UPDATE: Superfly released a statement on Friday evening via social media confirming Lost Lake's cancellation and providing info on refunds. Details can be found below.

One of the Valley’s newest and biggest music festivals won't be returning in 2018 after all.

Promoters of the Lost Lake Festival, the multiday fall concert extravaganza in midtown Phoenix, have canceled the second edition of the event, which was scheduled for mid-October at Steele Indian School Park.

Bummer.

Superfly, the New York-based company behind Lost Lake, announced on Friday, June 15, via social media that they were pulling the plug on the festival.

A statement posted on Lost Lake's Twitter officially confirmed the cancellation and thanked those who had supported the event.

“Superfly has made the difficult decision to cancel Lost Lake Festival,” the statement read. "We came to Phoenix because we were inspired by the amazing emerging arts, culture and food scene of the city, and wanted to capture this creative force with a festival as unique as the community. We're honored by how everyone came together to help us produce a beautiful event last year and are deeply grateful for the support of the artists, fans and the City of Phoenix."

No explanation was given as to why Lost Lake was nixed, however.

According to Billboard, which first reported news of the cancellation on Friday morning, it was “likely because of poor ticket sales.”

It isn't the only high-profile music festival that's been canceled in recent weeks; the annual FYF Fest in Los Angeles was axed last month due to poor ticket sales.

Lost Lake debuted last fall and drew more than 45,000 people to Steele Indian School Park for a three-day festival that included sets by Chance the Rapper, Run the Jewels, The Killers, Major Lazer, Huey Lewis and the News, Odesza, The Roots, and Pixies.

EXPAND Chance the Rapper performs at the inaugural Lost Lake Festival in 2017. Melissa Fossum

Year two's lineup, which was announced in April, was set to include performances by SZA, Future, Imagine Dragons, The Chainsmokers, Kamasi Washington, A$AP Ferg, Janelle Monáe, and Phoebe Bridgers.

Tickets for Lost Lake 2018 went on sale in April and were going for $169.50 for three-day general admission and $499.50 for VIP passes.

Superfly, which also puts on the annual Bonnaroo music festival in Tennessee, states that all Lost Lake ticket holders will be automatically refunded in full, including processing fees, within the next seven to 10 business days. Those who have questions or issues regarding their refunds are asked to e-mail order-support@frontgatetickets.com.

The company also stated that it will distribute $25,000 it raised via last year's event to several Valley charitable organizations, including Rosie's House, Arizona School for the Arts, Native American Connections, and the Phoenix Parks Foundation. It will also reportedly match those funds for a total contribution of $50,000.

One thing Superfly didn't directly address was whether or not the Lost Lake Festival will return in 2019. That said, the last sentence of its statement feels like a bit of a farewell.

"We again appreciate all the support we received and hope in some small way Lost Lake helped to elevate the incredible artistic and cultural community of the Valley," the statement read.