When I reviewed the Apos x Community Gremlin Amplifier, I pointed out one obvious limitation. It only accepts balanced input through a 4.4 mm TRRS port or a pair of XLR jacks. No RCA. No 3.5 mm line in. Nothing that the average DAC has offered for the past twenty years. At first glance it felt like an oversight, but Apos and Geshelli Labs clearly had a much bigger plan in motion. The Gremlin was never meant to stand alone. It was waiting for its partner.
That partner is the Apos x Geshelli Merlin AKM Desktop DAC, the subject of this review. Unlike the community driven Gremlin, the Merlin was designed collaboratively from the ground up by Apos and Geshelli with a very clear goal. It needed to be a perfect companion for the Gremlin. That meant matching the aesthetic, stacking cleanly, delivering truly balanced output, sounding far better than its price would suggest, and staying affordable enough that someone buying a $120 amplifier wouldn’t be forced into a $1,200 DAC just to use it properly.
What they built is not just a matching piece, and it raises a fair question. Is the Merlin really the best DAC I have heard at $225 and better than several models that cost far more? The internet chatter will tell you half a dozen different things depending on which forum thread you land on, but this is one of those rare products where you have to ignore the noise and actually hear it for yourself. The performance speaks louder than the commentary.
Merlin DAC Unboxing & Build Quality
The Merlin arrives in the same black box with red lettering as the Gremlin, carrying the same subtle “Stranger Things” aesthetic. Inside, the layout is identical as well. The manual sits on top, the DAC rests securely in a foam cutout, and the power supply is tucked below. It is clear these two products were designed as a pair long before they ever shipped.
The Merlin uses the same Lexan plates on the top and bottom with stainless standoffs at the corners, and it shares the same compact 5 x 3 x 2.5 inch footprint as the Gremlin. The front panel keeps things simple. Two switches sit on the left, an outer power switch and an inner source selector. An LED between them indicates power, while two smaller LEDs to the right show the active input at a glance. Left is SPDIF and right is USB.
The rear panel keeps the theme of practical minimalism. A USB Type C port and an RCA style coaxial input sit on the left, followed by RCA outputs, XLR outputs, and a barrel connector for power. Since a DAC draws far less power than a Class A amplifier, the Merlin ships with a small wall wart style power supply rather than the larger laptop style brick used with the Gremlin.
Internal Technology
With the clear Lexan plates in place instead of a traditional aluminum enclosure, you can see the Merlin’s internals without even picking up a screwdriver. Front and center is the Amanero 768 module that handles USB input. It accepts PCM all the way up to 32-bit/768 kHz and up to DSD512. One of the nicest advantages of this module is that it operates driverless on most major operating systems. It also provides galvanic isolation and draws no power from the source device over USB, which cuts down on noise and eliminates the ground loop gremlins that love to sneak in from laptops and desktops.
For SPDIF input, the Merlin uses a Texas Instruments DIX9211 receiver that supports PCM up to 24-bit/192 kHz. DSD is not supported over coax, but given that SPDIF is typically used with older streamers and disc players that rarely support DSD anyway, this is not much of a drawback. In fact, it keeps the input section clean and focused while giving legacy devices a reliable way into the system.
Both inputs feed a single AK4493SEQ DAC chip that handles all decoding duties. This detail matters. Apos lists the chip simply as an AK4493 in some of its copy, but every unit I have seen—including my review sample—uses the AK4493SEQ.
That distinction is important because while all chips in the 4493 family share some core traits, the SEQ is the newest version built on AKM’s updated fabrication process. It supports higher resolutions up to 32-bit/768 kHz and DSD512, and it offers improved dynamic range and lower distortion compared to the older AK4493 and AK4493S variants.
The chip also includes six types of 32-bit digital filters, which allow for subtle tuning options, although those are not user selectable in this implementation. Even so, the choice of the SEQ version shows that Apos and Geshelli were not cutting corners. They picked the most recent and most capable member of the family for the heart of the Merlin.
The DAC chip feeds a bank of TI OPA1652 op amps, with four dedicated to the XLR outputs to deliver a fully balanced, fully differential signal path. A separate pair of OPA1652s handles the RCA outputs for single ended use. It is a straightforward, well executed layout that keeps the balanced and single ended stages cleanly separated while maintaining consistent tonal character across both outputs.
