That sounds like a kernel bug. Since kexec-tools loads the kexec kernel fine and the kexec kernel actually does start up, I would say kexec-tools is doing its job. What seems to be happening is the graphics driver is not shutting down graphics interface properly, so when the kexec'd kernel starts, framebuffer driver is unable to reinitialize the graphics controller. The X11 driver apparently is able to reinitialize the graphics controller some times and hence your screen is restored when gdm starts. This is a framebuffer driver issue which belongs in the kernel, not a kexec-tools bug.
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