The Apos Gremlin headphone amplifier, a powerhouse in its price range, presents a unique challenge: its exclusively balanced connections. Finding a similarly affordable balanced DAC to pair with it proves difficult. This review explores the solution: the Apos x Geshelli Merlin DAC, a collaborative effort designed to seamlessly integrate with the Gremlin and offer exceptional audio quality at a budget-friendly price point. Priced at $225, the Merlin aims to bridge the gap, providing both balanced and unbalanced outputs for maximum compatibility.This collaboration leverages Geshelli Labs' renowned history of delivering high-performance audio components at competitive prices. The Merlin boasts a minimalist design, employing high-quality components like the AK4493 DAC chip and OPA1652 op-amps. We delve into its performance, comparing it to other budget-friendly options to determine if its smooth, detailed sound signature truly delivers balanced excellence without compromising on features or usability. Discover whether the Merlin lives up to its promise of being the perfect companion for the Apos Gremlin, and a compelling option for budget-conscious audiophiles seeking a high-quality balanced DAC.
Pros And Cons
- Fully balanced
- Costs $180
- More features than Merlin (Bluetooth, swappable op-amps)
- Vocals can sound dry
- Requires fiddling with op-amps for optimal performance
- Affordable
- Excellent sound quality
- Uses the AK4493 DAC chip
- High-quality output stage using OPA1652 op amps
- Decodes up to DSD 512 and 768 kHz PCM
- Clean and resolving sound
- Smooth sound (not warm, just refined)
- Good wide soundstage
- Good separation of sounds
- XLR outputs and fully balanced design
- Simple to use
- No frills open style design
- Only two inputs (coaxial and USB-C)
- May require short XLR cables for compact stacking with Gremlin
- Redefined value and performance in budget tube amps
- Only balanced (XLR or 4.4mm balanced inputs, no RCA)
- Requires a balanced DAC
Read more: Fiio K11 R2R DAC/Amp Review: A Worthy Upgrade or Redundant Luxury?
The Problem with Balanced Budget Amps
The Apos Gremlin headphone amp, while offering impressive performance for its price, presents a significant challenge: it's exclusively balanced, featuring only XLR and 4.4mm balanced inputs, omitting RCA. This necessitates a balanced DAC to pair with it, a difficult find in the budget audio market. Good quality balanced DACs around the $200 mark, matching the Gremlin's price point, were scarce.
This limitation sparked the need for a solution – a cost-effective, high-quality balanced DAC specifically designed to complement the Gremlin's capabilities and also work with a wider array of devices.
Introducing the Geshelli Merlin DAC
Enter the Geshelli Merlin DAC, a collaboration between Apos and Geshelli Labs, designed to address the Gremlin's connectivity issue and beyond. It boasts both XLR and RCA outputs, making it compatible with a wide range of devices, not just the Gremlin.

Beyond its versatility, the Merlin packs a punch. Priced at $225, it leverages Geshelli Labs' renowned reputation for value-driven audio equipment, promising exceptional sound quality considering its affordability.
Geshelli Labs: A Track Record of Success
Geshelli Labs has a history of producing high-performance audio components at affordable prices. Their renowned DACs like the J2 and J3, along with the Daisy DAC, Airish, and Aral 3 Pro headphone amp and preamp, are testaments to their commitment to value and quality.

This pedigree lends significant credibility to the Merlin, suggesting a high level of performance despite its budget-friendly cost. The collaboration with Apos ensures a seamless pairing with their Gremlin headphone amp.
Merlin DAC Design and Specifications
The Merlin adopts a minimalist, open-style design, prioritizing functionality over aesthetics. Its no-frills approach includes only two inputs: a coaxial and a USB-C, selectable via a toggle switch. Power is controlled by a simple on/off switch.

Despite its simplicity, the Merlin doesn't compromise on core components. It utilizes the high-quality AK4493 DAC chip from AKM, known for its performance, and employs OPA1652 op-amps in the output stage. It also supports high-resolution audio formats up to DSD 512 and 768kHz PCM.
Sound Quality and Performance
The Merlin exceeded expectations, delivering a remarkably clean, detailed, and exceptionally smooth sound signature. It's not just detailed; it avoids harshness or glare, resulting in a refined listening experience. While it doesn't drastically expand soundstage depth or layering, it offers a wide and well-defined soundscape with excellent instrument separation.
This smoothness and clarity are consistent across different setups, pairing flawlessly with various headphone amps, speakers, and headphones. It maintains detail without sounding analytical or fatiguing, creating a pleasant and enjoyable listening experience.
Comparison with the Fuzzy Audio ZD3 DAC
A comparison with the Fuzzy Audio ZD3 DAC, another fully balanced DAC ($180), revealed subtle but notable differences. The Merlin sounds more refined and smoother, showcasing particularly a better sense of vocal weight and presence.
The ZD3, while capable, sometimes exhibited a slightly dry vocal presentation. Both offered comparable soundstage width but the Merlin provided superior instrument separation and detail retrieval. Though the ZD3's versatility (Bluetooth, swappable op-amps) is attractive, the Merlin's out-of-the-box performance and simplicity make it a more convenient choice for many.
Conclusion: The Merlin's Value Proposition
The Apos x Geshelli Merlin DAC shines as a remarkably refined, balanced DAC for its price. Its simplicity is a major strength; it's plug-and-play, requiring no fiddling with settings or op-amp swaps. While other DACs might offer more features or potential for upgrading, the Merlin's out-of-the-box excellence and seamless integration with the Apos Gremlin make it a compelling option.
Overall, the Merlin excels in its smooth, refined sound, detail retrieval, and ease of use. It's a strong recommendation for anyone looking for a high-quality balanced DAC at a budget-friendly price point, especially those pairing it with the Apos Gremlin.