04:30 PM EDT, 08/07/2024 (MT Newswires) -- Coveo (CVO.TO) after hours on Wednesday reported a narrower first-quarter loss on higher revenue.

The artificial-intelligence company said it lost US$6.1 million, or $0.07 per share, in the period, narrowing from a loss of US$7 million, or US$0.07, last year.

Revenue was up 5.6% to US$32.2 million from US$30.5 million in the prior year period. The company said SaaS subscription revenue of US$30.6 million marked a 7% increase that also beat guidance.

Coveo is expecting total revenue of US$32 million to US$32.4 million for the second quarter, and total revenue of $133 million to US$137 million for fiscal year 2025.

Shares closed down $0.15 to $5.85 on the Toronto Stock Exchange.