The 21-year-old Briton graduated to the premier class from Tech 3's Moto2 team, with his seat - first announced at the end of 2011 - being confirmed earlier this year.
He was denied a first outing on the Yamaha YZR-M1 however as morning rain led to difficult track conditions and prompted the team to abandon its planned post-season test schedule.
"To say I am disappointed is an under statement," Smith admitted.
"I've been looking forward to today for months, so to not even get out on track for one lap is a bit frustrating, but there is nothing I can do about it.
"When I got in my leathers yesterday and sat on the bike for the first time, it really hit home what a big day in my career this was.
"It is a shame that I'm still waiting to try the Monster Yamaha Tech 3 YZR-M1 for the first time but my chance will come."
Although further bad weather is predicted for tomorrow's second day of testing, Smith said he would welcome heavy rain as it would at least allow him to go out.
"For most of the day the conditions were the worst possible - I was only going to get let out if the track was really soaking so I could get a feel for the bike," he said.
"It looks the weather is going to be even worse tomorrow but at least I'll get out for a few laps and that will be a bonus."
Team-mate Cal Crutchlow, like Smith an effective bystander on the first day, conceded it had made no sense to venture out onto the circuit.
The Briton also admitted he was still suffering the physical effects of crashing out from second during Sunday's race.
"Today was pretty frustrating because I didn't even put my leathers on. Everybody was really pumped up and excited for the start of the 2013 season but it made no sense to go out," he explained.
"We'll see what happens but if it was dry today it was going to be difficult for me.
"My crash in the race on Sunday has left me with quite a lot of pain in my left hand but it still would have been good to go out and do some riding."