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Why are Carvin heads so cheap?

They ARE a bargin for the above reasons. Plus, they're made in the USA. I have one I use as backup and for larger gigs. I've also had 2 of the older BX1200's. Bullet proof IMO & IME, and besides loud fans (not an issue when miked or run direct) sound wonderful.
 
Only problem with Carvin that you have to send it back to them to get fixed and that's in California If I'm correct. I live in Ohio so I really didn't want to pack up a combo and send it to Cali and hope it gets there and back in one piece great stuff though.
 
It's cheap because there's no middleman, but also because (IME) Carvin tends to cut corners on components and construction. Witness all the complaints about ribbon cables in the BX series amps. The lack of an authorized service network probably also saves costs.

Don't get me wrong, I've owned a lot of Carvin gear over the years and still use it when it suits my needs. But I recognize its weak links.
 
I have used a Carvin PB300 bass head for 20 years with absolutely no problems - still keeps rockin, even though it is now the rehearsal head.

I currently gig with a Carvin MB-12 combo on top of a 1X15 cab that the only thing wrong with it was when I loaded it improperly and the load shifted, breaking a switch. That's my fault, not Carvin's.

Best value-for-money in the business.
 
One lot of shipping, warehousing, service, the whole shooting match. Presumably a lot less inventory sitting around at any one time relative to sales.

Word of mouth advertising, free.

One shareholder? He might not be getting a justifiable return on many years of retained earnings ploughed into the works.