I know what pwm is. By adjusting the duty cycle you adjust the effective voltage though which, can be seen as equivalent to a certain DC voltage level (like with raw rectified AC). If in addition the output isn't raw but filtered in some way you get pretty close to a DC line. So you can kind of say the voltage is adjustable even with PWM.
As I said the shops I based my guess on may be wrong. I can't seem to find any info to reliably tell if the tesla invaders are PWM or not (both Phil and Daniel haven't fed the output into their scopes).
Edit: found this image of the board
View attachment 770749
and it indeed appears it is
not a PWM board. So Zaryk is right, point conceded, the device is a DC output dialed by a potentiometer.