Speed-to-power platform; Neutral on execution and out-year conversion risk

研报英文原文证据摘录

Speed-to-power platform; Neutral on execution and out-year conversion risk

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ERock

Speed-to-power platform; Neutral on

execution and out-year conversion risk

Initiating Coverage: NEUTRAL | PO: 16.00 USD | Price: 15.47 USD

Neutral: strong setup, balanced risk/reward 06 July 2026

We initiate coverage on ERock (EROC) with a $16 price objective, reflecting a favorable Equity

position in the rapidly growing speed-to-power market, but with a valuation that already

captures much of the near-term opportunity. The company is benefiting from strong Ross Fowler, CFA Research Analyst

demand tied to AI/data centers, backup power and grid-constrained markets, though BofAS

longer-term upside depends on successful scaling and backlog conversion. +1ross.fowler@bofa.com646 855 1506

Speed-to-power platform for constrained grids NicolasResearchWoodsAnalyst

EROC’s core advantage is its ability to deploy modular natural gas power systems in 12- BofAS+1 646 556 4179

18 months, offering customers a faster alternative to multi-year grid interconnection nicolas.woods_barron@bofa.com

timelines. The solution addresses growing demand for bridge power, backup generation F. Paul Cole

Research Analyst

and dispatchable capacity as electricity demand accelerates. BofAS

paul.cole2@bofa.com

Backlog conversion drives the earnings ramp Rinny Singh

The earnings story is driven by backlog conversion and deployed megawatts. We project BofAS

installed capacity growing from roughly 1.2 GW in FY24 to 8.7 GW by FY30, with near- rinny.singh@bofa.com

term growth led by equipment and installation revenue and longer-term growth David Rold, CFA

increasingly supported by recurring services. BofAS

david.rold@bofa.com

Recurring services help, but execution risk remains