I’ve re-read the thread, and I don’t see any statements about how you’re connected to the plasma cutter. (You may be fine, but let’s verify)
The loss of voltage in THC leads me to believe you may have an incorrect wiring inside the plasma cutter. Given your statement that you are running RAW voltage, the connections are simple on the THC box, RED & BLACK. Givin that you get “some” voltage, I’ll say you’re not connected backwards.
Can you verify how you’re connected to the plasma (Everlast) cutter?
Edit - Unless the initial cuts that worked have a valid (read > 100V) measurement.
I have had my Everlast 62I CNC hooked up bout 2-3 months. I hooked it to raw voltage from following I think his name is Toolboys pic. I have it hooked up right to the lugs of machine. It had been running fine until the incident the other day.
And short across the two parts of the barrel connector with something metal (wire, screw driver). It is low voltage and just completing a connection of the wire to show that the torch would respond if it got an actual signal to fire.
Note: make sure that the torch is not going to damage something if it were to fire.
Could be bad connection. Or not plugged in all the way. But could thc affect it not firing. If you can fire it from the cutter then at least the trigger in out is working. But if air gets low it could cut off while running snd then on the next cut. Have you tried running some cuts and watching the air gauge. See if it stops cutting at some drop on the gauge.