diff --git a/packages/commonjs/src/ast-utils.js b/packages/commonjs/src/ast-utils.js
index 042ef8f2e..adbbaedd0 100644
--- a/packages/commonjs/src/ast-utils.js
+++ b/packages/commonjs/src/ast-utils.js
@@ -1,5 +1,19 @@
 export { default as isReference } from 'is-reference';
 
+function triStateAnd(a, b) {
+  if (a === false) return false;
+  if (b === false) return false;
+  if (a === true && b === true) return true;
+  return null;
+}
+
+function triStateOr(a, b) {
+  if (a === true) return true;
+  if (b === true) return true;
+  if (a === false && b === false) return false;
+  return null;
+}
+
 const operators = {
   '==': (x) => equals(x.left, x.right, false),
 
@@ -11,9 +25,9 @@ const operators = {
 
   '!': (x) => isFalsy(x.argument),
 
-  '&&': (x) => isTruthy(x.left) && isTruthy(x.right),
+  '&&': (x) => triStateAnd(isTruthy(x.left), isTruthy(x.right)),
 
-  '||': (x) => isTruthy(x.left) || isTruthy(x.right)
+  '||': (x) => triStateOr(isTruthy(x.left), isTruthy(x.right))
 };
 
 function not(value) {
@@ -126,3 +140,4 @@ export function hasDefineEsmProperty(node) {
     return false;
   });
 }
+
diff --git a/packages/commonjs/test/fixtures/form/conditional-exports-or-conditional/input.js b/packages/commonjs/test/fixtures/form/conditional-exports-or-conditional/input.js
new file mode 100644
index 000000000..1b2e503af
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/conditional-exports-or-conditional/input.js
@@ -0,0 +1,11 @@
+var condition1 = typeof global !== 'undefined' && global.env && global.env.USE_FEATURE_A;
+var condition2 = typeof global !== 'undefined' && global.env && global.env.USE_FEATURE_B;
+
+function featureHandler() { return 'feature'; }
+function defaultHandler() { return 'default'; }
+
+if (condition1 || condition2) {
+  exports.handler = featureHandler;
+} else {
+  exports.handler = defaultHandler;
+}
diff --git a/packages/commonjs/test/fixtures/form/conditional-exports-or-conditional/output.js b/packages/commonjs/test/fixtures/form/conditional-exports-or-conditional/output.js
new file mode 100644
index 000000000..d7ac94de8
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/conditional-exports-or-conditional/output.js
@@ -0,0 +1,23 @@
+import * as commonjsHelpers from "_commonjsHelpers.js";
+import { __exports as input } from "\u0000fixtures/form/conditional-exports-or-conditional/input.js?commonjs-exports";
+
+var hasRequiredInput;
+
+function requireInput () {
+	if (hasRequiredInput) return input;
+	hasRequiredInput = 1;
+	var condition1 = typeof commonjsHelpers.commonjsGlobal !== 'undefined' && commonjsHelpers.commonjsGlobal.env && commonjsHelpers.commonjsGlobal.env.USE_FEATURE_A;
+	var condition2 = typeof commonjsHelpers.commonjsGlobal !== 'undefined' && commonjsHelpers.commonjsGlobal.env && commonjsHelpers.commonjsGlobal.env.USE_FEATURE_B;
+
+	function featureHandler() { return 'feature'; }
+	function defaultHandler() { return 'default'; }
+
+	if (condition1 || condition2) {
+	  input.handler = featureHandler;
+	} else {
+	  input.handler = defaultHandler;
+	}
+	return input;
+}
+
+export { requireInput as __require };
diff --git a/packages/commonjs/test/fixtures/form/conditional-exports-or-false/input.js b/packages/commonjs/test/fixtures/form/conditional-exports-or-false/input.js
new file mode 100644
index 000000000..273bc249f
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/conditional-exports-or-false/input.js
@@ -0,0 +1,13 @@
+var crypto = (typeof global !== 'undefined' && global.crypto) || null;
+
+function randomFill() { return 'randomFill'; }
+function randomFillSync() { return 'randomFillSync'; }
+function oldBrowser() { throw new Error('not supported'); }
+
+if ((crypto && crypto.getRandomValues) || false) {
+  exports.randomFill = randomFill;
+  exports.randomFillSync = randomFillSync;
+} else {
+  exports.randomFill = oldBrowser;
+  exports.randomFillSync = oldBrowser;
+}
diff --git a/packages/commonjs/test/fixtures/form/conditional-exports-or-false/output.js b/packages/commonjs/test/fixtures/form/conditional-exports-or-false/output.js
new file mode 100644
index 000000000..38bac02bb
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/conditional-exports-or-false/output.js
@@ -0,0 +1,25 @@
+import * as commonjsHelpers from "_commonjsHelpers.js";
+import { __exports as input } from "\u0000fixtures/form/conditional-exports-or-false/input.js?commonjs-exports";
+
+var hasRequiredInput;
+
+function requireInput () {
+	if (hasRequiredInput) return input;
+	hasRequiredInput = 1;
+	var crypto = (typeof commonjsHelpers.commonjsGlobal !== 'undefined' && commonjsHelpers.commonjsGlobal.crypto) || null;
+
+	function randomFill() { return 'randomFill'; }
+	function randomFillSync() { return 'randomFillSync'; }
+	function oldBrowser() { throw new Error('not supported'); }
+
+	if ((crypto && crypto.getRandomValues) || false) {
+	  input.randomFill = randomFill;
+	  input.randomFillSync = randomFillSync;
+	} else {
+	  input.randomFill = oldBrowser;
+	  input.randomFillSync = oldBrowser;
+	}
+	return input;
+}
+
+export { requireInput as __require };
