How many copies has Cold Waters sold?

indielist estimates Cold Waters has sold between 297,738 and 694,722 units (median 496,230), derived from its 4,726 Steam reviews with the white-box Boxleiter v1.0 method. The full breakdown is shown on the page.

Who published Cold Waters?

Cold Waters was published by Killerfish Games, developed by Killerfish Games. See Killerfish Games's full catalogue and submission status on indielist.

When was Cold Waters released?

Cold Waters was released in 2017.

How many reviews does Cold Waters have on Steam?

Cold Waters has 4,726 Steam reviews, of which 87% are positive.

Is Cold Waters worth playing?

Steam players rate Cold Waters 87% positive across 4,726 reviews. indielist doesn't score games editorially; it surfaces public review sentiment and a white-box sales estimate so you can judge reception and reach yourself.

Cold Waters

Jun 5, 2017 Indie $39.99

Developer Killerfish Games Publisher Killerfish Games

Profile updated Jun 2026

Submarine-focused naval combat blends simulation and strategy, with Cold Waters centered on tactical undersea engagements. Killerfish Games developed and published the 2017 indie release, which has 4,699 Steam reviews at 87% positive and launched at $39.99.

Cold Waters is a 2017 Indie game developed by Killerfish Games and published by Killerfish Games. On Steam it has gathered 4,726 player reviews, 87% of them positive, which counts as a very positive reception among indie titles in the Indie category. The game is available on mac, windows, and launched at $40. The pairing of developer Killerfish Games with publisher Killerfish Games is one of the studio-publisher relationships indielist tracks, letting players find comparable games and letting developers and investors study how Indie projects reach the market. indielist's white-box method estimates its lifetime sales at roughly 298,000 to 695,000 units, with the full Boxleiter factor breakdown shown on this page rather than a single black-box figure. Within indielist's catalog of indie games mapped to their studios, publishers, and funding, Cold Waters can be compared against similar Indie titles and benchmarked on review counts and estimated sales.

Reviews

4,726

Positive

87%

Steam appid

541210

Engine

Unknown

Players (snapshot)

Unavailable

Sales estimate

v1.0

298K to 695K

units (median: 496K)

≈ $6.8M to $15.9M modeled net revenue (fixed store-cut, refund, and regional-price assumptions applied)

298K median 695K

+ How is this calculated?

4,726 reviews × NB(105) = 496,230 median units

Factor	Adjustment
base	+50
year_2017	+30
price_$40	+15
positive_87%	+10
final NB	105

Heuristic display range: median × [0.6, 1.4]. Boundary protection: NB ∈ [15, 150].

Methodology & limitations

Sales estimates use an additive Boxleiter-derived heuristic against public Steam review counts. They are not authoritative sales data, and the fixed display range is not a statistically validated confidence interval. Actual results may fall outside it, especially for deeply discounted or bundle-heavy titles. Algorithm version v1.0. Read the exact method and validation status.

indielist estimates lifetime unit sales for Cold Waters at roughly 298,000 to 695,000 copies, with a median around 496,000, derived from its 4,726 Steam reviews using a multi-factor Boxleiter method (version v1.0). That median maps to approximately $11.3M in net revenue after Steam's 30% cut, regional pricing, and refunds. Unlike black-box trackers, the full calculation is shown on this page: a base review-to-sales multiplier is adjusted for release year, launch price, review sentiment, studio size, and genre, and every adjustment is listed so developers, publishers, and investors can audit exactly how the figure was reached. The range itself reflects genuine uncertainty — review-to-sales ratios vary widely between games — so indielist publishes a low, median, and high band rather than a false-precision single number, and treats free-to-play, heavily discounted, and bundle-distributed titles as having wider error margins still.

Price history

18 observed days · window low $9.99

Across 18 observed UTC days from 2026-06-03 to 2026-07-23, the daily lowest tracked USD price across stores ranged from $9.99 to $39.99. The tracked-window low was $9.99 on 2026-06-03.

Real store observations · daily lowest tracked USD price across stores · missing days are not filled.

Where to buy

Affiliate disclosure

GOG.com -75%

$9.99 Buy
Steam reference

$39.99 Buy
Green Man Gaming

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Fanatical

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Humble Store

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Latest tracked store observations (2026-07-23 06:42 UTC), cheapest first. Prices may have changed since observation. Some are affiliate links — we may earn a commission at no extra cost to you. Learn more.

Platforms

macwindows

Frequently asked questions

How many copies has Cold Waters sold?: indielist estimates Cold Waters has sold between 297,738 and 694,722 units (median 496,230), derived from its 4,726 Steam reviews with the white-box Boxleiter v1.0 method. The full breakdown is shown on the page.
Who developed Cold Waters?: Cold Waters was developed by Killerfish Games and published by Killerfish Games.
Who published Cold Waters?: Cold Waters was published by Killerfish Games, developed by Killerfish Games. See Killerfish Games's full catalogue and submission status on indielist.
When was Cold Waters released?: Cold Waters was released in 2017.
How many reviews does Cold Waters have on Steam?: Cold Waters has 4,726 Steam reviews, of which 87% are positive.
Is Cold Waters worth playing?: Steam players rate Cold Waters 87% positive across 4,726 reviews. indielist doesn't score games editorially; it surfaces public review sentiment and a white-box sales estimate so you can judge reception and reach yourself.

Players looking for games like Cold Waters can compare it on indielist against semantically similar Indie titles such as Sea Power : Naval Combat in the Missile Age, Ultimate General: Civil War, Isonzo, Steel Division 2, ranked by shared tags and genre rather than by ad spend. On the developer side, Killerfish Games's other releases and Killerfish Games's wider catalog are one click away, letting developers benchmark where Cold Waters sits among a studio's body of work and how its publisher's portfolio performs. Because indielist maps studios, publishers, games, and funding into one connected graph, the same Cold Waters page serves three audiences at once: players hunting their next Indie game, developers studying how comparable projects were positioned and what they sold, and investors tracing which teams and labels are active in the space. A machine-readable markdown mirror of this page is published at the same path with a .md suffix for AI assistants, and its review, price, and sales-estimate figures are refreshed on a schedule rather than frozen at launch.

Matched from shared Steam tags and primary genre. Review count breaks ties; it is not a personal recommendation score.