I'd say to the parents: definitely let him keep on managing this company. Running something with that much revenue is a big thing for a kid to be doing. I'd love it if my kid was doing that.

I'd say to the kid: don't give up on school. There are lots of ways to continue formal education besides your current high school. Find something that works (see many ideas on this thread), part time if necessary, and do it. Yes, Bill Gates dropped out of Harvard, but he could return to Harvard if Microsoft failed.