ERock (EROC) Registration filing summary

Company overview and business model

• Designs, deploys, operates, and maintains distributed natural gas power systems for data centers, utilities, and large C&I customers across nine U.S. states, with a focus on Texas and California.

• Offers bridge, backup, and dispatchable power solutions with proprietary generator and embedded software technology, supported by long-term O&M and asset management contracts.

• Vertically integrated model with in-house assembly, standardized processes, and a high-volume, multi-sourced supply chain, enabling rapid deployment and scalability.

• Asset-light approach: sells systems to customers, does not own or lease deployed assets, supporting capital efficiency and recurring service revenue.

• Revenue streams include equipment sales, installation, and recurring O&M and asset management services, with contracts typically spanning 5–15 years.

Financial performance and metrics

• Revenue for Q1 2026 was $31.7M (31.6% YoY growth); FY 2025 revenue was $183.1M (42.5% YoY growth).

• Net loss for Q1 2026 was $(17.2)M; FY 2025 net loss was $(59.0)M.

• Adjusted EBITDA for Q1 2026 was $(12.4)M; FY 2025 Adjusted EBITDA was $(22.6)M.

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

• Annualized Recurring Service Revenue was $22.9M for Q1 2026 (15.4% YoY growth).

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

• Cash and cash equivalents were $300.5M as of March 31, 2026.

Use of proceeds and capital allocation

• Proceeds will be used to purchase Class A and B Units from ER Holdings and pre-IPO owners, repay outstanding indebtedness under the 2025 Term Loan, and pay cash consideration to Blocked Unitholders.

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

• No dividends are planned; future earnings will be retained for growth.