Problem I'm having with the LT is voltage under load. Just checked it and it's set on 4 volts and is giving 3,7 under load. That is with a 2.4 ohm CE3. It should easily push 4 volts through that and it's not. It's like that with everything I have checked.Of course with the newer versions (I have v1) thats less of a problem. I will have a ProVari next week. The LT is a fine device but I want more.
Your battery probably needs charging. The output voltage drops almost at the same rate the battery is depleted. A fully charged battery should give you at least 4v or more with that carto. Push the red button six times to see the battery voltage, I'm guessing it will show in the low 3s
Errol