diff --git a/src/webpack/patchWebpack.ts b/src/webpack/patchWebpack.ts
index a185f1428..568ce3eba 100644
--- a/src/webpack/patchWebpack.ts
+++ b/src/webpack/patchWebpack.ts
@@ -417,9 +417,6 @@ function runFactoryWithWrap(patchedFactory: PatchedModuleFactory, thisArg: unkno
     }
 
     exports = module.exports;
-    if (exports == null) {
-        return factoryReturn;
-    }
 
     if (typeof require === "function" && require.c) {
         if (_blacklistBadModules(require.c, exports, module.id)) {
@@ -427,6 +424,10 @@ function runFactoryWithWrap(patchedFactory: PatchedModuleFactory, thisArg: unkno
         }
     }
 
+    if (exports == null) {
+        return factoryReturn;
+    }
+
     for (const callback of moduleListeners) {
         try {
             callback(exports, module.id);