diff --git a/src/gt4py/next/otf/compilation/compiler.py b/src/gt4py/next/otf/compilation/compiler.py
index e03fa84e50..7a0400ea91 100644
--- a/src/gt4py/next/otf/compilation/compiler.py
+++ b/src/gt4py/next/otf/compilation/compiler.py
@@ -10,6 +10,7 @@
 
 import dataclasses
 import pathlib
+import types
 from typing import Protocol, TypeVar
 
 import factory
@@ -42,6 +43,9 @@ def __call__(
     ) -> stages.BuildSystemProject[SrcL, LS, TgtL]: ...
 
 
+_MODULES: list[types.ModuleType] = []
+
+
 @dataclasses.dataclass(frozen=True)
 class Compiler(
     workflow.ChainableWorkflowMixin[
@@ -83,11 +87,12 @@ def __call__(
                     f"On-the-fly compilation unsuccessful for '{inp.program_source.entry_point.name}'."
                 )
 
-        compiled_prog = getattr(
-            importer.import_from_path(src_dir / new_data.module), new_data.entry_point_name
-        )
+        m = importer.import_from_path(src_dir / new_data.module)
+        # Keep a reference to the module so they are not garbage collected. This avoids a SEGFAULT
+        # in nanobind when calling the compiled program.
+        _MODULES.append(m)
 
-        return compiled_prog
+        return getattr(m, new_data.entry_point_name)
 
 
 class CompilerFactory(factory.Factory):