ZMFheadphones - Spring Reset - New Stock Woods, Limited Editions, One-off Signature Drops and more!

[biglazymoose]

I came here after seeing your classified and, wow, that's crazy to hear. It seems like a very unfortunate situation. With the insane profit margins ZMF has, I'm surprised they weren't willing to accommodate this issue. For many years they were known for their flexibility and helpfulness, so what gives?

It’s an unfortunate situation that I caused alone by being a dumbass. I’m sure they’ve had people try shenanigans in the past, and the policy makes total sense. They are still very reasonable people and offered to help me with transfer once I find a buyer.

 

[DenverW]

I was fortunate enough to snag the Persimmon Atrium T90. Looking at photos got me thinking it looks pretty similar to ziricote. I attempted to google the two of them together and have gotten even more confused. Are black persimmon and Ziricote actually different woods?

I looked into this myself, and I believe that based on the harder janka, that the black persimmon wood they're using is potentially also known as Mabolo wood, or kamagong. It comes from the philippines. This is just my guess, though.

 

[timbrehead]

?? .... Here is a typical non-financial corporate income statement template:

Gross Sales Revenue
less: Returns & Allowances
------------------------------------------------
Net Sales Revenue
less: Cost of Goods Sold
-------------------------------------------------
Gross Margin
less: Selling Expense
less: General & Administrative Expense
less: Research & Development Expense
less: Depreciation Expense
less: Amortisation Expense
-------------------------------------------------
Operating Income
less: Interest Expense
-------------------------------------------------
Pre-tax Income
less: Provision For Current Income Taxes
less: Provision For Deferred Income Taxes
-------------------------------------------------
Net Income
================================

.... can you specify the line items and their amounts which produce ZMF's "insane profit margins"?

In this mind it is quite simple: ZMF (Zach) makes insanely good sounding headphones, many of them one of a kind, with insanely good craftsmanship to the extent that many of you with much deeper pockets than mine happily buy several sets of the same headphone with different materials/appearances. How does one place a price on art? The market decides. We decide with every drop. And I have no issue with ZMF making an "insane" profit from my purchase, though I suspect it is only generously reasonable after all expenses are met. I get insane pleasure listening to, looking at and feeling my AO Cocobolo. Yes, I am insane, I am afflicted with the certified self-diagnosis of Audiophilia Terminalis.

 

[Orange5o]

The issue is things becoming public. If they reversed charges on it and nobody knew, that's one thing. As soon as anyone knows that they'll do it, anyone with buyer's remorse after an impulse buy, or buys one on week 1 drop but then prefers one on the next week's drop will want to back out of the first, etc etc etc

 

[Frankie D]

Usually not a huge gold fan myself, but hell, id pay to be able send in my AO and have the grills changed out to these 14k gold ones seen in AB100 - they look amazing.

If this were the CO, I would have a hard time not getting it. I was not wowed by the CO’s in this drop.

 

[jonathan c]

In this mind it is quite simple: ZMF (Zach) makes insanely good sounding headphones, many of them one of a kind, with insanely good craftsmanship to the extent that many of you with much deeper pockets than mine happily buy several sets of the same headphone with different materials/appearances. How does one place a price on art? The market decides. We decide with every drop. And I have no issue with ZMF making an "insane" profit from my purchase, though I suspect it is only **generously reasonable** after all expenses are met. I get insane pleasure listening to, looking at and feeling my AO Cocobolo. Yes, I am insane, I am afflicted with the certified self-diagnosis of Audiophilia Terminalis.

** nice phrase! Besides, the profit of today helps provide for the headphone oeuvres of tomorrow.

 

[zach915m]

Regarding the drops - they are definitely tough to run, and for all of our sanity we have always had every sale be final - the butterfly effect of headphones going up and down off the page with future ZMF owners wanting to change sets as the available sets change would just be too much for us to handle. I think ultimately this leads to more happy ZMF owners, vs feeling like you always missed something and someone else got something that you weren't given the same opportunity to get. There's never going to be a perfect way, but that's also why we're working on the custom shop for the future.


A few folks commented on our profit margins are. It’s way more complex than “this part costs X and they charge Y.” When it was just me (or me + two), things were simpler; today, small‑batch U.S. manufacturing is a web of moving parts that all have to stay in balance. Here’s what that looks like at ZMF:

---

1. Two buildings, one mission​

We utilize ~18 k sq ft of CNC-wood‑shop and assembly space between two buildings so we can control humidity, dust, and vibration down to ±0.001 in. Taxes, insurance, and upkeep live in every headphone’s price tag.

