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Aqua Acoustic Fomula xHD Rev. 2
The Optologic R2R conversion system
aqua believes that the more musical D/A conversion system is based on the circuit usually identified as "resistor ladder".
This technology has been substituted in the mass-market by the so-called sigma-delta converters.
The sigma-delta converter is a near-completely digital circuit and for this reason it can be can be integrated on silicon and produced at low-cost.
A quality resistor ladder DAC instead uses a circuit based on a set of high precision discrete resistors: at least 2 resistor banks, one for each stereo channel.
The Formula DAC is the first in the aqua’s production to show a proprietary D/A conversion system, that we name Optologic.
The signals sent to the resistor ladders are generated by a proprietary digital circuit, implemented inside an FPGA (Field Programmable Gate Array).
Formula has a sign-magnitude converter structure, and this requires not two but four 24 bit resistors banks, each one made of very low tolerance discrete resistors.
In order to separate the digital section from the sensitive analog circuits, galvanic and magnetic isolations are implemented between the FPGA and the four branches of the R2R ladder converter.
This creates complete isolation of all digital circuitry - including the clock - from the analogue section, for a clean, noiseless ground plane. It also plays the main role in the differential management of the R2R ladders, achieving perfect symmetry between the counter-phase halves. The result is the highest tonal contrast and naturalness.
Pure 1x native sample rate DAC
The Formula, like the other aqua models, is a digital filter-less DAC.
Our conviction is that in spite of the instrumental measurements showed by upsampling / oversampling DACs, they rarely are able to produce the same emotional and realistic results.
Modularity
A third important aspect in the aqua production is the modularity of the various electronic circuits.
aqua equipment are not short life products: as modular, they are open to future improvements and to follow the evolution of the technology.
Formula is made of a set of circuits every one developed on a separate printed circuit board easily interchangeable.
As an example, each of the four resistors banks of the converter is separate and mounted on connectors.
State of the art digital and analog electronics
As explained before, the Formula DAC uses no digital filter or any other compensation, relying instead on maniacal attention to each sub-circuit.
The separate analog and digital power supplies are executed purely by extensive use of discrete BJT, Mosfet, J-Fet and ultra-fast diodes.
Passive parts were selected not just for the best sonic result but also for their top quality, longevity and reliability. With the exception of six superior electrolytic capacitors, all other caps are Tantalum, solid-polymer OS-CON and double-metalized MKP.
The signal path itself is direct-coupled and completely capacitor-free.
The two output stages (one single-ended, one transformer-coupled balanced) use discrete BJT and J-Fet with metal-film resistors. All the electronics parts show an ultra-low RF noise.
An advanced ARM microcontroller manages the user interface on the front panel, the IR remote command and the communication port (serial, RS232 standard).
The xHD update
This update has required significant optimization of code for the main FPGA of R2R ladder DAC which has improved sound quality.
The new hybrid USB XMOS xCore 200 (dual core) + FPGA circuitry enables the high-resolution file playback up to 768kHz PCM and native DSD512
xHD improvements:
• Proprietary hybrid 2-stage XMOS xCore XE216 + FPGA
• Fully-floating (isolated) USB decoding and clock generation by FPGA with proprietary code
• High quality, long life, low noise parts and modular design that distinguish aqua – acoustic quality equipment
• Sample rate in “Bit Perfect” up to 768 kHz PCM and DSD512
• Latest version of customized XMOS X Core Driver on Windows OS (W7, W10)
• Native X Core Audio on Mac OS (Bit Perfect)
• USB Audio 2.0 operation on Linux (Bit Perfect)
Analog module Rev. 2
New level of sonic performance. The new boards implement new output transformers, specially selected super-fast active components and improved polarization of circuitry.
• Proprietary Optologic D/A conversion system. Pure R2R ladder - FPGA (Field Programmable Gate Arrays) based without digital filter
• Galvanic and magnetic isolations between the FPGA and the four branches of the R2R ladder converter
• Jitter free digital interface AQlink PRO (I2S protocol), uncompromising digital connection to La Diva cd transport
• Discrete R2R ladder DACs with low noise precision resistors
• Zero S/PDIF Jitter design, digital receiver stage PLL (phase locked loop) technology
• High-performance AQ Discrete Regulator (MOSFET, J-FET, BJT) for analog and digital DAC’s power supply
• 2 separate low noise C-Core power transformers, one for the analog and one for the digital section
• MODULAR DESIGN with upgradeable multi board platform
• Transformer-based true balanced audio output stage
• Fully upgradeable high-speed USB hybrid 2-stage XMOS xCore XE216 + FPGA, Fully-floating (isolated) USB decoding and clock generation by FPGA with proprietary code
• Proprietary USB Firmware / driver :
Apple MAC OS - Linux OS : USB asynchronous native support, no need to install drivers software
• Digital phase selector on front panel
• High-quality parts selected for sound quality:
- Tantalum, solid-polymer OS-CON and double-metalized MJP capacitors
- low noise Metal Foil ultra-precision resistors
- double metallized film pulse capacitor
- ultra-fast diodes
- halogen free cables
• Aluminium anti-resonant cabinet with Nextel
• RC5 IR remote controller (optional)
• Designed and handmade in Italy
WATT RECOMMENDS
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Professional Reviews 94/100
Deliciously Crispy
Sound Quality
96/100
Build Quality
93/100
Features Connectivity
84/100
Value for Money
95/100
Built around a filterless R2R ladder, the Formula xHD Rev. 2 delivers crystalline clarity with an unusually organic, analogue-like flow. HiFi News heard fast, fluid dynamics and convincing ambience, while SoundStage Solo praised its stable imaging, natural timing and deep resolution. Modular inputs and isolated USB make it a formidable long-term digital hub.
