Turned unit on for first time and it doesn’t go past this text screen. Can it be fixed easily or is hardware bad?
Try a reinstall.
See Reinstalling OSMC - Vero 4K - OSMC. This will resolve the issue.
A couple of users unfortunately experienced this recently. I found a bug which can result in a device not booting if power is lost when the user first configures it. This has been solved in the next set of images so shouldn’t affect users from now on.
Can you let me know your order number?