diff --git a/packages/environment-ember-template-imports/-private/environment/transform.ts b/packages/environment-ember-template-imports/-private/environment/transform.ts
index 8b9c2604e..a32d38d42 100644
--- a/packages/environment-ember-template-imports/-private/environment/transform.ts
+++ b/packages/environment-ember-template-imports/-private/environment/transform.ts
@@ -25,7 +25,10 @@ export const transform: GlintExtensionTransform<PreprocessData> = (
     } else if (isETIDefaultTemplate(ts, node)) {
       // Annotate that this template is a default export
       setEmitMetadata(node.expression, { prepend: 'export default ' });
-
+      return node;
+    } else if (isETIDefaultSatisfiesTemplate(ts, node)) {
+      // Annotate that this template is a default export
+      setEmitMetadata(node.expression.expression, { prepend: 'export default ' });
       return node;
     } else if (isETITemplateExpression(ts, node)) {
       // Convert '[__T`foo`]' as an expression to just '__T`foo`'
@@ -111,18 +114,43 @@ type ETITemplateProperty = ts.PropertyDeclaration & {
   name: ts.ComputedPropertyName & { expression: ETITemplateLiteral };
 };
 
-type ETIDefaultTemplate =
-  | (ts.ExpressionStatement & {
-      expression: ETITemplateLiteral;
-    })
-  | (ts.SatisfiesExpression & {
-      expression: ETITemplateLiteral;
-    });
+type ETIDefaultTemplate = ts.ExpressionStatement & {
+  expression: ETITemplateLiteral;
+};
+
+type ETIDefaultSatisfiesTemplate = ts.ExpressionStatement & {
+  expression: ts.SatisfiesExpression & { expression: ETITemplateLiteral };
+};
 
+/**
+ * Implicit default export:
+ *
+ *   ( <template></template> )
+ *   ^ ExpressionStatement
+ *
+ *   ( <template></template> satisfies ... )
+ *   ^ SatisfiesExpression
+ *
+ * But!
+ *
+ *   ( const X = <template></template> satisfies ... )
+ *   ^ VariableStatement
+ *
+ * So when we check for a wrapping SatisfiesExpression, we need to also make sure
+ * the parent node is not a variable Statement.
+ */
 function isETIDefaultTemplate(ts: TSLib, node: ts.Node): node is ETIDefaultTemplate {
+  return ts.isExpressionStatement(node) && isETITemplateLiteral(ts, node.expression);
+}
+
+function isETIDefaultSatisfiesTemplate(
+  ts: TSLib,
+  node: ts.Node,
+): node is ETIDefaultSatisfiesTemplate {
   return (
-    (ts.isExpressionStatement(node) || ts.isSatisfiesExpression(node)) &&
-    isETITemplateLiteral(ts, node.expression)
+    ts.isExpressionStatement(node) &&
+    ts.isSatisfiesExpression(node.expression) &&
+    isETITemplateLiteral(ts, node.expression.expression)
   );
 }
 
diff --git a/packages/environment-ember-template-imports/__tests__/transformation.test.ts b/packages/environment-ember-template-imports/__tests__/transformation.test.ts
index 180b6d9fd..868761644 100644
--- a/packages/environment-ember-template-imports/__tests__/transformation.test.ts
+++ b/packages/environment-ember-template-imports/__tests__/transformation.test.ts
@@ -234,6 +234,43 @@ describe('Environment: ETI', () => {
       );
     });
 
+    test('single template, no export, with satisfies', () => {
+      let source = stripIndent`
+        import type { TOC } from '@ember/component/template-only';
+        const hello = <template>HelloWorld!</template> satisfies TOC<{
+          Blocks: { default: [] }
+        }>;
+      `;
+
+      let { meta, sourceFile } = applyTransform(source);
+
+      let declaration = sourceFile.statements[2] as ts.VariableStatement;
+      let satisfiesExpression = declaration.declarationList.declarations[0]
+        .initializer! as ts.SatisfiesExpression;
+      let templateNode = satisfiesExpression.expression;
+
+      let start = source.indexOf('<template>');
+      let contentStart = start + '<template>'.length;
+      let contentEnd = source.indexOf('</template>');
+      let end = contentEnd + '</template>'.length;
+
+      expect(meta).toEqual(
+        new Map([
+          [
+            templateNode,
+            {
+              templateLocation: {
+                start,
+                contentStart,
+                contentEnd,
+                end,
+              },
+            },
+          ],
+        ]),
+      );
+    });
+
     test('multiple templates', () => {
       let source = stripIndent`
         <template>
diff --git a/test-packages/package-test-core/__tests__/transform/rewrite.test.ts b/test-packages/package-test-core/__tests__/transform/rewrite.test.ts
index 49a03d278..d7246ae7a 100644
--- a/test-packages/package-test-core/__tests__/transform/rewrite.test.ts
+++ b/test-packages/package-test-core/__tests__/transform/rewrite.test.ts
@@ -500,6 +500,7 @@ describe('Transform: rewriteModule', () => {
         }"
       `);
     });
+
     test('embedded gts templates', () => {
       let customEnv = GlintEnvironment.load(['ember-loose', 'ember-template-imports']);
       let script = {
@@ -890,31 +891,79 @@ describe('Transform: rewriteModule', () => {
       `);
     });
 
