Liverpool ran the R's ragged at Loftus Road, with Luis Suarez's brace and a Daniel Agger header earning the visitors a deserved 3-0 win.
The defeat means QPR end 2012 bottom of the Premier League and eight points adrift of safety.
Few could have predicted such a dire season for the west Londoners after a summer of high-profile acquisitions and, while thoroughly disappointed, chairman Fernandes believes survival is still possible.
"No excuse," he said via his Twitter account, @tonyfernandes. "Lost for words. Back to the drawing board. Woeful performance.
"When we signed all those players. Everyone was full of praise. No one thought we would be in such a mess.not over yet though."
Those comments echoed the sentiments of manager Harry Redknapp, who still believes QPR can stay up.
"I think we'll stay up still," the R's boss said. "You'll think we're mad but I think we will stay up.
"I only want positive people around me, I said that in the dressing room. Those that are moping around, the subs that are not playing, are not playing because they're no good. If they had been any good, I'd be picking them. I don't need miserable faces, I don't need them around me.
"I need people who are upbeat. The next two games are unbelievable, Chelsea away and Tottenham at home - two of the best teams in the country. They are difficult games, but we've got to keep going and I still think we'll do it."
- Sports & Recreation