diff --git a/packages/commonjs/test/fixtures/form/conditional-exports-or-null/input.js b/packages/commonjs/test/fixtures/form/conditional-exports-or-null/input.js
new file mode 100644
index 000000000..fe30f0332
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/conditional-exports-or-null/input.js
@@ -0,0 +1,10 @@
+var crypto = (typeof global !== 'undefined' && global.crypto) || null;
+
+function secureHandler() { return 'secure'; }
+function fallbackHandler() { return 'fallback'; }
+
+if ((crypto && crypto.getRandomValues) || null) {
+  exports.handler = secureHandler;
+} else {
+  exports.handler = fallbackHandler;
+}
diff --git a/packages/commonjs/test/fixtures/form/conditional-exports-or-null/output.js b/packages/commonjs/test/fixtures/form/conditional-exports-or-null/output.js
new file mode 100644
index 000000000..d71869fb5
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/conditional-exports-or-null/output.js
@@ -0,0 +1,22 @@
+import * as commonjsHelpers from "_commonjsHelpers.js";
+import { __exports as input } from "\u0000fixtures/form/conditional-exports-or-null/input.js?commonjs-exports";
+
+var hasRequiredInput;
+
+function requireInput () {
+	if (hasRequiredInput) return input;
+	hasRequiredInput = 1;
+	var crypto = (typeof commonjsHelpers.commonjsGlobal !== 'undefined' && commonjsHelpers.commonjsGlobal.crypto) || null;
+
+	function secureHandler() { return 'secure'; }
+	function fallbackHandler() { return 'fallback'; }
+
+	if ((crypto && crypto.getRandomValues) || null) {
+	  input.handler = secureHandler;
+	} else {
+	  input.handler = fallbackHandler;
+	}
+	return input;
+}
+
+export { requireInput as __require };
diff --git a/packages/commonjs/test/fixtures/form/conditional-exports-or-true/input.js b/packages/commonjs/test/fixtures/form/conditional-exports-or-true/input.js
new file mode 100644
index 000000000..dfe4c5ca8
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/conditional-exports-or-true/input.js
@@ -0,0 +1,10 @@
+var condition = typeof global !== 'undefined' && global.env && global.env.NODE_ENV;
+
+function prodHandler() { return 'production'; }
+function defaultHandler() { return 'default'; }
+
+if (condition || true) {
+  exports.handler = prodHandler;
+} else {
+  exports.handler = defaultHandler;
+}
diff --git a/packages/commonjs/test/fixtures/form/conditional-exports-or-true/output.js b/packages/commonjs/test/fixtures/form/conditional-exports-or-true/output.js
new file mode 100644
index 000000000..00e85b0a3
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/conditional-exports-or-true/output.js
@@ -0,0 +1,22 @@
+import * as commonjsHelpers from "_commonjsHelpers.js";
+import { __exports as input } from "\u0000fixtures/form/conditional-exports-or-true/input.js?commonjs-exports";
+
+var hasRequiredInput;
+
+function requireInput () {
+	if (hasRequiredInput) return input;
+	hasRequiredInput = 1;
+	var condition = typeof commonjsHelpers.commonjsGlobal !== 'undefined' && commonjsHelpers.commonjsGlobal.env && commonjsHelpers.commonjsGlobal.env.NODE_ENV;
+
+	function prodHandler() { return 'production'; }
+	function defaultHandler() { return 'default'; }
+
+	if (condition || true) {
+	  input.handler = prodHandler;
+	} else {
+	  exports.handler = defaultHandler;
+	}
+	return input;
+}
+
+export { requireInput as __require };
diff --git a/packages/commonjs/test/fixtures/form/conditional-exports-true-or-conditional/input.js b/packages/commonjs/test/fixtures/form/conditional-exports-true-or-conditional/input.js
new file mode 100644
index 000000000..9355bba01
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/conditional-exports-true-or-conditional/input.js
@@ -0,0 +1,10 @@
+var condition = typeof global !== 'undefined' && global.env && global.env.DEBUG;
+
+function enabledHandler() { return 'enabled'; }
+function disabledHandler() { return 'disabled'; }
+
+if (true || condition) {
+  exports.handler = enabledHandler;
+} else {
+  exports.handler = disabledHandler;
+}
diff --git a/packages/commonjs/test/fixtures/form/conditional-exports-true-or-conditional/output.js b/packages/commonjs/test/fixtures/form/conditional-exports-true-or-conditional/output.js
new file mode 100644
index 000000000..9a9c6ddb5
--- /dev/null
+++ b/packages/commonjs/test/fixtures/form/conditional-exports-true-or-conditional/output.js
@@ -0,0 +1,22 @@
+import * as commonjsHelpers from "_commonjsHelpers.js";
+import { __exports as input } from "\u0000fixtures/form/conditional-exports-true-or-conditional/input.js?commonjs-exports";
+
+var hasRequiredInput;
+
+function requireInput () {
+	if (hasRequiredInput) return input;
+	hasRequiredInput = 1;
+	var condition = typeof commonjsHelpers.commonjsGlobal !== 'undefined' && commonjsHelpers.commonjsGlobal.env && commonjsHelpers.commonjsGlobal.env.DEBUG;
+
+	function enabledHandler() { return 'enabled'; }
+	function disabledHandler() { return 'disabled'; }
+
+	if (true || condition) {
+	  input.handler = enabledHandler;
+	} else {
+	  exports.handler = disabledHandler;
+	}
+	return input;
+}
+
+export { requireInput as __require };