In this article, I review the SMSL DS300 DAC/headphone amp and preamp. The DS300 features the latest ES9039Q2M DAC chip, Bluetooth support and balanced XLR outputs. It’s priced at $188.

This is an upgrade from the SMSL DS200 that I reviewed previously. The main improvements include the updated DAC chip (transitioning from the CS43131 to the ES9039Q2M), the addition of balanced outputs, and increased output power. Both units are part of SMSL’s “Lin” series—a product line that emphasises a modern aesthetic and compact form factor. It delivers high performance at an entry-to-mid-level price point, specifically targeting audiophiles and gaming enthusiasts.

Disclaimer: This sample was provided by SMSL for an honest review. All observations and opinions here are my own, based on my experience with the product.

SMSL DS300

Features

At the centre of the DS300 is ESS’s next-generation ES9039Q2M DAC chip. If you’re coming from the DS200, this is a notable step up in refinement. To keep that signal as clean as possible, SMSL implemented a dedicated audio clock processing circuit. In plain English? It kills jitter, ensuring your music feels stable, timed correctly, and free of digital “fuzz.”

It’s not just about the DAC chip, though. The DS300 uses four OPA1612A high-end dual op-amps. These are legendary in the hobby for their low noise and distortion, and when paired with the premium, audio-grade components inside, you get a soundstage that feels both powerful and incredibly nuanced. Even the power delivery is thoughtful—there’s a built-in low-noise switching power supply with multiple analog power rails to keep electrical “hum” away from your sensitive audio signals.

On the digital side, whether you’re a local file hoarder or a dedicated streamer, the DS300 has you covered. Thanks to the 3rd Gen XMOS XU-316 USB interface, this unit handles PCM up to 32-bit/768kHz and DSD512. It features full MQA decoding and even supports MQA-CD, which is a nice touch for those still spinning physical discs. Plus, every input port (besides Bluetooth) supports DSD transmission, with Coaxial and Optical supporting DoP64.

For those who want to “cut the wires,” the Qualcomm Bluetooth chip comes into play. It isn’t just basic “convenience” Bluetooth; it supports LDAC (24-bit/96kHz) and aptX HD, meaning you aren’t sacrificing much quality when you switch from a cable to your phone. This high-quality approach extends to the back panel as well, which features solid, gold-plated connectors.

Finally, it’s great to see that SMSL has been listening to user feedback regarding aesthetics. The DS300 now includes dedicated lighting controls, allowing you to cycle through five different modes—including breathing effects, a music rhythm mode, solid colours, or turning the lights off entirely.

Design

Physically, the SMSL DS300 stays true to the line’s aesthetic. It is slightly larger than its predecessor, yet it still sits comfortably in the palm of your hand. It’s worth noting that the chassis can get quite warm to the touch during operation—a common trait for high-performance internals in such a small enclosure—so you’ll want to ensure it has a bit of breathing room on your desk.

There are some key functional upgrades as well. On the front panel, you now get three gain stages—Low, Medium, and High—offering more flexibility for different headphones.

The most significant changes, however, are found on the back panel. SMSL has added balanced XLR outputs for a cleaner signal path, and the DS200’s USB-C power delivery has been replaced by a standard AC input to accommodate a more robust internal power supply. Additionally, the data input has shifted to a sturdy USB-B port, which many desktop users prefer for its more secure connection.

Sound

The SMSL DS300 had that smoother, relaxed Cirrus Logic house sound, but the DS300 is a different beast entirely. With the switch to the ESS ES9039Q2M chip, the vibe is now much flatter and more analytical. It’s transparent and fast; it doesn’t try to “warm up” your music, but just gives it to you straight.

The bass extension is great—it digs deep without any annoying mid-bass bloat—and the treble is crisp and detailed. It definitely has some “ESS sparkle,” but it’s not so sharp that it becomes fatiguing. It actually balanced out my Sennheiser HD650s perfectly, cleaning up that “Sennheiser veil” and adding some much-needed energy to the top end.

With 1500mW of output, the SMSL DS300 has plenty of grunt. It handled the FiiO JT7 planars without breaking a sweat; on High Gain, they felt punchy and dynamic, never thin (more about that in the Pairings section).

To manage all that power, SMSL uses a sliding volume controller. It’s easy to dial in the exact volume you want, whether you’re using power-hungry overheads or sensitive IEMs. Speaking of IEMs, the Low Gain setting is dead quiet. No hiss, no floor noise, just a black background.

