Hive Digital Technologies (HIVE) said Thursday its Buzz high-performance computing platform secured customer agreements worth approximately $30 million over two-year fixed terms.

The initial phase of GPU deployment in Manitoba is expected to generate $15 million in annual recurring revenue once fully operational by March 31, the company said.

The new contracts involve 504 liquid-cooled Dell server-based units specifically designed for high-performance artificial intelligence and computing workloads, it said.

Total yearly revenue for its computing segment is expected to grow from $20 million to roughly $35 million following full deployment, Hive Digital said.

The company also said it plans on incurring capital expenditures for infrastructure and equipment acquisitions alongside operating costs for power and maintenance to support this expansion.

Shares of the company were up 2.3% in recent Friday premarket activity.