Rega P3 and Emotiva xps-1 (MM or MC)?

Clearly, something is wrong, the Elys 2 has a very high gain and should sound very robust when set to MM.
I'm looking at the manual; I assume you've switched both channels to MM. Did you set both switches to 47 kOhms?

One more thing...even though you say the MM setting sounds dull and flat, is the volume control at a normal setting on your preamp or integrated? IOW, are you getting full gain from your TT?
And when set to MC, is the volume the same as MM, or lower, higher?

Thanks for your reply. When I set the phono stage to MM the gains get deactivated. In other words, I cannot set them to 47 kohms as you suggested. They only work for the MC setting. I have to set the amplifier volume (Prima Luna Prolog one) significantly higher to get a comparable sound.

When I set the phono stage to MM the gains get deactivated. In other words, I cannot set them to 47 kohms as you suggested.

Understood. It’s defaulting to the MM setting.
So, the volume control is way up when set to MC. That’s normal due to the very low gain of a MC cartridge.
Sounds like it may be defective or not a very good product. Are the phono cables wired into the Rega, or can you substitute some RCA cables? Also, make sure the leads of the Elys are tightly connected.

I suggest you contact Emotiva support. Since you’re using a MM cart, it should be plug and play.

It sounds like the Emotiva is wired or labeled wrong. You should return it for a replacement !