Listening to Vital Techtones’ “Drums Stop, No Good,” the DS300’s technicalities really shine here. The imaging is spot on—you can hear exactly where every drum is placed—and the layering stays clean even when the track gets busy. It sounds natural, but you’re still getting all those tiny details that a warmer DAC might smooth over.

Pairing

FiiO JT7 (Planar Magnetic)

I spent a good chunk of time listening to this combo during my testing, and honestly, the FiiO JT7 is probably the best way to see what the SMSL DS300 can actually do. On paper, the JT7 looks like an easy drive because of that 18Ω impedance, but when I was listening to this combo, I found its 92dB sensitivity actually makes it pretty hungry for current.

When I first plugged them in, I could tell right away that the “excellent RMS” performance shown in the measurements wasn’t just for show. The DS300 has this effortless way of grabbing onto those large planar drivers and just… controlling them. I didn’t get any of that “mushy” bass you sometimes hear with underpowered gear; instead, the low end felt tight, textured, and snappy.

Sonically, it’s a great match. Since I found the DS300 to be so neutral, it just lets the JT7’s natural character come through without adding its own flavour. I noticed even on some of my more aggressive test tracks that the treble stayed crisp and airy without crossing into any glare territory. If you’re looking to get into planars without spending a fortune, I’d say this is a bit of a “dream team” pairing for under $350.

Sennheiser HD600 / HD650

I also threw my old faithful Sennheiser HD650s at the DS300 to see how it handled a high-impedance load. Even though it’s a small unit, the built-in amp had heaps of headroom for these 300Ω classics. I never felt like I was running out of juice.

What I liked most here was that the DS300’s neutral signature left that famous Sennheiser midrange exactly where it should be—front and centre—while that solid power delivery actually helped the mid-bass feel a bit more filled in and controlled than I’ve heard on some other budget all-in-ones. It’s a very honest-sounding pairing.

IEMs & Sensitive Gear

For the IEM users out there, I did test a few sensitive sets on Low Gain. The noise floor is impressively black—I didn’t hear any hiss at all during my sessions. One thing I will say, though: when I was trying to dial in exact volumes for my IEMs, I found that vertical touch slider takes a little getting used to compared to a traditional knob, so just a heads-up if you like to make tiny micro-adjustments to your listening levels.

Comparison

SMSL DS300 vs. iFi ZEN DAC 3

The iFi ZEN DAC 3 is all about that soulful character. It uses a Burr-Brown chip to deliver iFi’s signature sound—smooth, slightly warm, and very musical. When I paired it with the HD650, it felt like an immersive, cozy experience. It’s the kind of sound where you stop analysing the gear and just get lost in the vibrant strings and intimate vocals.

Then, there’s the xBass+ button. On the ZEN DAC 3, this is a pure analog circuit that adds a tasteful bump to the low end without muddying the mids. It’s perfect for open-back headphones like the HD650 that can sometimes feel a bit polite in the sub-bass. It’s a set-and-forget feature for when you just want to enjoy the groove.

The SMSL DS300 is a precision tool. It swaps out that warmth for pure, uncoloured transparency. Thanks to the ESS ES9039Q2M, it feels quieter in the background. It actually has better natural bass extension than the iFi when the xBass is off, but it’s a cleaner, more textured bass rather than the punchy fun of the iFi.

If you want a musical partner with a bass boost button for those thin-sounding tracks, stick with the ZEN DAC 3. But if you want a high-powered, transparent hub that can drive virtually anything with precision, the DS300 is the way to go.

Verdict

So, wrapping things up on the SMSL DS300—I have to say, this is a clear step up from the DS200 I looked at recently. While the DS200 was a decent entry-level option, the DS300 feels like a more capable device in terms of raw performance.

At around $188, the value here is impressive. You’re getting a neutral, honest sound signature that doesn’t mess with the character of your gear, backed up by enough power to handle almost anything on a typical desk.

Of course, the big talking point is the design. If you aren’t into the cyberpunk aesthetic or the breathing lights, this might look a bit out of place next to more traditional Hi-Fi gear. But if you actually dig the futuristic look, or if you just want a powerhouse all-in-one that doesn’t break the bank, the DS300 is an easy recommendation. It’s a versatile, punchy little hub that proves SMSL’s new LIN sub-brand is off to a strong start.