Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 2026
Slide 2: Disclaimers
Disclaimers This presentation (and oral statements made regarding the subjects of this release) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a "forward-lookin
Slide 3: ERock Snapshot
ERock Snapshot • Vertically integrated power platform solving the speed-to- 1.1GW 400+ power bottleneck for AI, utilities, commercial and industrial customers • Design, assemble, install, operate, monitor and optimize proprietary natural-gas power systems INSTALLED BASE OPERATIONAL SITES • Paired wi
Slide 4: The Grid Cannot Keep Up With Unprecedented AI-Driven Load Growth
The Grid Cannot Keep Up With Unprecedented AI-Driven Load Growth Unprecedented Load Growth “ The limiting factor for AI deployment is fundamentally electrical power Elon Musk ” World Economic Forum Long Supply Chain Lead Times BRIDGE POWER Annual Meeting 2026 “ Utility Interconnection Queues Every m
Slide 5: Delivering a Distributed Power Platform for Speed-to-Power
Delivering a Distributed Power Platform for Speed-to-Power Today and Flexible Grid Capacity Long-Term POWER CONSTRAINTS EXIST ACROSS EVERY USE CASE EROCK IS THE SOLUTION We solve the grid timing mismatch by Bridge power Backup power Dispatchable power providing firm capacity quickly, removing delays
Slide 6: Seamless Turnkey Power Delivery Through ERock's Integrated Platform
Seamless Turnkey Power Delivery Through ERock’s Integrated Platform Originate Design Assemble Install Operate Optimize Early Customer Integrated System Built to Scale with 1.2 Kitted, In-Field Provides Full Lifecycle Market Operations Engagement Drives Engineering for GW of Expected Assembly lowers
Slide 7: RockBlock: Purpose-Built to Outperform
RockBlock: Purpose-Built to Outperform • Diesel-equivalent transient response - natural gas generator that Diesel-equivalent performance and ultra-low emissions create ideal asset for can match diesel in ability to maintain voltage and frequency from speed-to-power variable loads • CARB-DG compliant
Slide 8: ERock's Technology Advantage
ERock’s Technology Advantage The ERock Advantage Reciprocating Engines Natural Gas Fuel Cells Simple Cycle (CT) CCGT Long-Term Track Record Prime Power of 99.999% Combined Reliability (1) Fast-Start / Backup Can Meet Diesel-Equivalent Power Ramp to Full Power Affordability Low Total Cost of Ownershi
Slide 9: Project Spotlight: El Paso Electric + Meta
Project Spotlight: El Paso Electric + Meta Delivering speed-to-power for Meta, this flexible asset benefits its utility customer and is built for 24/7 operations across its full lifecycle with a community-friendly footprint 366 163 • ERock delivers bridge power, enabling El Paso Electric to serve Me
Slide 10: Project Spotlight: California Department of Water Resources
Project Spotlight: California Department of Water Resources In 2024, ERock began operations for 146 MW of dispatchable power through 3 front-of-the-meter projects to the California Department of Water Resources 146 74 • Timeline from start to delivery of the generators was less than a year due to ou
Slide 11: Our Business Model: What We Sell and How We Deliver
Our Business Model: What We Sell and How We Deliver POWER SYSTEMS SALES ONGOING SERVICES We sell our natural gas power systems to customers inclusive After installation and commissioning, we enter into long-term of the design and ESI(1) of turnkey power system solutions service agreements for O&M an
Slide 12: Q2 2026 Results
Q2 2026 Results
Slide 13: Commercial: Record Backlog
Commercial: Record Backlog, Backlog spans multiple states and regional transmission operators, anchored by blue- chip hyperscalers and utilities that increasingly pull ERock into their own projects Another Data Center Award Notable commercial progress • Anthropic selected ERock to provide fast 24/7
Slide 14: Commercial: Anthropic Agreement
Commercial: Anthropic Agreement • Landmark 470 MW Agreement: ERock will provide firm onsite generation capacity to support Anthropic’s growing AI infrastructure needs • Speed-to-Power at Unprecedented Scale: ERock’s agreement with Anthropic demonstrates its speed-to-power model, providing rapidly de
Slide 15: Manufacturing: Hyperion Scales Assembly
Manufacturing: Hyperion Scales Assembly • Transitioned assembly operations to our larger, scaled Hyperion facility, alongside our existing Titan facility • Targeting approximately 1.2 GW of annual assembly capacity by year-end, for only $15 million in capex • In-house assembly protects our IP, gives
Slide 16: Strong Q2 Financial Execution
Strong Q2 financial execution $39.9MM $7.4MM • Revenue +26% versus Q1: $39.9MM vs. $31.7MM • Gross profit of $7.4MM reflecting an 18.6% gross margin and 22.2% Adjusted Gross Margin (1) Q2 26 REVENUE Q2 26 GROSS PROFIT • Net loss of $(67.7)MM, including one-time $48.8MM IPO-related debt-extinguishmen
Slide 17: Strong Balance Sheet & Liquidity
Strong Balance Sheet & Liquidity $627MM CASH & EQUIVALENTS $0 TOTAL DEBT $250MM UNDRAWN CREDIT FACILITY UNRESTRICTED CASH AT ZERO DEBT OUTSTANDING STRONG BALANCE SHEET JUNE 30 POST-IPO POSITION 17
Slide 18: 2026 Full Year Outlook
2026 Full Year Outlook 2026 Guidance 2025 Results Key Drivers $435-465MM $183MM REVENUE • H2 26-weighted deliveries and installations, ramping through year-end • 1.2 GW of run-rate production capacity expected by YE 2026 • Positive Adjusted EBITDA(1) in second half of 2026 ~2.5x REVENUE GROWTH 2026
Slide 19: Looking Ahead
Looking Ahead • Execute the backlog on time, on budget, and at scale • Deliver on near-term milestones, scaling the El Paso Electric / Meta project and fully ramping Hyperion • Grow and diversify contracted backlog through partner network • Deepen utility relationships, as grid operators increasingl
Slide 20: Appendix
Appendix
Slide 21: Initial Public Offering At a Glance
Initial Public Offering At a Glance NYSE: EROC LISTED ON JUNE 10, 2026 $400MM GROSS PROCEEDS ~27.9MM CLASS A SHARES SOLD IN THE OFFERING shares(1) Share Count (MM) Class A 48.2 Class B 171.2 Class A equivalent of Class M 52.4 Total Shares Outstanding 271.8 Note: (1) Includes 9.2 million secondary sh
Slide 22: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA (dollars in thousands) THREE MONTHS ENDED JUNE 30 CHANGE 2026 2025 AMOUNT % Net loss $ (67,719) $ (7,985) $ (59,734) 748.1% Interest expense (income) (471) (7,708) 7,237 (93.9%) Depreciation and amortization expense 1,308 808 500 61.9% Loss on debt extin
Slide 23: Reconciliation of Gross Margin to Adjusted Gross Margin
Reconciliation of Gross Margin to Adjusted Gross Margin (dollars in thousands) THREE MONTHS ENDED JUNE 30 CHANGE 2026 2025 AMOUNT % Total revenues $ 39,878 $ 68,458 $ (28,580) (41.7%) Total cost of revenues 31,138 52,426 (21,288) (40.6%) Less: depreciation and amortization expense 1,308 808 500 61.9
Slide 24: Headquarters Investor Relations
Headquarters 1113 Vine Street, Suite 101 Houston, TX 77002 T: (713) 429-4091 info@erock.com Investor Relations Ted Durbin investors@erock.com Eduardo Royes ERock@icrinc.com