The 1st SpeechWellness Challenge (SW1) aims to advance methods for detecting current suicide risk in adolescents using speech analysis techniques. Suicide among adolescents is a critical public health issue globally. Early detection of suicidal tendencies can lead to timely intervention and potentially save lives. Traditional methods of assessment often rely on self-reporting or clinical interviews, which may not always be accessible. The SW1 challenge addresses this gap by exploring speech as a non-invasive and readily available indicator of mental health. We release the SW1 dataset which contains speech recordings from 600 adolescents aged 10-18 years. By focusing on speech generated from natural tasks, the challenge seeks to uncover patterns and markers that correlate with current suicide risk.