I would assume so. On page 287 of this thread (Nov. 2022) I saw a post discussing the lower lux on the product listing. I just went back and looked at that post.
Said the original Hound Dog 18650 XT lux was 75,000, tint 5700K
Then said the new Hound Dog 18650 XT lux was 40,000, tint of 6200K <-- Was this labeled as V2 at that time? I'm not sure.
Today, 2/14/2023: the Hound Dog 18650 XT V2 shows lux at 55,000 with a tint of 5700K. Seems the product keeps fluctuating!
I don't know if each of those revisions was due to a new LED. I'd think the product would be V3 if that was the case, not V2 as it is now so I don't know the full story.