Radio Beca, which was awarded a community radio licence in April 2012, has failed to launched within the two year window given by Ofcom.
The station, headed by Geraint Davies, a former presenter at Radio Ceredigion, failed to obtain Welsh government grant funding and there was uncertainty about a permanent home for it.
Euros Lewis from Radio Beca told the BBC it had taken three years for the station to be able to “stand on its own to feet”.
The awarding of the licence was a gamble by Ofcom – licences usually only cover a 5km radius but this one was to cover a much wider area including Ceredigion, Carmarthenshire and north Pembrokeshire.
Ofcom has now revoked the licence.