The   lithium battery output voltage varies during discharging. The  nominal voltage is  measured at the mid point between full charged and fully discharged based on a 0.2C discharge (where C is the rated capacity of the cell in mAh).  A single lithium battery cell  nominal voltage is usually shown as either 3.6V, 3.7V or 3.8V. 

The actual voltage profile during discharge
depends on the cell chemistry being used, the discharge rate, the temperature and the age of the cells or battery being discharged.  A single cell lithium battery cell maximum voltage is 4.2V, cut off voltage will be 2.5V ~ 3V.

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