diff --git a/internal/operator-controller/applier/boxcutter.go b/internal/operator-controller/applier/boxcutter.go
index cb4da7e53..608cb6fee 100644
--- a/internal/operator-controller/applier/boxcutter.go
+++ b/internal/operator-controller/applier/boxcutter.go
@@ -75,6 +75,11 @@ func (r *SimpleRevisionGenerator) GenerateRevisionFromHelmRelease(
 		_ = cache.ApplyStripAnnotationsTransform(&obj)
 		sanitizedUnstructured(ctx, &obj)
 
+		obj.SetAnnotations(mergeLabelMaps(obj.GetAnnotations(), map[string]string{
+			labels.BundleVersionKey: helmRelease.Labels[labels.BundleVersionKey],
+			labels.PackageNameKey:   helmRelease.Labels[labels.PackageNameKey],
+		}))
+
 		objs = append(objs, *ocv1ac.ClusterExtensionRevisionObject().
 			WithObject(obj))
 	}
@@ -146,6 +151,11 @@ func (r *SimpleRevisionGenerator) GenerateRevision(
 		}
 		sanitizedUnstructured(ctx, &unstr)
 
+		unstr.SetAnnotations(mergeLabelMaps(unstr.GetAnnotations(), map[string]string{
+			labels.BundleVersionKey: revisionAnnotations[labels.BundleVersionKey],
+			labels.PackageNameKey:   revisionAnnotations[labels.PackageNameKey],
+		}))
+
 		objs = append(objs, *ocv1ac.ClusterExtensionRevisionObject().
 			WithObject(unstr))
 	}
diff --git a/internal/operator-controller/applier/boxcutter_test.go b/internal/operator-controller/applier/boxcutter_test.go
index 4f8461250..44cd7f7f6 100644
--- a/internal/operator-controller/applier/boxcutter_test.go
+++ b/internal/operator-controller/applier/boxcutter_test.go
@@ -128,6 +128,10 @@ func Test_SimpleRevisionGenerator_GenerateRevisionFromHelmRelease(t *testing.T)
 										"labels": map[string]interface{}{
 											"my-label": "my-value",
 										},
+										"annotations": map[string]interface{}{
+											"olm.operatorframework.io/bundle-version": "1.2.0",
+											"olm.operatorframework.io/package-name":   "my-package",
+										},
 									},
 								},
 							}),
@@ -140,6 +144,10 @@ func Test_SimpleRevisionGenerator_GenerateRevisionFromHelmRelease(t *testing.T)
 										"labels": map[string]interface{}{
 											"my-label": "my-value",
 										},
+										"annotations": map[string]interface{}{
+											"olm.operatorframework.io/bundle-version": "1.2.0",
+											"olm.operatorframework.io/package-name":   "my-package",
+										},
 									},
 								},
 							}),
@@ -223,6 +231,10 @@ func Test_SimpleRevisionGenerator_GenerateRevision(t *testing.T) {
 							"kind":       "Service",
 							"metadata": map[string]interface{}{
 								"name": "test-service",
+								"annotations": map[string]interface{}{
+									"olm.operatorframework.io/bundle-version": "",
+									"olm.operatorframework.io/package-name":   "",
+								},
 							},
 							"spec": map[string]interface{}{},
 						},
@@ -244,6 +256,8 @@ func Test_SimpleRevisionGenerator_GenerateRevision(t *testing.T) {
 								},
 								"annotations": map[string]interface{}{
 									"my-annotation": "my-annotation-value",
+									"olm.operatorframework.io/bundle-version": "",
+									"olm.operatorframework.io/package-name":   "",
 								},
 							},
 							"spec": map[string]interface{}{
diff --git a/test/e2e/features/update.feature b/test/e2e/features/update.feature
index e1b4becca..590ecf126 100644
--- a/test/e2e/features/update.feature
+++ b/test/e2e/features/update.feature
@@ -180,6 +180,36 @@ Feature: Update ClusterExtension
     When ClusterCatalog "test" image version "v2" is also tagged as "latest"
     Then bundle "test-operator.1.3.0" is installed in version "1.3.0"
 
+  @BoxcutterRuntime
+  Scenario: Update to a version with identical bundle content creates a new revision
+    Given ClusterExtension is applied
+      """
+      apiVersion: olm.operatorframework.io/v1
+      kind: ClusterExtension
+      metadata:
+        name: ${NAME}
+      spec:
+        namespace: ${TEST_NAMESPACE}
+        serviceAccount:
+          name: olm-sa
+        source:
+          sourceType: Catalog
+          catalog:
+            packageName: test
+            selector:
+              matchLabels:
+                "olm.operatorframework.io/metadata.name": test-catalog
+            version: 1.0.0
+            upgradeConstraintPolicy: SelfCertified
+      """
+    And ClusterExtension is rolled out
+    And ClusterExtension is available
+    And bundle "test-operator.1.0.0" is installed in version "1.0.0"
+    When ClusterExtension is updated to version "1.0.4"
+    Then ClusterExtension is rolled out
+    And ClusterExtension is available
+    And bundle "test-operator.1.0.4" is installed in version "1.0.4"
+
   @BoxcutterRuntime
   Scenario: Each update creates a new revision and resources not present in the new revision are removed from the cluster
     Given ClusterExtension is applied
diff --git a/testdata/images/catalogs/test-catalog/v1/configs/catalog.yaml b/testdata/images/catalogs/test-catalog/v1/configs/catalog.yaml
index 012afbe83..8272dd68c 100644
--- a/testdata/images/catalogs/test-catalog/v1/configs/catalog.yaml
+++ b/testdata/images/catalogs/test-catalog/v1/configs/catalog.yaml
@@ -17,6 +17,7 @@ entries:
   - name: test-operator.1.0.0
   - name: test-operator.1.0.1
     replaces: test-operator.1.0.0
+  - name: test-operator.1.0.4
   - name: test-operator.1.2.0
     replaces: test-operator.1.0.1
 ---
@@ -40,6 +41,19 @@ properties:
       packageName: test
       version: 1.0.1
 ---
+# Bundle with identical rendered content as v1.0.0 (same image).
+# Used to test that upgrading between versions with identical manifests
+# correctly updates the installed version status (OCPBUGS-78311).
+schema: olm.bundle
+name: test-operator.1.0.4
+package: test
+image: docker-registry.operator-controller-e2e.svc.cluster.local:5000/bundles/registry-v1/test-operator:v1.0.0
+properties:
+  - type: olm.package
+    value:
+      packageName: test
+      version: 1.0.4
+---
 # Bundle with a wrong image ref causing image pull failure
 schema: olm.bundle
 name: test-operator.1.0.2