Cycled Technologies AS
ASActiveOrg 917867771Uniongata 18, 3732 SkienComputer programming activities· NACE 6210Est. 2016 · 10 years old1-4 employees
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Overview
Cycled Technologies AS is a Norwegian AS based in Skien, operating in the Computer programming activities sector. Incorporated in 2016, the company reported revenue of NOK 4.8m in its latest annual filing.
Revenue 2025
4.8M NOK
+421% vs 2024
EBITDA margin
55.9 %
+620% vs 2024
Net profit 2025
-0.3M NOK
+87% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
59.4 %
AverageAround the average of companies in the same industry
20212025
Liquidity ratioCurrent assets ÷ Short-term debt
0.0×
Very weakAmong the 10% lowest rated companies in the industry
20212025
Return on assets (ROA)Net profit ÷ Total assets × 100
-1.8 %
AverageAround the average of companies in the same industry
20212025
EBITDA — year on year
NOK thousandsKey figures
Annual report 2025| Revenue | 4.8M NOK | +421% |
| EBITDA | 2.7M NOK | +620% |
| Net profit | -0.3M NOK | +87% |
| Total assets | 14.6M NOK | +6% |
| Equity | 8.7M NOK | -3% |
| Employees | — | — |
Company information
Legal name
CYCLED TECHNOLOGIES AS
Org number
917867771
Legal form
Aksjeselskap
NACE code
Founded
1 September 2016 · 10 years
Share capital
NOK 56,326
Employees
1-4
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Styret i fellesskap.
Company purpose
Selge og utvikle teknologi, produkter og tjenester til avfalls og gjenvinning sektoren nasjonalt og internasjonalt og naturlig tilhørende tjenester.
(no translation available)
Address
Uniongata 18, 3732 Skien
Risika for professionals
Risika provides regulated workflow tools for finance, procurement and compliance teams that need monitoring, alerts and an API.
Financial development
In its most recent annual report (2025), Cycled Technologies AS reported revenue of NOK 4.8m, an increase of 421% on the year before. The figures on this page draw on 5 annual filings covering 2021 to 2025. The bottom line showed a net loss of NOK 260.3k, and the EBITDA margin stood at 55.9%.
At the end of 2025, equity financed 59.4% of the balance sheet, and current assets covered short-term debt 0 times.
Financials
Revenue
NOK thousandsEBITDA
NOK thousandsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 4,806 | 922 | 384 | 995 | 785 |
| Staff expenses | -467 | -208 | -730 | 0 | -9 |
| EBITDA | 2,686 | -516 | -2,433 | 782 | 393 |
| Depreciation & amort. | -2,533 | -1,414 | -0 | -700 | -400 |
| EBIT | 153 | -1,930 | -2,433 | 82 | -7 |
| Net financials | -413 | -96 | -350 | -142 | -28 |
| Profit before tax | -260 | -2,026 | -2,784 | -60 | -35 |
| Tax | -0 | -0 | -0 | -0 | -0 |
| Net profit | -260 | -2,026 | -2,784 | -60 | -35 |
Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 14,637 | 13,846 | 15,526 | 10,211 | 7,050 |
| Equity | 8,694 | 8,955 | 9,978 | 7,637 | 5,808 |
| Long-term debt | 0 | 3,586 | 3,936 | 2,308 | 1,035 |
| Short-term debt | 2,774 | 1,305 | 1,613 | 266 | 207 |
| Total debt | 5,942 | 4,891 | 5,548 | 2,574 | 1,242 |
Financial ratios
5-year trendEBITDA margin
55.9 %
20212025
Equity ratio
59.4 %
AverageAround the average of companies in the same industry
20212025
Return on equity
-3.0 %
WeakAmong the 40% lowest rated companies in the industry
20212025
Net profit margin
-5.4 %
WeakAmong the 40% lowest rated companies in the industry
20212025
Asset turnover
0.33×
AverageAround the average of companies in the same industry
20212025
Debt / equity
0.68×
AverageAround the average of companies in the same industry
20212025
Sector performance
27 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginWeak
Among the 40% lowest rated companies in the industry
The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.
Operating marginAverage
Around the average of companies in the same industry
EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.
Net profit marginWeak
Among the 40% lowest rated companies in the industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Weak
Among the 40% lowest rated companies in the industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Average
Around the average of companies in the same industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Weak
Among the 40% lowest rated companies in the industry
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
Basic earning power (BEP)Strong
Among the 40% highest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioStrong
Among the 40% highest rated companies in the industry
Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.
Liquidity
Current ratioVery weak
Among the 10% lowest rated companies in the industry
Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.
Quick ratioVery weak
Among the 10% lowest rated companies in the industry
Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.
