New User, New Yellow Does it boot without an M2 SSD?

Greetings… I have this:

Yellow Kit with Power-over-Ethernet (CM4 Not Included) (Qty. 1)
Home Assistant Yellow

I added my own Pi4. I did not install and M2 SSD. Will this thing boot as it? I’m not getting any response on ping to 192.168.1.196.

The Yellow board has a green and red LED and they are both on.

TIA!

Jon.