diff --git a/README.md b/README.md
index 04725c29b..c1c5d7978 100644
--- a/README.md
+++ b/README.md
@@ -1,5 +1,5 @@
 # Digi Embedded Yocto (DEY) 5.0
-## Release 5.0-r2
+## Release 5.0-r3
 
 This document provides information about Digi Embedded Yocto,
 Digi International's professional embedded Yocto development environment.
@@ -114,11 +114,15 @@ Documentation is available online at https://www.digi.com/resources/documentatio
 
 # Downloads
 
-* Demo images: https://ftp1.digi.com/support/digiembeddedyocto/5.0/r2/images/
-* Software Development Kit (SDK): https://ftp1.digi.com/support/digiembeddedyocto/5.0/r2/sdk/
+* Demo images: https://ftp1.digi.com/support/digiembeddedyocto/5.0/r3/images/
+* Software Development Kit (SDK): https://ftp1.digi.com/support/digiembeddedyocto/5.0/r3/sdk/
 
 # Release Changelog
 
+## 5.0-r3
+
+TODO
+
 ## 5.0-r2
 
 * ST-based platforms
diff --git a/meta-digi-dey/conf/distro/dey.conf b/meta-digi-dey/conf/distro/dey.conf
index fd7399dee..ab58aae9f 100644
--- a/meta-digi-dey/conf/distro/dey.conf
+++ b/meta-digi-dey/conf/distro/dey.conf
@@ -3,8 +3,8 @@ require conf/distro/poky.conf
 # Discrete version values.
 YOCTO_MAJOR = "5"
 YOCTO_MINOR = "0"
-DEY_RELEASE = "2"
-DEY_BUILD = "2"
+DEY_RELEASE = "3"
+DEY_BUILD = "1"
 
 # Firmware version of the system.
 DEY_FIRMWARE_VERSION ?= "${YOCTO_MAJOR}.${YOCTO_MINOR}.${DEY_RELEASE}.${DEY_BUILD}"