Which pin are you observing the output voltage? I provided voltage from externally power supply(3.3-5V) to VBAT pin and measured the voltage of 3.2V at VOUT pin.
I checked #1pin of J4.
When J4 jumper was removed(#1, #2 and #3 pin of J4 are OPEN), I confirmed a voltage(about 3V).
But when J4 jumper was shorted between #1 and #2 pin to supply a voltage to BLE module, I could not confim any voltage.
In this time, a voltage level is about 0V.
Attached files are FW for EH motherboard and usb dongle.
EH mothrerboard’s LED lights up at USB power, then BLE communication operates correctly.
But LED does not light up at COIN battery or external power supply from VBAT pin.