Sure sounds like it. Here's what was said at TPF.
Jack said JJP ordered X amount of parts for X amount of games and that Pirates is currently done / sold out. He didn't say that Pirates will never be made again but also didn't say "yes it will be" or something along those lines. There was no comment of "if there's more demand we will make more". Jack also mentioned that JJP needs to make room for future games.
If Pirates ever does come back I would expect some new "limited" edition but with a $11,500+ price tag a year or two from now like YBR.
Here's also what PinballStar, one of the largest JJP distributors, said in one of their latest emails. "Sold out for good".