I see this from time to time. After an initial coat of unthickened epoxy onto raw wood, I sand and roll on another thin coat of unthickened expoxy. And after it cures it looks to be 'beaded up' as if water on Rain-Ex. I might guess this could be due to amine blush but I'm using the MAS non-blush system.
See pic below. I'd appreciate any insight anyone might have...