diff --git a/CHANGELOG.md b/CHANGELOG.md
index d91c79b022..ce0ecf097e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,26 @@
 
 Detailed changelog for Perry. See CLAUDE.md for concise summaries.
 
+## v0.5.993 — fix(compile): recursively bundle transitive ESM imports for V8 fallback
+
+**Symptom.** A program that imports a pure-ESM npm package whose entry file re-exports siblings (`hono`'s `dist/index.js` → `./hono.js` → `./hono-base.js` → `./compose.js` → `./router/*` → `./utils/*` …) ended up with a `__perry_js_bundle.js` containing only the single entry file. Roughly 20 transitive `dist/**/*.js` files were silently dropped. Compiled binaries still worked when their `node_modules/` tree happened to sit alongside them (V8's `ModuleLoader::load` opens files off disk), but shipping the binary on its own — or running it in any sandbox where the resolved paths don't exist — left V8 throwing `Cannot resolve module` for every missing sibling, and in the realistic hono call path (`app.fetch(req)` running cross-thread) cascaded to an rc=139 segfault because the missing-module callback handed unboxed `undefined` back to compiled native code expecting a NaN-boxed pointer.
+
+**Root cause — JS branch of `collect_modules` was a leaf.** `crates/perry/src/commands/compile/collect_modules.rs` classifies every reachable file as either "native compile" (TypeScript / `compilePackages`-overridden source) or "JS runtime" (everything else under `node_modules/` when `--enable-js-runtime` is implicitly on). The native branch already recursed via `cached_resolve_import` for every `import.source` on the lowered HIR, and re-exports were chased separately a few lines later. The JS branch took the shortcut comment `// We don't parse JS/node_modules files for their imports (V8 will handle that at runtime)` and bailed after inserting one entry into `ctx.js_modules`. The same bailout fed `targets::generate_js_bundle`, which loops over `ctx.js_modules` to materialize `__COMPILETS_MODULES` — so the bundle is exactly as deep as the JS walk, i.e., one level.
+
+The codegen path was correct: SWC parses TypeScript fine, so the user-written `import { Hono } from 'hono'` got registered as an import edge and `hono`'s `package.json` `module: "dist/index.js"` resolved through `resolve_package_entry`. That gave us one JS module. From there the walk stopped. Everything `dist/index.js` re-exported existed on disk but was invisible to the bundler.
+
+**Fix — add a lightweight ESM-import scanner and recurse.** New helper `collect_js_module_imports` in `collect_modules.rs` regex-scans a JS source for the static import / re-export / string-literal-dynamic-import shapes and returns the resolved sibling paths. Only relative / absolute specifiers are followed — bare specifiers like `react` need full `node_modules` resolution that the entry walker already handled via `cached_resolve_import`, so the realistic hono / express / koa / fastify / ink shape (top-level package brings in its own relative submodules) is fully covered. The JS branch then loops over the returned paths and re-enters `collect_modules`, which re-runs the JS/native classification — covering the case where a JS file re-imports something that resolves to a TypeScript file under a `compilePackages` directory.
+
+The scanner is regex-based on purpose. Running SWC on every transitive JS file just to harvest specifiers would cost real time on `node_modules` walks (hono alone is 24 files; effect+drizzle compose into hundreds), and the bundle's only job here is "make sure the path is embedded". Runtime semantics — conditional execution, dynamic shape, namespace materialization — remain V8's job; the bundler just needs to know which file paths the V8 fallback will be asked for.
+
+**Validation.** Built a local `hono@latest` (4.12.19) repro under `/tmp/perry-hono/`:
+- Pre-fix: bundle contained 1 `globalThis.__COMPILETS_MODULES[...]` entry (hono's `dist/index.js`).
+- Post-fix: bundle contains 24 entries — every `dist/**/*.js` reachable from `index.js` through the entire re-export graph (`compose.js`, `context.js`, `hono.js`, `hono-base.js`, `http-exception.js`, `request.js`, `request/constants.js`, `router.js`, plus the full `router/{reg-exp,smart,trie}-router/*.js` and `utils/*.js` subtrees).
+- `./out` still prints the expected `object` / `function` / `function`.
+- New test fixture at `test-files/test_hono_bundle.ts` is a static type-check / compile-doesn't-choke probe; the bundle-walks-recursively assertion lives in the PR description because the parity suite doesn't install npm packages.
+
+**Known next blocker (not in scope).** The bundle is now correct content-wise, but V8's `ModuleLoader::load` in `crates/perry-jsruntime/src/modules.rs:464-538` still resolves via `std::fs::read_to_string` against the on-disk path — `__COMPILETS_MODULES` is generated but never consulted by the loader. Removing `node_modules/` from beside the binary still produces `Cannot resolve module`. Wiring the loader to prefer the in-binary embedded source is a separate fix (likely a small `if let Some(src) = unsafe { COMPILED_MODULES.get(&path_str) }` short-circuit before the disk read), tracked alongside #818's wider "compile to a single self-contained binary for V8-fallback packages" goal.
+
 ## v0.5.992 — fix(jsruntime/events): lazy `_events` init so mixin paths (express) work
 
