You need to read the manual or at least the quick start guide.
Mine came with all the latest firmwares.
Yes you need to charge the battery, calibrate the compass. Also strongly recommended to plug it in the assistant. I had to do the advanced IMU calibration as it was at 0.8 and should be to 0 as a close as possible, and the compass MOD was at 2300 and ideally should be at 1600. So had to use a magnet for it.
You also want to activate IOC mode in the assistant, which gives you home lock and course lock.
Congrats.