diff --git a/src/libs/libSysmodule.cpp b/src/libs/libSysmodule.cpp
index ac032dbf2..e6589b6d8 100644
--- a/src/libs/libSysmodule.cpp
+++ b/src/libs/libSysmodule.cpp
@@ -6,6 +6,9 @@
 #include "libs/libs.h"
 #include "loader/symbolDatabase.h"
 
+#include <mutex>
+#include <unordered_map>
+
 namespace Libs {
 
 LIB_VERSION("Sysmodule", 1, "Sysmodule", 1, 1);
@@ -17,6 +20,16 @@ int KYTY_SYSV_ABI KernelGetModuleInfoForUnwind(uint64_t addr, int flags, ModuleI
 
 namespace Sysmodule {
 
+constexpr int SYSMODULE_ERROR_UNLOADED = static_cast<int>(0x805a1001u);
+
+static std::mutex                             g_module_mutex;
+static std::unordered_map<uint16_t, uint32_t> g_module_refs;
+
+static void LoadModule(uint16_t id) {
+	std::scoped_lock lock(g_module_mutex);
+	++g_module_refs[id];
+}
+
 static KYTY_SYSV_ABI int SysmoduleGetModuleInfoForUnwind(uint64_t addr, int flags,
                                                          LibKernel::ModuleInfoForUnwind* info) {
 	return LibKernel::KernelGetModuleInfoForUnwind(addr, flags, info);
@@ -27,6 +40,7 @@ static KYTY_SYSV_ABI int SysmoduleLoadModule(uint16_t id) {
 
 	LOGF("\t id = %d\n", static_cast<int>(id));
 
+	LoadModule(id);
 	return 0;
 }
 
@@ -35,6 +49,14 @@ static KYTY_SYSV_ABI int SysmoduleUnloadModule(uint16_t id) {
 
 	LOGF("\t id = %d\n", static_cast<int>(id));
 
+	std::scoped_lock lock(g_module_mutex);
+	const auto       module = g_module_refs.find(id);
+	if (module == g_module_refs.end()) {
+		return SYSMODULE_ERROR_UNLOADED;
+	}
+	if (--module->second == 0) {
+		g_module_refs.erase(module);
+	}
 	return 0;
 }
 
@@ -49,6 +71,7 @@ static KYTY_SYSV_ABI int SysmoduleLoadModuleInternalWithArg(uint16_t id, int arg
 	EXIT_IF(arg3 != 0);
 	EXIT_IF(ret == nullptr);
 
+	LoadModule(id);
 	*ret = 0;
 
 	return 0;
@@ -59,7 +82,8 @@ static KYTY_SYSV_ABI int SysmoduleIsLoaded(uint16_t id) {
 
 	LOGF("\t id = %d\n", static_cast<int>(id));
 
-	return 0;
+	std::scoped_lock lock(g_module_mutex);
+	return g_module_refs.contains(id) ? 0 : SYSMODULE_ERROR_UNLOADED;
 }
 
 } // namespace Sysmodule
diff --git a/tests/KernelFileSystemTests.cpp b/tests/KernelFileSystemTests.cpp
index b0aeb86f9..f0f7cb976 100644
--- a/tests/KernelFileSystemTests.cpp
+++ b/tests/KernelFileSystemTests.cpp
@@ -45,6 +45,7 @@ void InitLibKernel_1_Apr(Loader::SymbolDatabase *symbols);
 
 namespace Libs {
 void InitLibKernel_1(Loader::SymbolDatabase *symbols);
+void InitSysmodule_1(Loader::SymbolDatabase *symbols);
 }
 
 namespace Libs::LibAmpr {
@@ -164,6 +165,45 @@ void TestFileDescriptorFlags() {
   }
 }
 
+void TestSysmoduleReferences() {
+  Loader::SymbolDatabase symbols;
+  Libs::InitSysmodule_1(&symbols);
+  using ModuleCall = int (KYTY_SYSV_ABI *)(uint16_t);
+  const auto resolve = [&](const char* nid) {
+    const auto* symbol = symbols.Find(
+        {nid, "Sysmodule", 1, "Sysmodule", 1, 1, Loader::SymbolType::Func});
+    Check(symbol != nullptr, "Sysmodule export resolves");
+    return reinterpret_cast<ModuleCall>(symbol->vaddr);
+  };
+  const auto load = resolve("g8cM39EUZ6o");
+  const auto unload = resolve("eR2bZFAAU0Q");
+  const auto is_loaded = resolve("fMP5NHUOaMk");
+  constexpr int unloaded = static_cast<int>(0x805a1001u);
+  Check(load(0x113) == OK && is_loaded(0xb4) == unloaded,
+        "loading entitlement access does not mark AppContent loaded");
+  Check(unload(0x113) == OK, "release independent module reference");
+  for (const uint16_t id : {0x113, 0xb4}) {
+    Check(is_loaded(id) == unloaded, "unloaded module allows guest initialization");
+    Check(unload(id) == unloaded, "unloading an absent module reports UNLOADED");
+    Check(load(id) == OK && load(id) == OK && is_loaded(id) == OK,
+          "repeated loads retain references");
+    Check(unload(id) == OK && is_loaded(id) == OK,
+          "one unload preserves the remaining reference");
+    Check(unload(id) == OK && is_loaded(id) == unloaded,
+          "last unload restores unloaded status");
+  }
+  const auto* internal_symbol = symbols.Find(
+      {"hHrGoGoNf+s", "Sysmodule", 1, "Sysmodule", 1, 1, Loader::SymbolType::Func});
+  Check(internal_symbol != nullptr, "internal Sysmodule load export resolves");
+  const auto internal_load =
+      reinterpret_cast<int (KYTY_SYSV_ABI *)(uint16_t, int, int, int, int*)>(
+          internal_symbol->vaddr);
+  int result = -1;
+  Check(internal_load(0xb4, 0, 0, 0, &result) == OK && result == OK &&
+            is_loaded(0xb4) == OK && unload(0xb4) == OK && is_loaded(0xb4) == unloaded,
+        "internal and public module operations share load state");
+}
+
 void TestSaveOpenVisibility() {
   constexpr char Path[] = "/savedata0/visible-save.dat";
   constexpr char Payload[] = "saved progress";
@@ -1532,6 +1572,7 @@ int main(int, char**) {
 
   TempDirectory temporary;
   FileSystem::Initialize();
+  TestSysmoduleReferences();
   TestRandomDevices();
   TestFileDescriptorFlags();
   CheckMountRoot(temporary.Path());