 **Symptom.** After v0.5.991's `util.inherits` fix landed (PR #984), the next express blocker surfaced:
@@ -36,7 +56,6 @@ While there, also added the previously-missing prototype methods Node's EventEmi
 
 - `crates/perry-jsruntime/src/modules.rs` (events shim rewrite, ~20 lines)
 - `test-files/test_events_mixin_lazy.ts` (new regression test)
-
 ## v0.5.991 — fix(codegen): V8 wildcard-namespace member calls — `R.sum([1,2,3])` returns 15 not 0
 
 **Symptom.** `import * as R from 'ramda'; console.log(R.sum([1,2,3,4,5]))` printed `0` instead of `15`. Same shape for any `R.add(2,3)`, `R.identity(5)`, `R.head([1,2,3])` — every member call on a wildcard-namespace import of a V8-fallback module returned the literal `0.0`. The bug is reproducible without ramda using a tiny `.mjs` helper module (`export function sum(arr) { return arr.reduce(...) }`) imported as `import * as helper from './helper.mjs'`, then `helper.sum([1,2,3])`. Named imports from the same module (`import { sum }`) worked fine.
diff --git a/CLAUDE.md b/CLAUDE.md
index b6874aafcf..adef3a0c81 100644
--- a/CLAUDE.md
+++ b/CLAUDE.md
@@ -8,7 +8,7 @@ This file provides guidance to Claude Code (claude.ai/code) when working with co
 
 Perry is a native TypeScript compiler written in Rust that compiles TypeScript source code directly to native executables. It uses SWC for TypeScript parsing and LLVM for code generation.
 
-**Current Version:** 0.5.992
+**Current Version:** 0.5.993
 
 
 ## TypeScript Parity Status
diff --git a/Cargo.lock b/Cargo.lock
index 0921edbf27..f12e8b3f96 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -4905,7 +4905,7 @@ checksum = "9b4f627cb1b25917193a259e49bdad08f671f8d9708acfd5fe0a8c1455d87220"
 
 [[package]]
 name = "perry"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "base64",
@@ -4960,14 +4960,14 @@ dependencies = [
 
 [[package]]
 name = "perry-api-manifest"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "serde",
 ]
 
 [[package]]
 name = "perry-codegen"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "log",
@@ -4980,7 +4980,7 @@ dependencies = [
 
 [[package]]
 name = "perry-codegen-arkts"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "perry-hir",
@@ -4989,7 +4989,7 @@ dependencies = [
 
 [[package]]
 name = "perry-codegen-glance"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "perry-hir",
@@ -4997,7 +4997,7 @@ dependencies = [
 
 [[package]]
 name = "perry-codegen-js"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "perry-dispatch",
@@ -5007,7 +5007,7 @@ dependencies = [
 
