Short answer:
Yes it will work, and will work concurrently.
Long answer:
Each shared in Kinesis stream has 2MiB/sec read throughput:
https://docs.aws.amazon.com/streams/latest/dev/building-consumers.html
If you have multiple applications (in your case Lambda's). They will share the throughput.
A description taken from the link above:
Fixed at a total of 2 MiB/sec per shard. If there are multiple consumers reading from the same shard, they all share this throughput. The sum of the throughput they receive from the shard doesn't exceed 2 MiB/sec.
If you create (write) less than 1mib/sec of data you should be able to support two "applications" with a single shard.
In general if you have Y shards and X applications it should work properly assuming your total write throughput (mib/sec) is less than 2mib/sec * Y / X and that data is spread equally between shards.
If you require each "Application" to use 2 Mib/sec each, you may enable "Consumers with Enhanced Fan-Out" which "fan-outs" the stream giving each application a dedicated 2 Mib/sec per shard (instead of sharing the throughput).
This is described in the following link:
https://docs.aws.amazon.com/streams/latest/dev/introduction-to-enhanced-consumers.html
In Amazon Kinesis Data Streams, you can build consumers that use a feature called enhanced fan-out. This feature enables consumers to receive records from a stream with throughput of up to 2 MiB of data per second per shard. This throughput is dedicated, which means that consumers that use enhanced fan-out don't have to contend with other consumers that are receiving data from the stream.