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Sounds like the edge is crumbling after the initial shave. If the bevel wasn't set you wouldn't be able to get even one decent shave out of it. How many laps are you doing on each hone?
As well, I agree with Joed, you may want to examine your pre/post shave handling of your razor.
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Yea the edge isn't holding up so you get the one shave and it fails. I would be interested in seeing the edge. If it's crumbling it will be obvious. So you have a few things to examine here like the other posters suggested.