Ok, I went back and converted Ubuntu-Light.ttf with exactly your settings.
The output is the same, only my "Font Preview" is showing the font at perhaps half the size than in your screen shot.
My .map file has the .xfont at 113536.
I almost copied your code:
if (E_OK == EVE_init_flash())
{
EVE_cmd_flashread(MEM_FONT1, 113536, (309|3)+1); /* copy .xfont from FLASH to RAM_G, offset and length are from the .map file */
}
EVE_cmd_dl( CMD_DLSTART );
EVE_cmd_dl(CLEAR_COLOR_RGB(51,51,51));
EVE_cmd_dl( CLEAR( 1, 1, 1 ) );
EVE_cmd_dl( VERTEX_FORMAT(0) );
EVE_cmd_setfont2( 12, MEM_FONT1, 0 );
EVE_cmd_dl( DL_END ); // does not do anything here
EVE_cmd_dl( DL_DISPLAY );
EVE_cmd_dl( CMD_SWAP );
EVE_execute_cmd();
EVE_cmd_dl( CMD_DLSTART );
EVE_cmd_dl(CLEAR_COLOR_RGB(0,0,18));
EVE_cmd_dl( CLEAR( 1, 1, 1 ) );
EVE_cmd_text( 10, 10, 12, 0, "Quick fox at 120°C ");
EVE_cmd_dl( DL_END ); // does not do anything here
EVE_cmd_dl( DL_DISPLAY );
EVE_cmd_dl( CMD_SWAP );
EVE_execute_cmd();
And it still works, I get the line displayed at the top of the screen.
I am re-installing EAB now, I may have changed something before.
I redid it all, looks like I either modified EAB or previously did not install from scratch, or both.
The new .glyph file is different for some reason.
But the result is still the same, the line is printed just fine.