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I charged the M5StickC overnight and ran the AXP192 sample sketch throughout. When the voltage reached around 4v I flashed Espruino and ran the blinky sketch. When I first ran the AXP182 sample sketch, I saw that the battery voltage was just around 3v.
It looks like things are stable now, so maybe it could be because Espruino was trying to use too much power that the power management IC tried to restart the mcu?
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If you have had no problems with the Atom, it certainly looks like the AXP192 needs to be initialised. Among other things, it powers the RTC which can reset the ESP32. I plan to test some initialisation code based on the Arduino class - as @MaBe suggests - when I get a chance.
I am beginning to suspect that it may be something to do with not initialising the AXP192 power management unit properly in the M5StickC that is causing the reset loop. The Atom does not have one.