The above answer
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The battery meter can drop quickly to empty if there is a poor connection, which can also be seen with a low IQ because of that increase in resistance on the battery. It's all related. It's not anything to do with the P3 malfunctioning but rather a poor connection or bad battery which can cause that increase. When you are pulling a lot of amps out of the battery and the resistance increases, further impacted by poor connections, it slams the battery to the point where the P3 thinks it's out of juice and it cannot provide anymore.
The IQ is simply a new tool to tell you more about what is going on inside.
Some of the previously mentioned comments about this happening on beta units was related to the small spring on those units. It's the main reason why the spring was upgraded in the production units to improve that connection, and raise the IQ.
Having a loose ext ring, a weak spring, end cap not on tight, dirty connection or a bad battery are all things that can cause that IQ to drop and the device to think the battery is empty because of that increase in internal resistance.