I have a one year old Ultrex that I have noticed is not running at full speed. Now it barely moves the prop. Batteries are good, charger is good and the batteries were checked to make sure they are fully charged. Still very little power and after about 10 minutes prop does not turn and power steering out.
Any input greatly appreciated.

I'd call Minn Kota and talk to a tech about it under your warranty and will probably narrow it down faster than on here. I've contacted them a couple of times and they actually answer the phone without putting you on hold all day. You could also just take it in to an authorized repair facility near you and they will check it out.

Check the batteries to make sure that they are good not just fully charged. While you are at it, I'd check the wiring to make sure tha it is the proper gauge and doesn't have any bad areas in it and pull the prop and look for fishing line.

Great ideas.
Thank you.

Just a follow up in case you ever have the same problem. I planned on taking it to a service center but as per a suggestion above, I called Minn Kota. They were very helpful and said that because I was having problems with both speed and power steering it was probably a wiring issue. There are two motors involved and the chance of both being defective was possible but remote. I double checked the wiring and indeed there was a wire crossed.
Saved me from taking the motor to a service center, waiting two weeks to have them call me to tell me there was nothing wrong with the motor.
Thanks all!!

Good to hear that you got it taken care of and won't lose any fishing time. Their tech support is pretty helpful.