If you still have access to your device and your Coinomi wallets, please go to "Settings / Manage wallets" select the HD wallet from which you need your phrase and choose "Recovery Phrase" (on other platforms select "Settings / Show Recovery Phrase"). Enter your password to make a proper backup as soon as possible.
If you lost not only your Recovery Passphrase but also your password, you cannot restore your Coinomi wallets. The short answer is yes, your funds are lost. Your only option is to try as many passwords as you can until you find the correct one. Tip: the only requirement is a minimum of 10 characters. Coinomi doesn't force you to add numbers, special characters, etc.
If you lost not only your Recovery Passphrase but also your phone is broken/lost/stolen/inaccessible, you cannot restore your Coinomi wallets. The short answer is yes, your funds are lost. 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.
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.
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 backup as well. Read on how to properly store your backup here. -- We recommend a strong security solution such as the Cryptosteel capsule which is designed to keep your phrase extra secure and protected. Right now you can get $12 off your own backup solution by following the banner inside of Coinomi to get a discount voucher for use at checkout.