Two DOA Pixelblazes?

I can’t believe I received two defective pixelblaze units, but I’ve wired them both up, verified that they are receiving 4.66vdc, but they don’t light up. Can you see anything wrong with my setup? Here’s the details:

12vdc/60w transformer —> 12vdc sk6812 —> electromage voltage reducer (12vdc to 5vdc putting out 4.66vdc) —> pixelblaze controller.

Powering it up gets me no light on the board and no WiFi. Holding the reset button has no apparent effect.

I have two units and both are behaving the same way, which doesn’t make sense to me.

Try disconnecting from everything and powering over usb.

4.6v is suspicious, the mini buck outputs 5v.