The short answer is yes, your funds are lost.
Unfortunately, if you lost both your Recovery Passphrase AND your Coinomi password, you cannot restore your Coinomi wallets.
We are not a centralized service, this is what makes Coinomi safe. We have no access to your passphrases, passwords, keys or funds, they are always only in your device and are your responsibility.
If you still have access to your device and your Coinomi, please go to "... / Settings / Show recovery phrase" and try as many passwords as you might think might be the correct one.
If you don't have access to the device, or if the device no longer has your wallets installed, having only the password is not enough. If you still have your password and the device with the wallets installed, but the device is broken, extraction may be possible. Please contact our support for more details.
Note: Please do NOT save your Recovery Passphrase as a memo/file/screenshot in the same device as Coinomi, since losing/breaking this device will make you lose the Recovery Passphrase as well. Read more tips here.