2. Million‑dollar machines, handmade results​

CNC routers, 5‑axis mills, lasers, and in‑house wood stabilization run into seven figures, before maintenance, software, and power. Profits also fund R&D rigs, printers, and the inevitable “fail, learn, rebuild” cycle. After running ZMF since it was just me, I’ve learned the hard way about inventory management and that time is money. I’d rather just focus on building and designing headphones honestly.

3. People over payrolls​

Our crew are career craftspeople, not temps: living wages, health care, 401(k) + profit share, paid training, bonuses. Skill shows up in sound quality—and on the overhead line.

4. Warranty and Parts​

When we promise a lifetime warranty on sonic performance, we’re also promising to keep spare parts, drivers, earpads and jigs on the shelf long after a model is produced. Setting aside reserve stock, and the cash to service it, is part of every sale—think of it as prepaid support you might never need but we must be ready to honor. We also run a business that is semi-custom – meaning there’s tons of parts. We also have a different cup design for every model. There’s inventory everywhere and it isn’t “lean” in the proper Toyota way, I know you KanBan nerds know what I’m talking about. We have to keep this inventory for the reasons above, and because it allows us to make cool stuff.

5. The unglamorous bits​

UL‑rated power, safety equipment, cybersecurity, RoHS/REACH testing, liability coverage, repairing leaking roofs (yes we had that happen this year) etc. All of these need to be in place for the business to operate.

Why margins matter​

If we price too low, we can’t invest in people, process or innovation, and the brand withers. If we price too high, we alienate the very enthusiasts who got us here. The “margin” is the narrow lane where we fund tomorrow’s headphones, keep today’s team thriving, and still deliver genuine value to the community.

I made the decision a while back not to sell to distributors, and even our dealers are constantly complaining about our smaller than usual margin. I have not waivered on this and if it doesn’t work for them I don’t bend. Why? Because it means that you as the consumer can get a hand-crafted wood headphone made on world class equipment, with patented acoustic system (that also cost a lot of money to prove worthy of a patent) that make headphones which apparently are good enough to be copied and targeted by other businesses for a price that is competitive with the rest of the high end audio world. I know they cost a lot – but if we went the way of much of this industry (the not 1-5 guy shops) with distributor pricing, forget about the tariff issues, a Caldera would cost a lot more and I’d feel like a jerk selling it. Like you guys am an enthusiast and I try to view everything from that lens – while crunching numbers constantly to make sure everything makes sense and is fair to our staff, and the people buying our stuff.

So yeah, running a niche, handcrafted audio company is more than “number A vs. number B.”

Thanks for asking—and for keeping us honest.

 

[Frankie D]

Regarding the drops - they are definitely tough to run, and for all of our sanity we have always had every sale be final - the butterfly effect of headphones going up and down off the page with future ZMF owners wanting to change sets as the available sets change would just be too much for us to handle. I think ultimately this leads to more happy ZMF owners, vs feeling like you always missed something and someone else got something that you weren't given the same opportunity to get. There's never going to be a perfect way, but that's also why we're working on the custom shop for the future.


A few folks commented on our profit margins are. It’s way more complex than “this part costs X and they charge Y.” When it was just me (or me + two), things were simpler; today, small‑batch U.S. manufacturing is a web of moving parts that all have to stay in balance. Here’s what that looks like at ZMF:

---

1. Two buildings, one mission​

We utilize ~18 k sq ft of CNC-wood‑shop and assembly space between two buildings so we can control humidity, dust, and vibration down to ±0.001 in. Taxes, insurance, and upkeep live in every headphone’s price tag.

2. Million‑dollar machines, handmade results​

CNC routers, 5‑axis mills, lasers, and in‑house wood stabilization run into seven figures, before maintenance, software, and power. Profits also fund R&D rigs, printers, and the inevitable “fail, learn, rebuild” cycle. After running ZMF since it was just me, I’ve learned the hard way about inventory management and that time is money. I’d rather just focus on building and designing headphones honestly.

3. People over payrolls​

Our crew are career craftspeople, not temps: living wages, health care, 401(k) + profit share, paid training, bonuses. Skill shows up in sound quality—and on the overhead line.

