The Tipperary Town club drew 1-1 after extra-time in their 6th Round tie with Newmarket Celtic of Clare but went down 4-3 in what some regard as the sport's answer to Russian Roulette.
Home goalkeeper Niall Quinn played a huge part in the shoot-out saving two of the Saints' spot kicks.
Meanwhile, Clonmel Celtic have kept their hopes of winning the trophy alive.
The beat Castleknock Celtic of Dublin 3-2 at home in another 6th Round fixture.
