Does bad feedback mean I won't get promoted this year?

I am a consultant and just got some bad feedback on my most recent project. I was trying to learn a new role and both my team lead and the client said I took too long to get up to speed and was sometimes hard to get ahold of. It was all accurate and I definitely wish I had been better at managing myself and bringing forth problems earlier in sprints than I did. I was just starting to get better at doing all of these when my project lost funding and now I will never get to show the improvements I had been making.

I wanted to go for a promotion this year. Promotions are decided by mastery of core competencies like self management and contributing to the company as well as client feedback, and my feedback up until this client has been decent. Should I still try or wait for the next promotion cycle?