4. Warranty and Parts​

When we promise a lifetime warranty on sonic performance, we’re also promising to keep spare parts, drivers, earpads and jigs on the shelf long after a model is produced. Setting aside reserve stock, and the cash to service it, is part of every sale—think of it as prepaid support you might never need but we must be ready to honor. We also run a business that is semi-custom – meaning there’s tons of parts. We also have a different cup design for every model. There’s inventory everywhere and it isn’t “lean” in the proper Toyota way, I know you KanBan nerds know what I’m talking about. We have to keep this inventory for the reasons above, and because it allows us to make cool stuff.

5. The unglamorous bits​

UL‑rated power, safety equipment, cybersecurity, RoHS/REACH testing, liability coverage, repairing leaking roofs (yes we had that happen this year) etc. All of these need to be in place for the business to operate.

Why margins matter​

If we price too low, we can’t invest in people, process or innovation, and the brand withers. If we price too high, we alienate the very enthusiasts who got us here. The “margin” is the narrow lane where we fund tomorrow’s headphones, keep today’s team thriving, and still deliver genuine value to the community.

I made the decision a while back not to sell to distributors, and even our dealers are constantly complaining about our smaller than usual margin. I have not waivered on this and if it doesn’t work for them I don’t bend. Why? Because it means that you as the consumer can get a hand-crafted wood headphone made on world class equipment, with patented acoustic system (that also cost a lot of money to prove worthy of a patent) that make headphones which apparently are good enough to be copied and targeted by other businesses for a price that is competitive with the rest of the high end audio world. I know they cost a lot – but if we went the way of much of this industry (the not 1-5 guy shops) with distributor pricing, forget about the tariff issues, a Caldera would cost a lot more and I’d feel like a jerk selling it. Like you guys am an enthusiast and I try to view everything from that lens – while crunching numbers constantly to make sure everything makes sense and is fair to our staff, and the people buying our stuff.

So yeah, running a niche, handcrafted audio company is more than “number A vs. number B.”

Thanks for asking—and for keeping us honest.

Hi Zach. Very well said.

Now if you could come up with a much simpler way of changing ear pads! I know many do them in 15 seconds. Unfortunately not me! I am sure copying what Meze or Abyss does would make them cost more, but wow are the Meze pads easy to change. Anyway great HPs. Tks.

 

[GarlicBiscuit]

Now if you could come up with a much simpler way of changing ear pads! I know many do them in 15 seconds. Unfortunately not me! I am sure copying what Meze or Abyss does would make them cost more, but wow are the Meze pads easy to change. Anyway great HPs. Tks.

Come to think of it, the Moondrop over-ear method of pad swapping could be a more viable alternative for other manufacturers. The Para and Cosmo have magnetic attachment systems like high-end Mezes, but the lip of the pads go around a magnetic plate (like ZMFs with their baffles) instead of the pad's entire backside being stuck on. Theoretically, you could have several pairs of those plates around for different pads and swap them in a breeze.

 

[betula]

Regarding the drops - they are definitely tough to run, and for all of our sanity we have always had every sale be final - the butterfly effect of headphones going up and down off the page with future ZMF owners wanting to change sets as the available sets change would just be too much for us to handle. I think ultimately this leads to more happy ZMF owners, vs feeling like you always missed something and someone else got something that you weren't given the same opportunity to get. There's never going to be a perfect way, but that's also why we're working on the custom shop for the future.


A few folks commented on our profit margins are. It’s way more complex than “this part costs X and they charge Y.” When it was just me (or me + two), things were simpler; today, small‑batch U.S. manufacturing is a web of moving parts that all have to stay in balance. Here’s what that looks like at ZMF:

---

1. Two buildings, one mission​

We utilize ~18 k sq ft of CNC-wood‑shop and assembly space between two buildings so we can control humidity, dust, and vibration down to ±0.001 in. Taxes, insurance, and upkeep live in every headphone’s price tag.

2. Million‑dollar machines, handmade results​

CNC routers, 5‑axis mills, lasers, and in‑house wood stabilization run into seven figures, before maintenance, software, and power. Profits also fund R&D rigs, printers, and the inevitable “fail, learn, rebuild” cycle. After running ZMF since it was just me, I’ve learned the hard way about inventory management and that time is money. I’d rather just focus on building and designing headphones honestly.

3. People over payrolls​

Our crew are career craftspeople, not temps: living wages, health care, 401(k) + profit share, paid training, bonuses. Skill shows up in sound quality—and on the overhead line.

