I haven't reproduced myself yet as I've not got VS set up for Windows Desktop work (I can't repro using the Android emulator on Windows) but I've seen @BootBlock reproduce it reliably on multiple video calls. He's using:

• Windows 10
• Latest Flutter master branch (1.20.0-3.0.pre.130)
• Windows Desktop device
• The default counter app created by flutter create

The problem looks like this:

• Run the app
• Make a change to the text (eg. replace with "one") and save (which triggers a hot reload)
• Manually click the Hot Restart action (this restarts the app, and correctly shows "one")
• Change the text again (eg. replace with "two") and save (which triggers a hot reload)
• Manually click the Hot Restart action (this restarts the app, but incorrectly reverts to showing "one")

This happens consistently. Any time you click Hot Restart from this point, it will revert to showing "one". Hot Reload works fine, reflecting the changes being made.

Here is both a full verbose log (including Flutter daemon output, and all VM service traffic) and also a version I've trimmed down to remove some of the stuff I think isn't relevant to this (setLibraryDebuggable spam, ServiceExtensionAdded, etc.).

• hotRestartLog.txt
• hotRestartLog.trimmed.txt

This is from the hot restart the fails - I'm not sure if the 0 here is the cause (however this file was known to have been modified and was hot reloaded in successfully between the initial - working - hot restart, and this one):

[15:55:45] [FlutterRun] [Error] [        ] Scanning asset files
[15:55:45] [FlutterRun] [Error] [        ] <- reset
[15:55:45] [FlutterRun] [Error] [        ] Compiling dart to kernel with 0 updated files
[15:55:45] [FlutterRun] [Error] [        ] <- recompile package:bugtest/main.dart 26f89a78-d949-494f-845c-86bcaa413fa9
[15:55:45] [FlutterRun] [Error] [        ] <- 26f89a78-d949-494f-845c-86bcaa413fa9

(@jonahwilliams if there's anywhere we can add extra logging to temporarily to track this down, let me know - we can easily modify the source locally on @BootBlock's machine and redo)