Yes I thought my meters might be measuring instantaneously or time averaged or some combination. But maukka’s PWM measurements show it doesn’t fluctuate between 0% and 100%: Convoy S2+ measurements (7135*8 3B) | Candle Power Flashlight Forum

It’s an odd coincidence that mine has half the chips of the 8*7135, and draws half the current. Could the driver be directing power to chips that aren’t there?