Szymon Bryla, a studio representative, confirmed in an interview with Insider Gaming that there are ideas for a threequel or spin-off. “That would be great,” he said. And then he immediately brought it down to earth: the final say rests with 505 Games, the owner of the IP.
Sound like a polite refusal? Well, no. Ghostrunner 2 broke even in five days, with a budget of $4.2 million and initial revenue of $6 million. The publisher has already invested €5 million to buy back the rights in 2021, and that investment has more than paid off. So why is a threequel still in doubt?
The answer lies in One More Level’s calendar. The studio is currently busy with Valor Mortis, a first-person soulslice game that will release on October 13th instead of September 24th (delayed due to a congested market). The success of this game will either greenlight a new hit or force 505 Games to return to a proven franchise. Coincidence? Unlikely.
Further down is a table of financial metrics and a full list of factors that will actually influence the publisher’s decision. Because mere “ideas” are for the press, and money is for contracts.
Table of Contents
Ghostrunner 2 Sales and ROI in Numbers
The sequel was released on October 26, 2023. The production budget was $4.2 million. In its first week alone, the game grossed over $6 million. Net profit at that time was approximately $1.93 million. Moreover, in May 2021, 505 Games acquired the rights to the Ghostrunner IP from All in! Games for €5 million. This means the publisher has already invested heavily in the franchise—and received a quick return.
Compare with other projects: not every action game in the “cyberpunk slasher with one life” genre breaks even in five days. Ghostrunner 2 did just that. And this is the main argument in favor of a third installment.
Valor Mortis Development and One More Level’s Plans
One More Level is currently fully focused on Valor Mortis, a first-person souls-like action game set in an alternate 19th-century Europe. The release was originally planned for September 24, 2026, but was pushed back to October 13. This was due to the busy September release calendar. The boxed version is priced at $49.99.
The success of Valor Mortis could have two effects. If the game is a hit, the studio will have a new, successful franchise. In that case, resources for Ghostrunner 3 may simply not be available. If Valor Mortis performs poorly, 505 Games may return to its proven asset.
Chances of Ghostrunner 3’s Release and the Publisher’s Decision
The publisher’s decision is more than just a legal formality. 505 Games has already invested in the franchise, and the investment has paid off. Now the question is one of strategy: whether to pursue a new IP or return to a proven one. One More Level is ready for any scenario. It remains to be seen what the financial reports will reveal after Valor Mortis’s release.
By the way, the Valor Mortis demo is already available on Steam—you can form your own opinion.
