^ I found out what is behind those measurements discrepancies. V2+ was measured with balanced output, and V2 was measured with single ended output. Both were measured at 300ohm load with 45k bandwith meaning the results are directly comparable, and because V2 and V2+ should be very similar in circuitry these results shine some light on single ended vs balanced with the geek out units, which is applicable to the Wave because it will be using the same circuitry as the geek out's:
Geek Out V2 single ended:
Vrms: 2.2v
THD: 0.0009
NF: -150dB
vN: 6uV
Resolution: 19bit
Geek Out V2+ balanced:
Vrms: 4v
THD: 0.002
NF: -140dB
vN: 13uV
Resolution: 17.5bit
So we can see balanced doubles power but also doubles distortion and voltage noise, the noise floor is also raised from -150dB to -140dB, this means the actual resolution of the device is dropping from around 19bit to about 17.5bit.
People should think twice about balanced and dual dacs, they do not mean improvements unless implemented in a certain way. Geek out or Wave Balanced is just doubling distortion and noise in exchange for power, so it is a trade-off, not an improvement, and the drop in resolution is not a worthwhile trade-off, unless you absolutely need the extra power, so I feel bad for people with iems running out to get balanced cables looking for improvements when it is the contrary in this case.
Balanced along with dual dacs are just marketing unless done right. It comes down to the implementation. For example with Pono player balanced actually drops the noise floor 5% unlike these Geek outs where noise floor is raised 6-7% droppig resolution to 17.5 bits.
If not done right balanced and dual dacs can worsen performance over a single dac and single ended device.
Just to be clear the single ended spec of Geek out at 19 bit resolution is fantastic, and is equal to the AK240 single ended which also has 19 bit resolution. So I'm not knocking the base engineering of LH, obviously there is some solid engineering here. For reference, Pono has 18 bit resolution when balanced and 17.5 bit resolution when single ended and, so Pono balanced has higher resolution than Geek out balanced, but Geek out single ended has higher resolution than Pono. In the end both single ended and balanced from Geek are both good.
What I am knocking about LH is that you can see they only implemented balanced because people asked for it, not because it was an improvement (on the contrary). They should be more open in discussing these things, they should let people know that balanced isn't all they think it is in their own device, but instead they decide to capitalize on peoples wishful thinking to make money with a V2 version of the device. For Pono there is a legitimate improvement in power and SQ with balanced, for Geek out and Wave it is lowering SQ with more power and more noise.
It highlights that LH are capable of very good engineering when Larry is able to design what he wants, aka I'm sure if you asked Larry if balanced is in anyway needed in a dap, he would say No, because that's how his engineering style is. While Pono from Charles is built from the ground up to his own engineering style, he did not implement balanced because anyone asked, but only because his engineering style actually benefits from it. Pono is not perfect, output impedance is 3 ohm etc. But at least Charles stayed true to his own design, while LH too often build products to the tune of where the money is at.
Now the advantages of the power gained from geek balanced will come in handy for some applications, and is very powerful at 4Vrms, but certainly not for iems or portables, where the loss in resolution is more important to prevent. Pono is 1.2Vrms single ended and 2Vrms Balanced, so the Geek out is twice as powerful in each respective mode.
Basically I don't have any problem with the performance figures from Geek out, what I have issue with is LH communication and marketing strategies. You would think LH would have the courtesy to mention these traits of their balanced amp when they have people paying big money for upgrades called "THD" and "IEM".