diff --git a/src/index.tsx b/src/index.tsx
index ce031e8..e6d49d2 100644
--- a/src/index.tsx
+++ b/src/index.tsx
@@ -683,7 +683,7 @@ const Toaster = React.forwardRef<HTMLElement, ToasterProps>(function Toaster(pro
         });
       });
     });
-  }, [toasts]);
+  }, []);
 
   React.useEffect(() => {
     if (theme !== 'system') {
diff --git a/src/state.ts b/src/state.ts
index b925eca..e8a7622 100644
--- a/src/state.ts
+++ b/src/state.ts
@@ -29,9 +29,18 @@ class Observer {
   subscribe = (subscriber: (toast: ToastT | ToastToDismiss) => void) => {
     this.subscribers.push(subscriber);
 
+    // Replay toasts queued before this subscriber attached (issue #723).
+    for (const toast of this.toasts) {
+      if ('dismiss' in toast && (toast as ToastToDismiss).dismiss) continue;
+      if (this.dismissedToasts.has(toast.id)) continue;
+      subscriber(toast);
+    }
+
     return () => {
       const index = this.subscribers.indexOf(subscriber);
-      this.subscribers.splice(index, 1);
+      if (index !== -1) {
+        this.subscribers.splice(index, 1);
+      }
     };
   };
 
diff --git a/test/src/app/issue-723/page.tsx b/test/src/app/issue-723/page.tsx
new file mode 100644
index 0000000..301b412
--- /dev/null
+++ b/test/src/app/issue-723/page.tsx
@@ -0,0 +1,25 @@
+'use client';
+
+import React from 'react';
+import { Toaster, toast } from 'sonner';
+
+// Sibling rendered ABOVE <Toaster /> — its useEffect runs before the Toaster's,
+// so toast() fires before ToastState has a subscriber. See issue #723.
+function ToastOnMount() {
+  const fired = React.useRef(false);
+  React.useEffect(() => {
+    if (fired.current) return;
+    fired.current = true;
+    toast('Toast fired before Toaster subscribed');
+  }, []);
+  return null;
+}
+
+export default function Issue723Page() {
+  return (
+    <>
+      <ToastOnMount />
+      <Toaster />
+    </>
+  );
+}
diff --git a/test/tests/basic.spec.ts b/test/tests/basic.spec.ts
index 34f6e01..f922515 100644
--- a/test/tests/basic.spec.ts
+++ b/test/tests/basic.spec.ts
@@ -337,4 +337,10 @@ test.describe('Basic functionality', () => {
     await expect(page.getByTestId('promise-test-toast')).toHaveText('Loading...');
     await expect(page.getByTestId('promise-test-toast')).toHaveText('Loaded');
   });
+
+  // Regression for https://github.com/emilkowalski/sonner/issues/723
+  test('toast fired before Toaster subscribes is still displayed', async ({ page }) => {
+    await page.goto('/issue-723');
+    await expect(page.getByText('Toast fired before Toaster subscribed')).toHaveCount(1);
+  });
 });