$EROC

ERock, Inc.

CIK:0002110029|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues	$ 39,878	$ 68,458	$ 71,614	$ 92,566
Cost of revenues, excluding depreciation and amortization	31,138	52,426	56,381	72,839
General and administrative expenses	27,280	15,726	48,223	32,592
Depreciation and amortization expense	1,308	808	2,609	1,864
Loss from operations	(19,848)	(502)	(35,599)	(14,729)
Interest (expense) income	(2,392)	7,681	(3,844)	5,703
Loss on debt extinguishment	(48,774)	(15,244)	(48,774)	(15,244)
Other income, net	2,921	91	3,473	376
Loss before income taxes	(68,093)	(7,974)	(84,744)	(23,894)
Income tax (expense) benefit	374	(11)	(187)	(28)
Net loss	(67,719)	(7,985)	(84,931)	(23,922)
Deemed dividend related to Series A preferred units	(657)	(770)	(1,473)	(1,525)
Net loss attributable to common units	(68,376)	(8,755)	(86,404)	(25,447)
Net loss applicable to pre-IPO period	(52,836)		(70,048)
Net loss attributable to noncontrolling interest	(11,900)		(11,900)
Net loss attributable to ERock, Inc.	$ (2,983)		$ (2,983)
Net loss per common share
Basic	$ (0.06)		$ (0.06)
Diluted	$ (0.06)		$ (0.06)
Weighted average common shares outstanding
Basic	48,174,023		48,174,023
Diluted	48,174,023		48,174,023
Power System Sales Revenues
Revenues	$ 26,514	57,396	$ 42,436	71,428
Ongoing Services Revenues
Revenues	13,364	11,062	29,178	21,138
Cost of Power System Sales Revenues
Cost of revenues, excluding depreciation and amortization	20,170	42,806	32,180	54,083
Cost of Ongoing Services Revenues
Cost of revenues, excluding depreciation and amortization	10,968	9,620	24,201	18,756
Power System Sales Product Revenues
Revenues	16,163	43,319	21,320	49,391
Power System Sales Installation Services Revenues
Revenues	10,351	14,077	21,116	22,037
Cost of Power System Sales Product Revenues
Cost of revenues, excluding depreciation and amortization	12,112	34,360	15,892	39,788
Cost of Power System Sales Installation Services Revenues
Cost of revenues, excluding depreciation and amortization	$ 8,058	$ 8,446	$ 16,288	$ 14,295

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net loss	$ (67,719)	$ (17,212)	$ (7,985)	$ (15,937)	$ (84,931)	$ (23,922)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense	1,308		808		2,609	1,864
Amortization of deferred financing costs					2,386	2,858
Amortization of operating lease ROU asset					2,332	1,609
Loss on debt extinguishment	48,774		15,244		48,774	15,244
Amortization of sales commissions and fees					589	74
Paid-in-kind interest expense					2,431	3,454
Interest paid on long term debt					(3,531)	0
Stock-based compensation					3,738	2,569
Changes in operating assets and liabilities:
Accounts receivable, net					(64,028)	6,120
Inventory					(62,378)	27,231
Contract assets					5,769	417
Prepaid expenses					(13,812)	900
Other current assets					(8,718)	(4,958)
Other noncurrent assets					(2,506)	6,990
Accounts payable					29,998	(15,123)
Accrued liabilities and other payables					(9,675)	(10,841)
Contract liabilities					358,380	7,404
Operating lease liabilities					(1,065)	(1,594)
Other noncurrent liabilities					62,577	(19,861)
Net cash provided by operating activities					268,939	436
Cash flows from investing activities
Capital expenditures					(8,835)	(2,411)
Net cash used in investing activities					(8,835)	(2,411)
Cash flows from financing activities
Proceeds received from initial public offering, net of underwriter and offering costs					554,000	0
Repurchases of Class B Units from pre-IPO owners					(156,861)	0
Repurchases of Class A common stock from pre-IPO owners					(27,806)	0
Other costs related to initial public offering					(225)	0
Cash paid for fractional shares in connection with warrant conversion					(32)	0
Proceeds from notes payable					0	25,000
Payments of notes payable					(74,657)	(25,771)
Payments of deferred financing costs					(1,759)	(420)
Net cash provided by (used in) financing activities					292,660	(1,191)
Net change in cash and cash equivalents					552,764	(3,167)
Cash, cash equivalents and restricted cash
Beginning of period		$ 108,097		$ 21,913	108,097	21,913	$ 21,913
End of period	$ 660,861		$ 18,746		660,861	18,746	$ 108,097
Supplemental disclosures of cash flow information
Interest paid					4,678	3,611
Supplemental noncash financing and investing activities
Conversion of convertible notes into common units					36,266	0
Accrued capital expenditures					$ 549	$ 315

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 626,636	$ 108,097
Accounts receivable, net	101,790	33,762
Inventory	106,059	43,681
Contract assets	10,195	15,964
Prepaid expenses	22,611	8,799
Other current assets	14,697	6,567
Total current assets	881,988	216,870
Property and equipment, net	34,135	27,545
Right-of-use assets, net	23,975	10,832
Restricted Cash	34,225	0
Other noncurrent assets	3,683	2,649
Total assets	978,006	257,896
Current liabilities:
Accounts payable	46,904	16,549
Accrued liabilities and other payables	23,391	26,235
Contract liabilities	528,405	170,025
Operating lease liabilities	4,896	3,343
Deferred income	16,722	24,598
Other current liabilities	491	344
Total current liabilities	620,809	241,094
Notes payable	0	59,984
Noncurrent lease liabilities	24,875	8,019
Noncurrent deferred income	75,558	10,819
Other noncurrent liabilities	192	3,407
Total liabilities	721,434	323,323
Commitments and contingencies (Note 17)
Mezzanine equity:
Total mezzanine equity	0	46,690
Members' equity:
Total members' equity	0	(112,155)
Stockholders' equity:
Additional paid-in capital	62,467	0
Accumulated deficit	(15,432)	0
Noncontrolling interest	207,343	38
Total stockholders' equity	256,572	38
Total liabilities and equity	978,006	257,896
Series A Preferred Units
Mezzanine equity:
Total mezzanine equity	0	46,690
Common Units
Members' equity:
Total members' equity	0	(112,155)
Class A Common Stock
Stockholders' equity:
Common stock	482	0
Class B Common Stock
Stockholders' equity:
Common stock	$ 1,712	$ 0