Arsenal’s Carabao Cup campaign came to a stunning end on Tuesday as League Two side Fleetwood Town won 5-3 in a penalty shootout following a 1-1 fourth-round draw.

The Premier League club could not break the deadlock during regulation time, and Fleetwood held their nerve from the spot by scoring each of their five penalties to reach the quarter-finals.

Arsenal head coach Mikel Arteta described the result as a painful setback, although he said his players could not be criticised for their commitment despite the elimination.

“Congratulations to Fleetwood. It is a sad day for us, but I cannot question the attitude of the players at all. I did not see anyone failing to do what is demanded at this level,” Arteta said.

Fleetwood went ahead in the 21st minute through Aaron Loupalo Bi, but Viktor Gyökeres brought Arsenal level five minutes after the interval.

Although Arsenal controlled much of the possession and generated several opportunities, the visitors were unable to produce a decisive second goal.

Addressing his team’s missed chances, Arteta said: “We kept pushing, had so much possession, created so many chances and had so many shots. That is football.”

Arsenal’s hopes were further damaged late on when 16-year-old Max Dowman received a red card.

Arteta refused to give an immediate verdict on the dismissal, explaining that he needed to see the incident again before commenting in detail.

“I would rather watch it back carefully first, then I can evaluate the situation,” he said, before adding: “We learn from everything, yes…”

The loss brings Arsenal’s League Cup run to an end, while Fleetwood move into the last eight after delivering one of the tournament’s most notable shocks.