So if it is not "regulated" it must be resistored down or have a sub-par emitter because its listed as giving 360 lux, as compared with the LGI at ~800 lux, which is a direct-drive 3aa.
They probably have limited the current substantially compared to the LGI, which has a very hefty heat sink. Even the Arc LSs put out only 300 to 400 lux, although it is regulated. BTW, I measured my LGI Classic at 609 on fresh alkalines and 368 on old ones.