New engine has loss of compression

I doubt it's the gauge, be willing to bet my snap on gauge would read the same + or - a couple pounds. if you are sure the squeeze is 10.1, I would be looking at cam timing as a cause for the low numbers. jmo the current figures are more in the range of 8.5 to 1.
if the valves were adjusted to tight, causing a non seat condition, I would think the motor would run poorly. good luck !