4. Warranty and Parts​

When we promise a lifetime warranty on sonic performance, we’re also promising to keep spare parts, drivers, earpads and jigs on the shelf long after a model is produced. Setting aside reserve stock, and the cash to service it, is part of every sale—think of it as prepaid support you might never need but we must be ready to honor. We also run a business that is semi-custom – meaning there’s tons of parts. We also have a different cup design for every model. There’s inventory everywhere and it isn’t “lean” in the proper Toyota way, I know you KanBan nerds know what I’m talking about. We have to keep this inventory for the reasons above, and because it allows us to make cool stuff.

5. The unglamorous bits​

UL‑rated power, safety equipment, cybersecurity, RoHS/REACH testing, liability coverage, repairing leaking roofs (yes we had that happen this year) etc. All of these need to be in place for the business to operate.

Why margins matter​

If we price too low, we can’t invest in people, process or innovation, and the brand withers. If we price too high, we alienate the very enthusiasts who got us here. The “margin” is the narrow lane where we fund tomorrow’s headphones, keep today’s team thriving, and still deliver genuine value to the community.

I made the decision a while back not to sell to distributors, and even our dealers are constantly complaining about our smaller than usual margin. I have not waivered on this and if it doesn’t work for them I don’t bend. Why? Because it means that you as the consumer can get a hand-crafted wood headphone made on world class equipment, with patented acoustic system (that also cost a lot of money to prove worthy of a patent) that make headphones which apparently are good enough to be copied and targeted by other businesses for a price that is competitive with the rest of the high end audio world. I know they cost a lot – but if we went the way of much of this industry (the not 1-5 guy shops) with distributor pricing, forget about the tariff issues, a Caldera would cost a lot more and I’d feel like a jerk selling it. Like you guys am an enthusiast and I try to view everything from that lens – while crunching numbers constantly to make sure everything makes sense and is fair to our staff, and the people buying our stuff.

So yeah, running a niche, handcrafted audio company is more than “number A vs. number B.”

Thanks for asking—and for keeping us honest.

On the one hand it is great to see a detailed explanation, on the other hand I find it a bit is sad that you have to explain this to some people. I just hope that there was only ignorance behind the initial comments and not malice.

 

[ThanatosVI]

On the one hand it is great to see a detailed explanation, on the other hand I find it a bit is sad that you have to explain this to some people. I just hope that there was only ignorance behind the initial comments and not malice.

To be fair, it is next to impossible to get a feeling for the true costs of something if you're not involved in the business.
Especially if it's something as unique as these wooden headphones.

 

[betula]

To be fair, it is next to impossible to get a feeling for the true costs of something if you're not involved in the business.
Especially if it's something as unique as these wooden headphones.

That's true; I was also unaware of some of the expenses on Zach's list. At the same time, an averagely knowledgeable adult should presume that there are more costs involved in manufacturing headphones (or any products) than parts/material. Plus, people should only make public comments like 'they have obscene profit margins' if they can support their claim with facts and data otherwise it might come across as an ignorant attack.

 

[a41297]

Regarding the drops - they are definitely tough to run, and for all of our sanity we have always had every sale be final - the butterfly effect of headphones going up and down off the page with future ZMF owners wanting to change sets as the available sets change would just be too much for us to handle. I think ultimately this leads to more happy ZMF owners, vs feeling like you always missed something and someone else got something that you weren't given the same opportunity to get. There's never going to be a perfect way, but that's also why we're working on the custom shop for the future.


A few folks commented on our profit margins are. It’s way more complex than “this part costs X and they charge Y.” When it was just me (or me + two), things were simpler; today, small‑batch U.S. manufacturing is a web of moving parts that all have to stay in balance. Here’s what that looks like at ZMF:

---

1. Two buildings, one mission​

We utilize ~18 k sq ft of CNC-wood‑shop and assembly space between two buildings so we can control humidity, dust, and vibration down to ±0.001 in. Taxes, insurance, and upkeep live in every headphone’s price tag.

2. Million‑dollar machines, handmade results​

CNC routers, 5‑axis mills, lasers, and in‑house wood stabilization run into seven figures, before maintenance, software, and power. Profits also fund R&D rigs, printers, and the inevitable “fail, learn, rebuild” cycle. After running ZMF since it was just me, I’ve learned the hard way about inventory management and that time is money. I’d rather just focus on building and designing headphones honestly.