 [[package]]
 name = "perry-codegen-swiftui"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "perry-hir",
@@ -5016,7 +5016,7 @@ dependencies = [
 
 [[package]]
 name = "perry-codegen-wasm"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "base64",
@@ -5029,7 +5029,7 @@ dependencies = [
 
 [[package]]
 name = "perry-codegen-wear-tiles"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "perry-hir",
@@ -5037,7 +5037,7 @@ dependencies = [
 
 [[package]]
 name = "perry-diagnostics"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "serde",
  "serde_json",
@@ -5045,7 +5045,7 @@ dependencies = [
 
 [[package]]
 name = "perry-dispatch"
-version = "0.5.992"
+version = "0.5.993"
 
 [[package]]
 name = "perry-doc-fixture-my-bindings"
@@ -5056,7 +5056,7 @@ dependencies = [
 
 [[package]]
 name = "perry-doc-tests"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "clap",
@@ -5071,7 +5071,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-argon2"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "argon2",
  "perry-ffi",
@@ -5079,7 +5079,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-axios"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
  "reqwest",
@@ -5088,7 +5088,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-bcrypt"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "bcrypt",
  "perry-ffi",
@@ -5096,7 +5096,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-better-sqlite3"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
  "rusqlite",
@@ -5104,7 +5104,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-cheerio"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
  "scraper",
@@ -5112,14 +5112,14 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-commander"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
 ]
 
 [[package]]
 name = "perry-ext-cron"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "chrono",
  "cron",
@@ -5128,7 +5128,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-dayjs"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "chrono",
  "perry-ffi",
@@ -5136,7 +5136,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-decimal"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
  "rust_decimal",
@@ -5144,7 +5144,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-dotenv"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
  "serde_json",
@@ -5152,7 +5152,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-ethers"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
  "rand 0.8.6",
@@ -5160,21 +5160,21 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-events"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
 ]
 
 [[package]]
 name = "perry-ext-exponential-backoff"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
 ]
 
 [[package]]
 name = "perry-ext-fastify"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "bytes",
  "http-body-util",
@@ -5188,7 +5188,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-fetch"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "lazy_static",
  "perry-ffi",
@@ -5199,7 +5199,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-http"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "lazy_static",
  "perry-ext-http-server",
@@ -5211,7 +5211,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-http-server"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "bytes",
  "http-body-util",
@@ -5230,7 +5230,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-ioredis"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "lazy_static",
  "perry-ffi",
@@ -5240,7 +5240,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-jsonwebtoken"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "base64",
  "jsonwebtoken",
@@ -5251,7 +5251,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-lru-cache"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "lru",
  "perry-ffi",
@@ -5259,7 +5259,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-moment"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "chrono",
  "perry-ffi",
@@ -5267,7 +5267,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-mongodb"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "bson",
  "futures-util",
@@ -5279,7 +5279,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-mysql2"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "chrono",
  "perry-ffi",
@@ -5289,7 +5289,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-nanoid"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "nanoid",
  "perry-ffi",
@@ -5298,7 +5298,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-net"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
  "rustls",
@@ -5309,7 +5309,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-nodemailer"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "lettre",
  "perry-ffi",
@@ -5319,7 +5319,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-pg"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
  "sqlx",
@@ -5328,7 +5328,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-ratelimit"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "governor",
  "perry-ffi",
@@ -5336,7 +5336,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-sharp"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "base64",
  "image",
@@ -5345,14 +5345,14 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-slugify"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
 ]
 
 [[package]]
 name = "perry-ext-streams"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "lazy_static",
  "perry-ffi",
@@ -5360,7 +5360,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-uuid"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
  "uuid",
@@ -5368,7 +5368,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-validator"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "perry-ffi",
  "regex",
@@ -5378,7 +5378,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-ws"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "futures-util",
  "lazy_static",
@@ -5389,7 +5389,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ext-zlib"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "flate2",
  "perry-ffi",
@@ -5397,7 +5397,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ffi"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "dashmap 6.1.0",
  "once_cell",
@@ -5406,7 +5406,7 @@ dependencies = [
 
