Hi @blake4 welcome to the community!
Glowforge support staff will probably ask you to cut the Gift of Good Measure on some proofgrade draftboard. That will help them see if it’s your material or the machine.
You definitely shouldn’t need 3 passes to cut through 1/8" plywood… however, all plywood is different. The plywood you have might need different cut settings than you’re using to get through cleanly. Here’s a popular method for testing new material:
You also might try without your rare-earth magnets as hold downs… I’ve heard some say that magnets can sometimes interfer with things inside the machine… so on the off chance that’s what it is, maybe try without them. Cut some honeycomb hold down pins.
Good luck! If we can’t help you, support staff will come along likely sometime today and sort you out.