On paper, the AK4493SEQ itself boasts a signal to noise ratio of 123 dB and a THD+N of –115 dB. Once implemented in the full Merlin design, the final numbers come in at a 120 dB signal to noise ratio and 0.00038 percent THD+N. Those figures remain extremely solid for a DAC at this price and speak to a layout that preserves most of the chip’s theoretical performance without adding unnecessary noise or distortion downstream.
Merlin & Gremlin: The Stacker That Looks Like a Science Fair Project but Sounds Like a Real System
For those planning to pair the Merlin with the Gremlin, Apos includes a stacker bracket that lets the Gremlin sit neatly on top of the DAC, adding about an inch to the overall height. It works, but only in one direction. If the stacker were a little taller, you could reverse the order and put the Gremlin on the bottom. As it stands, the tubes sit too high for the Merlin to rest flush on top, so the current stack is a one way street.
Most people will want the tubes visible anyway, so this is hardly a tragedy, but a bit more height would have given buyers the option. As it is, the setup looks like a small science project on your desk, but it performs far better than its modest footprint suggests.
Listening
I paired the Merlin with the Gremlin for part of my testing, then branched out to see how it behaved with very different amplification chains. The RCA outputs fed an Xduoo TA 26 running Ray 6SN7 and GE 6AS7 tubes for a full OTL experience, and I also connected it to the Earmen CH amp to hear the Merlin with a clean, all solid state setup. That gave me the full spectrum — hybrid, OTL tube, and solid state — which covers just about every scenario someone buying a $225 DAC is likely to consider.
What I did not expect was how consistently impressive the Merlin would be across all of them. It delivers a highly detailed sound with excellent tonality and real dynamic swing. I knew it would be good for its price. What I did not see coming was that it would hold its own against $500 and $1000 DACs and even challenge gear like my RME ADI 2 FS R Black, which costs around ten times as much. The Merlin actually comes across as a touch more engaging. The RME leans slightly dry in comparison, and both units use AKM chips.
Somehow, Geshelli Labs managed to pull every bit of performance out of the AK4493SEQ without resorting to boutique pricing or exotic parts. I was impressed years ago when RME moved from ESS to AKM and most listeners could not tell the difference. It is even more impressive that a device at one tenth the cost can use the same core component and produce a more satisfying listen. The Merlin does not just compete on value. It competes on sound.
The Bottom Line
The Merlin is the best DAC I have heard at $225, and honestly it holds its own against gear that costs several times more. I’m not going to pretend I’ve A/B tested it against every DAC I have ever reviewed, but the value on offer here is undeniable. This is the kind of component you could buy and genuinely not feel the need to upgrade for a very long time. Short of stepping into dCS ring DAC territory, you will have a hard time finding a chip based DAC that clearly outperforms the Merlin in overall musical satisfaction.
Yes, it was designed as the Gremlin’s companion piece, and yes the pair make a ridiculously good little $415 balanced stack with DAC, amp, tubes, and XLR cables included. But the Merlin is far too good to be pigeonholed as just the Gremlin’s partner. It deserves to be paired with tube amps, solid state amps, CD transports, vintage receivers, and anything else that benefits from a clean, balanced, high performing source.
The Merlin has its quirks. The clear Lexan design looks more science fair than audiophile chic, coaxial input does not support DSD, and it leans heavily into value parts rather than luxury materials. But none of that matters once you hear it. The detail retrieval, tonality, dynamics, and sheer musical engagement are shocking at this price.
The Merlin and Gremlin stack is not leaving my office desk anytime soon because it has made my Sennheiser HD 800 S fun again, which is not something many DACs or amps can claim. At the same time, I keep eyeing my Cambridge CD transport in the den and wondering how good the Merlin would sound feeding my vintage Sansui setup. That is the real mark of a great DAC: you start wanting it in multiple rooms.
Unless something extraordinary shows up, the Merlin has “best selling product of 2026” written all over it. Once word gets out about how good this thing sounds, Apos may have trouble keeping them in stock.
Pros:
- Fully balanced and single ended outputs for flexible system pairing
- USB and coaxial inputs with high resolution support
- Accurate, detailed, and engaging sound that competes well above its price
- Extremely strong value at $225
- Driverless USB operation and galvanic isolation reduce noise and ground loop issues
- Compact footprint pairs perfectly with the Gremlin or other small desktop amps
- Quiet background and excellent dynamics for both tube and solid state systems
Cons:
- The clear Lexan “science project” form factor will not appeal to everyone
- SPDIF input does not support DSD
- Minimalist aesthetics may feel too utilitarian for more traditional setups
Where to buy:
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