Phantom Power DIN 45596 standard states that Phantom Power is supplied to be 48V ±4V (44V to 52V) on both pin 2 and pin 3 - referenced to pin 1. We found that some mixing consoles and I/O boxes will provide a slightly lower voltage than 44V. While this is outwith the widely used standard, most microphones, DI boxes or any other audio devices that require Phantom Power will still power up and operate just fine.
The former design of the Sound Bullet's Phantom Power detection was to read Phantom Power and check that its voltage sits within the DIN 45596 voltage standards. However we decided to implement the capability of detecting voltages between 24V and 44V. When Phantom Power is found to be within that lower voltage range the 48V LEDs on the Sound Bullet will flash slowly, indicating that Phantom is present, however under DIN standards.
Please also read What happens if Phantom Power is higher than 52V