# BONEWORKS

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

- Steam appid: 823500
- Developer: Stress Level Zero
- Released: 2019 · Genre: Action · List price: $29.99
- Deal grade: A (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $11.5k to $17.3k per month (mid $14.4k)
- Opportunity score: $30.2k/month at x2.10 dormancy multiplier
- Est. lifetime owners: 1.4M · Est. lifetime net revenue: $8.8M
- Review sentiment: 92% positive across 36443 reviews (34133 from Steam purchases)
- Review velocity: 89.3 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 5.7 years
- Studio quiet across its whole catalog
- Last build shipped 5.7 years ago
- Store page localized in only 1 language(s)
- Last discounted 1 months ago, 4 sales in the last 12 months

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

| Stage | USD/month |
|---|---|
| Gross storefront sales | $26.1k |
| After VAT / sales tax (-13% blended) | $22.7k |
| After refunds (-9.5% median) | $20.6k |
| Net to developer (after Steam 30%) | $14.4k |

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

142, 91, 76, 80, 114, 130, 118, 108, 86, 86, 85, 118, 147, 71, 106, 98, 121, 183, 110, 106, 87, 77, 81, 75

## Missed seasonal-sale revenue (modeled)

Skipped 5 Steam seasonal sale window(s) in the last 24 months. Running a -50% discount in those windows is modeled at +$46.4k net in total, assuming a unit uplift of x3.0 (industry-typical for old catalog titles). Same ±30-50% error range applies.

## Estimated acquisition range

$345.5k to $691.0k (2-4x the trailing net annuity of $172.8k/year). Same error range applies.

## Markets by review language

- french: 1% (game NOT localized in this language)
- spanish: 1% (game NOT localized in this language)
- schinese: 1% (game NOT localized in this language)
- german: 3% (game NOT localized in this language)
- english: 90% (game NOT localized in this language)
- koreana: 0% (game NOT localized in this language)
- russian: 4% (game NOT localized in this language)
- japanese: 0% (game NOT localized in this language)
- brazilian: 1% (game NOT localized in this language)

Localization gap: 100% of measured reviews are written in languages the game does not support (top: english). Localizing is likely immediate market expansion.

## Analyst notes (AI-assisted)

BONEWORKS is a physics-driven VR action game with climbing, gunplay, and environmental interaction built on proprietary engine tech.

This 2019 title has generated $8.8M lifetime on 1.36M units and maintains 92% positive sentiment with 89 reviews/month, yet shows studio drift (68 months post-launch, 69 months since last dev post) and minimal marketing activity. It remains the franchise's flagship for physics fidelity and story depth versus its sequel Bonelab, capturing a loyal PCVR audience. For a buyer: upside lies in dormant IP revival (roadmap completion, mod tools, platform expansion) and franchise consolidation; risks are engine-specific dependencies and Stress Level Zero's apparent strategic pivot away.

- Most realistic play: acquisition
- Risk (tech): Proprietary physics engine and climbing mechanics are tightly coupled to codebase; technical debt and platform fragmentation (Quest 3 controller mapping issues noted in reviews) may require substantial engineering to maintain or modernize.
- Risk (market): Studio has not posted publicly in 69 months; Bonelab's comparative reception (reviews mention it as 'son' with buggy achievements) suggests franchise momentum shifted elsewhere, risking player diaspora if acquisition signals continued dormancy rather than revival.
- Risk (other): Elasticity of -1 indicates pricing is at saturation; any increase risks churn, and 6.3% key-reseller share suggests limited margin headroom for aggressive monetization or discounting strategies.

What players are asking for:
- Completion of 1.7 update (referenced as pending 'Steam Frame' infrastructure)
- Improved controller/platform compatibility (Quest 3 Steam Link configuration friction reported)
- Enhanced mod tools and community sandbox features (players note Bonelab has better mod ecosystem)

Suggested first moves:
1. Audit engine codebase and platform fragmentation (Quest/PCVR/SteamVR parity); estimate modernization cost for Unreal/Unity port if strategic.
2. Model impact of 1.7 update completion and mod-editor release on retention and reviews/month; compare to Bonelab trajectory to validate franchise consolidation case.
3. Engage Stress Level Zero directly on studio status and IP intent; clarify whether acquisition would include full Bonelab franchise or just BONEWORKS, and assess non-compete clauses on founder/key staff.

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/823500
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.