ERock Q3 2026: First Profit, Record Revenue, $300M in New Bookings

ERock turned its first profitable quarter in Q3 2026, reporting GAAP diluted EPS of $0.04 against a consensus estimate of negative $0.01. Revenue came in at $152.8 million, missing expectations.

The profit breakthrough was driven by a sharp jump in generator production and installation activity. Power System Sales alone contributed $109.2 million in product revenue, compared with $15.8 million in Q3 2025. That volume surge pushed gross margin to 22.9% from 9.0% a year earlier, showing the operating leverage the business now carries at scale.

One-time items did weigh on the quarter, including a $3.0 million loss tied to the purchase of excess generation assets, non-recurring professional fees, and net income flowing to noncontrolling interests. The company ended the quarter with $548.7 million in cash and equivalents.

Looking ahead, management reaffirmed full-year 2026 revenue guidance of $435 million to $465 million and Adjusted EBITDA of $3 million to $9 million. CEO John Carrington noted that since quarter-end, ERock added more than $300 million in new bookings, pushing its contracted power system sales backlog to a record of roughly $1.6 billion and extending revenue visibility into 2028.

Construction has begun at the El Paso Electric facility for Meta, a 366 MW project targeted for mid-2027 completion. ERock is also adding a new Houston manufacturing facility, dubbed Atlas, that will contribute 900 MW per year of capacity and bring the company's total run-rate to 2.1 GW per year by 2028.