-    test('with implicit export default and satisfies', () => {
-      let customEnv = GlintEnvironment.load(['ember-loose', 'ember-template-imports']);
-      let script = {
-        filename: 'test.gts',
-        contents: stripIndent`
+    describe('satisfies', () => {
+      test('with implicit export default', () => {
+        let customEnv = GlintEnvironment.load(['ember-loose', 'ember-template-imports']);
+        let script = {
+          filename: 'test.gts',
+          contents: stripIndent`
+            import type { TOC } from '@ember/component/template-only';
+            <template>HelloWorld!</template> satisfies TOC<{
+              Blocks: { default: [] }
+            }>;
+          `,
+        };
+
+        let transformedModule = rewriteModule(ts, { script }, customEnv);
+
+        expect(transformedModule?.errors).toEqual([]);
+        expect(transformedModule?.transformedContents).toMatchInlineSnapshot(`
+          "import __GLINT_GTS_EXTENSION_HACK__ from './__glint-non-existent.gts';
+           import __GLINT_GJS_EXTENSION_HACK__ from './__glint-non-existent.gjs';
           import type { TOC } from '@ember/component/template-only';
-          <template>HelloWorld!</template> satisfies TOC<{
+          export default ({} as typeof import("@glint/environment-ember-template-imports/-private/dsl")).templateExpression(function(__glintRef__, __glintDSL__: typeof import("@glint/environment-ember-template-imports/-private/dsl")) {
+          __glintRef__; __glintDSL__;
+          }) satisfies TOC<{
             Blocks: { default: [] }
-          }>;
-        `,
-      };
-
-      let transformedModule = rewriteModule(ts, { script }, customEnv);
+          }>;"
+        `);
+      });
+
+      test('with two template-only components', () => {
+        const emberTemplateImportsEnvironment = GlintEnvironment.load(['ember-template-imports']);
+
+        let script = {
+          filename: 'test.gts',
+          contents: [
+            `import type { TOC } from '@ember/component/template-only';`,
+            ``,
+            `const SmolComp = `,
+            `  <template>`,
+            `    Hello there, {{@name}}`,
+            `  </template> satisfies TOC<{ Args: { name: string }}>;`,
+            ``,
+            `<template>`,
+            `  <SmolComp @name="Ember" />`,
+            `</template> satisfies TOC<{ Args: {}, Blocks: {}, Element: null }>`,
+            ``,
+          ].join('\n'),
+        };
+
+        let transformedModule = rewriteModule(ts, { script }, emberTemplateImportsEnvironment);
+
+        expect(transformedModule?.errors?.length).toBe(0);
+        expect(transformedModule?.transformedContents).toMatchInlineSnapshot(`
+          "import __GLINT_GTS_EXTENSION_HACK__ from './__glint-non-existent.gts';
+           import __GLINT_GJS_EXTENSION_HACK__ from './__glint-non-existent.gjs';
+          import type { TOC } from '@ember/component/template-only';
 
-      expect(transformedModule?.errors).toEqual([]);
-      expect(transformedModule?.transformedContents).toMatchInlineSnapshot(`
-        "import __GLINT_GTS_EXTENSION_HACK__ from './__glint-non-existent.gts';
-         import __GLINT_GJS_EXTENSION_HACK__ from './__glint-non-existent.gjs';
-        import type { TOC } from '@ember/component/template-only';
-        export default ({} as typeof import("@glint/environment-ember-template-imports/-private/dsl")).templateExpression(function(__glintRef__, __glintDSL__: typeof import("@glint/environment-ember-template-imports/-private/dsl")) {
-        __glintRef__; __glintDSL__;
-        }) satisfies TOC<{
-          Blocks: { default: [] }
-        }>;"
-      `);
+          const SmolComp = 
+            ({} as typeof import("@glint/environment-ember-template-imports/-private/dsl")).templateExpression(function(__glintRef__, __glintDSL__: typeof import("@glint/environment-ember-template-imports/-private/dsl")) {
+          __glintDSL__.emitContent(__glintDSL__.resolveOrReturn(__glintRef__.args.name)());
+          __glintRef__; __glintDSL__;
+          }) satisfies TOC<{ Args: { name: string }}>;
+
+          export default ({} as typeof import("@glint/environment-ember-template-imports/-private/dsl")).templateExpression(function(__glintRef__, __glintDSL__: typeof import("@glint/environment-ember-template-imports/-private/dsl")) {
+          {
+          const __glintY__ = __glintDSL__.emitComponent(__glintDSL__.resolve(SmolComp)({ 
+          name: "Ember", ...__glintDSL__.NamedArgsMarker }));
+          __glintY__;
+          }
+          __glintRef__; __glintDSL__;
+          }) satisfies TOC<{ Args: {}, Blocks: {}, Element: null }>
+          "
+        `);
+      });
     });
   });
 });