For some reason SWM lists their low mode as 3 or 4 lumens on many of their models, which seems to come up in reviews as .25 lumens or so quite consistently.
This is actually silly of them to do, as the sub-lumen modes (moonlight) seem to be much more popular. More specifically, I tend to be more likely to buy a light if it has 140/35/.25 lumens instead of 140/35/3.
Extrapolating from some of SWM's other products, like the M10A or M11R, I wouldn't hesitate to take these specs with a grain of salt and estimate the lumens levels for this light as 115 - 125 / 25 / 0.25 lumens. Their runtimes are usually a bit more acurate, but keep in mind that they probably test these with very high capacity NiMH cells like the 2700mAh or higher MAHA PowerEx with a very high self discharge rate, or possibly even the 1.5V lithium primaries. Your mileage may and will vary when using eneloops or regular alkaline.
Still, knowing all these, a lot of the SWM models still appeal to me from a technical point of view.
In other words: Don't let their marketing department overshadow their R&D department just because they list inflated specs.