It is definitely being sold at a loss, the Cyclone V SOC being used costs more than the entire development board.[0] I wonder if Intel will ever take notice due to MiSTer's growing popularity and quit subsidizing the board.

[0] https://www.digikey.com/en/products/detail/intel/5CSEBA6U23I...

Edit: it was erroneous of me to state the board was being sold at a loss, rather I meant that the board was being definitely being subsidized by companies such as Intel and their partners such as Panasonic. My mistake. I also wasn't meaning to convey that the consumer Digikey pricing was the same as the large volume manufacturers such as Terasic. Rather I meant to demonstrate and agree with the OP on the astounding situation that MiSTer currently exists in, owning to the lack of economic viability for someone to produce a low volume commercial FPGA emulation machine for a niche audience without any subsidization.