 [[package]]
 name = "perry-hir"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "perry-api-manifest",
@@ -5420,7 +5420,7 @@ dependencies = [
 
 [[package]]
 name = "perry-jsruntime"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "deno_core",
@@ -5440,7 +5440,7 @@ dependencies = [
 
 [[package]]
 name = "perry-parser"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "perry-diagnostics",
@@ -5452,7 +5452,7 @@ dependencies = [
 
 [[package]]
 name = "perry-runtime"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "base64",
@@ -5476,7 +5476,7 @@ dependencies = [
 
 [[package]]
 name = "perry-stdlib"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "aes 0.8.4",
  "aes-gcm",
@@ -5546,7 +5546,7 @@ dependencies = [
 
 [[package]]
 name = "perry-transform"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "perry-hir",
@@ -5556,7 +5556,7 @@ dependencies = [
 
 [[package]]
 name = "perry-types"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "anyhow",
  "thiserror 1.0.69",
@@ -5564,11 +5564,11 @@ dependencies = [
 
 [[package]]
 name = "perry-ui"
-version = "0.5.992"
+version = "0.5.993"
 
 [[package]]
 name = "perry-ui-android"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "itoa",
  "jni",
@@ -5583,7 +5583,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ui-geisterhand"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "rand 0.8.6",
  "serde",
@@ -5593,7 +5593,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ui-gtk4"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "cairo-rs",
  "dirs 5.0.1",
@@ -5612,7 +5612,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ui-ios"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "block2",
  "libc",
@@ -5627,7 +5627,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ui-macos"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "block2",
  "libc",
@@ -5645,11 +5645,11 @@ version = "0.1.0"
 
 [[package]]
 name = "perry-ui-testkit"
-version = "0.5.992"
+version = "0.5.993"
 
 [[package]]
 name = "perry-ui-tvos"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "block2",
  "libc",
@@ -5664,7 +5664,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ui-visionos"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "block2",
  "libc",
@@ -5679,7 +5679,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ui-watchos"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "block2",
  "libc",
@@ -5692,7 +5692,7 @@ dependencies = [
 
 [[package]]
 name = "perry-ui-windows"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "libc",
  "perry-runtime",
@@ -5706,7 +5706,7 @@ dependencies = [
 
 [[package]]
 name = "perry-updater"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "base64",
  "ed25519-dalek",
@@ -5720,7 +5720,7 @@ dependencies = [
 
 [[package]]
 name = "perry-wasm-host"
-version = "0.5.992"
+version = "0.5.993"
 dependencies = [
  "wasmi",
 ]
diff --git a/Cargo.toml b/Cargo.toml
index 77a0e59a18..f5693aa6b2 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -190,7 +190,7 @@ opt-level = "s"       # Optimize for size in stdlib
 opt-level = 3
 
 [workspace.package]
-version = "0.5.992"
+version = "0.5.993"
 edition = "2021"
 license = "MIT"
 repository = "https://github.com/PerryTS/perry"
diff --git a/crates/perry/src/commands/compile/collect_modules.rs b/crates/perry/src/commands/compile/collect_modules.rs
index d384de7715..ca2b7fc153 100644
--- a/crates/perry/src/commands/compile/collect_modules.rs
+++ b/crates/perry/src/commands/compile/collect_modules.rs
@@ -29,6 +29,96 @@ use super::{
     JsModule, ParseCache,
 };
 
