It appears that the required eMMC partitions are not being detected.
As a result, the system is attempting to boot via Ethernet, which is configured as an alternate boot option in the environment settings.
Kindly reflash the board and attempt to boot it using the iWave-provided prebuilt binaries with the iWave development kit.
For further inquiries, please get in touch with mktg@iwave-global.com
Please find the detailed G27M/G27D product information in the below link,