CONVERSION_CMD_lz4 in openembedded-core/meta/classes/image_types.bbclass calls lz4 without -l, generating compressed initramfs incompatible with the kernel decompressor. There is a CONVERSION_CMD_lz4_legacy with -l, but there seems to be no clear way to use it.
A reminder that bug 12149 is related.
http://lists.openembedded.org/pipermail/openembedded-core/2018-March/148670.html
http://git.yoctoproject.org/cgit/cgit.cgi/poky/commit/?id=f6f688842bc79e26ced18a2d654f06ea9c3961cd