diff --git a/edge-image-builder-image/Dockerfile b/edge-image-builder-image/Dockerfile
index 6e9bb60..abfe3c9 100644
--- a/edge-image-builder-image/Dockerfile
+++ b/edge-image-builder-image/Dockerfile
@@ -1,5 +1,5 @@
-#!BuildTag: %%IMG_PREFIX%%edge-image-builder:1.1.0
-#!BuildTag: %%IMG_PREFIX%%edge-image-builder:1.1.0-%RELEASE%
+#!BuildTag: %%IMG_PREFIX%%edge-image-builder:1.2.0-rc1
+#!BuildTag: %%IMG_PREFIX%%edge-image-builder:1.2.0-rc1-%RELEASE%
 #!BuildVersion: 15.6
 ARG SLE_VERSION
 FROM registry.suse.com/bci/bci-base:$SLE_VERSION
@@ -15,11 +15,11 @@ RUN zypper --non-interactive install --no-recommends edge-image-builder qemu-x86
 LABEL org.opencontainers.image.authors="SUSE LLC (https://www.suse.com/)"
 LABEL org.opencontainers.image.title="SLE edge-image-builder Container Image"
 LABEL org.opencontainers.image.description="edge-image-builder based on the SLE Base Container Image."
-LABEL org.opencontainers.image.version="1.1.0"
+LABEL org.opencontainers.image.version="1.2.0-rc1"
 LABEL org.opencontainers.image.url="https://www.suse.com/products/server/"
 LABEL org.opencontainers.image.created="%BUILDTIME%"
 LABEL org.opencontainers.image.vendor="SUSE LLC"
-LABEL org.opensuse.reference="%%IMG_REPO%%/%%IMG_PREFIX%%edge-image-builder:1.1.0-%RELEASE%"
+LABEL org.opensuse.reference="%%IMG_REPO%%/%%IMG_PREFIX%%edge-image-builder:1.2.0-rc1-%RELEASE%"
 LABEL org.openbuildservice.disturl="%DISTURL%"
 LABEL com.suse.supportlevel="%%SUPPORT_LEVEL%%"
 LABEL com.suse.eula="SUSE Combined EULA February 2024"
diff --git a/edge-image-builder/_service b/edge-image-builder/_service
index 63b3ac7..0d61759 100644
--- a/edge-image-builder/_service
+++ b/edge-image-builder/_service
@@ -1,10 +1,13 @@
 <services>
   <service name="obs_scm">
     <param name="url">https://github.com/suse-edge/edge-image-builder.git</param>
-    <param name="versionformat">@PARENT_TAG@</param>
     <param name="scm">git</param>
     <param name="exclude">.git</param>
-    <param name="revision">v1.1.0</param>
+    <param name="revision">v1.2.0-rc1</param>
+    <!-- Uncomment and set this For Pre-Release Version -->
+    <param name="version">1.2.0~rc1</param>
+    <!-- Uncomment and this for regular version -->
+    <!-- <param name="versionformat">@PARENT_TAG@</param> -->
     <param name="versionrewrite-pattern">v(\d+).(\d+).(\d+)</param>
     <param name="versionrewrite-replacement">\1.\2.\3</param>
     <param name="changesgenerate">enable</param>
diff --git a/edge-image-builder/edge-image-builder.spec b/edge-image-builder/edge-image-builder.spec
index e1c1f77..21a2ba3 100644
--- a/edge-image-builder/edge-image-builder.spec
+++ b/edge-image-builder/edge-image-builder.spec
@@ -17,14 +17,14 @@
 
 
 Name:           edge-image-builder
-Version:        1.1.0
+Version:        1.2.0~rc1
 Release:        0
 Summary:        Edge Image Builder
 License:        Apache-2.0
 URL:            https://github.com/suse-edge/edge-image-builder
 Source:         edge-image-builder-%{version}.tar
 Source1:        vendor.tar.gz
-BuildRequires:  golang(API) go1.22
+BuildRequires:  golang(API) go1.24
 BuildRequires:  golang-packaging
 BuildRequires:  gpgme-devel
 BuildRequires:  device-mapper-devel