weird build order/parallelism issue?

Makefile

@@ -14,10 +14,12 @@ OUTPUT ?= output/cc-recovery-$(shell date +%F).img.xz
 
 all: output.img
 
-output.img: $(RELEASES) Makefile
+flist.txt: Makefile $(RELEASES)
+	ls -1 $(RELEASES) | sort -rn > flist.txt
+
+output.img: $(RELEASES) Makefile flist.txt
 	dd if=/dev/zero of=output.img bs=1024 count=160 status=none
 	$(MFORMAT) -v CCRECOVER -f 160 -N 2022 -C z:
-	ls -1 $(RELEASES) | sort -rn > flist.txt
 	cat internal-readme.txt flist.txt | sed  -e 's/.\/releases\///' > tmp.txt
 	$(MCOPY) -bsmp tmp.txt z:README.TXT
 	for f in $(shell cat flist.txt); do \
@@ -27,9 +29,10 @@ output.img: $(RELEASES) Makefile
 	xz -cv9 < output.img > $(OUTPUT)
 	cat tmp.txt > $(OUTPUT:.img.xz=.txt)
 	git add $(OUTPUT:.img.xz=.*)
+	rm flist.txt
 	ls -l $(OUTPUT)
 	
 dev:
-	$(MAKE) RELEASES=../dev.dfu OUTPUT=dev-recovery.img.xz
+	$(MAKE) RELEASES=../*/stm32/dev.dfu OUTPUT=dev-recovery.img.xz
 
 # EOF

dev-recovery.txt

@@ -0,0 +1,18 @@
+Coldcard Mk4 Recovery Card
+==========================
+
+DO NOT WRITE to this card.
+
+You cannot see files here, but they are where they need to be.
+
+Reformat this card when finished with it.
+
+Do not believe what your tools say about the size of this card.
+
+
+Versions Included
+=================
+
+../mk4-firmware/stm32/dev.dfu
+../gen2-firmware/stm32/dev.dfu
+../firmware/stm32/dev.dfu

output/cc-recovery-2024-04-22.txt

@@ -13,6 +13,7 @@ Do not believe what your tools say about the size of this card.
 Versions Included
 =================
 
+2024-04-22T1450-v5.3.0-mk4-RC1-coldcard.dfu
 2024-04-02T1416-v1.1.0Q-q1-coldcard.dfu
 2024-03-14T1419-v1.0.1Q-q1-coldcard.dfu
 2024-03-10T1537-v1.0.0Q-q1-coldcard.dfu