Cannot boot CM5 from eMMC on Radxa CM5 IO board

I’m using a Radxa CM5 with a CM5 IO board. I flashed an image to the CM5’s eMMC with RKDevTool. The flash appears to complete successfully, but after power-cycling the IO board I don’t see the expected blue LED blinking and the system doesn’t seem to boot.
My setup and exactly what I used (followed the official guide as-is):

RKDevTool reported that the image was written to eMMC successfully. Here’s the log:

16:01:51 976  RKDevTool v2.9.6.0 start run

16:02:12 589 Layer<2-6>:Download Boot Start
16:02:16 502 Layer<2-6>:Download Boot Success
16:02:16 504 Layer<2-6>:Wait For Maskrom Start
16:02:17 634 Layer<2-6>:Wait For Maskrom Success
16:02:17 636 Layer<2-6>:Test Device Start
16:02:17 640 Layer<2-6>:Test Device Success
16:02:17 642 Layer<2-6>:Check Chip Start
16:02:17 646 Layer<2-6>: Check Chip Success
16:02:17 650 Layer<2-6>:Get FlashInfo Start
16:02:17 651 <LAYER 2-6> INFO:FlashInfo: 00 C0 47 07 00 04 04 00 28 00 01
16:02:17 652 <LAYER 2-6> INFO:GetFlashInfo–>Emmc storage.
16:02:17 655 Layer<2-6>:Get FlashInfo Success
16:02:17 658 Layer<2-6>:Prepare IDB Start
16:02:17 658 <LAYER 2-6> INFO:CS(1) (59640MB) (SAMSUNG)
16:02:17 664 Layer<2-6>:Prepare IDB Success
16:02:17 667 Layer<2-6>:Download IDB Start
16:02:17 667 <LAYER 2-6> INFO:DownloadIDBlock–>New IDB
16:02:17 710 Layer<2-6>:Download IDB Success
16:02:17 714 Layer<2-6>:Wait For Maskrom Start
16:02:18 639 Layer<2-6>:Wait For Maskrom Success
16:02:18 642 Layer<2-6>:Test Device Start
16:02:18 645 Layer<2-6>:Test Device Success
16:02:18 650 current storage = EMMC,switch storage = EMMC
16:02:18 655 Layer<2-6>: Download radxa-cm5-io_bookworm_kde_b3.output.img at 0x00000000…
16:02:54 605 Layer<2-6>: RunProc is ending, ret=1

After power-cycling the board, the blue LED does not blink and there’s no sign of boot.

Questions:

  • Is there any additional step required after flashing to eMMC for this image and board revision?
  • Should I be using a different bootloader or image for CM5 V2.21 + CM5 IO V2.2?
  • Is the blue LED expected to blink immediately on a normal first boot, or only after some point in the boot process?

If I should collect serial console logs or try a different procedure, I’m happy to provide more info. Thanks in advance.