Just had a similar problem yesterday at a RC Pro race. I'm using a M12 with the RX 471 rx in my truggy A main warmup, I would temporarily loose signal, and I also thought it was dead lipo rx pack, changed it out with fresh battery, same issue, I would get a blinking blue light on the RX. Unplugged all servos and transponder and hooked a battery straight to the RX same thing, flashing blue light, then a steady blue light then no light then back to flashing. Tried rebind it, still same issue.
Had no issues with the other RX 471 in the buggy A main at all.
This is the first time this rx has been used, it had 4 rounds of 5 min qual and this started on the warm up table right before the A main.
Any ideas?