Audio
Apos x Geshelli Merlin DAC Review: A Natural Match for the Gremlin Amp
The Apos x Geshelli Merlin DAC pairs balanced and single-ended outputs with a smooth, natural sound that complements the Gremlin tube amp.
Introduction
The Apos x Geshelli Merlin DAC arrives as a companion piece to the Gremlin tube amp, designed in partnership with Geshelli Labs. It shares the same visual language as the Gremlin, adds flexible input and output options, and aims to complement the amp’s warm character rather than color the sound further. Currently in pre-order at an introductory price of $195, with a regular price of $225 planned afterward, the first batch is limited to 250 units.
Design and Build
The Merlin shares the same footprint as the Gremlin, which makes the two units feel like a natural pair on a desk. The front panel features a toggle switch with LED source indicators, and the orange LEDs match the lighting on the Gremlin’s tubes. The switches feel satisfying to use.

One thing to note is that the two units do not automatically stack well due to the hardware used to brace the acrylic plates. Apos has released a separate stacker piece, a simple frosted acrylic rectangle that allows the Gremlin to sit on top of the Merlin. Priced at $15, it is described as no-profit, with the cost intended to cover shipping. The stacker creates a striking effect with the green downfiring LEDs on the Gremlin, though the LEDs are not RGB, so matching them to a specific setup is not possible. Without the light, the stack still looks classy on a desk. The stack is not a solid pressure fit, so some motion can be expected when plugging in headphones.
Inputs and Outputs
Unlike the Gremlin, which is balanced only, the Merlin offers both balanced XLR outputs and single-ended RCA outputs. This means it can feed the Gremlin as well as powered speakers and most headphone amplifiers, including the JDS Atom 2. The outputs are simultaneous, so audio plays through both sets of outputs at all times with no toggle needed.
For inputs, the Merlin provides USB-C via an Amanero 768 USB module, supporting up to 768 kHz 32-bit and native DSD 512. It is driver-free, isolated to reduce noise, and does not draw power from the host, which should help avoid ground loop issues. There is also a coaxial S/PDIF input supporting 24-bit 192 kHz PCM, with low jitter thanks to the Texas Instruments DIX 9211 chip. A toggle switch on the front selects between sources, with LED indicators showing which input is active.

The DAC chip handling the conversion is an AKM AK4493, the same chip found on some versions of the Geshelli J2. The discrete analog stage uses a TI OPA1652 op amp, with the goal of not adding any color to the AK4493’s output.
Sound Performance
The Merlin was tested in several configurations, including with the Matrix Mini I Pro 3, the JDS Atom 2, the Magni Pi, and the Gremlin. It was also tested single-ended with the JDS Atom DAC 2. Test headphones included the Arya Organic, the Refined, and the Kren Meta.

In general, the Merlin’s highs were similar to the Matrix, while the mids felt airier. There is plenty of low-end, though it is not quite as defined or tight as on the Matrix, which uses an ESS DAC chip. The Merlin comes across as a little less aggressive overall. The Gremlin tends to take the edge off the Matrix, and the Merlin’s sound feels more complimentary to the Gremlin, as intended.
That said, the Merlin is not only a good fit for the Gremlin. It pairs extremely well with the JDS Atom 2, which delivers pure energy across the frequency range. The Merlin also compares favorably to the Atom DAC 2, where the ESS chip can sometimes produce a plasticky sheen on certain tracks. The Merlin skews a little softer around the edges but always sounds natural. Vocals that come off too hot or harsh on other setups do not present that problem here. The smoothness benefits the Gremlin, but the Merlin never feels lacking in detail. For a punchier presentation, a solid-state amp like the Atom 2 can bring that out.
The Merlin and Atom stack worked well with the Arya Organic, was liked a lot with the Meta, and was loved with the Refined. The Merlin and Gremlin stack was loved with the Arya and the Meta, but was not a favorite with the Refined, which came across as a little too warm and soft around the edges.
Things to Consider
The Merlin uses a wall-wart style power supply rather than an inline supply like the Gremlin, so it needs enough room on a power strip. The RCA connectors on this early pre-release unit feel a bit iffy, especially with tight cables, and could use more reinforcement. A 4.4mm balanced output would have been a nice addition since the Gremlin can make use of it, but it is not required and would mainly improve desk cable management.
Buying Advice
The Apos x Geshelli Merlin DAC accomplishes what it set out to do. It serves as a perfect companion piece to the Gremlin, with the added benefit of feeding single-ended amplifiers and sounding good while doing so. It may not beat every balanced DAC at its price point, but it is likely the best audio match for the Gremlin and certainly the best visual match.

Conclusion
The Merlin is a well-executed DAC that pairs naturally with the Gremlin while remaining versatile enough for other setups. Its smooth, natural sound and flexible outputs make it a strong option for desktop audio enthusiasts, especially those already invested in the Gremlin ecosystem.
Product link
View more details for Apos x Geshelli Merlin DAC
This product is mentioned in the review. Check the specifications, options, and compatibility before buying.
View more details for Apos x Geshelli Merlin DAC