# En Garde!

> ResidualPlay case file: an overlooked Steam game still earning residual revenue. Estimates carry a ±30-50% error range per title.

- Steam appid: 1654660
- Developer: Fireplace Games
- Released: 2023 · Genre: Action · List price: $19.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $10.6k to $15.9k per month (mid $13.2k)
- Opportunity score: $25.2k/month at x1.90 dormancy multiplier
- Est. lifetime owners: 131.7k · Est. lifetime net revenue: $656.6k
- Review sentiment: 91% positive across 4867 reviews (4117 from Steam purchases)
- Review velocity: 106.3 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 2.5 years
- Studio quiet across its whole catalog
- Last build shipped 31 months ago
- Last discounted 1 months ago, 11 sales in the last 12 months
- Proven demand elasticity: x1.2 review velocity during past deep sales

## Where a gross dollar goes (monthly, at current velocity)

| Stage | USD/month |
|---|---|
| Gross storefront sales | $24.1k |
| After VAT / sales tax (-13% blended) | $20.9k |
| After refunds (-9.5% median) | $18.9k |
| Net to developer (after Steam 30%) | $13.2k |

## Monthly review counts, oldest to newest (24 months)

71, 62, 64, 46, 112, 71, 33, 55, 43, 80, 43, 98, 61, 100, 44, 57, 56, 60, 34, 67, 185, 183, 105, 64

## Estimated acquisition range

$318.0k to $636.0k (2-4x the trailing net annuity of $159.0k/year). Same error range applies.

## Markets by review language

- german: 2%
- english: 69%
- russian: 4% (game NOT localized in this language)
- spanish: 4%
- japanese: 0% (game NOT localized in this language)
- brazilian: 4% (game NOT localized in this language)
- french: 6%
- koreana: 1% (game NOT localized in this language)
- schinese: 10%

## Analyst notes (AI-assisted)

En Garde! is a stylized third-person melee action game with environmental-combat mechanics set in Renaissance Spain, released in 2023 by Fireplace Games.

En Garde sits in a quiet zone: 90%+ positive sentiment, $13.2k/mo residual revenue, and 131k lifetime units sold, yet the studio shows fading signals (no dev post in 30 months, single-title catalog). The game's core loop, environmental interaction design, and art direction earned genuine player affection; however, modest visibility ($656k lifetime net, below-mainstream status) and a 3-5 hour campaign length mean it missed breakout traction. For a publisher or revival partner, the IP offers low risk (original, no licensing burden), proven mechanical depth, and a design philosophy (environment-first combat) that aligns with current indie darling positioning; acquisition or publishing expansion (DLC, sequel) could unblock dormant upside.

- Most realistic play: revival
- Risk (market): Modest review velocity (106/mo) and 11 sales in past 12m suggest word-of-mouth has plateaued; price elasticity of 1.25 indicates limited price-lever growth.
- Risk (tech): Player feedback notes 'PS2-era' level design and occasional polish gaps (missing doors in late chapters); engine or content refresh may be needed for sequel viability.
- Risk (other): Studio status flagged as 'fading' with one title and no recent communication; IP acquisition alone may require developer outreach or IP negotiation with publisher Fireplace Games.

What players are asking for:
- Longer campaign or post-game content; players note the 3-5 hour runtime as a strength but some crave more depth
- Expanded roguelike/arena mode with progression mechanics beyond light difficulty scaling
- Sequel or DLC that iterates on environmental combat without radical redesign
- Platform or console ports to reach console audiences who compare it favorably to Sekiro and Arkham

Suggested first moves:
1. Audit IP and publishing rights: confirm whether Fireplace Games (developer/publisher entity) controls sequel, DLC, and derivative rights, and assess willingness to partner on revival or sale.
2. Prototype a 6-12 month roadmap: expand arena/roguelike mode with meta-progression (cosmetics, difficulty modifiers, leaderboards) and port to Nintendo Switch or PlayStation to tap console indie audiences who love stylized action games.
3. Soft-launch a limited sequel or standalone spiritual successor in early access: test mechanical iteration (two-character co-op, new environment archetypes) and pricing ($24.99-$29.99) with existing audience before full commitment.

Generated 2026-08-20 from public signals and player reviews. Directional, not diligence.

## Methodology

Units are estimated from Steam-purchase reviews times a release-cohort multiplier (Boxleiter method, 20-75x by year). Revenue uses an effective price (lifetime discounts and regional pricing) and nets out VAT (~13%), refunds (~9.5%) and Steam's 30% cut: roughly 55% of gross reaches the developer.

Source: https://residualplay.com/game/1654660
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.