92 SP starts and runs fine on trailer, hard to start and wont start in the water

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Fudge1218

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So I have a 92 SP, it starts and runs relatively easily for its age, I rebuilt the carb, it was done by the previous owner (it was extremely clean inside) and on the trailer it starts up fine. I put it in the water today took it out for a quick 10 minute spin had no problems. Took it up to the beach so my dad could go for a spin and it wouldn't start again, took the air filter off saw its getting fuel, checked the spark and I'm getting spark but no exhaust coming out, took it out of the water started right up on the trailer. Started to play around with it and I can't see any issues, took the baffle off (checking for a crack) and pressed the start button and fired up first push. Over the course of an hour or so and 15 times it started up right away first push everytime, checked compression this morning and was getting 125 in both so I'm completely confused on where to go next. I'm a truck mechanic so I'm able to do a lot of testing but I don't know anything about the jetski component outside of the obvious so any help.wpuod be appreciated.

Also I haven't been letting it run out of the water for more than 5ish seconds at a time
 
125 is really low and typically won’t start in the water at 120. If the compression is correct it’s time for a rebuild,?it should be 150.
 
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