What Lionsgate Studios Corp. told the SEC could break it.

Customer concentration

• Two individual customers each >10% of consolidated revenue in FY2026 ($513.4M and $261.1M); one customer = 19.8% of total accounts receivable (~$171.2M)medium

  Lionsgate Studios has material customer concentration in its content-licensing revenue. For the year ended March 31, 2026, two individual customers each represented greater than 10% of consolidated revenues, amounting to $513.4 million and $261.1 million respectively (primarily in the Motion Picture and Television Production segments) — up from one >10% customer ($411.1M) in FY2024. At March 31, 2026, a single customer accounted for 19.8% of total consolidated accounts receivable (gross ~$171.2 million). The customers are not named in the disclosure; one large licensing relationship is plausibly tied to the ongoing post-Starz-Separation content-licensing arrangement and/or major streaming/network buyers, but this is not stated. Loss or renegotiation by either >10% customer would materially affect revenue and receivables. A real, quantified customer concentration (customers undisclosed, so captured as a risk rather than an edge).

  “individual customers which represented greater than 10% of consolidated revenues, amounting to $ 513.4 million and $ 261.1 million, respectively, primarily related to the Company's Motion Picture and Television Production segments”

  SEC filing →As of 2026