Protected NCR18650B no longer discharges properly

I charged up one of my protected NCR18650B, but it will not discharge at high current anymore. Example: if I run it in the TM26 - it works in low output up to 600lm, but it cuts off if I try to go higher, so I have to disconnect and reconnect it. Is this an issue with the protection PCB or what?

Sounds like PCB is playing up. Take it off!