94%
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
95/100
Build Quality
92/100
Features Connectivity
91/100
Value for Money
95/100
Driven by a fluid, organic R2R approach, the Formula xHD Rev. 2 pairs pinpoint imaging and crystalline detail with a notably natural, unforced flow. SoundStage Solo and HiFi Advice both highlight its refinement, while HiFi News praises its ability to make digital sound vividly alive.
What Reviewers Are Saying
Pros
Combines exceptional transparency and resolution with a natural, non-mechanical presentation that stays musical on every source.
Delivers strong timing, dynamic impact, and precise image placement, with improved energy and bass drive in the Rev. 2 output board.
Offers flexible high-end connectivity, including USB, AES/EBU, coax, AQlink/I2S, and modular upgrade options.
Reviewers repeatedly judge its performance to be outstanding enough to justify the price, even against far more expensive DACs.
&
Cons
The design is relatively minimalist for the asking price, with one reviewer noting it looks costly for a fairly featureless DAC.
Some reviewers note that the DAC’s balanced output and overall balance can lean slightly warm, with a little less low-end punch than the most forceful rivals.
SOUND QUALITY PERFORMANCE 95/100
Reviewers consistently describe the Formula xHD as unusually natural, vital, and emotionally convincing, with an easy, organic flow that makes digital sound feel closer to analog. They repeatedly stress that it is musical and free of anything mechanical or artificial, while still sounding clean, open, and highly engaging.
Tonal Balance and Musicality
95/100
The xHD is described as fluid, organic, lush but not bloomy, and “supremely easy to enjoy,” with music that sounds vital and alive rather than mechanical. Several writers compare it favorably to analog, and the recurring emphasis is on musical involvement and natural ease rather than a clinical or etched presentation.
Resolution and Detail
96/100
Reviewers repeatedly praise its crystalline clarity, “breathtaking transparency,” and its ability to dig deep into recordings without losing composure. One calls it “the most refined and most highly resolving sound” he has heard from any DAC, while others highlight pinpoint imaging, subtle detail retrieval, and the ability to preserve detail even at very low listening levels.
Digital Performance
94/100
The digital presentation is consistently described as clean, free of mechanical artifacts, and unusually convincing: no grain, no artificial edge, and a strong sense that the converter is getting out of the way. Comments about precise attack and decay, a black-and-quiet-feeling presentation, and natural timing all point to excellent digital behavior, though the reviews focus more on organic realism than on measurement-style scrutiny.
Assessments of Build Quality, Usability, and Overall Propositions.
Build Quality
92/100
Reviewers describe the Formula xHD as hand-built in Italy with separate digital and analog power supplies, C-core transformers, discrete parts chosen for sound quality and longevity, and solid anti-resonance aluminum casework. The overall impression is of a serious, well-executed component with thoughtful engineering and finish, though the reviews do not dwell at length on long-term reliability beyond those construction details.
Features Connectivity
91/100
This is a well-equipped DAC with USB, AES/EBU, RCA coax, BNC coax, and AQlink/I2S input options, plus balanced XLR and single-ended RCA outputs. Reviewers also note the remote control, front-panel controls, and the modular/upgradeable approach, along with very high PCM and DSD support over USB and AQlink.
Value for Money
95/100
Despite its high asking price, reviewers are notably positive about value: one calls it a “bargain and the best I ever had,” another says the price is “by no means crazy money,” and another argues there is nothing he has heard that is more musically engaging at the price. The value comments are strong precisely because they come from reviewers comparing it against very expensive rivals, including megabuck DACs.
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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 — 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