I just bought it from newegg yesterday, To day it's my first day use. I went out from 12 p.m, 100% charged no always on screen, no notification, connected with my iphone, and it's drop down to 40% at 2p.m
Welcome to Android Central! Which watchface are you using? Try one that doesn't report the weather, in case it's using too much battery by constantly trying to refresh the weather.
On an Android device, you could use the Android Wear app to see what's contributing to battery usage on the watch. I believe there's an Android Wear app on the App Store as well, but I'm not sure if it gives those details -- check it out.
Yes,I use Gsam battery monitor on my watch.(not sure if it is an Android wear app.....)
I think it is your first time use,the battery would be better next time.