC) investor relations material

Company overview and business model

• Designs, deploys, operates, and maintains modular, low-emission natural gas distributed power systems for data centers, utilities, and large C&I customers across nine U.S. states.

• Offers turnkey solutions including equipment, installation, O&M, and asset management, with a focus on reliability, rapid deployment, and multi-purpose use (bridge, backup, dispatchable power).

• Vertically integrated with in-house assembly, proprietary generator technology, and embedded software (Granite) for real-time monitoring and predictive maintenance.

• Asset-light model: sells systems to customers, does not own or lease deployed assets, generating recurring revenue from long-term service contracts.

Financial performance and metrics

• FY2025 revenue: $183.1M (up 42.5% YoY); Q1 2026 revenue: $31.7M (up 31.6% YoY).

• FY2025 net loss: $(59.0)M; Q1 2026 net loss: $(17.2)M; Adjusted EBITDA for FY2025: $(22.6)M.

• Contracted Power System Sales Backlog: $1.28B as of March 31, 2026 (up 778.6% YoY).

• Annualized Recurring Service Revenue: $22.9M as of March 31, 2026 (up 15.4% YoY).

• Installed base: 1,059 MW as of March 31, 2026 (up 13.4% YoY).

Use of proceeds and capital allocation

• Net proceeds of ~$552.5M expected (at $21.50/share IPO price midpoint).

• $368.3M to purchase Class A Units from ER Holdings; ER Holdings will use proceeds to repay $30M of 2025 Term Loan and $3M prepayment fee.

• $156M to purchase Class B Units from pre-IPO owners; $27.7M for cash payment to a Blocked Unitholder.

• Remaining proceeds for general corporate purposes, including manufacturing capacity, commercialization, and product/service expansion.