When you put the light into turbo, it places a really high demand on the batteries. That high demand causes to batteries to experience a voltage sag. As an example, assume green means cells are at 3.8 volts or higher. Yellow means between 3.2v and 3.8v, Red means below 3.2v. When the light is off or on a very low level, there won't be much voltage sag, so the batteries may be able to provide 3.8v to the light and thus show green. When you go into turbo, the cells will sag down to something below 3.2v and so the light with show red. Keep that on, and the voltage may go so low, that the light shuts off to protect the cells from going too low and cause damage.
It does seem feasible to me that after 10 minutes, even if intermittent, of turbo, that the cells would be drained enough so that it can't go into turbo anymore without triggering the low voltage protection. Maybe someone can do the math based on the battery capacity and the LEDs that are in there. That would give us a theoretical value to compare your experience with. If it's drastically off, then maybe the batteries are suspect. In any case, 38000 lumens of output is A LOT. And it's pretty incredible that a soda can light can even output that at all. I just think that the way the light is advertised, it's a bit optimistic and somewhat misleading, and thus incorrectly setting the expectation.