@AROTC-dad has nicely provided the standards calculator.
In terms of what happens next, his unit should be advising him of the exact consequences, the remediation plan, options and timeline to correct this, and next steps.
If he is grossly missing the mark, I'm not sure what happens. But hopefully this is just a correctable margin. (?)
My limited understanding is that his scholarship benefits (tuition, fees, book stipend, monthly stipend, and Room /board if applicable at your university) simply will not be activated yet - this activation is contingent on his passing the APFT physical fitness standards and all of that paperwork/ DODMERB etc previously filed. It's my understanding that once he passes the standard his benefits/ scholarship will be activated as long as he meets them in a specific timeframe. Specific to his situation, it's important that you and he need to understand very clearly the "when" of when he has until to fix this, and whether y'all will need to pay the tuition/ fees/ room / board fees at your school/ to the bursar office in the interim, until he is meeting the standard (or will they give you a grace period to sort this out). I would also find out the date by which you're scholarship can still be activated, this semester for it to be applied - I assume there would be a cutoff.
Not that misery always loves company, but I'll share there were a much higher number of candidates that did not pass the physical or knowledge portion (Different service branch than Army) in recent days at my DS's unit than I expected to hear about - both college programmers and scholarship winners alike. Your DS simply is not alone in not being as prepared as the standard requires. There, they are pairing those with deficiencies with a buddy to help them get this fixed, fyi. As parents we can guide but this is a good point for your DS to dig himself out of this situation - in terms of confirming I would recommend he take point on this with his unit. I'm sure it is not comfortable for him and maddening for you is fair.
Hopefully this will light a fire under your DS's ____ to get back in gear and fix this. I have no doubt he is getting some difficult call to action feedback. Keep us posted, Good luck and hopefully this will be a constructive lesson learned he will build on and get past. Thanks for sharing what's happening as this may help future/other students and their families/ support team going through this, as well.