Why factory RESET comes during memory bootloading ? HW or SW issue ?

Hi there,

I am working a WIFI module as follows,

To activate it, need to download 4 image file like Serial Flash Discoverable Parameter coverage.
At the same time I am using a USB to Serial COM port works in 5volt.
But, wifi module accepts 3.3v, so I am using TX, RX from USB Serial COM which has 3.3 level also.
To maintain 3.3 v for WIFI, an external power supply has used.

Not sure, after downloading why factory reset command appears ?
For voltage swing ?

In Serial terminal error massage says, :palm:


All services have been stopped.
Please reboot or setup again.

[PRADA:NVRAM] reboot

PTIM is relocated to RETMEM (00184110)
RaLIB is relocated to RETMEM (00180810)