What does restoring mean?

If you haven't backed up your information on iCloud or anywhere for that matter, does "restoring your phone" basically mean you will never see your pictures, contacts, calendars, and texts again?
(Additional info- I can't back up my phone now. It's too late. I did a software update and it went wrong--have to plug my phone into iTunes because it won't work and the thing that shows it needs to be connected is displayed. The only option is to restore my phone...am I screwed?

See my reply in your other thread.

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