Here is the flashing process log with initramfs image booting (pretty old version, only for flashing new image):
Hit any key to stop autoboot: 0
ar7240> tftp 0x81000000 A520A8C0.img
Trying eth0
dup 1 speed 1000
Using eth0 device
TFTP from server 192.168.9.109; our IP address is 192.168.9.111
Filename 'A520A8C0.img'.
Load address: 0x81000000
Loading: #################################################################
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done
Bytes transferred = 4838153 (49d309 hex)
ar7240> bootn 0x81000000
Unknown command 'bootn' - try 'help'
ar7240> bootm 0x81000000
## Booting image at 81000000 ...
addr=81000000 Image Name: MIPS openwrt-hzj Linux-4.9.146
Created: 2018-12-31 3:29:53 UTC
Image Type: MIPS Linux Kernel Image (lzma compressed)
Data Size: 4838089 Bytes = 4.6 MB
Load Address: 80060000
Entry Point: 80060000
Verifying Checksum at 0x81000040 ...OK
Uncompressing Kernel Image ... OK
No initrd
## Transferring control to Linux (at address 80060000) ...
## Giving linux memsize in bytes, 134217728
Starting kernel ...
[ 0.000000] Linux version 4.9.146 (hzjnet@ub16opar71nandnorip225) (gcc version 7.3.0 (OpenWrt GCC 7.3.0 r1110-8fa42fb) ) #0 Mon Dec 31 03:29:53 2018
[ 0.000000] bootconsole [early0] enabled
[ 0.000000] CPU0 revision is: 0001974c (MIPS 74Kc)
[ 0.000000] SoC: Atheros AR9344 rev 2
[ 0.000000] Determined physical RAM map:
[ 0.000000] memory: 08000000 @ 00000000 (usable)
[ 0.000000] Initrd not found or empty - disabling initrd
[ 0.000000] Reserving 0MB of memory at 0MB for crashkernel
[ 0.000000] Primary instruction cache 64kB, VIPT, 4-way, linesize 32 bytes.
[ 0.000000] Primary data cache 32kB, 4-way, VIPT, cache aliases, linesize 32 bytes
[ 0.000000] Zone ranges:
[ 0.000000] Normal [mem 0x0000000000000000-0x0000000007ffffff]
[ 0.000000] Movable zone start for each node
[ 0.000000] Early memory node ranges
[ 0.000000] node 0: [mem 0x0000000000000000-0x0000000007ffffff]
[ 0.000000] Initmem setup node 0 [mem 0x0000000000000000-0x0000000007ffffff]
[ 0.000000] Built 1 zonelists in Zone order, mobility grouping on. Total pages: 32512
[ 0.000000] Kernel command line: board=C-55 mtdparts=spi0.0:256k(u-boot)ro,128k(u-boot-env)ro,2048k(kernel),13824k(rootfs),13824k(opt)ro,2624k(failsafe)ro,64k(art)ro,15872k@0x60000(firmware) console=ttyS0,115200 rootfstype=squashfs noinitrd
[ 0.000000] PID hash table entries: 512 (order: -1, 2048 bytes)
[ 0.000000] Dentry cache hash table entries: 16384 (order: 4, 65536 bytes)
[ 0.000000] Inode-cache hash table entries: 8192 (order: 3, 32768 bytes)
[ 0.000000] Writing ErrCtl register=00000000
[ 0.000000] Readback ErrCtl register=00000000
[ 0.000000] Memory: 114260K/131072K available (3670K kernel code, 177K rwdata, 868K rodata, 10316K init, 219K bss, 16812K reserved, 0K cma-reserved)
[ 0.000000] SLUB: HWalign=32, Order=0-3, MinObjects=0, CPUs=1, Nodes=1
[ 0.000000] NR_IRQS:51
[ 0.000000] Clocks: CPU:560.000MHz, DDR:450.000MHz, AHB:225.000MHz, Ref:25.000MHz
[ 0.000000] clocksource: MIPS: mask: 0xffffffff max_cycles: 0xffffffff, max_idle_ns: 6825930166 ns
[ 0.000009] sched_clock: 32 bits at 280MHz, resolution 3ns, wraps every 7669584382ns
[ 0.008242] Calibrating delay loop... 278.93 BogoMIPS (lpj=1394688)
[ 0.081040] pid_max: default: 32768 minimum: 301
[ 0.086011] Mount-cache hash table entries: 1024 (order: 0, 4096 bytes)
[ 0.092990] Mountpoint-cache hash table entries: 1024 (order: 0, 4096 bytes)
