Recuento de ciclos

Aquí está el código M para hacerlo:

let
    Source = Table.FromRows(Json.Document(Binary.Decompress(Binary.FromText("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", BinaryEncoding.Base64), Compression.Deflate)), let _t = ((type nullable text) meta [Serialized.Text = true]) in type table [Time = _t, device = _t, m1 = _t, m2 = _t, m3 = _t, State = _t, Cycles = _t]),
    #"Changed Type" = Table.TransformColumnTypes(Source,{{"Time", type datetime}, {"device", Int64.Type}, {"m1", type number}, {"m2", type number}, {"m3", type number}, {"State", Int64.Type}, {"Cycles", Int64.Type}}),
    #"Removed Columns" = Table.RemoveColumns(#"Changed Type",{"Cycles"}),
    #"Sorted Rows" = Table.Sort(#"Removed Columns",{{"device", Order.Ascending}, {"Time", Order.Ascending}}),
    #"Added Index" = Table.AddIndexColumn(#"Sorted Rows", "Index", 0, 1, Int64.Type),
    #"Reordered Columns" = Table.ReorderColumns(#"Added Index",{"Index", "Time", "device", "m1", "m2", "m3", "State"}),
    #"Added Custom" = Table.AddColumn(#"Reordered Columns", "PrevState",
        each
            let
                PrevRowState = List.SingleOrDefault(
                    Table.SelectRows(#"Reordered Columns",
                        (r) => r[Index] = [Index] - 1 and r[device] = [device])[State],
                    null
                )
            in
                PrevRowState
    ),
    #"Added Custom1" = Table.AddColumn(#"Added Custom", "ShouldAddOne",
        each
            if [PrevState] is null or ([PrevState] <> 1 and [State] = 1)
            then 1 else 0
    ),
    #"Added Custom2" = Table.AddColumn(#"Added Custom1", "Cycle",
        each 
            // this is just a cumulative sum of ShouldAddOne
            List.Sum(
                Table.SelectRows(#"Added Custom1",
                    (r) => r[Index] <= [Index] and r[device] = [device]
                )[ShouldAddOne]
            )
    ),
    #"Removed Columns1" = Table.RemoveColumns(#"Added Custom2",{"PrevState", "ShouldAddOne"})
in
    #"Removed Columns1"

@JoeJoe666 - En caso de que te lo perdiste, actualicé mi respuesta original con una solución DAX. Soluciones de dos columnas y de una sola columna.