In single battery mode the Vamo boosts the voltage to 6 volts which is then pulse width modulated to provide an output that has the equivalent heating effect (RMS) of the voltage that it is set for (3.0 to 6.0 Volts). The big advantage of stacking is that it will push the full 15 watts with lower resistance devices, this is because it doesn't have to boost the voltage to get the 6.0 volts to start with instead it regulates the voltage down to 6 volts.
PWM (Pulse Width Modulation) is simply the time the output is on versus the time it's off expressed in percent of the on time, this is called the duty cycle.
25% duty cycle = 3.0 volts RMS (1.5 volts AVG), 50% duty cycle = 4.25 volts RMS (3.0 volts AVG), 100% duty cycle = 6.0 volts RMS (6.0 volts AVG).
From this you can see why you don't want to use AVG (NO1) mode; you would set the Vamo for 4.0 volts AVG but get the same heating effect as if it were set for 4.9 volts.
So in reality the Vamo always outputs 6.0 volts; we just tell it how long it's going to be on versus off and this happens 33.3 times per second. This is how the Z-max, V-max, SID, etc. all work. This is a cheap and dirty way to control the output which is why manufacturers do it and why they are cheaper than a ProVari and similar mods.
I rarely go over 10 watts so I have no need to stack batteries myself.