Hanon Systems reported a third-quarter net loss of 142.2 billion won (US$105.8 million), reversing a 55.3 billion-won profit a year earlier, while operating profit rose 26.6% to 120.6 billion won ($82 million). Revenue declined 1.8% to 2.66 trillion won as customer volume adjustments and currency effects offset business activity. The South Korean automotive thermal management company improved its operating margin to 4.5% by lowering its cost of sales ratio and selling and administrative expenses. For the first nine months, revenue increased 1.2% to 8.28 trillion won and operating profit climbed 77.9% to 321.5 billion won. The company said xEV products increased their revenue share to 33% and outlined plans to apply its thermal management technology to energy storage, power conversion, solid-state transformers and artificial intelligence data-center servers.