The way I understand it is ... Lets say you set your box mod voltage to output 3.8 volts.
When the fully charged battery in the box mod is above 3.8 volts, it will obviously lower the output voltage to the required 3.8 volts you set in it.
When the actual voltage in the box mod's battery slowly wears down below 3.8 volts, the electronics in the box mod has the ability to 'up' the output voltage to your required 3.8 volts.
And it will continue to produce the 3.8 volts while the battery wears down even lower .... up to a pre-set point where the box mod will just shut-down.
How can the box mod output the 3.8 volts when it's internal battery has actually gone below 3.8 volts? ..... I think it has to do with built-in capacitors.
One of the electronics gurus here maybe can explain it in more detail, but I think you get the point
EDIT .... I believe the circuit in the box mod that allows it to produce higher output voltages than what the battery is charged to is called a "Buck-Boost" converter.
The way it's done on many mods it it bumps up the output voltage to 6 volts (in the case of my vamo for example), but oscillates between 6 and 0.
For higher voltage it stays at 6 longer than for lower voltage.
If the required voltage is 6 volts, then it stays at 6 without oscillating.