In V 1.15.50, the 'low' and 'lowest' video presets were causing a crash to desktop due to a compatibility issue with the new rock formations. The presets have been reconfigured.
If you used these settings in the past:
In the launcher, go to video settings and choose a preset before you start the game. This will ensure you are not using an outdated preset.
The presets are stored in steamapps\common\Axion\Graphics_INI. If you have any further issues, delete this folder and verify the game cache. This will force Steam to download the new presets.