What Reviewers Are Saying
Pros
Exceptionally transparent, resolving sound remains natural, fluid and musically engaging rather than clinical.
Lifelike transient attack, nuanced microdynamics and deep, stable imaging bring impressive realism to voices and instruments.
Modular, upgradeable architecture and broad digital connectivity support long-term ownership.
&
Cons
Its premium price is substantial for a DAC with relatively minimalist features.
One reviewer found that it needs extensive burn-in before reaching its full transparency and resolution.
It lacks an Ethernet input, and its lowest bass prioritises timing and definition over ultimate punch.
SOUND QUALITY PERFORMANCE 96/100
Reviewers describe an unusually complete performance: vivid, organic and deeply musical, with exceptional transparency, resolving power and timing. It combines crystalline clarity and powerful dynamics with a notably natural, non-mechanical presentation that makes digital playback feel close to analogue.
Tonal Balance and Musicality
96/100
SoundStage Australia says recordings had “never sounded more vital, compelling and alive,” while HiFi News found the sound fluid, organic, captivating and free of anything mechanical or artificial. The same review calls it revealing without being trying and lush without becoming bloomy, suggesting an unusually successful balance of richness, openness and ease.
Resolution and Detail
97/100
SoundStage Australia heard breathtaking transparency, openness and resolving power, with pinpoint imaging and no loss of detail or soundstage stability even at very low volume. HiFi Advice calls it the most refined and highly resolving DAC it has heard, while TONEAudio says it gives no ground to dCS for extracting detail from either CD or streaming files.
Digital Performance
94/100
TONEAudio says the Aqua renders digital so truthfully that it is hard to believe the listener is not hearing analogue, while HiFi News hears no artificial or mechanical character. Reviewers also praise lifelike attack and decay, lightning-fast reflexes, natural timing and an immense sense of transparency.
Assessments of Build Quality, Usability, and Overall Propositions.
Build Quality
93/100
HiFi News reports separate digital and analogue power supplies extending to twin C-core transformers, with discrete components chosen for sound quality and longevity. It is hand-built in Italy and finished to an exceptionally high standard, with solid anti-resonance aluminium/Nextel casework and isolating feet.
Features Connectivity
84/100
The Formula provides balanced XLR and single-ended RCA outputs, USB, AES/EBU, RCA coaxial, BNC coaxial and AQlink/I2S inputs, with optional modular input capability. USB handles PCM to 24-bit/768kHz and DSD512, while the front-panel controls, IR remote and RS-232 integration add useful operational flexibility.
Value for Money
95/100
At roughly $17,500, TONEAudio considers the Formula’s price far from unreasonable in its market and says it has heard nothing as musically engaging for CD playback when paired with the La Diva transport. SoundStage Australia calls it a “bargain,” while HiFi Advice says only a few DACs costing three times as much surpass it.
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Authorized dealers for Aqua Acoustic Fomula xHD Rev. 2
- The Music Room — online and in-store — Erie, Colorado, United States (website)
- Ars Antiqua Audio — online and in-store — Boadilla del Monte, Comunidad de Madrid, Spain (website)
- Audio Concept - Luxembourg — in-store — Gare, Luxembourg, Luxembourg (website)
- Audio Connect — in-store — Bydgoszcz, Województwo kujawsko-pomorskie, Poland (website)
- Audio Magic — online and in-store — Preston, Victoria, Australia (website)
- AV Corp — online and in-store — Jawor, Województwo dolnośląskie, Poland (website)
- Delve Audio — in-store — Caldwell, New Jersey, United States (website)
- Elite Audio UK — online and in-store — Pittenweem, Escocia, United Kingdom (website)
- Fred's Sound Of Music AV — in-store — Portland, Oregon, United States (website)
- Hearken Audio — online and in-store — Kitchener, Ontario, Canada (website)
and 20 more verified dealers