Outdoor cycle on apple watch not recording distance

The outdoor cycling activity on my Apple Watch isn’t recording the average speed or distance correctly. After completing a ride, it only shows a few meters, even though GPS tracking captures the route map. I’ve checked the settings, and both privacy and tracking permissions are enabled. I should mention that the watch measures distance accurately for outdoor walks, so this issue seems specific to cycling. I’m using an Apple Watch Series 4 paired with an iPhone 11 running iOS 18.