Yep, one should not see this as a speaker amp even though one can connect speakers to it.
Amir clearly likes the build quality and almost limitless amounts of power (for headphones, not speakers).
That said distortion is 'technically' high and very 'unlike' the typical numbers Chord DACs achieve.
That distortion, however, is below audible limits so not really an issue.
People looking for similar output power in a cheaper package could simply buy any 25W/8ohm speaker amp and make or buy a simple speaker-to-headphone plug and can enjoy even higher performance for 1/20th of the price but won't see the 'Chord' label nor enjoy the looks/build quality.
The max output voltage is around 14V regardless of the load (simply because its a speaker amp).
It is very reasonable to assume no Chord DAVE owner is going to power their speakers with this device. Well... maybe some passive desktop speakers ...
Then again...
Do any headphones require this sort of power?
Just wondering what the use case is?
One should realize that a LOT of today's headphones are low impedance and have drivers in them rated at 30mW (0,03W).
Making one small mistake (while not wearing those headphones I hope) will let out the magic smoke within 1 second as it might receive many, many times higher output power than it can handle.
Those are usually the headphones with sensitivity between 115 and 120dBV. If (and practically it won't) such a 115dBV headphone would accidentally receive 14V it would (briefly) produce about 135dB SPL.
So ... this isn't suited for these headphones nor for most IEM's (as Amir mentioned) but people owning a HD650 and EQ'ing in Harman type bass (or worse) then 14V will make it reach very impressive levels where the 500mW rated driver would be receiving 0.9W and put out 123dB SPL peak (with Harman bass) and would survive such short punishment.
Also headphones like the HE6 and older Audeze headphones as well as most DCA headphones would perform quite well at loud levels without hitting amp distortion.
So for these headphones the Chord will work fine and sound distortion free (the headphones will show higher distortion than the amp).
Those that don't like/need this Chord can safely buy a less expensive powerfull (headphone) amp from the usual suspects for a lot less money.