Secloud AS
Score · fiscal year 2025
Not enough data: Not enough data (below minimum revenue)
Based on the annual accounts for 2025
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 0 MNOK | 3 MNOK |
| Operating margin | −635.6% | 4.0% |
| Profit margin | −691.1% | 3.8% |
| Return on assets | −13.0% | 9.1% |
| Equity ratio | −22.4% | 38.3% |
| Debt-to-equity | – | 1.05 |
| Current ratio | 1.05 | 1.50 |
| Revenue growth | – | 6.0% |
| Revenue per employee | 0.03 MNOK | 0.64 MNOK |
The median and “ahead of” refer to companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
Score over time
Score over time needs at least two fiscal years with a score. It will appear when next year's figures are fetched or history is imported.
The industry or the company: what drove the result?
The company and its sector's drivers
Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Secloud AS. The figures stand side by side; we claim no cause.
Service prices: information and communication (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: information and communication, annual average | 100.0 | 103.3 | 108.7 | 112.2 | 116.7 | 120.0 (so far) |
| Change from the year before | – | +3.2% | +5.3% | +3.2% | +4.0% | +2.8% |
| The company's operating margin | – | – | 28.9% | – | −635.6% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: information and communication (indeks (2021 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: information and communication, annual average | 99.6 | 111.4 | 126.4 | 128.3 | 134.2 | 141.3 (so far) |
| Change from the year before | +14.7% | +11.8% | +13.5% | +1.5% | +4.6% | +5.3% |
| The company's operating margin | – | – | 28.9% | – | −635.6% | – |
Source: SSB (13863, CC BY 4.0). Source
USD/NOK (kr)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | 28.9% | – | −635.6% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| The company's operating margin | – | – | 28.9% | – | −635.6% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | 28.9% | – | −635.6% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: IT services (indeks)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: IT services, annual average | 84.9 | 87.8 | 92.3 | 97.3 | 101.5 | 105.4 (so far) |
| Change from the year before | +4.9% | +3.5% | +5.1% | +5.4% | +4.4% | +3.8% |
| The company's operating margin | – | – | 28.9% | – | −635.6% | – |
Source: SSB (12314, CC BY 4.0). Source
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
What the numbers say
Secloud AS had an equity ratio of −22.4% in 2025. The company is not ranked: not enough data (below minimum revenue).
From 2024 to 2025: the equity ratio fell from −11.8% to −22.4%.
This text is generated automatically from the 2025 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 17.7 | not meaningful |
| EV/EBIT | 14.3 | not meaningful |
| P/B | 2.6 | not meaningful |
A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation
Worth a closer look
- critical
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −22.4% (median 38.3%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −691.1% (median 3.8%).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −635.6% (median 4.0%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.0% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
- watch Extreme margin: check the figures
- critical Negative equity
Scenario analysis: the sector's weakest year
We have no accounts for 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 4.1%. Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
Questions and answers
How profitable is Secloud AS?
The operating margin was −635.6% in 2025, against a median of 4.0% among companies in the same sector. Return on assets was −13.0%. The company made a loss before tax.
How solid is Secloud AS?
The equity ratio was −22.4% in 2025 (median 38.3%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Secloud AS like?
The current ratio was 1.05 in 2025 (median 1.50).
Group structure · 2025
6 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
Private persons own 100% of the shares in Incubeat AS. Persons are not shown by name.
Incubeat AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
-
Incubeat AS
-
Incubeat Xpnd AS
- Secloud AS you are here
- Incubeat Estate AS
- Victua AS
- Wine Down AS
-
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
From the Central Coordinating Register
- Org. no.
- 922629447
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Morning company class
- Micro
- Employees
- 9 registered 10 October 2026
- Founded
- 14 February 2019 7 years in operation
- Share capital
- 1.00 MNOK
- Business address
- Rådhusgata 15, 3211 SANDEFJORD
- Municipality
- Sandefjord rank 2–7 of 10 in KOSTRA group 11
- Audit
- Audit opted out from 11 April 2019
- Latest accounts filed
- 2025
- Website
- www.secloud.com
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 5 (one owner holds more than half)
- Largest owner
- 79.4% · top three 93.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 90%
- Group chain
-
Owned by: Incubeat Xpnd AS (79%)
Ultimate owner: private person
- Incubeat Xpnd AS · 79.4%
- Incubeat AS · 8.6%
- Carnivore AS · 5.0%
- Capital Ess AS · 5.0%
- Singstad Innovation AS · 2.0%
The company is new in the shareholder register in 2025.
Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Figures last fetched 6 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 38 | – | – | |
| Rank | 2,129 | – | – | |
| Operating margin | 28.9% | – | −635.6% | |
| Return on assets | 6.9% | −21.3% | −13.0% | |
| Equity ratio | 23.4% | −11.8% | −22.4% | |
| Current ratio | 0.68 | 3.97 | 1.05 | |
| Revenue growth | – | −100.8% | – |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.7 MNOK | 0.0 MNOK | 0.2 MNOK |
| Operating profit | 0.5 MNOK | −1.8 MNOK | −1.6 MNOK |
| Profit before tax | 0.5 MNOK | −2.4 MNOK | −1.7 MNOK |
| Tax expense | 0.1 MNOK | 0.3 MNOK | 0.0 MNOK |
| Net profit | 0.4 MNOK | −2.7 MNOK | −1.7 MNOK |
| Financial expenses | 0.0 MNOK | 0.6 MNOK | 0.1 MNOK |
| Total assets | 7.3 MNOK | 8.3 MNOK | 11.9 MNOK |
| Current assets | 1.7 MNOK | 1.4 MNOK | 2.6 MNOK |
| Equity | 1.7 MNOK | −1.0 MNOK | −2.7 MNOK |
| Retained earnings | −1.1 MNOK | −3.8 MNOK | −5.5 MNOK |
| Total liabilities | 5.6 MNOK | 9.2 MNOK | 14.6 MNOK |
| Current liabilities | 2.4 MNOK | 0.4 MNOK | 2.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 6894512.