Looking at the graph, definitely semi-regulated. However, looks can be deceiving: when comparing the two graphs up until the CR123s cut out, there is actually a greater area under the 18650 (compare overlaps). This makes me think of it as a boost at the beginning, not a lack in the end
Speaking of WE, even I, who assumed something so terrible, can attest to their service
. The first time I browsed their website I found the one of the HO Q5 LED lights had no info page: the link led to a xenon rechargeable. I emailed about this problem, and about two minutes later he replied, saying that although they did not have an information page currently on that light, he had just posted a temporary page for my use, and included a summary and a link in the email. Best customer service I've seen