A statement from CockRock organisers said: "At this moment in time we cannot say if we will return again in the future, we hope this is not the end but at the moment the future for CockRock is very uncertain. We're truly gutted."
The event had grown since its inception in 2005 to become a 5,000-capacity non-profit festival running over three days with eight stages.
Organisers brought in local business CN Events this year to assist developing and managing the festival to become more sustainable, but said: "We feel we have exhausted all options at present".
Cumbria has received a battering to its events calendar in recent weeks, with the organisers of Solfest, a music and arts festival held near Aspatria, also pulling out of running an event in 2014 to concentrate efforts on the 2015 event.
Plans are going ahead to run an event on 28-30 August 2015, but organisers explained that following its annual general meeting and the success of the tenth Solfest this year, the festival was taking a "much needed break".
The 2014 Whitehaven Festival has also been put on hold to make way for the town's harbour to be assessed for a revamp, but is due to return in 2015.
A spokesperson for Cumbria Tourism said that while it was disappointing the events would not go ahead in 2014, the tourist board was "confident the range of events in the area provide a draw for visitors".
Events in 2014 include Kendal Calling on 1-3 August; Taste Cumbria in Cockermouth in September; and the Great North Swim in Windermere on 13-15 June.
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