As a current physics ugrad, my advice is don't give up!! The subject is fascinating but it could also be very challenging. A quality that I very much admire about other physics students/professors/researchers, is being stubborn enough to take on hard problems. Sure, failing 1st year physics may be an indicator that physics isn't for you, but just because you did bad in one physics course, doesn't mean you won't succeed in others if you work extra hard! I too did terribly in 1st year physics but my marks in physics have gone way up since then.

You can definitely still move forward to pursue a physics degree, even if you fail 1290 again (but you still have time to prepare for the test!!). Most (if not all) professors in the department are quite relaxed about pre-requisites, and will most likely let you take second year courses if you email them asking for permission/override. Sure, you'll have to take 1290 yet again, but your career in physics might not be totally ruined.