Cash ratioVery weak
Among the 10% lowest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityVery strong
Among the 10% highest rated companies in the industry
Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.
Fixed assets to long-term capitalVery weak
Among the 10% lowest rated companies in the industry
Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.
Cash conversion ratioVery weak
Among the 10% lowest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioAverage
Around the average of companies in the same industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioAverage
Around the average of companies in the same industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityAverage
Around the average of companies in the same industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityAverage
Around the average of companies in the same industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtWeak
Among the 40% lowest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtStrong
Among the 30% highest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageAverage
Around the average of companies in the same industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtVery weak
Among the 20% lowest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginAverage
Around the average of companies in the same industry
The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.
Efficiency & development
Asset turnoverAverage
Around the average of companies in the same industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Equity to contributed capitalVery strong
Among the 10% highest rated companies in the industry
Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.
One-year change in equityWeak
Among the 40% lowest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtWeak
Among the 40% lowest rated companies in the industry
The size of this year's increase or decrease in the company's debt.
Inventory turnoverNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.
Annual reports & filings
- Annual report 2025Filed via Brønnøysundsregistrene · Period 2025-01-01 – 2025-12-31
- Annual report 2024Filed via Brønnøysundsregistrene · Period 2024-01-01 – 2024-12-31
- Annual report 2023Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-12-31
- Annual report 2022Filed via Brønnøysundsregistrene · Period 2022-01-01 – 2022-12-31
- Annual report 2021Filed via Brønnøysundsregistrene · Period 2021-01-01 – 2021-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|
Former (1)
TS Chief Executive Officer | Chief Executive Officer | 2016 – 2024 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (2) | ||
OJ Chairman | Chairman | 2024 |
MC Board of Directors | Board of Directors | 2024 |
Former (2)
AH Board of Directors | Board of Directors | 2018 – 2025 |
TS Board of Directors | Board of Directors | 2018 – 2024 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
Nordoest Middle East Llc | Company | 55.64% | 55.64% | 2025 |
Christopher Benedikt Pilscheur | Company | 11.92% | 11.92% | 2025 |
| Company | 8.82% | 8.82% | 2024 | |
| Company | 5.43% | 5.43% | 2024 | |
| Company | 3.63% | 3.63% | 2024 | |
| Individual | 3.24% | 3.24% | 2024 | |
Ijaodola Funsho Adegbenga | Company | 2.09% | 2.09% | 2025 |
| Individual | 1.27% | 1.27% | 2024 | |
| Company | 1.14% | 1.14% | 2024 | |
| Company | 1.06% | 1.06% | 2024 | |
| Company | 0.51% | 0.51% | 2024 | |
Nordoest Middle East Llc | Company | 55.64% | 55.64% | 2024 |
Soraytec Middle East Ltd | Company | 11.41% | 11.41% | 2021 |
Ijaodola Funsho Adegbenga | Company | 2.09% | 2.09% | 2024 |
Christopher Benedikt Pilscheur | Company | 11.92% | 11.92% | 2024 |
| Company | 11.41% | 11.41% | 2021 | |
Nordoest Fz Llc | Company | 53.26% | 53.26% | 2021 |
Ljaodola Funsho Adegbenga | Company | 1.46% | 1.46% | 2021 |
Related companies
Company hierarchy
Emso Holding As8.8226%Frydenlund Holding As5.4346%Nordoest Middle East Llc55.64%Christopher Benedikt Pilscheur11.92%Prosjektutvikling As3.63%Ijaodola Funsho Adegbenga2.09%Bjørk Eiendom As1.06%Kaizen Trading As0.51%Soraytec Middle East Ltd11.41%Ibsenbusiness As11.41%Nordoest Fz Llc53.26%Ljaodola Funsho Adegbenga1.46%
Cycled Technologies AS (this company)Board network connections
Board members of Cycled Technologies AS also hold positions in 51 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Arve Haugseter | Board of Directors | 39 companiesMany roles |
| Ole Johan Sandvær | Chairman | 5 companies |
| Matteo Chiesa | Board of Directors | 4 companies |
| Thor Sverre Minnesjord | Chief Executive Officer | 3 companies |
Frequently asked questions
What is the Org number of Cycled Technologies AS?
Cycled Technologies AS is registered with Brønnøysundsregistrene under Org 917867771.
What is the revenue of Cycled Technologies AS?
Cycled Technologies AS reported revenue of NOK 4.8m in 2025.
Who is the chairman of Cycled Technologies AS?
Ole Johan Sandvær chairs the board of Cycled Technologies AS, in role since 2024.
Where is Cycled Technologies AS headquartered?
Cycled Technologies AS's registered address is Uniongata 18.