I haven’t run it for long…but in maybe 5 minutes, doesn’t seem like it.
Tonight I will tailstand it outside and report back.

It does put out an impressive beam.for quite a distance…and I was wrong, not 900+ lumen…more like 650

Edit
Well 16 minutes in the house, tailstanding…fairly warm, but I would hesitate to call it hot…I would say the head is 110F
Edit2 Close, 118F

30 minutes, 113F Battery at 3.81v

Appears to have throttled back…I hit the switch and the output bumped…
So it seems it throttles back when external head temp hits 122-123F I have a lot of time on my hands