If you have a micro HDMI I would plug that in to see what its actually doing.
This helped me figuring out what stage its not proceeding from when I had SDcard boot issues.
Which for me was a problem with the EEPROM config as snipeytje mentions. Look at Rexes included guide on the image page; Trixie 6.12.y for the uConsole and DevTerm
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Quote of the info
If you have a CM5 lite and are having problems with the sd card booting. You need to edit your EEPROM and your CM5 lite has to have updated firmware that was released after 2025-01-06. Check using
vcgencmd versionto updatesudo rpi-eeprom-update
sudo rpi-eeprom-config -eTo edit the eeprom.
backup current config, then replace with:[all] BOOT_UART=1 # Switch off PMIC outputs on HALT POWER_OFF_ON_HALT=1 # Default BOOT_ORDER for provisioning # SD -> NVMe -> USB -> Network BOOT_ORDER=0xf461 # Try boot on SDCard repeatly SD_BOOT_MAX_RETRIES=2 # Slow down SDCard SDR Mode on bootloader SD_QUIRKS=1