A voltage-regulating drive circuit for an LED luminaire is disclosed. The drive circuit includes one or several series of LED light engines. A voltage source with a regulator is connected to the series of LED light engines to forward-bias the light engines. The circuit also includes a driver integrated circuit, which may drive the series of LED light engines using, e.g., pulse-width modulation (PWM). The circuit also includes a feedback circuit connected to the cathode end of the series of LED light engines. The feedback circuit receives a remainder voltage and creates a feedback output signal that upregulates or downregulates the regulator of the voltage source to keep a minimum operating voltage on the driver integrated circuit and to compensate for variations in forward voltages among LED light engines in the series.