+/// Issue #818: scan a JS module's source for static ESM imports /
+/// re-exports / string-literal dynamic imports, resolve each one
+/// against the module's directory (with `resolve_with_extensions` so
+/// extensionless and folder-index lookups work the same way they do at
+/// import-time), and return the deduped list of file paths to add to
+/// the bundle.
+///
+/// Bare specifiers (`react`, `@foo/bar`) and unresolvable relative
+/// paths are skipped: bare specifiers are the V8 fallback's job to
+/// resolve via the node_modules tree (we don't have a `require.resolve`
+/// equivalent here without a full parse), and unresolvable relatives
+/// just leak the same runtime error the V8 loader would have produced
+/// anyway. This keeps the scan cheap and side-effect free.
+pub(super) fn collect_js_module_imports(file_path: &std::path::Path, source: &str) -> Vec<PathBuf> {
+    use std::sync::OnceLock;
+    static IMPORT_RE: OnceLock<regex::Regex> = OnceLock::new();
+    static EXPORT_FROM_RE: OnceLock<regex::Regex> = OnceLock::new();
+    static DYNAMIC_IMPORT_RE: OnceLock<regex::Regex> = OnceLock::new();
+    static BARE_IMPORT_RE: OnceLock<regex::Regex> = OnceLock::new();
+
+    // `import ... from "spec"` — matches default/named/namespace forms.
+    let import_re = IMPORT_RE.get_or_init(|| {
+        regex::Regex::new(r#"(?m)^\s*import\s+(?:[^'"]+?\s+from\s+)?['"]([^'"]+)['"]"#)
+            .expect("import regex")
+    });
+    // Bare side-effect import: `import "./foo.js";`
+    let bare_re = BARE_IMPORT_RE.get_or_init(|| {
+        regex::Regex::new(r#"(?m)^\s*import\s+['"]([^'"]+)['"]"#).expect("bare import regex")
+    });
+    // `export ... from "spec"` — covers `export *`, `export * as ns`,
+    // `export { a, b }`. Captures the specifier.
+    let export_re = EXPORT_FROM_RE.get_or_init(|| {
+        regex::Regex::new(
+            r#"(?m)^\s*export\s+(?:\*(?:\s+as\s+\w+)?|\{[^}]*\})\s+from\s+['"]([^'"]+)['"]"#,
+        )
+        .expect("export from regex")
+    });
+    // Dynamic `import("spec")` — string-literal only.
+    let dyn_re = DYNAMIC_IMPORT_RE.get_or_init(|| {
+        regex::Regex::new(r#"\bimport\s*\(\s*['"]([^'"]+)['"]\s*\)"#).expect("dynamic import regex")
+    });
+
+    let mut specs: Vec<String> = Vec::new();
+    for cap in import_re.captures_iter(source) {
+        specs.push(cap[1].to_string());
+    }
+    for cap in bare_re.captures_iter(source) {
+        specs.push(cap[1].to_string());
+    }
+    for cap in export_re.captures_iter(source) {
+        specs.push(cap[1].to_string());
+    }
+    for cap in dyn_re.captures_iter(source) {
+        specs.push(cap[1].to_string());
+    }
+
+    let parent = match file_path.parent() {
+        Some(p) => p,
+        None => return Vec::new(),
+    };
+
+    let mut out: Vec<PathBuf> = Vec::new();
+    let mut seen: HashSet<PathBuf> = HashSet::new();
+    for spec in specs {
+        // Only follow relative or absolute paths — bare specifiers like
+        // `react` need the node_modules resolver which is more invasive
+        // to call here. The original entry walker (TS path) already
+        // pulled bare-specifier dependencies in via `cached_resolve_import`,
+        // so the most common case (top-level package brings in submodules)
+        // is covered. Inside a package's `node_modules` tree, all
+        // sibling imports are relative-path anyway.
+        if !(spec.starts_with("./") || spec.starts_with("../") || spec.starts_with('/')) {
+            continue;
+        }
+        let candidate = if spec.starts_with('/') {
+            PathBuf::from(&spec)
+        } else {
+            parent.join(&spec)
+        };
+        if let Some(resolved) = super::resolve::resolve_with_extensions(&candidate) {
+            if let Ok(canon) = resolved.canonicalize() {
+                if seen.insert(canon.clone()) {
+                    out.push(canon);
+                }
+            }
+        }
+    }
+    out
+}
+
 /// Issue #841: Node.js submodules that Perry knows about at the
 /// resolver level (no perry-stdlib backing, no compiled-source backing)
 /// but for which we still want to provide a minimal import surface so
@@ -133,6 +223,37 @@ pub(super) fn collect_modules(
             .map_err(|e| anyhow!("Failed to read {}: {}", canonical.display(), e))?;
 
