I have followed the company for around 12 months.  And have a...

I have followed the company for around 12 months.  And have a modest holding (which is firmly in the RED).

I would agree that the lack of peer group makes Windlab difficult for investors to gauge or understand the business model.

The recent delays to Lakeland and Infrared are a pain, but still only a 3 month delay... hardly worth a 15% share price fall!

My take on WND is that the sexy part of the business is the development phase.  Yields a 10x return on investment (basically $2M of development costs turns into $20M of revenue on financial close (once the offtake agreements, approvals, permits financing etc are in place).  Whether windlab choose to retain and equity stake or not is a secondary consideration, as in some instances they do not (e.g. Coopers Gap for AGL, the USA projects, and I suspect in South Africa they won't hold on to a stake either).  But this gives them optionality.

Having said that, I am comfortable with their equity stake approach.  Kennedy Energy Park, Kiata and eventually lakeland, due to the recurring revenue streams as others have mentioned, including asset management fees of ~$1m per project.  I think a good comparison for Windlab is actually a REIT / Property Developer if there are any out there.  I suppose something like Folkstone or Mirvac (though I don't follow either).  Given it the stability, and consistent earnings of Hard Assets.  (Which can be resold if required to infrastructure funds or utility co's).  + The more exciting side of the 10 x development returns.  (The property market is somewhat similar, all of the margins and outsized profits belong to the developpers, more so that construction or the REIT-collecting landlords.

So I don't wish to overhype this stock.... but I think the 18 month timeline will be transformational.  Add Lakeland (20 - 25% equity to Windlab when their reinvest their fee) to thew current book value (which included Kennedy and Kiata) and would get $75M = equal to current market cap.   By end of 2019, recurring revenue will cover all of their costs, ~$10M per annum.  Substantially de-risking the company (which will post a $2M loss for 2H18 also,most likely)..

Then the blue sky picture is the approval for the Kennedy Energy Park Stage 2 (Big Kennedy), this will deliver huge fees to Windlab, $50M for their 50% stake is my expectation.  But this make be 18 - 24 months way, and is uncertain.  Anyway, good luck to all holders.  I am trying not to panic and looking at the Intrinsic value of the company, not the share price.    After all, the Market once had Blue Sky (BLA) at $12, and Big Un was the best perfoming stock in 2017.... so how smart is the 'market' really?