Linux Boot Stuck with v1.1.1

I am currently trying to update a device to the newest firmware version. Therefore I need to boot the device with the example image.

After flashing the SD card with the example image v.1.1.1 the boot gets stuck at some point (see log).

I already tried with multiple SD cards and flashing software. Also does not work if I try the same with booting from USB stick.

Is there a different way of updating the firmware, so I could try then with the newer images/Industrial OS versions?