It's all relative.
Back when I was in electronics manufacturing, I came up with a rough 'pricing' guide - 'retail price ~= 5-6x parts cost' (includes labor/overhead) which I still think applies to many of the most competitive e-mfgring, tho the amount of hand assembly is a lot less today.
So, I use that to assess whether I think a mfr is making 'excess' profit on their retail pricing (depends on how 'fancy' certain parts are, of course), and so, if I assume it applies in this case, I can't see that Pavel is making all that much on each sale.
I'd guess he has a very small team of folks (friends, family, long time helpers?) doing the purchasing & assembly - the best way to keep build costs down, but severely limits production capacity.
Increasing capacity/build times from there requires huge investments - and since those are 'leading' costs, most often that means bank financing, etc.
Adding customer service, technical support, and 'dealer's sales channels only makes things worse. Web sales channels and payment up front helps, though.
So. Given the design, build quality and stunning performance of these DACs, I think they are a STEAL.
Just my opinion, tho somewhat informed by experience.