# Ultros

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

- Steam appid: 2386310
- Developer: Hadoque
- Publisher: Kepler Interactive
- Released: 2024 · Genre: Adventure · List price: $24.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $2.5k to $3.7k per month (mid $3.1k)
- Opportunity score: $4.2k/month at x1.35 dormancy multiplier
- Est. lifetime owners: 24.8k · Est. lifetime net revenue: $180.9k
- Review sentiment: 78% positive across 1247 reviews (774 from Steam purchases)
- Review velocity: 17.0 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 18 months
- Last build shipped 9 months ago
- Last discounted 1 months ago, 12 sales in the last 12 months
- Proven demand elasticity: x1.3 review velocity during past deep sales

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $5.6k |
| After VAT / sales tax (-13% blended) | $4.9k |
| After refunds (-9.5% median) | $4.4k |
| Net to developer (after Steam 30%) | $3.1k |

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

22, 27, 9, 42, 24, 35, 11, 17, 8, 20, 17, 10, 14, 30, 11, 21, 19, 18, 18, 22, 16, 13, 10, 23

## Estimated acquisition range

$74.5k to $149.0k (2-4x the trailing net annuity of $37.3k/year). Same error range applies.

## Markets by review language

- russian: 5% (game NOT localized in this language)
- spanish: 2%
- french: 4%
- english: 69%
- koreana: 1%
- japanese: 2%
- schinese: 12%
- brazilian: 4%
- german: 1%

## Analyst notes (AI-assisted)

Ultros is a visually striking metroidvania with a cycle-reset mechanic and plant-based traversal system released in 2024 by Hadoque.

Ultros has strong artistic identity (77.5% positive, 1,247 reviews) and consistent monthly revenue ($3.1k/mo mid estimate) despite minimal developer communication for 18 months. The game appeals to metroidvania enthusiasts seeking alternatives to Hollow Knight, but technical issues and punishing cycle mechanics limit mainstream reach. Acquisition or publishing support could unlock dormant revenue through QA patches, marketing refresh, and console ports; the title's indie pedigree and operating studio make it a viable catalog add.

- Most realistic play: acquisition
- Risk (tech): Player reports of game crashes, soft-locks, and progression blockers without fixes suggest backend stability issues that require engineering investment.
- Risk (market): Cycle-reset mechanic polarizes players; negative reviews cite lost progress and forced map resets, limiting appeal beyond hardcore metroidvania fans.
- Risk (other): Developer silent for 18 months; single-title studio with no post-launch content roadmap signals capacity or commitment risk.

What players are asking for:
- Stability patches to eliminate crashes and soft-lock progression traps
- Better in-game guidance on cycle system and map markers to reduce guide dependency
- Console ports (Switch, PlayStation noted in reviews as desired)

Suggested first moves:
1. Commission a technical audit to scope crash reproducibility, soft-lock scenarios, and estimated QA burn; prioritize stability patches as acquisition condition.
2. Analyze console performance and porting cost (reviews mention successful handheld play); estimate ROI for Switch/PS5 launch to unlock platform-native revenue.
3. Soft-contact Hadoque to assess post-acquisition support appetite: willingness to maintain, license IP to another publisher, or accept code-complete status.

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/2386310
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.