diff --git a/README.md b/README.md
index 4f9cd0248..0fd608826 100644
--- a/README.md
+++ b/README.md
@@ -8,11 +8,11 @@ CodeFlare Stack Compatibility Matrix
 
 | Component                    | Version                                                                                           |
 |------------------------------|---------------------------------------------------------------------------------------------------|
-| CodeFlare Operator           | [v1.2.0](https://github.com/project-codeflare/codeflare-operator/releases/tag/v1.2.0)             |
+| CodeFlare Operator           | [v1.3.0](https://github.com/project-codeflare/codeflare-operator/releases/tag/v1.3.0)             |
 | Multi-Cluster App Dispatcher | [v1.40.0](https://github.com/project-codeflare/multi-cluster-app-dispatcher/releases/tag/v1.40.0) |
-| CodeFlare-SDK                | [v0.14.0](https://github.com/project-codeflare/codeflare-sdk/releases/tag/v0.14.0)                  |
+| CodeFlare-SDK                | [v0.15.0](https://github.com/project-codeflare/codeflare-sdk/releases/tag/v0.15.0)                  |
 | InstaScale                   | [v0.4.0](https://github.com/project-codeflare/instascale/releases/tag/v0.4.0)                     |
-| KubeRay                      | [v1.0.0](https://github.com/opendatahub-io/kuberay/releases/tag/v1.0.0)                              |
+| KubeRay                      | [v1.1.0](https://github.com/opendatahub-io/kuberay/releases/tag/v1.1.0)                              |
 <!-- Compatibility Matrix end -->
 
 ## Development
diff --git a/config/manager/params.env b/config/manager/params.env
index c4c8b45f3..120dba668 100644
--- a/config/manager/params.env
+++ b/config/manager/params.env
@@ -1 +1 @@
-codeflare-operator-controller-image=quay.io/opendatahub/codeflare-operator:v1.2.0
+codeflare-operator-controller-image=quay.io/opendatahub/codeflare-operator:v1.3.0