[ 0.103127] clocksource: jiffies: mask: 0xffffffff max_cycles: 0xffffffff, max_idle_ns: 19112604462750000 ns
[ 0.113517] futex hash table entries: 256 (order: -1, 3072 bytes)
[ 0.121151] NET: Registered protocol family 16
[ 0.127358] MIPS: machine is AirTight Networks C-55
[ 0.366459] registering PCI controller with io_map_base unset
[ 0.387542] PCI host bridge to bus 0000:00
[ 0.391873] pci_bus 0000:00: root bus resource [mem 0x10000000-0x13ffffff]
[ 0.399166] pci_bus 0000:00: root bus resource [io 0x0000]
[ 0.405035] pci_bus 0000:00: root bus resource [??? 0x00000000 flags 0x0]
[ 0.412204] pci_bus 0000:00: No busn resource found for root bus, will use [bus 00-ff]
[ 0.420590] pci 0000:00:00.0: invalid calibration data
[ 0.426432] pci 0000:00:00.0: BAR 0: assigned [mem 0x10000000-0x1001ffff 64bit]
[ 0.434157] pci 0000:00:00.0: BAR 6: assigned [mem 0x10020000-0x1002ffff pref]
[ 0.441808] pci 0000:00:00.0: using irq 40 for pin 1
[ 0.450252] clocksource: Switched to clocksource MIPS
[ 0.456677] NET: Registered protocol family 2
[ 0.462188] TCP established hash table entries: 1024 (order: 0, 4096 bytes)
[ 0.469545] TCP bind hash table entries: 1024 (order: 0, 4096 bytes)
[ 0.476297] TCP: Hash tables configured (established 1024 bind 1024)
[ 0.483099] UDP hash table entries: 256 (order: 0, 4096 bytes)
[ 0.489266] UDP-Lite hash table entries: 256 (order: 0, 4096 bytes)
[ 0.496154] NET: Registered protocol family 1
[ 0.715892] workingset: timestamp_bits=30 max_order=15 bucket_order=0
[ 0.729946] squashfs: version 4.0 (2009/01/31) Phillip Lougher
[ 0.736132] jffs2: version 2.2 (NAND) (SUMMARY) (LZMA) (RTIME) (CMODE_PRIORITY) (c) 2001-2006 Red Hat, Inc.
[ 0.873140] io scheduler noop registered
[ 0.877273] io scheduler deadline registered (default)
[ 0.883138] Serial: 8250/16550 driver, 16 ports, IRQ sharing enabled
[ 0.892605] console [ttyS0] disabled
[ 0.916475] serial8250.0: ttyS0 at MMIO 0x18020000 (irq = 11, base_baud = 1562500) is a 16550A
[ 0.925588] console [ttyS0] enabled
[ 0.925588] console [ttyS0] enabled
[ 0.933151] bootconsole [early0] disabled
[ 0.933151] bootconsole [early0] disabled
[ 0.947307] m25p80 spi0.0: found s25fl256s1, expected m25p80
[ 0.953224] m25p80 spi0.0: s25fl256s1 (32768 Kbytes)
[ 0.958393] 8 cmdlinepart partitions found on MTD device spi0.0
[ 0.964526] Creating 8 MTD partitions on "spi0.0":
[ 0.969480] 0x000000000000-0x000000040000 : "u-boot"
[ 1.015564] 0x000000040000-0x000000060000 : "u-boot-env"
[ 1.062711] 0x000000060000-0x000000260000 : "kernel"
[ 1.108202] 0x000000260000-0x000000fe0000 : "rootfs"
[ 1.114790] mtd: device 3 (rootfs) set to be root filesystem
[ 1.121199] mtdsplit: no squashfs found in "rootfs"
[ 1.165768] 0x000000fe0000-0x000001d60000 : "opt"
[ 1.211154] 0x000001d60000-0x000001ff0000 : "failsafe"
[ 1.257839] 0x000001ff0000-0x000002000000 : "art"
[ 1.303121] 0x000000060000-0x000000fe0000 : "firmware"
[ 1.350654] libphy: Fixed MDIO Bus: probed
[ 1.407516] libphy: ag71xx_mdio: probed
[ 2.140528] ag71xx ag71xx.0: connected to PHY at ag71xx-mdio.0:00 [uid=004dd072, driver=Atheros 8035 ethernet]
[ 2.151591] eth0: Atheros AG71xx at 0xb9000000, irq 4, mode:RGMII
[ 2.159824] NET: Registered protocol family 10
[ 2.168153] NET: Registered protocol family 17
[ 2.172855] bridge: filtering via arp/ip/ip6tables is no longer available by default. Update your scripts to load br_netfilter if you need this.
