I have had to return two of these lights over the past few years for similar issues. They don’t seem to like water but are quite a nice, practical light and Trek keep replacing them so I am kind of living with it.
If you look at the reviews it seems quite common to only get a year or so out of them unfortunately.
The lights are sealed so Trek will not repair. The only thing they suggested was holding the on/ off button for 14 seconds to try and reset it.
I have found Trek customer services to be very helpful and you may find they replace the light even if out of warranty (but no obligations obviously!)