Have you checked your cutting path when you simulate the cut to see if those lines are blue and supposed to cut in the carve?
Try a smaller bit or change the text to something larger. I think if you simulate the tool path like Joe4re said you will see it is not cutting everything. Try the next smallest bit and run the simulation and see what it does.
It shows them being cut.
Can you share the file?
How do I do that?
Easel - Share - Share Publicly - copy URL and click Save and close.
Paste URL here