[ 2.186363] 8021q: 802.1Q VLAN Support v1.8
[ 2.192378] hctosys: unable to open rtc device (rtc0)
[ 2.243654] Freeing unused kernel memory: 10316K
[ 2.248431] This architecture does not have kernel memory protection.
[ 2.270198] init: Console is alive
[ 2.274074] init: - watchdog -
[ 2.316437] kmodloader: loading kernel modules from /etc/modules-boot.d/*
[ 2.373059] kmodloader: done loading kernel modules from /etc/modules-boot.d/*
[ 2.391002] init: - preinit -
[ 2.490275] random: fast init done
[ 2.638615] IPv6: ADDRCONF(NETDEV_UP): eth0: link is not ready
[ 2.665750] random: procd: uninitialized urandom read (4 bytes read)
Press the [f] key and hit [enter] to enter failsafe mode
Press the [1], [2], [3] or [4] key and hit [enter] to select the debug level
[ 5.792293] eth0: link up (1000Mbps/Full duplex)
[ 5.797105] IPv6: ADDRCONF(NETDEV_CHANGE): eth0: link becomes ready
[ 5.812308] eth0: link down
[ 5.826789] procd: - early -
[ 5.829869] procd: - watchdog -
[ 6.406058] procd: - watchdog -
[ 6.409595] procd: - ubus -
[ 6.420320] random: ubusd: uninitialized urandom read (4 bytes read)
[ 6.463470] random: ubusd: uninitialized urandom read (4 bytes read)
[ 6.470565] random: ubusd: uninitialized urandom read (4 bytes read)
[ 6.478130] procd: - init -
Please press Enter to activate this console.
[ 6.698667] kmodloader: loading kernel modules from /etc/modules.d/*
[ 6.722934] gre: GRE over IPv4 demultiplexor driver
[ 6.741861] ip_gre: GRE over IPv4 tunneling driver
[ 6.751794] Netfilter messages via NETLINK v0.30.
[ 6.762859] ip_set: protocol 6
[ 6.901474] u32 classifier
[ 6.904279] input device check on
[ 6.908058] Actions configured
[ 6.924770] Mirror/redirect action on
[ 6.989762] Loading modules backported from Linux version v4.19.7-0-g61c68f2a2af0
[ 6.997548] Backport generated by backports.git v4.19.7-1-0-g148b072d
[ 7.055597] ip_tables: (C) 2000-2006 Netfilter Core Team
[ 7.093814] nf_conntrack version 0.5.0 (2048 buckets, 8192 max)
[ 7.117912] ctnetlink v0.93: registering with nfnetlink.
