HOUSTON — Shares of ERock, Inc. surged Wednesday after the natural gas power systems provider reported a record contracted backlog and strong sequential revenue growth for the second quarter of 2026, driven largely by surging demand from artificial intelligence data center customers.

The stock traded at $13.99, up $2.74, or 24.38%, as of 10:24 a.m. Eastern time, extending gains from Tuesday’s after-hours session, when shares initially jumped 22.67% to $13.80 following the earnings release, up from a previous close of $11.25.

ERock reported second-quarter revenue of $39.9 million, up 26% sequentially from $31.7 million in the first quarter of 2026. Power system sales, the company’s core business line, jumped 67% sequentially to $26.5 million, driven by generator deliveries and installation work. Despite the revenue growth, the company posted adjusted EBITDA of negative $14 million and an earnings-per-share loss of 6 cents, reflecting the continued investment ERock is making to scale its manufacturing and deployment capacity.

The centerpiece of Tuesday’s report was ERock’s disclosure of a record contracted backlog of approximately $1.7 billion, roughly a tenfold increase from the same period a year earlier. Company management attributed the surge directly to rising demand from data center customers racing to secure reliable onsite power as artificial intelligence infrastructure buildouts strain existing electrical grid capacity across the country. Executives pointed to the record backlog, a growing number of new project starts, and what they described as a sold-out production schedule as evidence that ERock’s growth trajectory should continue through the second half of the year.

ERock’s leadership team, including Chief Executive Officer John Carrington, Chief Financial Officer Ian Blakely and President Corey Amthor, hosted a conference call Wednesday morning to discuss the results in greater detail with investors and analysts.

The company, founded in 2006 and headquartered in Houston, designs, deploys, operates and maintains distributed power generation systems built around its proprietary natural gas generators and embedded software technology. ERock markets its systems as a way for data centers, utilities, manufacturers, health care systems and government organizations to secure rapid, reliable onsite power in the face of grid interconnection delays and rising outage risk, positioning the company squarely within the broader infrastructure buildout tied to the artificial intelligence boom.

ERock went public in June, pricing its initial public offering at $21.50 per share and selling 27.9 million Class A shares to raise approximately $600 million, valuing the company at roughly $5.9 billion at the time of its debut. Shares opened trading on the New York Stock Exchange on June 10 and briefly touched an all-time high of $20.70 that same day, before falling sharply in the weeks that followed. The stock hit a 52-week low of $8.88 on July 29, more than 58% below its opening-day peak, as investors weighed the company’s substantial net losses against its long-term growth potential in a market still working to price newly public, capital-intensive infrastructure companies tied to the AI buildout.

Wednesday’s rally marks a significant reversal from that low point, though the stock remains well below both its IPO price and its first-day trading high. Even with the recent gains, ERock shares would need to climb significantly further to reclaim the levels seen immediately after its public debut.

Wall Street analysts have remained broadly bullish on the stock throughout its short trading history. Morgan Stanley, JPMorgan and Evercore ISI have all initiated coverage with positive ratings, with Morgan Stanley and JPMorgan both assigning Overweight ratings and Evercore ISI issuing an Outperform rating shortly after the company’s IPO. Bank of America upgraded the stock to Buy from Neutral in mid-July, citing the recent pullback in shares as a potential buying opportunity. As of early August, eight analysts covering the stock recommended buying it, with none recommending a sell, giving the stock an overall Strong Buy consensus rating. The average 12-month price target for ERock stood at $22.63 heading into Wednesday’s results, implying substantial potential upside from where shares had been trading prior to the earnings report.

ERock’s rapid backlog growth reflects a broader trend reshaping the power generation industry as data center operators increasingly turn to onsite natural gas generation to bridge the gap between soaring electricity demand and the slower pace of traditional utility grid expansion. Industry analysts have pointed to persistent interconnection delays facing new data center projects seeking to connect to regional power grids as a key driver of demand for companies like ERock that can deploy generation capacity more quickly than traditional utility infrastructure allows.

With a substantially larger contracted backlog now in place and management signaling continued strength in orders heading into the back half of 2026, investors are likely to focus in the coming quarters on ERock’s ability to convert that backlog into delivered projects and improved profitability, particularly given the company’s continued net losses even as revenue has grown sharply since its public listing just two months ago.