diff --git a/.github/workflows/Benchmarks.yml b/.github/workflows/Benchmarks.yml
index c2eea210..5d6d2f4a 100644
--- a/.github/workflows/Benchmarks.yml
+++ b/.github/workflows/Benchmarks.yml
@@ -47,9 +47,9 @@ jobs:
 
     - uses: hyperlight-dev/ci-setup-workflow@v1.8.0
       with:
-        rust-toolchain: "1.93"
+        rust-toolchain: "1.94"
 
-    - uses: dtolnay/rust-toolchain@1.93
+    - uses: dtolnay/rust-toolchain@1.94
       with:
         components: clippy, rustfmt
 
diff --git a/.github/workflows/CargoAudit.yml b/.github/workflows/CargoAudit.yml
index 6c1139b5..454701b2 100644
--- a/.github/workflows/CargoAudit.yml
+++ b/.github/workflows/CargoAudit.yml
@@ -18,7 +18,7 @@ jobs:
       # We are not using the common workflow here because it installs a lot of tools we don't need
       uses: dtolnay/rust-toolchain@master
       with:
-        toolchain: "1.93"
+        toolchain: "1.94"
 
       - uses: extractions/setup-just@v3
         with:
diff --git a/.github/workflows/CreateDevcontainerImage.yml b/.github/workflows/CreateDevcontainerImage.yml
index eedc36da..be33eef5 100644
--- a/.github/workflows/CreateDevcontainerImage.yml
+++ b/.github/workflows/CreateDevcontainerImage.yml
@@ -16,7 +16,7 @@ env:
   USER: vscode
   GROUP: vscode
   LLVM_VERSION: 17
-  RUST_TOOLCHAIN_DEFAULT: 1.93
+  RUST_TOOLCHAIN_DEFAULT: 1.94
   RUST_TOOLCHAIN_FILE: rust-toolchain.toml
   WASI_SDK_VERSION_FULL: "25.0"
   GCC_VERSION: "12" 
diff --git a/.github/workflows/CreateRelease.yml b/.github/workflows/CreateRelease.yml
index 50baa6e0..69170030 100644
--- a/.github/workflows/CreateRelease.yml
+++ b/.github/workflows/CreateRelease.yml
@@ -38,7 +38,7 @@ jobs:
     - name: Hyperlight setup
       uses: hyperlight-dev/ci-setup-workflow@v1.8.0
       with:
-          rust-toolchain: "1.93"
+          rust-toolchain: "1.94"
     - name: Set HYPERLIGHTWASM_VERSION
       run: |
         git fetch --tags
@@ -105,7 +105,7 @@ jobs:
             echo "✅ $crate@$version already published, skipping."
           else
             echo "🚀 Publishing $crate@$version"
-            cargo +1.93 publish -p "$crate"
+            cargo +1.94 publish -p "$crate"
           fi
         }
 
diff --git a/.github/workflows/dep_build_wasm_examples.yml b/.github/workflows/dep_build_wasm_examples.yml
index 777e189d..31ebd609 100644
--- a/.github/workflows/dep_build_wasm_examples.yml
+++ b/.github/workflows/dep_build_wasm_examples.yml
@@ -90,7 +90,7 @@ jobs:
         - name: Hyperlight setup workflow
           uses: hyperlight-dev/ci-setup-workflow@v1.8.0
           with:
-            rust-toolchain: "1.93"
+            rust-toolchain: "1.94"
         - name: Set up Docker Buildx
           uses: docker/setup-buildx-action@v3
         - name: Login to Registry
diff --git a/.github/workflows/dep_cargo_publish.yml b/.github/workflows/dep_cargo_publish.yml
index c133e140..a99109f6 100644
--- a/.github/workflows/dep_cargo_publish.yml
+++ b/.github/workflows/dep_cargo_publish.yml
@@ -22,7 +22,7 @@ jobs:
       - name: Hyperlight setup 
         uses: hyperlight-dev/ci-setup-workflow@v1.8.0
         with:
-          rust-toolchain: "1.93"
+          rust-toolchain: "1.94"
 
         # github actions that run against PRs check out a ref to the PR merge branch
         # we need to switch / create a branch for cargo ws to run late
diff --git a/.github/workflows/dep_rust.yml b/.github/workflows/dep_rust.yml
index db2ae479..2f196845 100644
--- a/.github/workflows/dep_rust.yml
+++ b/.github/workflows/dep_rust.yml
@@ -68,7 +68,7 @@ jobs:
       - name: Hyperlight setup
         uses: hyperlight-dev/ci-setup-workflow@v1.8.0
         with:
-          rust-toolchain: "1.93"
+          rust-toolchain: "1.94"
 
       - name: Add Nightly Rust
         run: |
diff --git a/Cargo.lock b/Cargo.lock
index add9c1f7..0854b9f0 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -327,17 +327,18 @@ dependencies = [
 
