Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.

This morning we’re tracking Airbnb’s latest losses, its anticipated and real Q1 revenue growth, and what the company’s current situation likely means for its public debut, something the company has promised will occur in 2020.

Last September, Airbnb told its investors, employees, and the world that it would begin to trade publicly in 2020, with the company widely expected to pursue a direct listing instead of a traditional IPO. Since then, the company’s persistent deficits have continued. And, unexpectedly, the world’s travel industry has become troubled in light of the spread of COVID-19, the resulting border closures and reduction in personal and business travel. Mix in a broad stock market selloff, and Airbnb is in a tricky spot.

It is too early to say that Airbnb will not float in 2020, but it’s not too early to say that a public listing in the first half of the year is out. Let’s explore why.