SoundHound AI Inc. posted a record first quarter on Thursday — but that wasn’t enough to beat Wall Street’s expectations for the March quarter.

Shares of SoundHound were falling 4% in premarket trading. The stock is down 51.7% so far this year, and saw particular pressure back in February when Nvidia Corp. revealed in a filing that it hadsold off its stake in the artifical-intelligence company.

SoundHound reported March-quarter revenue of $29.1 million — up 151% from the previous year, but below Wall Street’s expectations of $30.4 million, according to analysts’ estimates compiled by FactSet. Analysts were expecting an adjusted loss of 6 cents per share, which was in line with what the company reported.

“SoundHound continues to extend its reach and create new possibilities for real-world AI applications,” Chief Executive Keyvan Mohajer said in a statement. “The release of our complete AI agent platform delivers full, voice-enabled agentic AI for customers across all industries. At the same time, our bold growth initiatives are paying dividends, and we’re realizing significant cross-sell and upsell opportunities following our acquisitions.”

The company said no one customer made up more than 10% of its first-quarter revenue, “showing continued diversification of customers.”

Though Nvidia exited its SoundHound position as of the end of last year, the voice-based AI company largely got on Wall Street’s radar in 2024 after Nvidia listed the stock as one of its holdings in regulatory filings.

SoundHound said it sees a big opportunity in voice-based commerce, and it mentioned in Thursday’s earnings report that it provides AI concierge services in the hospitality industry and sells phone-answering technology to restaurants, among other offerings.

“Our distinctive value proposition in conversational voice AI across an increasingly diverse industry base is manifesting real returns and outcome-based results for our end customers,” Chief Financial Officer Nitesh Sharan said in a statement. “Our addressable and serviceable market continues to expand meaningfully, and we are capturing more of it with accelerating momentum.”

SoundHound reaffirmed its full-year revenue guidance of between $157 million and $177 million. The company noted that it ended the quarter with $246 million in total cash and cash equivalents, and no debt.

It also released the latest version of its Amelia AI agent platform, Amelia 7.0, on Thursday for enterprise companies deploying AI agents. The agents are enabled with voice capabilities powered by the company’s advanced speech-recognition technology.