 [[package]]
 name = "cargo-util-schemas"
-version = "0.10.1"
+version = "0.14.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "549c00f5bb23fdaf26135d747d7530563402a101f1887a5a1916afe2c09cf229"
+checksum = "37156912bbbffb4d28a143546837050f267c218c0862258385d51a482e6646f2"
 dependencies = [
+ "jiff",
  "semver",
  "serde",
  "serde-untagged",
  "serde-value",
  "thiserror",
- "toml 0.9.12+spec-1.1.0",
- "unicode-xid",
+ "toml",
+ "unicode-ident",
  "url",
 ]
 
@@ -1838,7 +1839,7 @@ dependencies = [
  "serde_json",
  "tar",
  "tokio",
- "toml 1.1.2+spec-1.1.0",
+ "toml",
  "tracing",
  "tracing-forest",
  "tracing-opentelemetry 0.33.0",
@@ -3790,17 +3791,6 @@ dependencies = [
  "tokio",
 ]
 
-[[package]]
-name = "toml"
-version = "0.9.12+spec-1.1.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "cf92845e79fc2e2def6a5d828f0801e29a2f8acc037becc5ab08595c7d5e9863"
-dependencies = [
- "serde_core",
- "serde_spanned",
- "toml_datetime 0.7.5+spec-1.1.0",
-]
-
 [[package]]
 name = "toml"
 version = "1.1.2+spec-1.1.0"
@@ -3810,21 +3800,12 @@ dependencies = [
  "indexmap",
  "serde_core",
  "serde_spanned",
- "toml_datetime 1.1.1+spec-1.1.0",
+ "toml_datetime",
  "toml_parser",
  "toml_writer",
  "winnow",
 ]
 
-[[package]]
-name = "toml_datetime"
-version = "0.7.5+spec-1.1.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "92e1cfed4a3038bc5a127e35a2d360f145e1f4b971b551a2ba5fd7aedf7e1347"
-dependencies = [
- "serde_core",
-]
-
 [[package]]
 name = "toml_datetime"
 version = "1.1.1+spec-1.1.0"
@@ -3841,7 +3822,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "a82418ca169e235e6c399a84e395ab6debeb3bc90edc959bf0f48647c6a32d1b"
 dependencies = [
  "indexmap",
- "toml_datetime 1.1.1+spec-1.1.0",
+ "toml_datetime",
  "toml_parser",
  "winnow",
 ]
diff --git a/Cargo.toml b/Cargo.toml
index 6e72479e..ee376e3f 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -6,7 +6,7 @@ resolver = "2"
 [workspace.package]
 version = "0.14.0"
 edition = "2024"
-rust-version = "1.93"
+rust-version = "1.94"
 license = "Apache-2.0"
 homepage = "https://github.com/hyperlight-dev/hyperlight-wasm"
 repository = "https://github.com/hyperlight-dev/hyperlight-wasm"
diff --git a/README.md b/README.md
index 037f81ab..878764a3 100644
--- a/README.md
+++ b/README.md
@@ -58,11 +58,11 @@ You should also add your user to the kvm group: `sudo adduser $USER kvm`
 
 ## Building
 
-NOTE: Ensure that you use version 1.93 of rust toolchain.
+NOTE: Ensure that you use version 1.94 of rust toolchain.
 
 ```Console
-rustup install 1.93
-rustup default 1.93
+rustup install 1.94
+rustup default 1.94
 ```
 
 Now you can build the Rust Wasm library:
diff --git a/rust-toolchain.toml b/rust-toolchain.toml
index 47080603..cb763d05 100644
--- a/rust-toolchain.toml
+++ b/rust-toolchain.toml
@@ -1,5 +1,5 @@
 [toolchain]
-channel = "1.93"
+channel = "1.94"
 # Target used for guest binaries. This is an additive list of targets in addition to host platform.
 # Will install the target if not already installed when building guest binaries.
 targets = ["x86_64-unknown-none"]
\ No newline at end of file
diff --git a/src/hyperlight_wasm_aot/Cargo.toml b/src/hyperlight_wasm_aot/Cargo.toml
index 4442d3e9..042efe78 100644
--- a/src/hyperlight_wasm_aot/Cargo.toml
+++ b/src/hyperlight_wasm_aot/Cargo.toml
@@ -19,7 +19,7 @@ wasmtime = { version = "45.0.2", default-features = false, features = ["cranelif
 wasmtime_lts = { package = "wasmtime", version = "36.0.11", default-features = false, features = ["cranelift", "pulley", "runtime", "component-model"] }
 clap = { version = "4.6", features = ["derive"] }
 cargo_metadata = "0.23"
-cargo-util-schemas = "=0.10.1"
+cargo-util-schemas = "=0.14.0"
 object = { version = "0.39.1", default-features = false, features = ["read_core", "elf"] }
 
 [features]