It looks like the work clamp isn’t connected. Check the consumables. Send me pictures of the ends. Sometimes aluminum globs get stuck to the torch tip. This messes with the cut height. Your settings are pretty close.
This is 1/4 @ 47 ipm with the same setting except 60 amps. Hypertherm cut chart say 38 to 40 ipm.
Once you have verified that the work clamp is connected, if the issue persists, please email our support team. We will be happy to work with you to troubleshoot and help you get clean cuts.
Also verify your order of cut. You need to cut the pieces starting at the innermost one then proceed outward. If you try from outside in, you will have lost your electrical contact.