Lions Gate Entertainment Corp reported a challenging QQ1 2026, with revenue of $319.7 million, a year-over-year decline of 71.4% and a sequential drop of 67.1%. The quarter produced an operating loss of $26.9 million and a net loss of $42.5 million, or $2.54 per share on a diluted basis. EBITDA was negative at $7.1 million, yielding an EBITDAR of -0.0222 and an EBIT margin of -8.41%. The magnitude of the headwinds contrasts with what appears to be a historically large, higher-volume revenue base implied by trailing quarterly data, suggesting a top-line pullback that eclipsed cost-control benefits in the period. The company’s earnings backdrop remains pressured by negative net income and limited visibility into gross profits, which are not disclosed in the QQ1 2026 release. The four-quarter trailing revenue aggregate (roughly $3.07 billion, based on disclosed quarters) underscores substantial quarterly volatility and a concentration of earnings leverage around peak periods that did not materialize in QQ1 2026.