A battery can only ever output one certain, specific voltage: whatever its native charge happens to be at the time (generally 4.2 volts at full charge, and less as the battery begins to drain.) In a mechanical or unregulated device, this is the voltage that gets delivered to the atomizer coil (minus a few percent lost to voltage drop, i.e. energy lost to less than 100% perfect efficiency.) With a regulated or "variable voltage" device, on the other hand, the internal circuitry can "trade" amps for volts or the other way around, to deliver a higher or lower voltage than what the battery is actually putting out. This is known as "buck/boost" circuitry. Most devices can "boost" the voltage and deliver a higher level than what's coming from the battery, no problem.
Only some devices, however, can truly "buck" the voltage and deliver less than the battery's charge. Others, instead of reducing the actual voltage, will just power on and off in rapid "pulses" so that the voltage, when averaged over time, "seems" like less than what the battery is putting out at any one particular instant. These pulses are generally sent at a fixed rate (say, 33 times each second) with the actual individual pulses being longer or shorter to achieve a higher or lower average. In other words, the device will "modulate" (alter) the "width" (duration) of each "pulse," hence the term "pulse-width modulation" or "PWM."