I have tested it with a dummy load & received the same outcome. Although, if I remember correctly, the SWR was lower, but not by much.. maybe 1.25 - 1.35? The power output was still around 25-28 watts. I checked it on simplex & repeater channels.. now, when using 1 or 2 of my many different antennas, I was able to achieve 40watts on repeater channels, when I “reversed frequencies”, but with much higher SWR of 1.80-2.00.. with all other antennas, to which I use to get 40watts & 1.0-1.1 SWR, I get a max of 25-28 watts with around 1.50-1.65 SWR. Simplex & repeater.