To give an update on this.. I contacted the manufacturer and showed him above picture. I was asked to return the laser, he would fix it. Today I got it back.. and now (after a decent warmup) it puts out around 340mW @ 5V !
Too bad it wasn't working properly in the first place.. but I'm really happy with the way the seller handled this.. I still have faith And this shows my powermeter was a good investment
Ebay seller is 'snoctony'. Sorry for turning this thread into a seller review.. but i don't think this was worth a new thread..