Essentially, he did as well as the average 10th grader (50th percentile type of kid) would have done on that same 3rd grade test.

They are very good scores, but should not be read as indicating that he is functioning at a 10th grade level. To know that, he'd need to take the 10th grade level of the test and come out on par with an average 10th grader on a 10th grade test (and I'd, personally, not rely on one test but wait for a couple tests to show similar results).