[ 7.318365] xt_time: kernel timezone is -0000
[ 7.382665] fast-classifier (PBR safe v2.1b): starting up
[ 7.388424] fast-classifier (PBR safe v2.1b): registered
[ 7.516595] PPP generic driver version 2.4.2
[ 7.530746] PPP MPPE Compression module registered
[ 7.544383] NET: Registered protocol family 24
[ 7.557071] PPTP driver version 0.8.5
[ 7.731514] ath9k ar934x_wmac: Direct firmware load for soc_wmac.eeprom failed with error -2
[ 7.740289] ath9k ar934x_wmac: Falling back to user helper
[ 8.104814] ath: phy0: disabling 2GHz band
[ 8.126768] ieee80211 phy0: Atheros AR9340 Rev:2 mem=0xb8100000, irq=47
[ 8.133854] PCI: Enabling device 0000:00:00.0 (0000 -> 0002)
[ 8.140721] ath9k 0000:00:00.0: Direct firmware load for pci_wmac0.eeprom failed with error -2
[ 8.149626] ath9k 0000:00:00.0: Falling back to user helper
[ 8.750640] ieee80211 phy1: Atheros AR9300 Rev:3 mem=0xb0000000, irq=40
[ 8.783515] kmodloader: done loading kernel modules from /etc/modules.d/*
[ 9.169977] urandom_read: 5 callbacks suppressed
[ 9.169985] random: jshn: uninitialized urandom read (4 bytes read)
[ 12.802066] xt_FULLCONENAT: RFC3489 Full Cone NAT module
[ 12.802066] xt_FULLCONENAT: Copyright (C) 2018 Chion Tang <tech@chionlab.moe>
[ 19.074758] br-lan: port 1(eth0) entered blocking state
[ 19.080171] br-lan: port 1(eth0) entered disabled state
[ 19.085978] device eth0 entered promiscuous mode
[ 19.126008] IPv6: ADDRCONF(NETDEV_UP): br-lan: link is not ready
[ 21.151763] eth0: link up (1000Mbps/Full duplex)
[ 21.156581] br-lan: port 1(eth0) entered blocking state
[ 21.162006] br-lan: port 1(eth0) entered forwarding state
[ 21.254828] IPv6: ADDRCONF(NETDEV_CHANGE): br-lan: link becomes ready
[ 22.459138] IPv6: ADDRCONF(NETDEV_UP): wlan0: link is not ready
[ 22.482106] IPv6: ADDRCONF(NETDEV_UP): wlan1: link is not ready
[ 22.563399] br-lan: port 2(wlan1) entered blocking state
[ 22.568965] br-lan: port 2(wlan1) entered disabled state
[ 22.574908] device wlan1 entered promiscuous mode
[ 22.579849] br-lan: port 2(wlan1) entered blocking state
[ 22.585406] br-lan: port 2(wlan1) entered forwarding state
[ 22.668086] br-lan: port 3(wlan0) entered blocking state
[ 22.673652] br-lan: port 3(wlan0) entered disabled state
[ 22.679643] device wlan0 entered promiscuous mode
[ 23.470842] br-lan: port 2(wlan1) entered disabled state
[ 24.732391] IPv6: ADDRCONF(NETDEV_CHANGE): wlan1: link becomes ready
[ 24.739113] br-lan: port 2(wlan1) entered blocking state
[ 24.744649] br-lan: port 2(wlan1) entered forwarding state
[ 24.820365] IPv6: ADDRCONF(NETDEV_CHANGE): wlan0: link becomes ready
[ 24.827172] br-lan: port 3(wlan0) entered blocking state
[ 24.832725] br-lan: port 3(wlan0) entered forwarding state
[ 58.933761] random: crng init done
BusyBox v1.29.2 () built-in shell (ash)
_______ ________ __
| |.-----.-----.-----.| | | |.----.| |_
| - || _ | -__| || | | || _|| _|
|_______|| __|_____|__|__||________||__| |____|
|__| W I R E L E S S F R E E D O M
-----------------------------------------------------
openwrt-hzj 18.06.1, r1110-8fa42fb
-----------------------------------------------------
=== WARNING! =====================================
There is no root password defined on this device!
Use the "passwd" command to set up a new password
in order to prevent unauthorized SSH logins.
--------------------------------------------------
root@OpenWrt:/# sysupgrade -n /tmp/tmp/openwrt-19.07.8-ar71xx-generic-c-55-squashfs-sysupgrade.bin
Image metadata not found
Commencing upgrade. Closing all shell sessions.
Watchdog handover: fd=3
- watchdog -
killall: telnetd: no process killed
Sending TERM to remaining processes ... rpcd netifd uhttpd dnsmasq hostapd [ 249.618688] device wlan1 left promiscuous mode
[ 249.623437] br-lan: port 2(wlan1) entered disabled state
ntpd hostapd [ 249.641824] device wlan0 left promiscuous mode
[ 249.646563] br-lan: port 3(wlan0) entered disabled state
ubusd
Sending KILL to remaining processes ...
Performing system upgrade...
Unlocking firmware ...
Writing from <stdin> to firmware ...
Upgrade completed
Rebooting system...
umount: can't unmount /dev: Resource busy
umount: can't unmount /tmp: Resource busy
umount: can't unmount /: Invalid argument
[ 273.621282] reboot: Restarting system