Aug. 11 at 9:14 PM
$EROC When ERock flushed into the single digits, the disconnect between price action and fundamental value was glaring. I noted back then that
$9–
$10 was an absolute gift for anyone willing to look past post-IPO noise... and that’s exactly why I stepped up to build a heavy position.
EROC just delivered its first quarterly report since the IPO, ripping nearly 13% after hours... and the operational metrics prove the fundamental thesis is fully intact.
Looking at the numbers straight out of the print:
• 𝗥𝗲𝗰𝗼𝗿𝗱 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝗲𝗱 𝗕𝗮𝗰𝗸𝗹𝗼𝗴: Backlog reached ~ $𝟭.𝟳 𝗕𝗶𝗹𝗹𝗶𝗼𝗻, up 𝟭𝟬𝘅 𝗬𝗲𝗮𝗿-𝗢𝘃𝗲𝗿-𝗬𝗲𝗮𝗿 (from ~
$0.2B in Q2 2025) and up from ~
$1.3B last quarter.
• 𝗠𝗮𝗷𝗼𝗿 𝗛𝘆𝗽𝗲𝗿𝘀𝗰𝗮𝗹𝗲 𝗩𝗮𝗹𝗶𝗱𝗮𝘁𝗶𝗼𝗻: Executed a massive 𝟰𝟳𝟬 𝗠𝗪 𝗲𝗾𝘂𝗶𝗽𝗺𝗲𝗻𝘁 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗼𝗿𝗱𝗲𝗿 𝘄𝗶𝘁𝗵 𝗔𝗻𝘁𝗵𝗿𝗼𝗽𝗶𝗰, extending their production commitments all the way into 2028.
• 𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻 & 𝗖𝗼𝗻𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗼𝗻 𝗙𝗼𝗼𝘁𝗽𝗿𝗶𝗻𝘁: Assembly operations are officially active at the Houston Hyperion facility. Plus, they’ve commenced construction on the 366 MW El Paso Electric project supporting Meta’s data center campus.
• 𝗙𝗼𝗿𝘁𝗿𝗲𝘀𝘀 𝗕𝗮𝗹𝗮𝗻𝗰𝗲 𝗦𝗵𝗲𝗲𝘁: Ended Q2 with $𝟲𝟮𝟲.𝟲 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝘂𝗻𝗿𝗲𝘀𝘁𝗿𝗶𝗰𝘁𝗲𝗱 𝗰𝗮𝘀𝗵, 𝘇𝗲𝗿𝗼 𝗼𝘂𝘁𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗱𝗲𝗯𝘁, and an undrawn
$250 Million credit facility.
• 𝟮𝟬𝟮𝟲 𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗜𝗻𝗶𝘁𝗶𝗮𝘁𝗲𝗱: Full-year revenue guided to $𝟰𝟯𝟱𝗠 – $𝟰𝟲𝟱𝗠 (representing ~2.5x YoY growth at the midpoint), with Adjusted EBITDA guided to $𝟯𝗠 – $𝟵𝗠.
When a company carries
$626M+ in net cash, zero debt, and a
$1.7B backlog powered by Anthropic and Meta, a temporary post-IPO flush is just market noise.
As I've said before, the bridge-power infrastructure theme is in its absolute opening innings, and ERock is proving it has the execution capacity to deliver. Tremendous setup here. Stay tuned! 😊
