ERock (EROC) Registration filing summary

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, with a focus on Texas and California.

• Offers turnkey solutions including equipment, installation, operations & maintenance (O&M), and asset management, with proprietary generator and embedded software technology.

• Business model generates revenue from equipment sales, installation, and long-term recurring service contracts, with most sales including comprehensive platform services.

• Asset-light approach: sells systems to customers rather than owning them, supporting capital efficiency and scalability.

Financial performance and metrics

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

• 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 (778.6% YoY growth).

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

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

Use of proceeds and capital allocation

• Expects $552.5M net proceeds (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 a cash payment to a Blocked Unitholder.

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