Yes, nice regulated output with SP32A v2.0.

When I checked for PWM on the previous SP32A, I can detect PWM on all modes except Turbo and the 3rd brightness level (which by the way, consumes around 0.36A, likely indicating this is max regulated current).

On the SP32A v2.0, there is no PWM when I shine the light thru a portable fan blades.