Brand new with stand offs. Soldered (very neatly), but never plugged in. The IQ audio stuff is top quality design and production, and as many posters here have said, they sound great.
Like an idiot I purchased the wrong thing, as I have an older Pi-DAC rather than a Pi-DAC+ so it doesn't fit my DAC. And it was 2 months before I got round to trying to set it up, so now I can't really return it. Get yourself a bargain: £25 Plus postage £5 to UK, or a bit more to rest of the world.