Cerebras said revenue almost doubled in the AI chipmaker’s first earnings report since its initial public offering last month. The stock fell 5% in extended trading.

Here’s how the company did:

• Loss per share: 22 cents
• Revenue: $193.4 million

The company’s revenue increased 92% in the first quarter from $99.5 million a year earlier, according to a statement. Net loss shrank to $14 million from $23.9 million, or 46 cents per share, a year ago.

Capitalizing on investor interest in infrastructure for running AI models, Cerebras went public on the Nasdaq in May. After pricing its IPO at $185, Cerebras saw its stock open at $350 and close at $311.07.

The shares have since dropped 28%, closing on Tuesday at $226.72.

Founded in 2015, the Cerebras raised over $6 billion in the offering, the most for a U.S. technology company since Uber‘s debut in 2019.

For the second quarter, Cerebras said it expects core revenue growth of 88% from a year earlier to $914 million. And the company said full-year core revenue will be between $855.5 million and $865 million, representing 69% growth at the midpoint.

Cerebras is trying to challenge AI chip leader Nvidia in one corner of the market, and it also operates a service for running AI models through data centers filled with its processors.

Cerebras enjoys a performance advantage in part by packing many times more SRAM memory on its chip than Google’s latest tensor processing unit or the Groq 3 LPU chip that Nvidia announced in March, Mizuho said in a June 8 note to clients.

During the first quarter, Cerebras said its chips will go inside Amazon Web Services’ data centers, and it announced a deal worth over $20 billion to supply OpenAI with computing power.

Executives will discuss the results with analysts on a conference call starting at 5 p.m. ET.

WATCH: Options Action: Big moves priced into Micron and Cerebras options