Government contracting is the Company's largest market, accounting for approximately 65% of revenue for the past five years. Contract cycles are long and governments around the world continue to make progress in the adoption of geospatial data as a service.

For the year ended December 31, 2019, the Company reported revenue of $10.1 million, compared with $15.8 million for 2018. Delays in government contracts affected both acquisition services and value-added data revenue. Software revenue was $1.4 million in 2019 compared to $1.0 million last year. Although growing well, the software segment is having difficulty achieving scale as the Company is inadequately capitalized to make further investments.

Adjusted EBITDA for 2019 was negative $0.9 million, compared with positive $2.1 million in 2018. The decline in Adjusted EBITDA for 2019 was related to carrying costs associated with the contract delays in Alaska and South East Asia.

The Company continues to build its contracted pipeline. Historically, the pipeline has required 30 months to convert to revenue. The Company is teamed with prime contractors and has been selected through competitive requests for proposals to participate in the National Geospatial-Intelligence Agency's Janus Geography contract, the US Geological Survey's Geospatial Products and Services Architect and Engineer IDIQ Contract, and the National Oceanic & Atmospheric Administration Coastal Mapping Program.

Andrew Hines has resigned as a director of the Company. The Board of Directors of Intermap thanks Mr. Hines for his contributions on behalf of the Company.

Adjusted EBITDA is not a recognized performance measure under IFRS and does not have a standardized meaning prescribed by IFRS. The term EBITDA consists of net income (loss) and excludes interest, taxes, depreciation, and amortization. Adjusted EBITDA is included as a supplemental disclosure because management believes that such measurement provides a better assessment of the Company's operations on a continuing basis by eliminating certain non-cash charges and charges that are nonrecurring. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net loss. A reconciliation of net loss to Adjusted EBITDA is provided in the table below. As previously disclosed in our quarterly reports, the Company's ability to continue as a going concern is dependent on management's ability to successfully secure sales with upfront payments, restructure the balance sheet (including a reduction of debt) and obtain additional financing.

Selected Annual Information