3. People over payrolls​

Our crew are career craftspeople, not temps: living wages, health care, 401(k) + profit share, paid training, bonuses. Skill shows up in sound quality—and on the overhead line.

4. Warranty and Parts​

When we promise a lifetime warranty on sonic performance, we’re also promising to keep spare parts, drivers, earpads and jigs on the shelf long after a model is produced. Setting aside reserve stock, and the cash to service it, is part of every sale—think of it as prepaid support you might never need but we must be ready to honor. We also run a business that is semi-custom – meaning there’s tons of parts. We also have a different cup design for every model. There’s inventory everywhere and it isn’t “lean” in the proper Toyota way, I know you KanBan nerds know what I’m talking about. We have to keep this inventory for the reasons above, and because it allows us to make cool stuff.

5. The unglamorous bits​

UL‑rated power, safety equipment, cybersecurity, RoHS/REACH testing, liability coverage, repairing leaking roofs (yes we had that happen this year) etc. All of these need to be in place for the business to operate.

Why margins matter​

If we price too low, we can’t invest in people, process or innovation, and the brand withers. If we price too high, we alienate the very enthusiasts who got us here. The “margin” is the narrow lane where we fund tomorrow’s headphones, keep today’s team thriving, and still deliver genuine value to the community.

I made the decision a while back not to sell to distributors, and even our dealers are constantly complaining about our smaller than usual margin. I have not waivered on this and if it doesn’t work for them I don’t bend. Why? Because it means that you as the consumer can get a hand-crafted wood headphone made on world class equipment, with patented acoustic system (that also cost a lot of money to prove worthy of a patent) that make headphones which apparently are good enough to be copied and targeted by other businesses for a price that is competitive with the rest of the high end audio world. I know they cost a lot – but if we went the way of much of this industry (the not 1-5 guy shops) with distributor pricing, forget about the tariff issues, a Caldera would cost a lot more and I’d feel like a jerk selling it. Like you guys am an enthusiast and I try to view everything from that lens – while crunching numbers constantly to make sure everything makes sense and is fair to our staff, and the people buying our stuff.

So yeah, running a niche, handcrafted audio company is more than “number A vs. number B.”

Thanks for asking—and for keeping us honest.

Hello Zach and thank you for explaining.

It is what I thought a few days ago when the full wallet picture was posted. I took that as a joke (probably/hopefully was).

There must be a lot of cost involved with making these unique headphones, one can imagine that. As you explained above, the cost is not just wood, drivers, wires, etc. You need to pay rent, insurance, invest in your employees, and so on.

I have a couple of Focals that cost the same or more than my ZMFs. They are nice headphones but not unique and definitely not as serviceable by the end user as the ZMFs.

ZMFs may not seem cheap but they are priced lower than most competitors for something that in mostly unique.

You are a business owner and could charge the prices that people are willing to pay, but instead you charge what you think is fair to us. I do not think that most business people think like that and I for one appreciate immensely that I can afford to have a couple of your creations. Yes, I feel the expense and yes they are going on a payment plan but I will probably use them 20 years for now and that makes them actually cheap for me.

I feel that this hobby has a lot of equipment priced ridiculously high for no other reason than profits and maybe exclusivity. Amps, speakers that are tens of thousands, IEMs that are twice the price of a high end ZMF, and so on. Your prices are reasonable in my opinion for what you get.

Most people here (vast majority) seem to appreciate that. This is the reason (and the fact that they are awesome) that the drops sell within minutes and everyone gets so excited about them.

Please keep doing what you are doing and know that we appreciate your work, dedication, creativity and that you keep the prices as low as you can.

Thank You!

 

[Hunetly]

Caldera with aged white oak, a magnesium frame, and coffee gold hardware.
True beauty

 

[know creativity]

I looked into this myself, and I believe that based on the harder janka, that the black persimmon wood they're using is potentially also known as Mabolo wood, or kamagong. It comes from the philippines. This is just my guess, though.

It could be that. I was initially wondering about Mun Ebony as well. Between wood types and stabilized drop naming themes, ZMF is continuously inspiring me to learn new things. The names for less common lumber types do seem to be a mess. It is almost like every country has their own ebony and iron wood and ebony and ziricote might both be persimmons (sometimes?). I completely had to give up when I saw how low the Janka rating was for black and white ebony (as a wood newbie, I had assumed it would be similar to macassar ebony, not in the 1700s).