         let specifier = canonical.to_string_lossy().to_string();
+        // Issue #818: walk transitive ESM imports for JS modules so the
+        // bundle contains every file the V8 fallback will be asked to load
+        // at runtime. Without this, pure-ESM packages with relative
+        // sub-module imports (e.g. hono's `dist/index.js` re-exporting
+        // `./hono.js`, which re-exports `./hono-base.js`, …) would land
+        // in `ctx.js_modules` with only the entry file, leaving every
+        // transitive `./foo.js` to be resolved against disk at runtime —
+        // fine when node_modules/ is co-located with the binary, but
+        // produces a `Cannot resolve module` failure (and in some cases
+        // a downstream segfault when the missing-module callback returns
+        // an unboxed undefined to compiled native code) when the binary
+        // is shipped on its own.
+        //
+        // We deliberately collect imports via a lightweight regex scan
+        // rather than parsing every JS file through SWC. The bundler
+        // only needs to know what file paths to embed; runtime
+        // semantics (default vs named, conditional execution, dynamic
+        // import) are still V8's job. The regex catches all the static
+        // shapes we need to follow:
+        //   import x from "./foo.js"
+        //   import { a, b } from "./foo.js"
+        //   import * as ns from "./foo.js"
+        //   import "./side-effect.js"
+        //   export { x } from "./foo.js"
+        //   export * from "./foo.js"
+        //   export * as ns from "./foo.js"
+        // Dynamic `import("./foo.js")` with a string-literal argument is
+        // also walked. Template-literal / variable specifiers can't be
+        // resolved statically and are skipped (V8 will surface the
+        // resolution failure at runtime, same as today).
+        let transitive_paths = collect_js_module_imports(&canonical, &source);
         ctx.js_modules.insert(
             specifier.clone(),
             JsModule {
@@ -143,7 +264,23 @@ pub(super) fn collect_modules(
         );
         ctx.needs_js_runtime = true;
 
-        // We don't parse JS/node_modules files for their imports (V8 will handle that at runtime)
+        // Recurse into each resolved sibling. We re-enter
+        // `collect_modules`, which re-runs the JS/native classification
+        // — covering the case where a JS file re-imports something that
+        // resolves to a TypeScript file under a `compilePackages` dir.
+        for next in transitive_paths {
+            collect_modules(
+                &next,
+                ctx,
+                visited,
+                enable_js_runtime,
+                format,
+                target,
+                next_class_id,
+                skip_transforms,
+                parse_cache.as_deref_mut(),
+            )?;
+        }
         return Ok(());
     }
 
diff --git a/test-files/test_hono_bundle.ts b/test-files/test_hono_bundle.ts
new file mode 100644
index 0000000000..7167d1c40b
--- /dev/null
+++ b/test-files/test_hono_bundle.ts
@@ -0,0 +1,14 @@
+// Issue #818: hono's `dist/index.js` re-exports from `./hono.js`, which
+// re-exports from `./hono-base.js`, etc. — the V8-fallback bundle used
+// to include only `index.js`, dropping ~20 transitive ESM submodules.
+// This test exists to be run against a project that has `hono` in its
+// node_modules; the parity / smoke suite doesn't install npm packages,
+// so by itself the test only proves the compiler doesn't choke on the
+// `import { Hono } from 'hono';` line. The real bundle-walks-recursively
+// validation lives in /tmp/perry-hono in the PR notes.
+import { Hono } from 'hono';
+const app = new Hono();
+app.get('/', (c) => c.text('Hi'));
+console.log(typeof app);
+console.log(typeof app.get);
+console.log(typeof app.fetch);