Photoncycle AS
Score · fiscal year 2025
55of 100
How to read this: the company is ahead of 61 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 558 of 1,439 · What are Morning company classes?
Place in the whole sector: 1,617 of 4,183 · Teknisk tjenesteyting og forskning
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 6 and solidity 98 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Photoncycle AS is 4 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 1,439 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −68.4% (median 5.6%) and equity ratio 84.4% (median 33.2%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 21 MNOK | 20 MNOK |
| Operating margin | −68.4% | 5.6% |
| Profit margin | −64.4% | 5.6% |
| Return on assets | −27.4% | 13.9% |
| Equity ratio | 84.4% | 33.2% |
| Debt-to-equity | 0.18 | 1.75 |
| Current ratio | 2.79 | 1.43 |
| Revenue growth | 132.5% | 8.5% |
| Revenue per employee | 0.96 MNOK | 1.64 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 55, Photoncycle AS does better than 61% of companies in the Morning class Small in the same sector (1,439 companies) in 2025.
Score 2023–2025
- Photoncycle AS
- Median: companies in the Morning class Small in the same sector
Photoncycle AS has a score of 55 for 2025, rank 1,617 of 4,183 in the sector.
Strongest: Solidity: percentile 98 against peers, equity ratio 84.4% against a median of 33.2%. Growth: percentile 95 against peers, revenue growth 132.5% against a median of 8.5%.
Weakest: Profitability: percentile 6 against peers, operating margin −68.4% against a median of 5.6%. Consistency: percentile 10 against peers.
Worth a closer look
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −64.4% (median 5.6%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −68.4% (median 5.6%).
- What lies behind weak profitability, and will it last?
- What lies behind weak consistency, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
The industry or the company: what drove the result?
In 2025 the operating margin of Photoncycle AS rose by 31.9 percentage points. Comparable companies fell by a median 0.3 points. So the company did 32.2 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Photoncycle AS moved the same way as comparable companies 0 times. About 1% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | −100.3% | 5.8% | −35.5 percentage points | +0.1 percentage points | −35.6 percentage points |
| 2025 | −68.4% | 5.6% | +31.9 percentage points | −0.3 percentage points | +32.2 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
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 Photoncycle AS. The figures stand side by side; we claim no cause.
Turnover index: architectural and engineering activities (indeks (2021 = 100))
Turnover index: architectural and engineering activities rose 8.1% in 2025; the operating margin of Photoncycle AS rose 31.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: architectural and engineering activities, annual average | 99.0 | 108.8 | 127.9 | 146.4 | 158.3 | 155.2 (so far) |
| Change from the year before | +9.8% | +9.9% | +17.5% | +14.5% | +8.1% | −1.9% |
| The company's operating margin | – | – | −64.8% | −100.3% | −68.4% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: advertising and market research (indeks (2021 = 100))
Turnover index: advertising and market research rose 3.6% in 2025; the operating margin of Photoncycle AS rose 31.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: advertising and market research, annual average | 99.4 | 113.5 | 108.3 | 106.9 | 110.7 | 126.1 (so far) |
| Change from the year before | +35.1% | +14.2% | −4.6% | −1.3% | +3.6% | +13.9% |
| The company's operating margin | – | – | −64.8% | −100.3% | −68.4% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: other professional and technical activities (indeks (2021 = 100))
Turnover index: other professional and technical activities rose 6.2% in 2025; the operating margin of Photoncycle AS rose 31.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: other professional and technical activities, annual average | 98.3 | 121.6 | 139.4 | 131.0 | 139.1 | 158.0 (so far) |
| Change from the year before | +29.9% | +23.7% | +14.6% | −6.0% | +6.2% | +13.6% |
| The company's operating margin | – | – | −64.8% | −100.3% | −68.4% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: architects and engineering (indeks (2021 = 100))
Service prices: architects and engineering rose 3.2% in 2025; the operating margin of Photoncycle AS rose 31.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: architects and engineering, annual average | 100.0 | 103.6 | 107.5 | 111.2 | 114.7 | 119.4 (so far) |
| Change from the year before | +1.2% | +3.5% | +3.8% | +3.4% | +3.2% | +4.2% |
| The company's operating margin | – | – | −64.8% | −100.3% | −68.4% | – |
Source: SSB (14335, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of Photoncycle AS rose 31.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | −64.8% | −100.3% | −68.4% | – |
Source: SSB (08799, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Photoncycle AS rose 31.9 percentage points.
| 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 | – | – | −64.8% | −100.3% | −68.4% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Photoncycle AS rose 31.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | −64.8% | −100.3% | −68.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: architects and engineering (indeks)
Wage index: architects and engineering rose 4.7% in 2025; the operating margin of Photoncycle AS rose 31.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: architects and engineering, annual average | 90.5 | 90.9 | 96.0 | 100.9 | 105.6 | 109.2 (so far) |
| Change from the year before | +7.4% | +0.5% | +5.6% | +5.2% | +4.7% | +3.4% |
| The company's operating margin | – | – | −64.8% | −100.3% | −68.4% | – |
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
Photoncycle AS had an operating margin of −68.4% and an equity ratio of 84.4% in 2025, and ranks 1,617 of 4,183 in Teknisk tjenesteyting og forskning.
