Revenues declined by 69% at Hostelworld during the first six months of the year to €12 million.
The group said net bookings fell by 67% during the period, which was due to higher cancellation rates as a result of the Covid-19 pandemic.
This resulted in a pre-tax loss of €8.3 million for the first half of the year.
The company said it has seen a "very modest" increase in demand in recent weeks, as travel restrictions have eased but it said the situation remains fragile and demand is tightly-linked to restrictions.
As described at the time of its equity raise in late-June, marketing has been reduced to match revenues, while staff costs will be lower in the second half of the year as a result of cost actions.
On the supply-side, Hostelworld said it has seen only a modest reduction in the number of hostels on the platform.
