A contact tip assembly with a preheating tip comprises a welding power source configured to provide welding current to a welding circuit, the welding circuit comprising a welding electrode and a first contact tip of a welding torch. The assembly also includes an electrode preheating circuit configured to provide preheating current through a portion of the welding electrode via a second contact tip of the welding torch, and a voltage sense circuit to monitor a voltage drop across the two contact tips, and the electrode preheating circuit adjusts at least one of the first current or the preheating current based on the voltage drop.