As usual we jump in with both feet…..
My suspicion is with the motor, specifically the armature…either a bad segment or a poor contact leading to an open circuit winding.Check carefully at the commutator with a magnifying glass. You can check the continuity with an ohm meter…between the comm segments, the readings should be equal.
Firstly, check the speed controller by disconnecting the motor, then connect a 100Watt domestic incandescent light bulb in its place across the motor output terminals….The bulb should light up and be dimmable, every time you operate it…Do this many times, to prove its reliability.
If you feel able, strip out the motor, strip it down ( mark the motor end pieces relative to the main body! ) clean up the commutator with sandpaper, nothing else! Give it a wipe with a dry cloth and reassemble…
Check the brushes move freely in their boxes..
Put the motor back and try it again.
I’ve repaired many of these controllers where the motor has been the culprit every time….and repair isn’t cheap ( neither is a replacement)
So start with the simple things before reaching for the soldering iron…