That is around what I was getting. You can see in my video at 3a. I was getting 4.84w at 4.9 volts
I think your meter is accurate. You meter registered between 1.1-1.6w for the new 520nm diodes @ 2.4A, which is well within the expected range and the same as DTR was getting with those diodes. DTR might have just tested a low-efficiency diode or something is wrong the LPM. Hard to say at this point. I thought the test that was on video was done with a 3 element lens. Those numbers would make perfect sense then