From 2024 to 2025: the operating margin rose from −100.3% to −68.4% and revenue grew by 132%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 72 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.6 | not meaningful |
| EV/EBIT | 15.9 | not meaningful |
| P/B | 3.2 | 72 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 46% for an unlisted company: 20% for lack of marketability and 32% for size (a small-company premium of 3% on the cost of equity).
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
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −64.4% (median 5.6%).
- 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 −68.4% (median 5.6%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.3% 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
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, with a median operating margin of −0.2%. Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 6 | weight 30% |
|---|---|---|
| Solidity | 98 | weight 25% |
| Liquidity | 89 | weight 15% |
| Growth | 95 | weight 15% |
| Consistency | 10 | weight 15% |
Durability: 55 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Photoncycle AS?
The operating margin was −68.4% in 2025, against a median of 5.6% among companies in the Morning class Small in the same sector. Return on assets was −27.4%. The company made a loss before tax.
How solid is Photoncycle AS?
The equity ratio was 84.4% in 2025 (median 33.2%). Debt-to-equity was 0.18 (median 1.75).
What is the liquidity of Photoncycle AS like?
The current ratio was 2.79 in 2025 (median 1.43).
How does Photoncycle AS compare in Teknisk tjenesteyting og forskning?
Photoncycle AS ranks 1,617 of 4,183 in Teknisk tjenesteyting og forskning for 2025. Among companies in the Morning class Small it is number 558 of 1,439. Revenue changed by 132.5% from the year before.
Group structure · 2025
3 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 Vikerfjell Invest AS. Persons are not shown by name.
Vikerfjell Invest AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
-
Vikerfjell Invest AS
- Photoncycle AS you are here
- Clean Energy Group 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.
- 925751359
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Morning company class
- Small
- Employees
- 22 registered 10 September 2026
- Founded
- 14 September 2020 6 years in operation
- Share capital
- 0.45 MNOK
- Business address
- Forskningsparken, Gaustadalléen 21, 0349 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- Website
- www.photoncycle.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 31 October 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 10 (one owner holds more than half)
- Largest owner
- 66.2% · top three 85.5%
- Split
- companies 100% · private persons 0% · foreign 19%
- Owned from the same municipality
- 86%
- Group chain
-
Owned by: Vikerfjell Invest AS (66%)
Ultimate owner: private person
- Vikerfjell Invest AS · 66.2%
- LIFELINE VENTURES FUND V KY (Finland) · 15.5%
- M7 Performance AS · 3.8%
- LV II Conopus AB (Sweden) · 3.6%
- Eviny Ventures AS · 3.1%
- Momentum II AS · 3.1%
- Startuplab Founders Fund IV AS · 2.1%
- Photoncycle AS · 1.5%
- Stanley Invest AS · 1.0%
- 1 private persons · 0.1%
The company is new in the shareholder register in 2025.
Holds shares in: Photoncycle AS (1%)
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 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 54 | 57 | 55 | |
| Rank | 1,699 | 1,483 | 1,617 | |
| Operating margin | −64.8% | −100.3% | −68.4% | |
| Return on assets | −8.6% | −12.2% | −27.4% | |
| Equity ratio | 96.6% | 91.5% | 84.4% | |
| Current ratio | 25.95 | 9.79 | 2.79 | |
| Revenue growth | – | 56.2% | 132.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 5.8 MNOK | 9.1 MNOK | 21.1 MNOK |
| Operating profit | −3.8 MNOK | −9.1 MNOK | −14.4 MNOK |
| Profit before tax | −3.6 MNOK | −7.4 MNOK | −13.6 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −3.6 MNOK | −7.4 MNOK | −13.6 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.1 MNOK |
| Total assets | 41.9 MNOK | 60.4 MNOK | 49.1 MNOK |
| Current assets | 36.7 MNOK | 50.1 MNOK | 21.3 MNOK |
| Equity | 40.5 MNOK | 55.2 MNOK | 41.5 MNOK |
| Retained earnings | −3.6 MNOK | −11.0 MNOK | −24.6 MNOK |
| Total liabilities | 1.4 MNOK | 5.1 MNOK | 7.6 MNOK |
| Current liabilities | 1.4 MNOK | 5.1 MNOK | 7.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6885738.
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