Probably the hardest hit major company was Privateer Press, whose focus on tourney gaming wound up hurting them pretty badly when there were no tourneys - something that theoretically should also have crippled GW but as it turns out they apparently have a larger percentage of casual players than PP did.
I can't speak for the tourney scene one way or another, but PP have had a load more problems than purely pandemic-related in recent years. First and foremost, of course, was GW undergoing a major management change and starting doing things like 'communicating with customers' and 'not making players wait for decades between codex upgrades' etc etc, and all this was happening at the same time as the shift to an all-plastic line and the resultant skyrocketing in miniature quality. PP was often the game company for disgruntled ex-GW players, and there's just a lot fewer of that demographic than there used to be.
But PP have had other problems, too. Long-term supply chain issues. There was at least one major rules revision that went down like a lead balloon. There was their long-term problem in attracting new casual or narrative-oriented players to a game tat wat optimised around highly competitive tourney gaming. And they've made an absolute dogs breakfast of the story-telling. They basically blew up the Iron Kingdoms to launch a brand new sci-fi spin-off, which landed like a cowpat and has had vanishingly little support since its release. They never actually finished detailing all the lore about how all this happened (we're talking about a large percentage of the world's population wandering through an art deco Stargate never to return, and the revelation that the gods of humanity sold humanity to infernal powers centuries ago in exchange for the gift of magic)
Then they cash in on the 5e boom by releasing a 5e cut of the setting, set after the timeline's advanced maybe 5 years and a sort of soft return to the status quo has occured (a bit like how SCAG retconned the widely despised 4e Forgotten Realms). Sure there's changes (the Protectorate of Menoth has emigrated overseas en masse, the entire nation of elves is now basically undead, and the skorne empire is a wreck), but the setting is still mostly recognisable. The kickstarters for the 5e books haven't broken any records, but they've been solid (I own all of them, and am playing in an IK game now)
Then, post-pandemic, they released another different iteration of the core minis game, set in a version of the Iron Kingdoms where the timeline has advanced significantly further
again and is completely incompatible with the RPG line they're developing and selling at the same time! And they're shifting to an entirely new miniatures line (3d printed) and basically every single previous edition model is now unusable with the new version. Hope you hadn't sunk too much money into your collection, loyal fans. but hey, never mind, you can hardly play the new edition yet anyway because releases are going sooo veeeeerry slooooowwlly.
I love the setting, but I unless some of their other minor game lines are doing MUCH better than I would have guessed, it would look strongly to me like the company is rapidly circling the drain...