You could get another switch from another vendor and test it. Most likely something is wrong with your switch section.
Crap happens....etc
I have a spare switch that I just tested (because of what everyone was saying here) and i'm getting the same thing..
When I fire the button (on both switches now) I get the exact same voltage on my multimeter (Using the red lead to the center pin, black to the threads) that I get if I test the battery outside of the device.
I got my kit from a different supplier, but a very well known and reputable one.. MV
It's not that I don't believe you guys I just don't understand, there must be two different versions. Soon as I get my laptop back I'll make a video with my multimeter.. I don't know what else could cause this? Surely the PCB isn't fried in both switch units.
Don't get me wrong, this was a
bonus to me, as I prefer a higher voltage vape... so having the output not be regulated was a great thing to me!
(Could someone else test theirs on a multimeter and tell me they are indeed getting regulated 3.7v output with a freshly charged battery unloaded? Now I just want to get to the bottom of this, curious lol)