EROC – For those about to (E)Rock; Initiate Outperform

Research evidence excerpt

EROC – For those about to (E)Rock; Initiate Outperform

Utilities

IPPs - Market Overweight

EROCK, INC. (EROC) July 6, 2026

EROC – For those about to (E)Rock; Initiate Outperform Rating:

Outperform

The Wolfe Byte Price: $15.47

We initiate on ERock (EROC) at Outperform with a $24 Price Target. EROC fits the Price Target:

hot speed-to-power theme with solutions that can win on- and off-grid. The biz $24

model is capital-light and vertically integrated, but EROC is still building a track % Upside:

55.1%record of executing at scale.

View EROC Model

View Comp Table

Speed to power solutions are hot and ERock is a ramping player. With grid Company Information

interconnection timelines continuing to grow, EROC is well-positioned to deploy 52-Week Range $14 - $19

their proprietary natural gas generating RockBlocks quickly and efficiently. Their Market Cap. (MM) $4,228

business model is built to work as bridge, grid, or back-up power. They actually work Enterprise Value (MM) $3,665

Shares Out. (MM) 273.3

collaboratively with utilities and are indifferent as to whether customers end up on Avg. Value Traded (MM) $23.23

or off grid. They've deployed 1 GW in relatively small increments over a decade. SI% of Float 18.4%

Now they are set to grow quickly with a $1.3B backlog and a capital-light vertically EV/ EBITDA 8.8x

integrated business that is ready to scale. Price Performance

Capital light business model, clean balance sheet. EROC procures a Hyundai engine EROC (17)%YTD (17)%LTM

and from there is a turnkey solutions provider for its customers. Right now, they S&P 500 8% 14%

can effectively deploy 1.2 GWs in 6-18 months by spending only $15M in capital. UTY Index 9% 20%

Ramping production is relatively inexpensive as they get visibility into an increasing 20

backlog.