Mallorca reached the final after winning the second-leg on penalties.
Imanol later said: "We are devastated and hurt because, although we recently played a final, what we wanted is to play one with our fans. We have tried in every way, in the first leg and today, but it was not possible.
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"Congratulations to Mallorca for passing, my players for their effort and the fans for their support, even after elimination.
Imanol also highlighted goalscorer Mikel Oyarzabal: "These are football things. From the high, because he scored the tie, we have gone to the low, because we haven't achieved qualification. A few years ago it was he who scored the goal to win the Cup, this time it couldn't be."