
09.05.2026 11:07 | ~2 minutes read
British company Audio Note has announced Izvor, a new discrete digital-to-analog conversion module based on a resistor ladder. According to the manufacturer, this is the brand’s first development of its kind, built not with typical miniature SMD components, but with high-grade analog elements close in quality to those Audio Note uses in its higher-end audio products.

The development of Izvor took twelve years. The company believes the new architecture will offer a fresh approach to one of the key criticisms of digital sound: it is often faulted for lacking naturalness, coherence and “analog” musicality. Audio Note is betting that the quality of passive components inside a ladder DAC directly affects the character of the sound no less than the digital circuit itself.

Audio Note founder Peter Qvortrup noted that the company studied existing ladder DAC solutions and concluded that, in many of them, the potential of the circuit is limited by the quality of the components used. According to him, if the goal is for an R-2R DAC to sound closer to an analog signal path, it cannot be designed like an ordinary computer module. Instead, Audio Note decided to use resistors of the same class as those found in its own phono preamplifiers.

Izvor designer Darko Greguras explains the philosophy of the project through the idea of musical synergy between components. According to him, what matters is not only the precision of the values, but also how individual elements interact with one another within the overall circuit. The new architecture made it possible to use larger resistors and fine-tune the sound with a wide range of Audio Note’s proprietary components. For Izvor, the company even developed a new type of resistor specifically for the project.
For Audio Note, this project continues its long-standing line of independent digital audio developments. Back in 1996, the company introduced the DAC5 – one of the early and best-known DACs without oversampling. The approach Audio Note describes as “Direct from Disc” was once seen as radical, but the ideas behind NOS DACs and minimal intervention in the digital signal have since become much more widespread.

The Izvor technology will be used in the upper segment of the Audio Note range. Compatible models include the Fifth Element, DAC5 and DAC4.1 Balanced. For owners of already released devices, the company has prepared an upgrade program, in keeping with its traditional focus on a long product life cycle.
The cost of the modules and upgrade terms will depend on the specific model and market. Audio Note recommends contacting authorized dealers for detailed information.