The Covid-19 epidemic, which has been effective all over the world since the beginning of 2020, has become an economic crisis with the restrictions imposed by states to stop the spread of this epidemic. While this situation caused serious damage to the production activities of many countries, it brought many companies whose financial situation was not so good anyway to the bankruptcy threshold. Using the financial and non-financial variables of 380 innovative companies, selected among 160 thousand SMEs in Italy that is one of the European countries most affected by Covid-19 economic crisis, the financial impact of the crisis on these companies has been tried to be analyzed by comparing the probability of bankruptcy predicted before and after Covid-19.