Assuming that you have measured it correctly (and I have no reason to believe that you have not), the 1.88V is worrying – this means that the battery will soon be depleted, which will cause problems as you describe.
Basically, there is some kind of hardware problem in the NVRAM area. If your unit is still under warranty, speedily contact your dealer or Eventide. Otherwise, contact Eventide directly. firstname.lastname@example.org.