Fiza, your explanation of your findings is not based on fact.
Lumin uses Lundhal output transformers which acts as a buffer between the output stage and the incomming signal from the Luimin into the preamplfier or power amplifier.
A Macintosh amplifier uses an autoformer as a load matching device which contains thousands of feet of wire, vs a the Lundhal which uses a tiny amount of wire in comparison to an output or load matching transformer.
The Macintosh amplfiers use this technique to enable the amplifier to see a common load vs a direct coupled solid state amplfication stage which can provide enough current to power an arc welder.
Also your assumptions on cost of the Lumin are just wrong, the case of both the power supply and main chassis are cut from solid billet aluminum this drives up costs dramatically and provides a very inert chassis, factor in the cost of the dac chips, two circuit boards the Lundhal output transformers, three high end toridial main power transformers you can see this is not an inexpensive product, that also doesn't take into consideration the rest of the costs in manufacturing, the importers profit, shipping and research and development.
The fact that the Lumin X1 compares to much more expensive front ends is testament to its value proposition.
We have a store full of dacs, in order to beat the X1 you have to spend $30k- 50k, The X1 sounds dramatically better than the less expensive digital products.
Dave and Troy
Audio Doctor NJ Lumin dealers